Republic of Argentina Financial Sector Assessment : IOSCO Objectives and Principles of Securities Regulation
This assessment finds that Argentina has made significant progress to improve its securities regulatory system within the existing legal framework. Specifically, Argentina operates a highly, even uniquely, transparent securities regulatory program....
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| Format: | Report |
| Language: | English en_US |
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Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/879531468206949341/Argentina-International-Organization-of-Securities-Commissions-IOSCO-objectives-and-principles-of-securities-regulation-detailed-assessment-of-observance http://hdl.handle.net/10986/27233 |
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okr-10986-27233 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCOUNTABILITY STRUCTURES ACCOUNTING ACCOUNTING STANDARDS ASSET MANAGERS ASSET VALUE ASSET VALUES AUDIT STANDARDS BANK ACCOUNT BANK ACCOUNTS BANKING INSTITUTIONS BANKING LAW BANKING LAWS BANKRUPTCY BANKRUPTCY PROCEDURES BOND BOND MARKET BOND TRADING BOND TURNOVER BROKERAGE BROKERAGE ACTIVITIES BROKERS CAPACITY BUILDING CAPITAL ALLOCATION CAPITAL FORMATION CAPITAL MARKET CAPITAL MARKETS CAPITAL REQUIREMENTS CD CENTRAL BANK CENTRAL SECURITIES DEPOSITORIES CENTRAL SECURITIES DEPOSITORY CHECKS COLLECTIVE FUNDS COLLECTIVE INVESTMENT COLLECTIVE INVESTMENTS COMMERCIAL BANKS COMMERCIAL CODE COMMERCIAL LAW COMPANY LAW CONFLICTS OF INTEREST CONSUMER PROTECTION CONTINGENCY PLANS CORPORATE BOND CORPORATE BOND MARKETS CORPORATE BONDS CORPORATE GOVERNANCE CREDIT RATING CREDIT RATING AGENCIES CREDIT RATINGS CREDITORS CUSTODY DEBT SECURITIES DEFAULT RISK DEFAULTS DEPOSIT DEPOSIT ACCOUNTS DEPOSITS DERIVATIVES DISPUTE RESOLUTION DOMESTIC REGULATORS DOMESTIC SECURITIES ELECTRONIC MARKETS ENFORCEMENT POWER ENFORCEMENT POWERS EQUITIES EQUITY MARKETS EQUITY SECURITIES EQUITY VALUE EXCHANGE COMMISSION EXCHANGE RATE EXCHANGE RULES FINANCIAL CRISIS FINANCIAL FUTURES FINANCIAL INSTITUTION FINANCIAL INSTRUMENTS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STATEMENTS FOREIGN INTERESTS FRAUD FUTURES FUTURES EXCHANGE FUTURES EXCHANGES FUTURES MARKET FUTURES MARKETS FUTURES PRODUCTS GLOBAL MARKETS GOVERNANCE STANDARDS GOVERNMENT DEBT GUARANTEE FUNDS HOLDING ILLIQUID SECURITIES INFLATION INFORMATION SHARING INFORMATION TECHNOLOGY INFRASTRUCTURE INVESTMENTS INITIAL PUBLIC OFFERING INSIDER TRADING INSURANCE INSURANCE COMPANIES INTEREST RATES INTERNAL AUDIT INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL BANK INTERNATIONAL CREDIT INTERNATIONAL CREDIT RATING INTERNATIONAL FINANCE INTERNATIONAL MARKET INTERNATIONAL SETTLEMENTS INTERNATIONAL STANDARDS INVESTING INVESTMENT BANKING INVESTMENT FUNDS INVESTMENT VEHICLES