05947oam 22011654 450 991082897220332120200520144314.01-4623-5375-41-4527-2786-41-4518-7315-897866128438151-282-84381-8(CKB)3170000000055315(EBL)1608383(SSID)ssj0000943292(PQKBManifestationID)11515183(PQKBTitleCode)TC0000943292(PQKBWorkID)10975544(PQKB)11106888(OCoLC)649492341(IMF)WPIEE2009168(MiAaPQ)EBC1608383(IMF)WPIEA2009168(EXLCZ)99317000000005531520020129d2009 uf 0engurcn|||||||||txtccrThe Challenge of Enforcement in Securities Markets : Mission Impossible? /Ana Carvajal, Jennifer Elliott1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (39 p.)IMF Working Papers"August 2009".1-4519-1743-0 Contents; I. Introduction; II. What is Enforcement?; III. The Importance of Enforcement; IV. Framework for Enforcement; 1. Clear mandate; 2. Broad authority to investigate and obtain evidence; 3. Ability to act immediately; 4. Authority to bring charges and impose a wide range of sanctions; 5. Active criminal enforcement; 6. Ability to provide cooperation to foreign regulators; V. Enforcement Capacity; 1. Independence and political will; 2. Staffing and resources; 3. Adequate organizational structure; 4. Effective court system; VI. Measuring the Effectiveness of Enforcement; VII. ConclusionWeaknesses in the enforcement of regulation have been targeted by the G-20 as a priority concern for reform. But enforcement efforts in securities markets have proven difficult and uneven. The recent scandal in the United States, wherein a Ponzi scheme orchestrated by Bernard Madoff went undetected by the U.S. authorities for more than two decades, has once again highlighted the importance of effective enforcement of securities regulation, as well as the challenges that securities regulators around the world face in implementing credible enforcement programs. While in many instances it is individuals who bear the losses, we show that noncompliance with securities law can have serious system-wide impact and that the credibility of the system as a whole rests on the existence of effective discipline-the probability of real consequences for failure to obey the law. This paper explores the elements of enforcement, why it is so challenging, why it is important, and whether its effects can be measured. Through an analysis of the data gathered in the World Bank/IMF Financial Sector Assessment Program (FSAP), the paper examines how enforcement is being carried out around the world and draws conclusions regarding how countries are meeting the challenge of effective enforcement.IMF Working Papers; Working Paper ;No. 2009/168Securities industrySecurities fraudBusiness and FinancialimfCorporation and Securities LawimfFinanceimfFinancial Institutions and Services: Government Policy and RegulationimfFinancial instrumentsimfFinancial regulation and supervisionimfFinancial services industryimfFinancial services law & regulationimfFinancial servicesimfGeneral Financial Markets: General (includes Measurement and Data)imfGeneral Financial Markets: Government Policy and RegulationimfIndustries: Financial ServicesimfInvestment & securitiesimfInvestments: GeneralimfLaw and legislationimfLegal support in revenue administrationimfNonbank financial institutionsimfPublic finance & taxationimfPublic FinanceimfRevenueimfSecurities regulationimfSecuritiesimfTaxation, Subsidies, and Revenue: GeneralimfUnited StatesimfSecurities industry.Securities fraud.Business and FinancialCorporation and Securities LawFinanceFinancial Institutions and Services: Government Policy and RegulationFinancial instrumentsFinancial regulation and supervisionFinancial services industryFinancial services law & regulationFinancial servicesGeneral Financial Markets: General (includes Measurement and Data)General Financial Markets: Government Policy and RegulationIndustries: Financial ServicesInvestment & securitiesInvestments: GeneralLaw and legislationLegal support in revenue administrationNonbank financial institutionsPublic finance & taxationPublic FinanceRevenueSecurities regulationSecuritiesTaxation, Subsidies, and Revenue: General364.163Carvajal Ana1680582Elliott Jennifer35241International Monetary Fund.Monetary and Capital Markets Dept.DcWaIMFBOOK9910828972203321The Challenge of Enforcement in Securities Markets4245169UNINA