Publication: Financial Sector Assessment Program : Brazil - IOSCO Objectives and Principles of Securities Regulation
Date
2013-06
ISSN
Published
2013-06
Author(s)
International Monetary Fund
World Bank
Abstract
The Comissao de Valores Mobiliarios -
Brazil Securities Commission (CVM) has made substantial
progress since the 2002 Financial Sector Assessment Program
(FSAP). In 2002 the International Organization of Securities
Commissions (IOSCO) assessment rated 8 principles fully
implemented and 22 principles partly implemented. The 2012
assessment rates 26 principles fully implemented, 5 broadly
implemented, and 6 partly implemented. Principle 38 is not
rated, as a separate Report on Observance and Codes (ROSC)
on systemically important payment systems was conducted as
part of this FSAP update. The detailed assessment highlights
significant improvements in the risk-based inspection
program, adoption of an innovative issuer disclosure system,
a stronger enforcement program and the adoption of
International Financial Reporting Standards (IFRS).
Long-standing issues on corporate governance and the
protection of minority shareholders continue to be
challenges. Finally, recommendations to improve prudential
regulation of Collective Investment Schemes (CIS) are discussed.
Citation
“International Monetary Fund; World Bank. 2013. Financial Sector Assessment Program : Brazil - IOSCO Objectives and Principles of Securities Regulation. © World Bank, Washington, DC. http://hdl.handle.net/10986/15973 License: CC BY 3.0 IGO.”