LEADER 05947oam 22011654 450 001 9910828972203321 005 20200520144314.0 010 $a1-4623-5375-4 010 $a1-4527-2786-4 010 $a1-4518-7315-8 010 $a9786612843815 010 $a1-282-84381-8 035 $a(CKB)3170000000055315 035 $a(EBL)1608383 035 $a(SSID)ssj0000943292 035 $a(PQKBManifestationID)11515183 035 $a(PQKBTitleCode)TC0000943292 035 $a(PQKBWorkID)10975544 035 $a(PQKB)11106888 035 $a(OCoLC)649492341 035 $a(IMF)WPIEE2009168 035 $a(MiAaPQ)EBC1608383 035 $a(IMF)WPIEA2009168 035 $a(EXLCZ)993170000000055315 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe Challenge of Enforcement in Securities Markets : $eMission Impossible? /$fAna Carvajal, Jennifer Elliott 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a1 online resource (39 p.) 225 1 $aIMF Working Papers 300 $a"August 2009". 311 $a1-4519-1743-0 327 $aContents; 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. Conclusion 330 3 $aWeaknesses in the enforcement of regulation have been targeted by the G-20 as a priority concern for reform. But enforcement efforts in securities markets have proven difficult and uneven. The recent scandal in the United States, wherein a Ponzi scheme orchestrated by Bernard Madoff went undetected by the U.S. authorities for more than two decades, has once again highlighted the importance of effective enforcement of securities regulation, as well as the challenges that securities regulators around the world face in implementing credible enforcement programs. While in many instances it is individuals who bear the losses, we show that noncompliance with securities law can have serious system-wide impact and that the credibility of the system as a whole rests on the existence of effective discipline-the probability of real consequences for failure to obey the law. This paper explores the elements of enforcement, why it is so challenging, why it is important, and whether its effects can be measured. Through an analysis of the data gathered in the World Bank/IMF Financial Sector Assessment Program (FSAP), the paper examines how enforcement is being carried out around the world and draws conclusions regarding how countries are meeting the challenge of effective enforcement. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/168 606 $aSecurities industry 606 $aSecurities fraud 606 $aBusiness and Financial$2imf 606 $aCorporation and Securities Law$2imf 606 $aFinance$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aFinancial instruments$2imf 606 $aFinancial regulation and supervision$2imf 606 $aFinancial services industry$2imf 606 $aFinancial services law & regulation$2imf 606 $aFinancial services$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aGeneral Financial Markets: Government Policy and Regulation$2imf 606 $aIndustries: Financial Services$2imf 606 $aInvestment & securities$2imf 606 $aInvestments: General$2imf 606 $aLaw and legislation$2imf 606 $aLegal support in revenue administration$2imf 606 $aNonbank financial institutions$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aRevenue$2imf 606 $aSecurities regulation$2imf 606 $aSecurities$2imf 606 $aTaxation, Subsidies, and Revenue: General$2imf 607 $aUnited States$2imf 615 0$aSecurities industry. 615 0$aSecurities fraud. 615 7$aBusiness and Financial 615 7$aCorporation and Securities Law 615 7$aFinance 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aFinancial instruments 615 7$aFinancial regulation and supervision 615 7$aFinancial services industry 615 7$aFinancial services law & regulation 615 7$aFinancial services 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aGeneral Financial Markets: Government Policy and Regulation 615 7$aIndustries: Financial Services 615 7$aInvestment & securities 615 7$aInvestments: General 615 7$aLaw and legislation 615 7$aLegal support in revenue administration 615 7$aNonbank financial institutions 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aRevenue 615 7$aSecurities regulation 615 7$aSecurities 615 7$aTaxation, Subsidies, and Revenue: General 676 $a364.163 700 $aCarvajal$b Ana$01680582 701 $aElliott$b Jennifer$035241 712 02$aInternational Monetary Fund.$bMonetary and Capital Markets Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910828972203321 996 $aThe Challenge of Enforcement in Securities Markets$94245169 997 $aUNINA