Publication: Financial Sector Assessment Program : Brazil - IOSCO Objectives and Principles of Securities Regulation
International Monetary Fund
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.
“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.”