INVESTOR EDUCATION INVESTOR PROTECTION IPO ISSUANCE JUDICIAL PROCESS JUDICIAL SYSTEM LEGAL AUTHORITY LEGAL ENVIRONMENT LEGAL FRAMEWORK LEGAL PROTECTION LEGAL PROTECTIONS LEGAL PROVISIONS LEGAL REFORM LEVEL PLAYING FIELD LIQUIDATION LIQUIDITY LOCAL SECURITIES MARKET ACCESS MARKET CAP MARKET CAPITALIZATION MARKET CONFIDENCE MARKET DEVELOPMENTS MARKET FOR SECURITIES MARKET INTERMEDIARIES MARKET INTERMEDIARY MARKET PARTICIPANTS MARKET REFORMS MARKET STRUCTURE MATURITY MINORITY SHAREHOLDERS MONETARY FUND MONEY LAUNDERING MUTUAL FUND MUTUAL FUND ASSETS MUTUAL FUND INDUSTRY MUTUAL FUNDS NATIONAL SECURITIES OPTIONS MARKET OPTIONS MARKETS PENSION PENSION FUNDS PORTFOLIO PRICE FORMATION PRIVATE BONDS PRIVATE CAPITAL PRIVATE DEBT PRIVATE DEBT MARKETS PRIVATE SECTOR DEVELOPMENT PUBLIC DEBT PUBLIC DEBT SECURITIES PUBLIC FINANCE PUBLIC OFFERINGS REGIONAL EXCHANGE REGIONAL EXCHANGES REGULATOR REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY FRAMEWORK REGULATORY OVERSIGHT REGULATORY SYSTEM RETAIL INVESTORS RISK MANAGEMENT SECONDARY MARKET SECONDARY MARKETS SECONDARY TRADING SECRECY LAW SECURITIES SECURITIES EXCHANGE SECURITIES EXCHANGES SECURITIES LAW SECURITIES LAWS SECURITIES MARKET SECURITIES MARKETS SECURITIES REGULATION SECURITIES REGULATOR SECURITIES TRANSACTION SECURITIES TRANSACTIONS SELF-REGULATION SETTLEMENT SETTLEMENT FACILITIES SETTLEMENT SYSTEMS SOLVENCY SOVEREIGN DEBT STATUTORY REQUIREMENTS STOCK BROKER STOCK EXCHANGE SYSTEMIC RISK TAX TAX TREATMENTS TERRORISM TRADE ASSOCIATION TRADES TRADING TRADING MARKET TRADING MARKETS TRADING SYSTEM TRADING SYSTEMS TRADING VENUE TRANCHES TRANSPARENCY TREASURY TRUST INDENTURE TURNOVER VALUATION |
| spellingShingle |
ACCOUNTABILITY STRUCTURES ACCOUNTING ACCOUNTING STANDARDS ASSET MANAGERS ASSET VALUE ASSET VALUES AUDIT STANDARDS BANK ACCOUNT BANK ACCOUNTS BANKING INSTITUTIONS BANKING LAW BANKING LAWS BANKRUPTCY BANKRUPTCY PROCEDURES BOND BOND MARKET BOND TRADING BOND TURNOVER BROKERAGE BROKERAGE ACTIVITIES BROKERS CAPACITY BUILDING CAPITAL ALLOCATION CAPITAL FORMATION CAPITAL MARKET CAPITAL MARKETS CAPITAL REQUIREMENTS CD CENTRAL BANK CENTRAL SECURITIES DEPOSITORIES CENTRAL SECURITIES DEPOSITORY CHECKS COLLECTIVE FUNDS COLLECTIVE INVESTMENT COLLECTIVE INVESTMENTS COMMERCIAL BANKS COMMERCIAL CODE COMMERCIAL LAW COMPANY LAW CONFLICTS OF INTEREST CONSUMER PROTECTION CONTINGENCY PLANS CORPORATE BOND CORPORATE BOND MARKETS CORPORATE BONDS CORPORATE GOVERNANCE CREDIT RATING CREDIT RATING AGENCIES CREDIT RATINGS CREDITORS CUSTODY DEBT SECURITIES DEFAULT RISK DEFAULTS DEPOSIT DEPOSIT ACCOUNTS DEPOSITS DERIVATIVES DISPUTE RESOLUTION DOMESTIC REGULATORS DOMESTIC SECURITIES ELECTRONIC MARKETS ENFORCEMENT POWER ENFORCEMENT POWERS EQUITIES EQUITY MARKETS EQUITY SECURITIES EQUITY VALUE EXCHANGE COMMISSION EXCHANGE RATE EXCHANGE RULES FINANCIAL CRISIS