Financial Sector Assessment Program : Brazil - IOSCO Objectives and Principles of Securities Regulation
The Comissao de Valores Mobiliarios - Brazil Securities Commission (CVM) has made substantial progress since the 2002 Financial Sector Assessment Program (FSAP). In 2002 the International Organization of Securities Commissions (IOSCO) assessment ra...
| Main Authors: | , |
|---|---|
| Format: | Financial Sector Assessment Program (FSAP) |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2013
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2013/06/18170310/brazil-financial-sector-assessment-program http://hdl.handle.net/10986/15973 |
| id |
okr-10986-15973 |
|---|---|
| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCESS TO INFORMATION ACCOUNTING ACCOUNTING STANDARD ACCOUNTING STANDARDS ASSET HOLDINGS ASSET VALUE AUCTION AUDIT COMMITTEE AUDIT COMMITTEES AUDIT STANDARD AUDIT STANDARDS BACKED SECURITIES BANKING ASSETS BANKING LAW BANKING SECTOR BANKRUPTCY BID BROKER BROKERAGE BROKERAGE FIRMS BROKERS CAPITAL ADEQUACY CAPITAL FUNDS CAPITAL MARKET CAPITAL MARKETS CASH MANAGEMENT CD CENTRAL BANK CERTIFICATE OF DEPOSIT CLEARING HOUSES COLLECTIVE INVESTMENT COMPANY LAW CONFLICT OF INTEREST CONFLICTS OF INTEREST CORPORATE DEBT CORPORATE GOVERNANCE CREDIT RATING CREDIT RATING AGENCIES CREDITOR CREDITOR RIGHTS DEBT INSTRUMENTS DEBT INVESTMENTS DEBT RESTRUCTURING DEBT SECURITIES DEBTOR DEFAULT RISK DEFAULTS DEPOSIT INTEREST DERIVATIVE DERIVATIVE MARKETS DERIVATIVES DERIVATIVES MARKET DISCLOSURE REQUIREMENTS DISPUTE RESOLUTION ENFORCEMENT POWERS EQUITIES EQUITY FUNDS EQUITY INVESTMENT EQUITY INVESTMENTS EQUITY MARKET EQUITY MARKET CAPITALIZATION EQUITY MARKETS EXCHANGE COMMISSION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL MARKETS FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL SYSTEM FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN INVESTORS FRAUD FUTURES FUTURES MARKET GOVERNANCE STANDARDS GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT DEBT MARKETS GROSS DOMESTIC PRODUCT GUARANTEE FUND HEDGE FUNDS INFLATION INFORMATION DISCLOSURE INFORMATION SYSTEM INITIAL PUBLIC OFFERING INSTITUTIONAL INVESTMENT SECTOR INSTITUTIONAL INVESTORS INSURANCE INTEREST RATE INTEREST RATE FUTURE INTEREST RATE RISK INTEREST RATES ON GOVERNMENT SECURITIES INTERESTS OF INVESTORS INTERNATIONAL BANK INVESTING INVESTMENT FUNDS INVESTOR EDUCATION INVESTOR LOSSES INVESTOR PROTECTION IPO JUDICIAL PROCESS LEGAL AUTHORITY LEGAL FRAMEWORK LEGAL PROTECTION LEGAL PROTECTIONS LENDER LIMITED LIABILITY LIQUIDATION LIQUIDITY MACROECONOMIC STABILITY MARKET ANALYSTS MARKET CAP MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET FOR GOVERNMENT DEBT MARKET INSTABILITY MARKET INTERMEDIARIES MARKET INTERMEDIARY MARKET LIQUIDITY MARKET OVERSIGHT MARKET PARTICIPANT MARKET PARTICIPANTS MARKET STRUCTURE MARKET SURVEILLANCE MATURITY MINORITY INVESTORS MINORITY SHAREHOLDER MINORITY SHAREHOLDER PROTECTION MINORITY SHAREHOLDER PROTECTIONS MONETARY FUND MONEY