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The Challenge of Enforcement in Securities Markets : : Mission Impossible? / / Ana Carvajal, Jennifer Elliott



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Autore: Carvajal Ana Visualizza persona
Titolo: The Challenge of Enforcement in Securities Markets : : Mission Impossible? / / Ana Carvajal, Jennifer Elliott Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2009
Descrizione fisica: 1 online resource (39 p.)
Soggetto topico: Securities industry
Securities fraud
Investments: General
Public Finance
Industries: Financial Services
Business and Financial
Corporation and Securities Law
Taxation, Subsidies, and Revenue: General
General Financial Markets: General (includes Measurement and Data)
General Financial Markets: Government Policy and Regulation
Financial Institutions and Services: Government Policy and Regulation
Financial services law & regulation
Public finance & taxation
Investment & securities
Finance
Securities regulation
Legal support in revenue administration
Securities
Financial regulation and supervision
Financial services
Nonbank financial institutions
Law and legislation
Revenue
Financial instruments
Financial services industry
Soggetto geografico: United States
Altri autori: ElliottJennifer  
Note generali: "August 2009".
Nota di contenuto: 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. Conclusion
Sommario/riassunto: Weaknesses 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.
Titolo autorizzato: The Challenge of Enforcement in Securities Markets  Visualizza cluster
ISBN: 1-4623-5375-4
1-4527-2786-4
1-4518-7315-8
9786612843815
1-282-84381-8
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910788230303321
Lo trovi qui: Univ. Federico II
Opac: Controlla la disponibilità qui
Serie: IMF Working Papers; Working Paper ; ; No. 2009/168