Self-Regulation in Securities Markets

This paper canvasses the trends in self-regulation and the role of self-regulation in securities markets in different parts of the world. The paper also describes the conditions in which self-regulation might be an effective element of securities m...

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Bibliographic Details
Main Author:	Carson, John
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ARBITRAGE ARBITRATION ASSET MANAGEMENT ASSET MANAGERS BIDS BOND BOND MARKET BOURSE BROKER BROKERS BUSINESS EXPANSION CAPITAL MARKET CAPITAL MARKETS DEVELOPMENT CAPITAL REQUIREMENTS CENTRAL BANKS CENTRAL SECURITIES DEPOSITORIES CHECKS CIVIL CODE CIVIL LAW CLEARING CORPORATION COMPETITIVE ADVANTAGE COMPETITORS COMPLAINTS COMPLIANCE COSTS COMPLIANCE WITH REGULATIONS CONFLICTS OF INTEREST CONSULTATIVE COMMITTEE COOPERATIVE REGULATION CORPORATE GOVERNANCE COST OF REGULATION COST-EFFECTIVENESS COSTS OF REGULATION CREDIBILITY CUSTODY DEBT DEBT MARKETS DEBT SECURITIES DERIVATIVES DERIVATIVES MARKETS DISCLOSURE REQUIREMENTS ECONOMIC DEVELOPMENT EFFECTIVE REGULATION EFFICIENT CAPITAL EFFICIENT CAPITAL MARKETS EMERGING MARKET EMERGING MARKETS ENFORCEMENT POWERS ENFORCEMENT PROCESSES ENFORCEMENT PROGRAMS EQUITIES EXCHANGE BOARD FINANCIAL FUTURES FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL INTERMEDIARIES FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR POLICY FINANCIAL SERVICES FINANCIAL SERVICES INDUSTRY FOREIGN MARKETS FORM OF REGULATION FUTURES FUTURES EXCHANGE FUTURES MARKETS GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBAL MARKETS GLOBALIZATION GLOBALIZATION OF SECURITIES GOVERNMENT AGENCIES GOVERNMENT AUTHORITIES GOVERNMENT AUTHORITY GOVERNMENT POLICY GOVERNMENT REGULATION GOVERNMENT REGULATORS GOVERNMENT RESOURCES GOVERNMENTAL REGULATION INSURANCE INTERNAL CONTROLS INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL FINANCIAL CRISIS INTERNATIONAL ORGANIZATION INTERNATIONAL SECURITIES INTERNATIONAL STANDARDS INTERNATIONAL SWAPS INVESTMENT BANKS INVESTMENT FUNDS INVESTOR EDUCATION INVESTOR PROTECTION ISSUANCE JURISDICTION JURISDICTIONS LEGAL FRAMEWORK LEGISLATIVE REQUIREMENTS LEVEL PLAYING FIELD LIQUIDITY LOCAL EXCHANGES MARKET DEVELOPMENT MARKET EFFICIENCY MARKET INFRASTRUCTURE MARKET INTERMEDIARIES MARKET MAKER MARKET PARTICIPANTS MARKET REGULATOR MARKET SUPERVISION MARKET SURVEILLANCE MINISTER MUTUAL FUND NATIONAL SECURITIES NATIONAL STOCK EXCHANGE PARTICULAR COUNTRY PENSION PENSION FUNDS POLICY FRAMEWORK PRICE DISCOVERY PRIMARY MARKET PRIVATE MARKETS PRIVATE SECTOR DEVELOPMENT PUBLIC EQUITY PUBLIC GOOD PUBLIC INTEREST PUBLIC INTEREST OBJECTIVES PUBLIC MARKETS PUBLIC POLICY PUBLIC POLICY OBJECTIVES PUBLIC SERVICE QUALITY STANDARDS REGULATORS REGULATORY ACTIONS REGULATORY ACTIVITIES REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY BODIES REGULATORY BURDEN REGULATORY COMPLIANCE REGULATORY COSTS REGULATORY EFFECTIVENESS REGULATORY EFFICIENCY REGULATORY FRAMEWORK REGULATORY FRAMEWORKS REGULATORY FUNCTIONS REGULATORY INITIATIVES REGULATORY OVERSIGHT REGULATORY POLICY REGULATORY POWERS REGULATORY REGIME REGULATORY REGIMES REGULATORY REQUIREMENTS REGULATORY RESOURCES REGULATORY RESPONSIBILITIES REGULATORY SERVICES REGULATORY STANDARDS REGULATORY STRUCTURE REGULATORY STRUCTURES REGULATORY SYSTEM REGULATORY SYSTEMS RETAIL MARKETS RISK MANAGEMENT RISK MANAGEMENT SYSTEMS RULES SALE OF SECURITIES SECONDARY MARKET SECURITIES SECURITIES DEALERS SECURITIES EXCHANGE SECURITIES EXCHANGES SECURITIES INDUSTRY SECURITIES LAWS SECURITIES MARKET SECURITIES MARKETS SECURITIES REGULATION SECURITIES REGULATIONS SECURITIES REGULATORS SELF-REGULATION SET OF RULES SETTLEMENT SETTLEMENT SERVICES SETTLEMENT SYSTEMS SHAREHOLDERS STANDARDS OF CONDUCT STATUTORY AUTHORITIES STATUTORY AUTHORITY STOCK EXCHANGE STOCKS SUPERVISORY AUTHORITIES SUPERVISORY BOARD TECHNICAL ASSISTANCE TRADING TRADING MARKETS TRADING SYSTEM TRADING SYSTEMS TRANSPARENCY USE OF SECURITIES
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110124091038 http://hdl.handle.net/10986/3313

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Summary:	This paper canvasses the trends in self-regulation and the role of self-regulation in securities markets in different parts of the world. The paper also describes the conditions in which self-regulation might be an effective element of securities markets regulation, particularly in emerging markets. Use of self-regulation and self-regulatory organizations is often recommended in emerging markets as part of a broader strategy aimed at improving the effectiveness of securities regulation and market integrity. According to the International Organization of Securities Commissions, reliance on self-regulation is an optional feature of a regulatory regime. Self-regulatory organizations may support better-regulated and more efficient capital markets, but the value of self-regulation is again being questioned in many countries. Forces such as commercialization of exchanges, development of stronger statutory regulatory authorities, consolidation of financial services industry regulatory bodies, and globalization of capital markets are affecting the scope and effectiveness of self-regulation -- and in particular the traditional role of securities exchanges as self-regulatory organizations.The paper reviews different models of self-regulation, including exchange self-regulatory organizations, member (or independent) self-regulatory organizations, and industry or dealers associations. It draws on examples of self-regulatory organizations from many markets to illustrate the degree of reliance on self-regulation, as well as the range of functions for which self-regulatory organizations are responsible, in markets around the world. Issues that are important to the effective operation of self-regulatory organizations are discussed, such as corporate governance, managing conflicts of interest, and regulatory oversight by government authorities.

Self-Regulation in Securities Markets

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