Publication: Financial Sector Assessment Program Update : Saudi Arabia - The IOSCO Objectives and Principles of Securities Regulation
Loading...
Date
2011-09
ISSN
Published
2011-09
Author(s)
Editor(s)
Abstract
The regulatory framework for the securities market in Saudi Arabia has significantly developed since the enactment of legislation to regulate the capital markets. The Capital Market Authority (CMA) has made significant progress in establishing its supervision credentials, including issuing implementing regulations. The CMA has also entered into information sharing arrangements with other regulators in the region, and is a party to the International Organization of Securities Commissions (IOSCO) Multilateral Memorandum of Understanding (MMOU) Concerning Consultation and Cooperation and the Exchange of Information. However, no information sharing arrangement exists with the Saudi Arabian Monetary Agency (SAMA). Even so, refinements can be made to processes, the Capital Market Law (CML), and the Committee for the Resolution of Securities Disputes (CRSD). The framework contained in the CML and the implementing regulations is still relatively new. However, revision and updating of the requirements needs to be a continuing program, involving fuller regulated entity participation. The assessment is part of the financial sector assessment program update made at the request of Saudi Arabia, and is the first assessment conducted of the implementation of the IOSCO objectives and principles of securities regulation.
Link to Data Set
Citation
“International Monetary Fund; World Bank. 2011. Financial Sector Assessment Program Update : Saudi Arabia - The IOSCO Objectives and Principles of Securities Regulation. © World Bank. http://hdl.handle.net/10986/15971 License: CC BY 3.0 IGO.”
Associated URLs
Associated content
Other publications in this report series
Journal
Journal Volume
Journal Issue
Collections
Related items
Showing items related by metadata.
Publication Thailand Financial Sector Assessment Program(Washington, DC, 2008-04)The responsibilities of the regulator should be clearly and objectively stated. The regulator should be operationally independent and accountable in the exercise of its functions and powers. The regulator should have adequate powers, proper resources and the capacity to perform its functions and exercise its powers. The regulator should adopt clear and consistent regulatory processes. The staff of the regulator should observe the highest professional standards including appropriate standards of confidentiality. The regulatory regime should make appropriate use of Self-Regulatory Organizations (SROs) that exercise some direct oversight responsibility for their respective areas of competence, and to the extent appropriate to the size and complexity of the markets. SROs should be subject to the oversight of the regulator and should observe standards of fairness and confidentiality when exercising powers and delegated responsibilities. The regulator should have comprehensive inspection, investigation and surveillance powers. The regulator should have comprehensive enforcement powers. The regulatory system should ensure an effective and credible use of inspection, investigation, surveillance and enforcement powers and implementation of an effective compliance program. The regulator should have authority to share both public and non-public information with domestic and foreign counterparts. Regulators should establish information sharing mechanisms that set out when and how they will share both public and non-public information with their domestic and foreign counterparts. The regulatory system should allow for assistance to be provided to foreign regulators who need to make inquiries in the discharge of their functions and exercise of their powers.Publication India : International Organization of Securities Commission Objectives and Principles of Securities Regulation(World Bank, Washington, DC, 2013-08)An assessment of the level of implementation of the IOSCO principles in the Indian securities market was conducted from June 15 to July 1, 2011 as part of the Financial Sector Assessment Program (FSAP) by Ana Carvajal, Monetary and capital markets department. An initial IOSCO assessment was conducted in 2000. Since then significant changes have taken place in the Indian market, in terms of market development, upgrading of market infrastructure and of the regulatory framework. The IOSCO methodology requires that assessors not only look at the legal and regulatory framework in place, but at how it has been implemented in practice. The assessor relied on: (i) a self-assessment developed by Securities Board Exchange of India (SEBI); (ii) the review of relevant laws, and other relevant documents provided by the authorities including annual reports; (iii) meetings with the Chairman of SEBI and other members of the Board, staff of SEBI as well as the RBI, and other public authorities, in particular representatives of the Ministry of Finance (MoF) and the Ministry of Corporate Affairs (MCA); as well as (iv) meetings with market participants, including issuers, brokers, merchant bankers, fund managers, stock exchanges, external auditors, credit rating agencies and law firms.Publication Review of Governance of Collective Investment Funds in the New Member States of the European Union(Washington, DC, 2008-06)This review examines corporate governance practices in the investment fund sector of the ten new member states in the European Union, composed of the European countries that transitioned to market economies in the 1990s: the eight countries that joined the European Union (EU) in 2004 .Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia. plus Bulgaria and Romania which joined in 2007. Croatia, for which accession negotiations started in 2005, is also included in this Review. (For simplification, these countries will be referred to as the EU11.) The review draws on two sources for data. Over the last two years, in-depth diagnostic reviews of investment governance were conducted by the World Bank in two of the countries, the Czech Republic and Slovenia. The objectives of the reviews were to develop a set of good practices. for investment fund governance and provide specific recommendations for the supervisory authorities in each country. The second source was the public websites of each of the supervisory authorities. The analysis in the review also draws on a number of recent studies done by international organizations such as IOSCO and the EU on governance in the investment fund sector. This review does not attempt to replicate these studies, but instead aims to identify selected areas where fund governance could be strengthened either by laws and regulations or by government policies.Publication Republic of Korea Financial Sector Assessment Program : Detailed Assessment of Observance - IOSCO Objectives and Principles of Securities Regulation(World Bank, Washington, DC, 2014-09)An assessment of the level of implementation of the IOSCO Objectives and Principles of Securities Regulation (IOSCO Principles) was conducted in the Republic of Korea (Korea) from April 3 to 19, 2013 as part of the IMF-World Bank Financial Sector Assessment Program (FSAP). The assessment was made by Eija Holttinen, Monetary and Capital Markets Department, IMF, and Andrea Corcoran, an external expert working for the World Bank. The previous IOSCO assessment of Korea was conducted in 2001-02 before the first IOSCO Assessment Methodology had been developed. From the perspective of the IOSCO Principles, this is therefore effectively a first assessment. Hence, comparisons with the prior assessment are discouraged since the process has since been refined to promote consistency and has become progressively more rigorous. The assessment was based on: (i) a self-assessment and additional written responses prepared by the authorities; (ii) reviews of the relevant legislation and regulations; (iii) meetings with the management and staff of the FSC, SFC, FSS, Ministry of Strategy and Finance (MOSF), Bank of Korea (BOK), Seoul Central District Public Prosecutor s Office; and (iv) meetings with SROs and market participants, including the KRX, Korea Securities Depository (KSD), KOFIA, KICPA, Korean Chamber of Commerce and Industry, banks, securities companies, fund managers, issuers, credit rating agencies, audit firms and local lawyers specialized in securities markets law.Publication Financial Sector Assessment Program - Lebanon : Capital Market Development Technical Note(Washington, DC, 2013-12)Lebanese capital market is relatively small as the financial market is dominated by the banking sector. It is apparent that banks dominate financial intermediation in Lebanon to the extent it may inhibit the development of capital markets. Government sees the need to develop capital markets to help finance corporate growth and infrastructure development. It is incumbent on the Government to establish a comprehensive capital market development program, which includes efforts to increase supply and demand, strengthen supervision and enforcement, and must be accompanied by an effective outreach campaign, both domestically and internationally. On the demand side, creating a steady flow of investment into instruments with a long-term horizon, primarily from the pension and insurance sectors, will help grow the markets. Increased demand from institutional investors and issuance by large companies will attract more companies to the capital markets. All these efforts need to be complemented by the issuance of effective regulations, and proper supervision and enforcement. A proactive and concerted campaign regionally and internationally may be conducted once there is a strong evidence of support from the private sector, and especially once new IPOs begin to come to the market. Similar campaigns like these have been proven to be effective, as experienced by other markets, such as Chile and Brazil. Meanwhile, promotion of the market and domestic investor education will need to be done in concert, not only about investing in the stock market, but also with respect to various other savings programs suitable to retail investors such as investment funds
Users also downloaded
Showing related downloaded files
Publication Argentina Country Climate and Development Report(World Bank, Washington, DC, 2022-11)The Argentina Country Climate and Development Report (CCDR) explores opportunities and identifies trade-offs for aligning Argentina’s growth and poverty reduction policies with its commitments on, and its ability to withstand, climate change. It assesses how the country can: reduce its vulnerability to climate shocks through targeted public and private investments and adequation of social protection. The report also shows how Argentina can seize the benefits of a global decarbonization path to sustain a more robust economic growth through further development of Argentina’s potential for renewable energy, energy efficiency actions, the lithium value chain, as well as climate-smart agriculture (and land use) options. Given Argentina’s context, this CCDR focuses on win-win policies and investments, which have large co-benefits or can contribute to raising the country’s growth while helping to adapt the economy, also considering how human capital actions can accompany a just transition.Publication World Development Report 2006(Washington, DC, 2005)This year’s Word Development Report (WDR), the twenty-eighth, looks at the role of equity in the development process. It defines equity in terms of two basic principles. The first is equal opportunities: that a person’s chances in life should be determined by his or her talents and efforts, rather than by pre-determined circumstances such as race, gender, social or family background. The second principle is the avoidance of extreme deprivation in outcomes, particularly in health, education and consumption levels. This principle thus includes the objective of poverty reduction. The report’s main message is that, in the long run, the pursuit of equity and the pursuit of economic prosperity are complementary. In addition to detailed chapters exploring these and related issues, the Report contains selected data from the World Development Indicators 2005‹an appendix of economic and social data for over 200 countries. This Report offers practical insights for policymakers, executives, scholars, and all those with an interest in economic development.Publication The Journey Ahead(Washington, DC: World Bank, 2024-10-31)The Journey Ahead: Supporting Successful Migration in Europe and Central Asia provides an in-depth analysis of international migration in Europe and Central Asia (ECA) and the implications for policy making. By identifying challenges and opportunities associated with migration in the region, it aims to inform a more nuanced, evidencebased debate on the costs and benefits of cross-border mobility. Using data-driven insights and new analysis, the report shows that migration has been an engine of prosperity and has helped address some of ECA’s demographic and socioeconomic disparities. Yet, migration’s full economic potential remains untapped. The report identifies multiple barriers keeping migration from achieving its full potential. Crucially, it argues that policies in both origin and destination countries can help maximize the development impacts of migration and effectively manage the economic, social, and political costs. Drawing from a wide range of literature, country experiences, and novel analysis, The Journey Ahead presents actionable policy options to enhance the benefits of migration for destination and origin countries and migrants themselves. Some measures can be taken unilaterally by countries, whereas others require close bilateral or regional coordination. The recommendations are tailored to different types of migration— forced displacement as well as high-skilled and low-skilled economic migration—and from the perspectives of both sending and receiving countries. This report serves as a comprehensive resource for governments, development partners, and other stakeholders throughout Europe and Central Asia, where the richness and diversity of migration experiences provide valuable insights for policy makers in other regions of the world.Publication Lebanon Economic Monitor, Fall 2022(Washington, DC, 2022-11)The economy continues to contract, albeit at a somewhat slower pace. Public finances improved in 2021, but only because spending collapsed faster than revenue generation. Testament to the continued atrophy of Lebanon’s economy, the Lebanese Pound continues to depreciate sharply. The sharp deterioration in the currency continues to drive surging inflation, in triple digits since July 2020, impacting the poor and vulnerable the most. An unprecedented institutional vacuum will likely further delay any agreement on crisis resolution and much needed reforms; this includes prior actions as part of the April 2022 International Monetary Fund (IMF) staff-level agreement (SLA). Divergent views among key stakeholders on how to distribute the financial losses remains the main bottleneck for reaching an agreement on a comprehensive reform agenda. Lebanon needs to urgently adopt a domestic, equitable, and comprehensive solution that is predicated on: (i) addressing upfront the balance sheet impairments, (ii) restoring liquidity, and (iii) adhering to sound global practices of bail-in solutions based on a hierarchy of creditors (starting with banks’ shareholders) that protects small depositors.Publication Classroom Assessment to Support Foundational Literacy(Washington, DC: World Bank, 2025-03-21)This document focuses primarily on how classroom assessment activities can measure students’ literacy skills as they progress along a learning trajectory towards reading fluently and with comprehension by the end of primary school grades. The document addresses considerations regarding the design and implementation of early grade reading classroom assessment, provides examples of assessment activities from a variety of countries and contexts, and discusses the importance of incorporating classroom assessment practices into teacher training and professional development opportunities for teachers. The structure of the document is as follows. The first section presents definitions and addresses basic questions on classroom assessment. Section 2 covers the intersection between assessment and early grade reading by discussing how learning assessment can measure early grade reading skills following the reading learning trajectory. Section 3 compares some of the most common early grade literacy assessment tools with respect to the early grade reading skills and developmental phases. Section 4 of the document addresses teacher training considerations in developing, scoring, and using early grade reading assessment. Additional issues in assessing reading skills in the classroom and using assessment results to improve teaching and learning are reviewed in section 5. Throughout the document, country cases are presented to demonstrate how assessment activities can be implemented in the classroom in different contexts.