MARKET MONEY MARKET INSTRUMENTS MUTUAL FUND MUTUAL FUND INDUSTRY MUTUAL FUND SHARES MUTUAL FUNDS NATIONAL TREASURY NONPERFORMING LOANS NPL OPEN MARKET OVERNIGHT REPOS PAYMENT SYSTEM PAYMENT SYSTEMS PENSION PENSION FUNDS PENSIONS POLICY CREDIBILITY PORTFOLIO PORTFOLIO HOLDINGS PORTFOLIOS PRICE FORMATION PRIVATE DEBT PRIVATE DEBT MARKET PRIVATE EQUITY PROTECTION OF MINORITY SHAREHOLDERS PRUDENTIAL REGULATION PRUDENTIAL SUPERVISION REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY INFRASTRUCTURE REGULATORY OVERSIGHT REGULATORY STRUCTURE REGULATORY SYSTEM RETAIL INVESTORS RETURN RETURN ON ASSETS RETURNS RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RISK MANAGEMENT TOOLS SALE OF GOVERNMENT SECURITIES SECONDARY MARKET SECONDARY MARKET TRADING SECONDARY MARKETS SECURITIES SECURITIES EXCHANGES SECURITIES HOLDING SECURITIES LAW SECURITIES MARKET SECURITIES MARKETS SECURITIES REGULATION SECURITIES TRANSACTIONS SELF-REGULATION SETTLEMENT SETTLEMENT SYSTEMS SHORT-TERM DEBT SHORT-TERM INTEREST RATES SOVEREIGN DEBT STOCK EXCHANGE STOCK EXCHANGES SUPERVISORY AUTHORITY SUPERVISORY POWERS TAX TAX TREATMENT TRADING TRADING SYSTEM TRADING SYSTEMS TRANSACTION TRANSACTION COSTS TRANSPARENCY TURNOVER UNFAIR PRACTICES UNIVERSAL BANKING UNIVERSAL BANKS UNLIMITED LIABILITY USE OF DERIVATIVES VALUATION VALUATIONS |
| spellingShingle |
ACCESS TO INFORMATION ACCOUNTING ACCOUNTING STANDARD ACCOUNTING STANDARDS ASSET HOLDINGS ASSET VALUE AUCTION AUDIT COMMITTEE AUDIT COMMITTEES AUDIT STANDARD AUDIT STANDARDS BACKED SECURITIES BANKING ASSETS BANKING LAW BANKING SECTOR BANKRUPTCY BID BROKER BROKERAGE BROKERAGE FIRMS BROKERS CAPITAL ADEQUACY CAPITAL FUNDS CAPITAL MARKET CAPITAL MARKETS CASH MANAGEMENT CD CENTRAL BANK CERTIFICATE OF DEPOSIT CLEARING HOUSES COLLECTIVE INVESTMENT COMPANY LAW CONFLICT OF INTEREST CONFLICTS OF INTEREST CORPORATE DEBT CORPORATE GOVERNANCE CREDIT RATING CREDIT RATING AGENCIES CREDITOR CREDITOR RIGHTS DEBT INSTRUMENTS DEBT INVESTMENTS DEBT RESTRUCTURING DEBT SECURITIES DEBTOR DEFAULT RISK DEFAULTS DEPOSIT INTEREST DERIVATIVE DERIVATIVE MARKETS DERIVATIVES DERIVATIVES MARKET DISCLOSURE REQUIREMENTS DISPUTE RESOLUTION ENFORCEMENT POWERS EQUITIES EQUITY FUNDS EQUITY INVESTMENT EQUITY INVESTMENTS EQUITY MARKET EQUITY MARKET CAPITALIZATION EQUITY MARKETS EXCHANGE COMMISSION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL MARKETS FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL SYSTEM FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN INVESTORS FRAUD FUTURES FUTURES MARKET GOVERNANCE STANDARDS GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT DEBT MARKETS GROSS DOMESTIC PRODUCT GUARANTEE FUND HEDGE FUNDS INFLATION INFORMATION DISCLOSURE INFORMATION SYSTEM INITIAL PUBLIC OFFERING INSTITUTIONAL INVESTMENT SECTOR INSTITUTIONAL INVESTORS INSURANCE INTEREST RATE INTEREST RATE FUTURE INTEREST RATE RISK INTEREST RATES ON GOVERNMENT SECURITIES INTERESTS OF INVESTORS INTERNATIONAL BANK INVESTING INVESTMENT FUNDS INVESTOR