FINANCIAL FUTURES FINANCIAL INSTITUTION FINANCIAL INSTRUMENTS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STATEMENTS FOREIGN INTERESTS FRAUD FUTURES FUTURES EXCHANGE FUTURES EXCHANGES FUTURES MARKET FUTURES MARKETS FUTURES PRODUCTS GLOBAL MARKETS GOVERNANCE STANDARDS GOVERNMENT DEBT GUARANTEE FUNDS HOLDING ILLIQUID SECURITIES INFLATION INFORMATION SHARING INFORMATION TECHNOLOGY INFRASTRUCTURE INVESTMENTS INITIAL PUBLIC OFFERING INSIDER TRADING INSURANCE INSURANCE COMPANIES INTEREST RATES INTERNAL AUDIT INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL BANK INTERNATIONAL CREDIT INTERNATIONAL CREDIT RATING INTERNATIONAL FINANCE INTERNATIONAL MARKET INTERNATIONAL SETTLEMENTS INTERNATIONAL STANDARDS INVESTING INVESTMENT BANKING INVESTMENT FUNDS INVESTMENT VEHICLES INVESTOR EDUCATION INVESTOR PROTECTION IPO ISSUANCE JUDICIAL PROCESS JUDICIAL SYSTEM LEGAL AUTHORITY LEGAL ENVIRONMENT LEGAL FRAMEWORK LEGAL PROTECTION LEGAL PROTECTIONS LEGAL PROVISIONS LEGAL REFORM LEVEL PLAYING FIELD LIQUIDATION LIQUIDITY LOCAL SECURITIES MARKET ACCESS MARKET CAP MARKET CAPITALIZATION MARKET CONFIDENCE MARKET DEVELOPMENTS MARKET FOR SECURITIES MARKET INTERMEDIARIES MARKET INTERMEDIARY MARKET PARTICIPANTS MARKET REFORMS MARKET STRUCTURE MATURITY MINORITY SHAREHOLDERS MONETARY FUND MONEY LAUNDERING MUTUAL FUND MUTUAL FUND ASSETS MUTUAL FUND INDUSTRY MUTUAL FUNDS NATIONAL SECURITIES OPTIONS MARKET OPTIONS MARKETS PENSION PENSION FUNDS PORTFOLIO PRICE FORMATION PRIVATE BONDS PRIVATE CAPITAL PRIVATE DEBT PRIVATE DEBT MARKETS PRIVATE SECTOR DEVELOPMENT PUBLIC DEBT PUBLIC DEBT SECURITIES PUBLIC FINANCE PUBLIC OFFERINGS REGIONAL EXCHANGE REGIONAL EXCHANGES REGULATOR REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY FRAMEWORK REGULATORY OVERSIGHT REGULATORY SYSTEM RETAIL INVESTORS RISK MANAGEMENT SECONDARY MARKET SECONDARY MARKETS SECONDARY TRADING SECRECY LAW SECURITIES SECURITIES EXCHANGE SECURITIES EXCHANGES SECURITIES LAW SECURITIES LAWS SECURITIES MARKET SECURITIES MARKETS SECURITIES REGULATION SECURITIES REGULATOR SECURITIES TRANSACTION SECURITIES TRANSACTIONS SELF-REGULATION SETTLEMENT SETTLEMENT FACILITIES SETTLEMENT SYSTEMS SOLVENCY SOVEREIGN DEBT STATUTORY REQUIREMENTS STOCK BROKER STOCK EXCHANGE SYSTEMIC RISK TAX TAX TREATMENTS TERRORISM TRADE ASSOCIATION TRADES TRADING TRADING MARKET TRADING MARKETS TRADING SYSTEM TRADING SYSTEMS TRADING VENUE TRANCHES TRANSPARENCY TREASURY TRUST INDENTURE TURNOVER VALUATION International Monetary Fund World Bank Republic of Argentina Financial Sector Assessment : IOSCO Objectives and Principles of Securities Regulation |
| geographic_facet |
Latin America & Caribbean Argentina |
| description |
This assessment finds that Argentina has
made significant progress to improve its securities
regulatory system within the existing legal framework.
