International Monetary FundWorld Bank2013-10-012013-10-012013-06https://hdl.handle.net/10986/15973The 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.en-USCC BY 3.0 IGOACCESS TO INFORMATIONACCOUNTINGACCOUNTING STANDARDACCOUNTING STANDARDSASSET HOLDINGSASSET VALUEAUCTIONAUDIT COMMITTEEAUDIT COMMITTEESAUDIT STANDARDAUDIT STANDARDSBACKED SECURITIESBANKING ASSETSBANKING LAWBANKING SECTORBANKRUPTCYBIDBROKERBROKERAGEBROKERAGE FIRMSBROKERSCAPITAL ADEQUACYCAPITAL FUNDSCAPITAL MARKETCAPITAL MARKETSCASH MANAGEMENTCDCENTRAL BANKCERTIFICATE OF DEPOSITCLEARING HOUSESCOLLECTIVE INVESTMENTCOMPANY LAWCONFLICT OF INTERESTCONFLICTS OF INTERESTCORPORATE DEBTCORPORATE GOVERNANCECREDIT RATINGCREDIT RATING AGENCIESCREDITORCREDITOR RIGHTSDEBT INSTRUMENTSDEBT INVESTMENTSDEBT RESTRUCTURINGDEBT SECURITIESDEBTORDEFAULT RISKDEFAULTSDEPOSIT INTERESTDERIVATIVEDERIVATIVE MARKETSDERIVATIVESDERIVATIVES MARKETDISCLOSURE REQUIREMENTSDISPUTE RESOLUTIONENFORCEMENT POWERSEQUITIESEQUITY FUNDSEQUITY INVESTMENTEQUITY INVESTMENTSEQUITY MARKETEQUITY MARKET CAPITALIZATIONEQUITY MARKETSEXCHANGE COMMISSIONFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTFINANCIAL MARKETSFINANCIAL STABILITYFINANCIAL STATEMENTFINANCIAL STATEMENTSFINANCIAL SYSTEMFOREIGN CURRENCYFOREIGN EXCHANGEFOREIGN INVESTORSFRAUDFUTURESFUTURES MARKETGOVERNANCE STANDARDSGOVERNMENT DEBTGOVERNMENT DEBT MARKETGOVERNMENT DEBT MARKETSGROSS DOMESTIC PRODUCTGUARANTEE FUNDHEDGE FUNDSINFLATIONINFORMATION DISCLOSUREINFORMATION SYSTEMINITIAL PUBLIC OFFERINGINSTITUTIONAL INVESTMENT SECTORINSTITUTIONAL INVESTORSINSURANCEINTEREST RATEINTEREST RATE FUTUREINTEREST RATE RISKINTEREST RATES ON GOVERNMENT SECURITIESINTERESTS OF INVESTORSINTERNATIONAL BANKINVESTINGINVESTMENT FUNDSINVESTOR EDUCATIONINVESTOR LOSSESINVESTOR PROTECTIONIPOJUDICIAL PROCESSLEGAL AUTHORITYLEGAL FRAMEWORKLEGAL PROTECTIONLEGAL PROTECTIONSLENDERLIMITED LIABILITYLIQUIDATIONLIQUIDITYMACROECONOMIC STABILITYMARKET ANALYSTSMARKET CAPMARKET CAPITALIZATIONMARKET DEVELOPMENTMARKET FOR GOVERNMENT DEBTMARKET INSTABILITYMARKET INTERMEDIARIESMARKET INTERMEDIARYMARKET LIQUIDITYMARKET OVERSIGHTMARKET PARTICIPANTMARKET PARTICIPANTSMARKET STRUCTUREMARKET SURVEILLANCEMATURITYMINORITY INVESTORSMINORITY SHAREHOLDERMINORITY SHAREHOLDER PROTECTIONMINORITY SHAREHOLDER PROTECTIONSMONETARY FUNDMONEY MARKETMONEY MARKET INSTRUMENTSMUTUAL FUNDMUTUAL FUND INDUSTRYMUTUAL FUND SHARESMUTUAL FUNDSNATIONAL TREASURYNONPERFORMING LOANSNPLOPEN MARKETOVERNIGHT REPOSPAYMENT SYSTEMPAYMENT SYSTEMSPENSIONPENSION FUNDSPENSIONSPOLICY CREDIBILITYPORTFOLIOPORTFOLIO HOLDINGSPORTFOLIOSPRICE FORMATIONPRIVATE DEBTPRIVATE DEBT MARKETPRIVATE EQUITYPROTECTION OF MINORITY SHAREHOLDERSPRUDENTIAL REGULATIONPRUDENTIAL SUPERVISIONREGULATORY AUTHORITIESREGULATORY AUTHORITYREGULATORY INFRASTRUCTUREREGULATORY OVERSIGHTREGULATORY STRUCTUREREGULATORY SYSTEMRETAIL INVESTORSRETURNRETURN ON ASSETSRETURNSRISK MANAGEMENTRISK MANAGEMENT SYSTEMSRISK MANAGEMENT TOOLSSALE OF GOVERNMENT SECURITIESSECONDARY MARKETSECONDARY MARKET TRADINGSECONDARY MARKETSSECURITIESSECURITIES EXCHANGESSECURITIES HOLDINGSECURITIES LAWSECURITIES MARKETSECURITIES MARKETSSECURITIES REGULATIONSECURITIES TRANSACTIONSSELF-REGULATIONSETTLEMENTSETTLEMENT SYSTEMSSHORT-TERM DEBTSHORT-TERM INTEREST RATESSOVEREIGN DEBTSTOCK EXCHANGESTOCK EXCHANGESSUPERVISORY AUTHORITYSUPERVISORY POWERSTAXTAX TREATMENTTRADINGTRADING SYSTEMTRADING SYSTEMSTRANSACTIONTRANSACTION COSTSTRANSPARENCYTURNOVERUNFAIR PRACTICESUNIVERSAL BANKINGUNIVERSAL BANKSUNLIMITED LIABILITYUSE OF DERIVATIVESVALUATIONVALUATIONSWorld Bank10.1596/15973