EDUCATION INVESTOR LOSSES INVESTOR PROTECTION IPO JUDICIAL PROCESS LEGAL AUTHORITY LEGAL FRAMEWORK LEGAL PROTECTION LEGAL PROTECTIONS LENDER LIMITED LIABILITY LIQUIDATION LIQUIDITY MACROECONOMIC STABILITY MARKET ANALYSTS MARKET CAP MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET FOR GOVERNMENT DEBT MARKET INSTABILITY MARKET INTERMEDIARIES MARKET INTERMEDIARY MARKET LIQUIDITY MARKET OVERSIGHT MARKET PARTICIPANT MARKET PARTICIPANTS MARKET STRUCTURE MARKET SURVEILLANCE MATURITY MINORITY INVESTORS MINORITY SHAREHOLDER MINORITY SHAREHOLDER PROTECTION MINORITY SHAREHOLDER PROTECTIONS MONETARY FUND MONEY MARKET MONEY MARKET INSTRUMENTS MUTUAL FUND MUTUAL FUND INDUSTRY MUTUAL FUND SHARES MUTUAL FUNDS NATIONAL TREASURY NONPERFORMING LOANS NPL OPEN MARKET OVERNIGHT REPOS PAYMENT SYSTEM PAYMENT SYSTEMS PENSION PENSION FUNDS PENSIONS POLICY CREDIBILITY PORTFOLIO PORTFOLIO HOLDINGS PORTFOLIOS PRICE FORMATION PRIVATE DEBT PRIVATE DEBT MARKET PRIVATE EQUITY PROTECTION OF MINORITY SHAREHOLDERS PRUDENTIAL REGULATION PRUDENTIAL SUPERVISION REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY INFRASTRUCTURE REGULATORY OVERSIGHT REGULATORY STRUCTURE REGULATORY SYSTEM RETAIL INVESTORS RETURN RETURN ON ASSETS RETURNS RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RISK MANAGEMENT TOOLS SALE OF GOVERNMENT SECURITIES SECONDARY MARKET SECONDARY MARKET TRADING SECONDARY MARKETS SECURITIES SECURITIES EXCHANGES SECURITIES HOLDING SECURITIES LAW SECURITIES MARKET SECURITIES MARKETS SECURITIES REGULATION SECURITIES TRANSACTIONS SELF-REGULATION SETTLEMENT SETTLEMENT SYSTEMS SHORT-TERM DEBT SHORT-TERM INTEREST RATES SOVEREIGN DEBT STOCK EXCHANGE STOCK EXCHANGES SUPERVISORY AUTHORITY SUPERVISORY POWERS TAX TAX TREATMENT TRADING TRADING SYSTEM TRADING SYSTEMS TRANSACTION TRANSACTION COSTS TRANSPARENCY TURNOVER UNFAIR PRACTICES UNIVERSAL BANKING UNIVERSAL BANKS UNLIMITED LIABILITY USE OF DERIVATIVES VALUATION VALUATIONS International Monetary Fund World Bank Financial Sector Assessment Program : Brazil - IOSCO Objectives and Principles of Securities Regulation |
| geographic_facet |
Latin America & Caribbean Brazil |
| description |
The Comissao de Valores Mobiliarios -
Brazil Securities Commission (CVM) has made substantial
progress since the 2002 Financial Sector Assessment Program
(FSAP). In 2002 the International Organization of Securities
Commissions (IOSCO) assessment rated 8 principles fully
implemented and 22 principles partly implemented. The 2012
assessment rates 26 principles fully implemented, 5 broadly
implemented, and 6 partly implemented. Principle 38 is not
rated, as a separate Report on Observance and Codes (ROSC)
on systemically important payment systems was conducted as
part of this FSAP update. The detailed assessment highlights
significant improvements in the risk-based inspection
program, adoption of an innovative issuer disclosure system,
a stronger enforcement program and the adoption of
International Financial Reporting Standards (IFRS).
