Philippines Financial Sector Assessment Program : Capital Markets Regulation and Supervision

The securities and exchange commission (SEC) is the main regulator of the capital market in the Philippines, but its resources are insufficient to adequately address its core functions, especially the supervision of capital market participants, and...

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Main Author:	Rodriguez, Eddy
Format:	Report
Language:	English
Published:	World Bank, Washington, DC 2021
Subjects:	CAPITAL MARKETS FINANCIAL REGULATION SECURITIES MARKET FINANCIAL SUPERVISION
Online Access:	http://documents.worldbank.org/curated/en/661671629266026384/Philippines-Financial-Sector-Assessment-Program-Capital-Markets-Regulation-and-Supervision-Technical-Note http://hdl.handle.net/10986/36183

id	okr-10986-36183
recordtype	oai_dc
spelling	okr-10986-361832021-08-24T05:10:44Z Philippines Financial Sector Assessment Program : Capital Markets Regulation and Supervision Rodriguez, Eddy CAPITAL MARKETS FINANCIAL REGULATION SECURITIES MARKET FINANCIAL SUPERVISION The securities and exchange commission (SEC) is the main regulator of the capital market in the Philippines, but its resources are insufficient to adequately address its core functions, especially the supervision of capital market participants, and yet it has to address other legal responsibilities unrelated to capital markets. Other agencies also have capital market regulatory responsibilities, creating a fragmented regulatory framework that causes inconsistencies detrimental to the market and to investors’ protection. The existence of regulatory arbitrage, supervisory overlaps, and enforcement gaps evidences the need for an active periodic procedure with other financial system regulators to coordinate supervision activities and review unregulated products, markets, market participants and activities. It should include information sharing and analysis of areas where there may be arbitrage, overlap, gaps, and risks to investor protection and market fairness, efficiency and transparency or other risks to the financial system. A clear and consistent risk-based approach for the SEC supervision of capital market intermediaries is needed. The bank secrecy legislation of Philippines impedes prompt access by the SEC to bank account information. 2021-08-23T20:18:09Z 2021-08-23T20:18:09Z 2019-07 Report http://documents.worldbank.org/curated/en/661671629266026384/Philippines-Financial-Sector-Assessment-Program-Capital-Markets-Regulation-and-Supervision-Technical-Note http://hdl.handle.net/10986/36183 English 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 Economic & Sector Work East Asia and Pacific Philippines
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	CAPITAL MARKETS FINANCIAL REGULATION SECURITIES MARKET FINANCIAL SUPERVISION
spellingShingle	CAPITAL MARKETS FINANCIAL REGULATION SECURITIES MARKET FINANCIAL SUPERVISION Rodriguez, Eddy Philippines Financial Sector Assessment Program : Capital Markets Regulation and Supervision
geographic_facet	East Asia and Pacific Philippines
description	The securities and exchange commission (SEC) is the main regulator of the capital market in the Philippines, but its resources are insufficient to adequately address its core functions, especially the supervision of capital market participants, and yet it has to address other legal responsibilities unrelated to capital markets. Other agencies also have capital market regulatory responsibilities, creating a fragmented regulatory framework that causes inconsistencies detrimental to the market and to investors’ protection. The existence of regulatory arbitrage, supervisory overlaps, and enforcement gaps evidences the need for an active periodic procedure with other financial system regulators to coordinate supervision activities and review unregulated products, markets, market participants and activities. It should include information sharing and analysis of areas where there may be arbitrage, overlap, gaps, and risks to investor protection and market fairness, efficiency and transparency or other risks to the financial system. A clear and consistent risk-based approach for the SEC supervision of capital market intermediaries is needed. The bank secrecy legislation of Philippines impedes prompt access by the SEC to bank account information.
format	Report
author	Rodriguez, Eddy
author_facet	Rodriguez, Eddy
author_sort	Rodriguez, Eddy
title	Philippines Financial Sector Assessment Program : Capital Markets Regulation and Supervision
title_short	Philippines Financial Sector Assessment Program : Capital Markets Regulation and Supervision
title_full	Philippines Financial Sector Assessment Program : Capital Markets Regulation and Supervision
title_fullStr	Philippines Financial Sector Assessment Program : Capital Markets Regulation and Supervision
title_full_unstemmed	Philippines Financial Sector Assessment Program : Capital Markets Regulation and Supervision
title_sort	philippines financial sector assessment program : capital markets regulation and supervision
publisher	World Bank, Washington, DC
publishDate	2021
url	http://documents.worldbank.org/curated/en/661671629266026384/Philippines-Financial-Sector-Assessment-Program-Capital-Markets-Regulation-and-Supervision-Technical-Note http://hdl.handle.net/10986/36183
_version_	1764484676845568000

Philippines Financial Sector Assessment Program : Capital Markets Regulation and Supervision

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