World Bank2013-02-252013-02-252005-09https://hdl.handle.net/10986/12492This report provides an assessment of Uruguay's corporate governance policy framework, enforcement and compliance practices. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Uruguay. The report identifies several key next steps that focus on implementation including: Improving corporate information, particularly ownership disclosure, related party transactions procedures, and financial reporting; promoting effective and active boards of directors; strengthening institutions, including the securities regulator, and the companies registry; and modernizing securities markets by strengthening intermediation and related regulations.en-USCC BY 3.0 IGOACCESS TO CAPITALACCOUNTINGACTIVE MARKETARBITRAGEARBITRATIONASSET MANAGEMENTASSET MANAGERSAUDIT COMMITTEESAUDIT STANDARDSBALANCE SHEETBANK CREDITBANK LENDINGBANKING SECTORBANKRUPTCIESBANKRUPTCYBANKRUPTCY COURTBANKRUPTCY LAWBIDBIDSBONDBOND DEFAULTSBOND ISSUESBOND TRADINGBONDSBORROWERBROKERBROKERAGEBROKERSBUY-BACKSCAPITAL FUNDCAPITAL MARKETCAPITAL MARKET DEVELOPMENTCAPITAL MARKET LAWSCAPITAL MARKETSCAPITAL MARKETS DEVELOPMENTCAPITAL MARKETS REGULATORCAPITAL STOCKCAPITAL STRUCTURESCASH FLOWCASH FLOWSCENTRAL BANKCENTRAL DEPOSITORYCERTIFICATES OF DEPOSITCIVIL CODECIVIL LAWCOLLATERALCOLLATERAL REQUIREMENTSCOMMERCIAL CODECOMMERCIAL PAPERCONFLICT OF INTERESTCONFLICTS OF INTERESTCORPORATE BONDSCORPORATE GOVERNANCECORPORATE GOVERNANCE FRAMEWORKCORPORATE GOVERNANCE FRAMEWORKSCORPORATE GOVERNANCE REFORMSCORPORATE INFORMATIONCORPORATE LAWCORPORATE SECURITIESCORPORATE SOCIAL RESPONSIBILITYCOST OF CAPITALCREDIT INFORMATIONCREDIT RISKCREDIT SYSTEMCREDITORCREDITOR RIGHTSCREDITORSCURRENCYCUSTODIAN BANKSCUSTODYDEBTDEBT ISSUESDEBT SECURITIESDEBTORDERIVATIVEDISCLOSURE STANDARDSDISPUTE RESOLUTIONDOMESTIC CREDITDOMESTIC INSTITUTIONAL INVESTORSECONOMIC DEVELOPMENTECONOMIC STABILITYEFFICIENT MARKETSEMERGING MARKETEMERGING MARKET COUNTRIESENFORCEMENT POWERSEQUITY MARKETEQUITY MARKET CAPITALIZATIONEQUITY MARKETSEQUITY SECURITIESEXCHANGE RATEEXCHANGE RATE INSTABILITYEXTERNAL FINANCEEXTERNAL FINANCINGFINANCIAL CRISESFINANCIAL CRISISFINANCIAL DISTRESSFINANCIAL INFORMATIONFINANCIAL INSTABILITYFINANCIAL INSTITUTIONSFINANCIAL INTERMEDIARIESFINANCIAL MARKETFINANCIAL MARKET PARTICIPANTSFINANCIAL SECTORFINANCIAL SECTORSFINANCIAL STATEMENTSFIXED INCOMEFIXED INCOME SECURITIESFOREIGN INVESTMENTFOREIGN INVESTMENTSFUTURESFUTURES MARKETGOVERNANCE ISSUESGOVERNANCE PRACTICESGOVERNANCE REGULATIONGOVERNMENT SECURITIESHOLDINGINSIDER TRADINGINSTITUTION BUILDINGINSTITUTIONAL INVESTORSINSURANCEINSURANCE COMPANIESINTERNAL CONTROLINTERNAL CONTROLSINTERNATIONAL BEST PRACTICEINTERNATIONAL SECURITIESINTERNATIONAL STANDARDSINVESTINGINVESTMENT ACTIVITIESINVESTMENT FUNDINVESTMENT FUNDSINVESTMENT OPPORTUNITIESINVESTOR CONFIDENCEINVESTOR PARTICIPATIONINVESTOR PROTECTIONISSUANCEJURISDICTIONLAW ENFORCEMENTLEGAL FRAMEWORKLEGAL PROVISIONSLENDERSLENDING DECISIONLEVEL OF RISKLIABILITYLIENSLIMITED LIABILITYLIQUIDATIONLIQUIDITYLOAN RECOVERYMARKET CAPMARKET CONFIDENCEMARKET PARTICIPANTSMARKET REGULATORMARKET VALUEMARKETS DEVELOPMENTMICRO-ENTERPRISESMINORITY INVESTORSMINORITY SHAREHOLDERMINORITY SHAREHOLDERSMONETARY FUNDMORTGAGESMULTINATIONAL BANKSNOTARYNOTARY PUBLICOUTSIDE INVESTORPENSIONPENSION FUNDPENSION FUNDSPERSONAL GUARANTEESPLEDGESPORTFOLIOPORTFOLIO DIVERSIFICATIONPORTFOLIOSPOTENTIAL INVESTORSPRICE RISKPRIVATE PENSIONPROPERTY RIGHTSPROPORTIONAL REPRESENTATIONPUBLIC OFFERINGSPUBLIC POLICYREGULATORY AGENCIESREGULATORY AUTHORITIESREGULATORY FRAMEWORKREGULATORY STANDARDSRESERVESRETAIL INVESTORSRETIREMENT SAVINGSRIGHTS OF SHAREHOLDERSRISK ASSESSMENTSRULE OF LAWSAVINGS ACCOUNTSSECURITIESSECURITIES ISSUERSSECURITIES LAWSECURITIES MARKETSECURITIES MARKETSSECURITIES REGISTRATIONSECURITIES REGULATORSELF-REGULATIONSETTLEMENTSETTLEMENT SERVICESSHAREHOLDERSHAREHOLDERSSIMULTANEOUS ISSUESTOCK EXCHANGESTOCK EXCHANGESSTOCK MARKETSTOCKSTAXTAX EXEMPTIONTRANSACTIONTRANSACTION COSTSTRANSPARENCYTREASURYTRUST FUNDTRUST FUNDSTURNOVERUNSECURED LOANWEAK CORPORATE GOVERNANCEWITHDRAWALWorld Bank10.1596/12492