Specifically, Argentina operates a highly, even uniquely,
transparent securities regulatory program. The assessment
also finds that the Argentine securities regulator has
dedicated professional staff, active on-site inspection
programs, pro-active investigation of complaints, a road map
to transition by 2012 to international accounting standards
(IFRS) and plans to modernize auditing standards, the
ability to assist foreign regulatory authorities to the
extent of its current powers, and a commitment to use the
powers it has to meet its mandate, achieve international
benchmarks, and build on its practical experience to
strengthen regulatory oversight. At the same time this
assessment finds areas, of which the securities regulator is
well aware, that need to be improved. These include that:
(i) the complex structure of the market may be a source of
inefficiency and an impediment to price formation and best
execution; (ii) the regulator has insufficient
administrative power to oversee comprehensively the
regulatory performance by certain self-regulatory
organizations affecting equity and private debt markets with
respect to their members and to supervise, discipline and
enforce its rules and the securities laws over such members
directly; (iii) the ability to cooperate domestically and
with foreign regulators is constrained by securities and
banking secrecy law; (iv) the legal underpinning for
protecting customer funds held by intermediaries needs
enhancements; (iv) there are no existing market disruption
contingency plans at the regulatory level; and (v) the
markets offer some products that may require additional,
tailored monitoring and explanation to external
participants. This assessment of the International
Organization of Securities Commissions (IOSCO) objective and
principles of securities regulation was conducted between
May 11 and May 26, 2011 in Buenos Aires, Argentina and
includes references to certain post on-site improvements.
The assessment included a review of the main securities
laws, executive decrees, and general resolutions that relate
to the mandate of the Comision Nacional de Valores (CNV) and
underpin the public offer and trading of securities in Argentina. |
| format |
Report |
| author |
International Monetary Fund World Bank |
| author_facet |
International Monetary Fund World Bank |
| author_sort |
International Monetary Fund |
| title |
Republic of Argentina Financial Sector Assessment : IOSCO Objectives and Principles of Securities Regulation |
| title_short |
Republic of Argentina Financial Sector Assessment : IOSCO Objectives and Principles of Securities Regulation |
| title_full |
Republic of Argentina Financial Sector Assessment : IOSCO Objectives and Principles of Securities Regulation |
| title_fullStr |
Republic of Argentina Financial Sector Assessment : IOSCO Objectives and Principles of Securities Regulation |
| title_full_unstemmed |
Republic of Argentina Financial Sector Assessment : IOSCO Objectives and Principles of Securities Regulation |
| title_sort |
republic of argentina financial sector assessment : iosco objectives and principles of securities regulation |
| publisher |
Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/879531468206949341/Argentina-International-Organization-of-Securities-Commissions-IOSCO-objectives-and-principles-of-securities-regulation-detailed-assessment-of-observance http://hdl.handle.net/10986/27233 |