Long-standing issues on corporate governance and the
protection of minority shareholders continue to be
challenges. Finally, recommendations to improve prudential
regulation of Collective Investment Schemes (CIS) are discussed. |
| format |
Economic & Sector Work :: Financial Sector Assessment Program (FSAP) |
| author |
International Monetary Fund World Bank |
| author_facet |
International Monetary Fund World Bank |
| author_sort |
International Monetary Fund |
| title |
Financial Sector Assessment Program : Brazil - IOSCO Objectives and Principles of Securities Regulation |
| title_short |
Financial Sector Assessment Program : Brazil - IOSCO Objectives and Principles of Securities Regulation |
| title_full |
Financial Sector Assessment Program : Brazil - IOSCO Objectives and Principles of Securities Regulation |
| title_fullStr |
Financial Sector Assessment Program : Brazil - IOSCO Objectives and Principles of Securities Regulation |
| title_full_unstemmed |
Financial Sector Assessment Program : Brazil - IOSCO Objectives and Principles of Securities Regulation |
| title_sort |
financial sector assessment program : brazil - iosco objectives and principles of securities regulation |
| publisher |
World Bank, Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2013/06/18170310/brazil-financial-sector-assessment-program http://hdl.handle.net/10986/15973 |
| _version_ |
1764431752590262272 |
| spelling |
okr-10986-159732021-04-23T14:03:23Z Financial Sector Assessment Program : Brazil - IOSCO Objectives and Principles of Securities Regulation International Monetary Fund World Bank ACCESS TO INFORMATION ACCOUNTING ACCOUNTING STANDARD ACCOUNTING STANDARDS ASSET HOLDINGS ASSET VALUE AUCTION AUDIT COMMITTEE AUDIT COMMITTEES AUDIT STANDARD AUDIT STANDARDS BACKED SECURITIES BANKING ASSETS BANKING LAW BANKING SECTOR BANKRUPTCY BID BROKER BROKERAGE BROKERAGE FIRMS BROKERS CAPITAL ADEQUACY CAPITAL FUNDS CAPITAL MARKET CAPITAL MARKETS CASH MANAGEMENT CD CENTRAL BANK CERTIFICATE OF DEPOSIT CLEARING HOUSES COLLECTIVE INVESTMENT COMPANY LAW CONFLICT OF INTEREST CONFLICTS OF INTEREST CORPORATE DEBT CORPORATE GOVERNANCE CREDIT RATING CREDIT RATING AGENCIES CREDITOR CREDITOR RIGHTS DEBT INSTRUMENTS DEBT INVESTMENTS DEBT RESTRUCTURING DEBT SECURITIES DEBTOR DEFAULT RISK DEFAULTS DEPOSIT INTEREST DERIVATIVE DERIVATIVE MARKETS DERIVATIVES DERIVATIVES MARKET DISCLOSURE REQUIREMENTS DISPUTE RESOLUTION ENFORCEMENT POWERS EQUITIES EQUITY FUNDS EQUITY INVESTMENT EQUITY INVESTMENTS EQUITY MARKET EQUITY MARKET CAPITALIZATION EQUITY MARKETS EXCHANGE COMMISSION FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENT FINANCIAL MARKETS FINANCIAL STABILITY FINANCIAL STATEMENT FINANCIAL STATEMENTS FINANCIAL SYSTEM FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN INVESTORS FRAUD FUTURES FUTURES MARKET GOVERNANCE STANDARDS GOVERNMENT DEBT GOVERNMENT DEBT MARKET GOVERNMENT DEBT MARKETS GROSS DOMESTIC PRODUCT GUARANTEE FUND HEDGE FUNDS INFLATION INFORMATION DISCLOSURE INFORMATION SYSTEM INITIAL PUBLIC OFFERING INSTITUTIONAL INVESTMENT SECTOR INSTITUTIONAL INVESTORS INSURANCE INTEREST RATE INTEREST RATE FUTURE INTEREST RATE RISK INTEREST RATES ON GOVERNMENT SECURITIES INTERESTS OF INVESTORS INTERNATIONAL BANK INVESTING INVESTMENT FUNDS INVESTOR EDUCATION INVESTOR LOSSES INVESTOR PROTECTION IPO