World Bank2013-09-032013-09-032002-07https://hdl.handle.net/10986/15537A joint World Bank/International Monetary Fund mission visited the Republic of the Philippines during the period October 8-23 and November 19-December 6, 2001 as part of the Financial Sector Assessment Program (FSAP). The aim was to assess the effectiveness of securities regulation, soundness of market intermediaries, and development prospects for the capital markets, including observance of the International Organization of Securities Commissions (IOSCO) objectives and principles of securities regulation. The Securities and Exchange Commission (SEC) is the primary regulatory authority over the capital markets and their participants. The Bangko Sentral ng Pilipinas (BSP) also supervises non-bank financial institution (NBFIs) to the extent that they have ownership links with banks, and are permitted to have quasi-banking function and trust operations and offer foreign exchange products and services. The Securities Regulation Code (SRC) is the main legal basis for the regulation of the markets. The SRC narrowed and redefined the scope of responsibilities of the SEC to enable the regulator to focus on regulation of the securities market and its enforcement in particular. However, further rationalization of the scope seems necessary and is expected. The SRC also provided for demutualization of the Philippine Stock Exchange (PSE) which addressed, among other things, the PSE's conflicts of interest as an self-regulatory organization (SRO). The Philippines' regulatory and supervisory framework is, while comprehensive in coverage, complex. It is due to the fact that the financial industry and services are increasingly conglomerated and universalized with functional regulation while the regulatory authorities remain to be fragmented. The SEC is the primary regulatory authority over the capital markets and their participants. NBFIs are regulated and supervised by the SEC.en-USCC BY 3.0 IGOACCOUNTANTACCOUNTINGACCOUNTING STANDARDSALTERNATIVE TRADING SYSTEMSAUDITSBANK ACCOUNTBANK ACCOUNTSBANK SECRECYBANK SUPERVISIONBANKING LAWBENEFICIARIESBENEFICIARYBROKERBROKER DEALERBROKER DEALERSBROKER-DEALERBROKER-DEALERSBROKERAGEBROKERSBUDGET DEFICITCAPACITY BUILDINGCAPITAL BASECAPITAL MARKETCAPITAL MARKET DEVELOPMENTCAPITAL MARKETSCAPITAL REQUIREMENTSCENTRAL BANKCENTRAL DEPOSITORIESCENTRAL DEPOSITORYCIVIL CODECLEARING CORPORATIONCLEARING HOUSECODE OF CONDUCTCODE OF CONDUCTSCOLLECTIVE INVESTMENTCOMMERCIAL BANKSCOMMERCIAL PAPERSCOMMODITYCOMPUTER SYSTEMSCONFIDENTIALITYCONFLICT OF INTERESTCONFLICTS OF INTERESTCORPORATE GOVERNANCECREDIBILITYCREDITORSCUSTODIAN BANKSDEBTDEBT INSTRUMENTSDEBT ISSUERSDEBT MARKETDEFAULTSDEMAND FOR CREDITDEPOSITDEPOSIT SUBSTITUTESDIRECT ACCESSDISCLOSURE DOCUMENTSDISCLOSURE OF INFORMATIONDISCLOSURE REQUIREMENTSDOMESTIC DEBTDOMESTIC DEBT MARKETDOMESTIC MARKETECONOMIC POLICIESELECTRONIC COMMUNICATIONENFORCEMENT POWERENFORCEMENT POWERSEQUITY MARKETEXPOSURESFINANCIAL CONGLOMERATESFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL PRODUCTSFINANCIAL SECTORFINANCIAL SERVICEFINANCIAL STATEMENTFINANCIAL SYSTEMSFIXED INCOMEFOREIGN BANKSFOREIGN CURRENCYFOREIGN EXCHANGEFOREIGN EXCHANGE TRANSACTIONSFOREIGN INVESTMENTFOREIGN INVESTORSFRAUDFUTURESFUTURES CONTRACTSFUTURES EXCHANGEGOVERNANCE MECHANISMGOVERNMENT BONDSGOVERNMENT DEBTGOVERNMENT SECURITIESHOLDINGHUMAN RESOURCESINDIVIDUAL INVESTORINDIVIDUAL INVESTORSINFORMATION SHARINGINFORMATION SYSTEMSINSIDER TRADINGINSTITUTIONAL INVESTORSINSTRUMENTINSURANCEINSURANCE COMPANIESINSURANCE COMPANYINTERNATIONAL ACCOUNTING STANDARDSINVESTINGINVESTMENT MANAGEMENTINVESTMENT OPPORTUNITIESINVESTOR BASEINVESTOR PROTECTIONISSUANCEJURISDICTIONJURISDICTIONSLAW ENFORCEMENTLEGAL FRAMEWORKLEGAL INFRASTRUCTURELEGAL TRADITIONLIABILITYLIQUIDITYLOCAL GOVERNMENTMALFEASANCEMARKET ACCESSMARKET CAPITALIZATIONMARKET INTERMEDIARIESMARKET LIQUIDITYMARKET MANIPULATIONMARKET PARTICIPANTSMARKET PRACTICESMARKET REGULATIONMARKET STRUCTUREMARKET SURVEILLANCEMARKET SURVEILLANCE SYSTEMMARKET TURNOVERMEMBER BROKERMEMBER BROKERSMICRO FINANCEMINORITY SHAREHOLDERSMONETARY AUTHORITYMONETARY FUNDMONEY LAUNDERINGMUTUAL FUNDSNET CAPITALNET-CAPITALNOMINEE ACCOUNTSOPERATIONAL INDEPENDENCEOUTSOURCINGOWNERSHIP STRUCTUREPOTENTIAL LIABILITIESPRICE BANDPRICE MOVEMENTSPRIVATE FINANCIAL INSTITUTIONSPRIVATE PLACEMENTPUBLIC COMPANIESREGISTRATION FEESREGISTRATION OF SECURITIESREGISTRATION REQUIREMENTSREGISTRATION STATEMENTREGISTRATION STATEMENTSREGULATORREGULATORSREGULATORY AGENCIESREGULATORY AGENCYREGULATORY AUTHORITIESREGULATORY AUTHORITYREGULATORY BODIESREGULATORY CAPACITYREGULATORY REGIMEREGULATORY RESTRICTIONSREGULATORY STANDARDSREGULATORY SYSTEMREPOSRESERVERESERVE REQUIREMENTRETURNSRISK MANAGEMENTSAVINGSSCANDALSECONDARY MARKETSECONDARY MARKET TRADINGSECRECY LAWSECURITIESSECURITIES BROKERSSECURITIES LAWSECURITIES MARKETSECURITIES REGULATIONSECURITIES REGULATIONSSECURITIES REGULATORSECURITIES TRANSACTIONSSEIZURESELF-REGULATIONSETTLEMENTSETTLEMENT OF TRADESSHARE PRICESINGLE PROPRIETORSHIPSSINKING FUNDSTOCK EXCHANGESUPERVISORY AUTHORITIESSYSTEMIC RISKT-BILLSTAXTRADE ASSOCIATIONTRADINGTRADING MARKETSTRADING SYSTEMSTRADING VOLUMETRADING VOLUMESTRANSFER AGENTSTRANSPARENCYTREASURYTREASURY BILLSTREASURY BONDSTREASURY SECURITIESTURNOVER RATIOUNIVERSAL BANKINGUNIVERSAL BANKSUNSECURED BONDSWorld Bank10.1596/15537