| _version_ |
1764461507391782912 |
| spelling |
okr-10986-272332021-04-23T14:04:35Z Republic of Argentina Financial Sector Assessment : IOSCO Objectives and Principles of Securities Regulation International Monetary Fund World Bank ACCOUNTABILITY STRUCTURES ACCOUNTING ACCOUNTING STANDARDS ASSET MANAGERS ASSET VALUE ASSET VALUES AUDIT STANDARDS BANK ACCOUNT BANK ACCOUNTS BANKING INSTITUTIONS BANKING LAW BANKING LAWS BANKRUPTCY BANKRUPTCY PROCEDURES BOND BOND MARKET BOND TRADING BOND TURNOVER BROKERAGE BROKERAGE ACTIVITIES BROKERS CAPACITY BUILDING CAPITAL ALLOCATION CAPITAL FORMATION CAPITAL MARKET CAPITAL MARKETS CAPITAL REQUIREMENTS CD CENTRAL BANK CENTRAL SECURITIES DEPOSITORIES CENTRAL SECURITIES DEPOSITORY CHECKS COLLECTIVE FUNDS COLLECTIVE INVESTMENT COLLECTIVE INVESTMENTS COMMERCIAL BANKS COMMERCIAL CODE COMMERCIAL LAW COMPANY LAW CONFLICTS OF INTEREST CONSUMER PROTECTION CONTINGENCY PLANS CORPORATE BOND CORPORATE BOND MARKETS CORPORATE BONDS CORPORATE GOVERNANCE CREDIT RATING CREDIT RATING AGENCIES CREDIT RATINGS CREDITORS CUSTODY DEBT SECURITIES DEFAULT RISK DEFAULTS DEPOSIT DEPOSIT ACCOUNTS DEPOSITS DERIVATIVES DISPUTE RESOLUTION DOMESTIC REGULATORS DOMESTIC SECURITIES ELECTRONIC MARKETS ENFORCEMENT POWER ENFORCEMENT POWERS EQUITIES EQUITY MARKETS EQUITY SECURITIES EQUITY VALUE EXCHANGE COMMISSION EXCHANGE RATE EXCHANGE RULES FINANCIAL CRISIS FINANCIAL FUTURES FINANCIAL INSTITUTION FINANCIAL INSTRUMENTS FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STATEMENTS FOREIGN INTERESTS FRAUD FUTURES FUTURES EXCHANGE FUTURES EXCHANGES FUTURES MARKET FUTURES MARKETS FUTURES PRODUCTS GLOBAL MARKETS GOVERNANCE STANDARDS GOVERNMENT DEBT GUARANTEE FUNDS HOLDING ILLIQUID SECURITIES INFLATION INFORMATION SHARING INFORMATION TECHNOLOGY INFRASTRUCTURE INVESTMENTS INITIAL PUBLIC OFFERING INSIDER TRADING INSURANCE INSURANCE COMPANIES INTEREST RATES INTERNAL AUDIT INTERNATIONAL ACCOUNTING STANDARDS INTERNATIONAL BANK INTERNATIONAL CREDIT INTERNATIONAL CREDIT RATING INTERNATIONAL FINANCE INTERNATIONAL MARKET INTERNATIONAL SETTLEMENTS INTERNATIONAL STANDARDS INVESTING INVESTMENT BANKING INVESTMENT FUNDS INVESTMENT VEHICLES INVESTOR EDUCATION INVESTOR PROTECTION IPO ISSUANCE JUDICIAL PROCESS JUDICIAL SYSTEM LEGAL AUTHORITY LEGAL ENVIRONMENT LEGAL FRAMEWORK LEGAL PROTECTION LEGAL PROTECTIONS LEGAL PROVISIONS LEGAL REFORM LEVEL PLAYING FIELD LIQUIDATION LIQUIDITY LOCAL SECURITIES MARKET ACCESS MARKET CAP MARKET CAPITALIZATION MARKET CONFIDENCE MARKET DEVELOPMENTS MARKET FOR SECURITIES MARKET INTERMEDIARIES MARKET INTERMEDIARY MARKET PARTICIPANTS MARKET REFORMS MARKET STRUCTURE MATURITY MINORITY SHAREHOLDERS MONETARY FUND MONEY LAUNDERING MUTUAL FUND MUTUAL FUND ASSETS MUTUAL FUND INDUSTRY MUTUAL FUNDS NATIONAL SECURITIES OPTIONS MARKET OPTIONS MARKETS PENSION PENSION FUNDS PORTFOLIO PRICE FORMATION PRIVATE BONDS PRIVATE CAPITAL PRIVATE DEBT PRIVATE DEBT MARKETS PRIVATE SECTOR DEVELOPMENT PUBLIC DEBT PUBLIC DEBT SECURITIES PUBLIC FINANCE PUBLIC OFFERINGS REGIONAL EXCHANGE REGIONAL EXCHANGES REGULATOR REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY FRAMEWORK REGULATORY OVERSIGHT REGULATORY SYSTEM RETAIL INVESTORS RISK MANAGEMENT SECONDARY MARKET SECONDARY MARKETS SECONDARY TRADING SECRECY LAW SECURITIES SECURITIES EXCHANGE SECURITIES EXCHANGES SECURITIES