IMF Staff Country Reports

Spain: IOSCO Objectives and Principles of Securities Regulation: Detailed Assessment Implementation

Publication Date:

June 11, 2012

Electronic Access:

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Summary:

This paper assesses implementation of the International Organization of Securities Commissions' (IOSCO) objectives and principles of securities regulation in Spain. Spain exhibits a high level of implementation of principles. The legal framework is robust and provides the Comisión Nacional de Valores (CNMV) with broad supervisory, investigative, and enforcement powers. Arrangements for off-site monitoring of regulated entities are robust. However, some areas of supervision and enforcement require strengthening. In particular, the CNMV should make more use of on-site inspections for all types of investment service providers.

Series:

Country Report No. 2012/143

Subject:

Financial institutions Financial instruments Financial markets Internal controls Legal support in revenue administration Revenue administration Securities Securities markets