JUDICIAL PROCESS LEGAL AUTHORITY LEGAL FRAMEWORK LEGAL PROTECTION LEGAL PROTECTIONS LENDER LIMITED LIABILITY LIQUIDATION LIQUIDITY MACROECONOMIC STABILITY MARKET ANALYSTS MARKET CAP MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET FOR GOVERNMENT DEBT MARKET INSTABILITY MARKET INTERMEDIARIES MARKET INTERMEDIARY MARKET LIQUIDITY MARKET OVERSIGHT MARKET PARTICIPANT MARKET PARTICIPANTS MARKET STRUCTURE MARKET SURVEILLANCE MATURITY MINORITY INVESTORS MINORITY SHAREHOLDER MINORITY SHAREHOLDER PROTECTION MINORITY SHAREHOLDER PROTECTIONS MONETARY FUND MONEY MARKET MONEY MARKET INSTRUMENTS MUTUAL FUND MUTUAL FUND INDUSTRY MUTUAL FUND SHARES MUTUAL FUNDS NATIONAL TREASURY NONPERFORMING LOANS NPL OPEN MARKET OVERNIGHT REPOS PAYMENT SYSTEM PAYMENT SYSTEMS PENSION PENSION FUNDS PENSIONS POLICY CREDIBILITY PORTFOLIO PORTFOLIO HOLDINGS PORTFOLIOS PRICE FORMATION PRIVATE DEBT PRIVATE DEBT MARKET PRIVATE EQUITY PROTECTION OF MINORITY SHAREHOLDERS PRUDENTIAL REGULATION PRUDENTIAL SUPERVISION REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY INFRASTRUCTURE REGULATORY OVERSIGHT REGULATORY STRUCTURE REGULATORY SYSTEM RETAIL INVESTORS RETURN RETURN ON ASSETS RETURNS RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RISK MANAGEMENT TOOLS SALE OF GOVERNMENT SECURITIES SECONDARY MARKET SECONDARY MARKET TRADING SECONDARY MARKETS SECURITIES SECURITIES EXCHANGES SECURITIES HOLDING SECURITIES LAW SECURITIES MARKET SECURITIES MARKETS SECURITIES REGULATION SECURITIES TRANSACTIONS SELF-REGULATION SETTLEMENT SETTLEMENT SYSTEMS SHORT-TERM DEBT SHORT-TERM INTEREST RATES SOVEREIGN DEBT STOCK EXCHANGE STOCK EXCHANGES SUPERVISORY AUTHORITY SUPERVISORY POWERS TAX TAX TREATMENT TRADING TRADING SYSTEM TRADING SYSTEMS TRANSACTION TRANSACTION COSTS TRANSPARENCY TURNOVER UNFAIR PRACTICES UNIVERSAL BANKING UNIVERSAL BANKS UNLIMITED LIABILITY USE OF DERIVATIVES VALUATION VALUATIONS The Comissao de Valores Mobiliarios - Brazil Securities Commission (CVM) has made substantial progress since the 2002 Financial Sector Assessment Program (FSAP). In 2002 the International Organization of Securities Commissions (IOSCO) assessment rated 8 principles fully implemented and 22 principles partly implemented. The 2012 assessment rates 26 principles fully implemented, 5 broadly implemented, and 6 partly implemented. Principle 38 is not rated, as a separate Report on Observance and Codes (ROSC) on systemically important payment systems was conducted as part of this FSAP update. The detailed assessment highlights significant improvements in the risk-based inspection program, adoption of an innovative issuer disclosure system, a stronger enforcement program and the adoption of International Financial Reporting Standards (IFRS). Long-standing issues on corporate governance and the protection of minority shareholders continue to be challenges. Finally, recommendations to improve prudential regulation of Collective Investment Schemes (CIS) are discussed. 2013-10-01T18:18:50Z 2013-10-01T18:18:50Z 2013-06 http://documents.worldbank.org/curated/en/2013/06/18170310/brazil-financial-sector-assessment-program http://hdl.handle.net/10986/15973 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Economic & Sector Work :: Financial Sector Assessment Program (FSAP) Economic & Sector Work Latin America & Caribbean Brazil |