LAW SECURITIES LAWS SECURITIES MARKET SECURITIES MARKETS SECURITIES REGULATION SECURITIES REGULATOR SECURITIES TRANSACTION SECURITIES TRANSACTIONS SELF-REGULATION SETTLEMENT SETTLEMENT FACILITIES SETTLEMENT SYSTEMS SOLVENCY SOVEREIGN DEBT STATUTORY REQUIREMENTS STOCK BROKER STOCK EXCHANGE SYSTEMIC RISK TAX TAX TREATMENTS TERRORISM TRADE ASSOCIATION TRADES TRADING TRADING MARKET TRADING MARKETS TRADING SYSTEM TRADING SYSTEMS TRADING VENUE TRANCHES TRANSPARENCY TREASURY TRUST INDENTURE TURNOVER VALUATION This assessment finds that Argentina has made significant progress to improve its securities regulatory system within the existing legal framework. Specifically, Argentina operates a highly, even uniquely, transparent securities regulatory program. The assessment also finds that the Argentine securities regulator has dedicated professional staff, active on-site inspection programs, pro-active investigation of complaints, a road map to transition by 2012 to international accounting standards (IFRS) and plans to modernize auditing standards, the ability to assist foreign regulatory authorities to the extent of its current powers, and a commitment to use the powers it has to meet its mandate, achieve international benchmarks, and build on its practical experience to strengthen regulatory oversight. At the same time this assessment finds areas, of which the securities regulator is well aware, that need to be improved. These include that: (i) the complex structure of the market may be a source of inefficiency and an impediment to price formation and best execution; (ii) the regulator has insufficient administrative power to oversee comprehensively the regulatory performance by certain self-regulatory organizations affecting equity and private debt markets with respect to their members and to supervise, discipline and enforce its rules and the securities laws over such members directly; (iii) the ability to cooperate domestically and with foreign regulators is constrained by securities and banking secrecy law; (iv) the legal underpinning for protecting customer funds held by intermediaries needs enhancements; (iv) there are no existing market disruption contingency plans at the regulatory level; and (v) the markets offer some products that may require additional, tailored monitoring and explanation to external participants. This assessment of the International Organization of Securities Commissions (IOSCO) objective and principles of securities regulation was conducted between May 11 and May 26, 2011 in Buenos Aires, Argentina and includes references to certain post on-site improvements. The assessment included a review of the main securities laws, executive decrees, and general resolutions that relate to the mandate of the Comision Nacional de Valores (CNV) and underpin the public offer and trading of securities in Argentina. 2017-06-15T20:48:29Z 2017-06-15T20:48:29Z 2011-10 Report http://documents.worldbank.org/curated/en/879531468206949341/Argentina-International-Organization-of-Securities-Commissions-IOSCO-objectives-and-principles-of-securities-regulation-detailed-assessment-of-observance http://hdl.handle.net/10986/27233 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank Washington, DC Economic & Sector Work :: Financial Sector Assessment Program Economic & Sector Work Latin America & Caribbean Argentina |