Publication: Financial Sector Assessment Program : Brazil - IOSCO Objectives and Principles of Securities Regulation
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2013-06
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2013-10-01
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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.
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“International Monetary Fund; World Bank. 2013. Financial Sector Assessment Program : Brazil - IOSCO Objectives and Principles of Securities Regulation. © World Bank. http://hdl.handle.net/10986/15973 License: CC BY 3.0 IGO.”
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