Mexico : The IOSCO Objectives and Principles of Securities

As the supervisor of the securities markets in Mexico, the National Banking and Securities Commission (Comision Nacional Bancaria y de Valores, CNBV) has developed a robust supervisory framework that exhibits high levels of implementation of the International Organization of Securities Commissions Objectives and Principles of Securities Regulation (IOSCO Principles) in many areas. The assessment was conducted during the International Monetary Fund (IMF) and World Bank Financial Sector Assessment Program (FSAP) mission to Mexico during the period September 7 to September 21, 2011. The assessment was carried out using the 2003 IOSCO methodology for assessing implementation of the IOSCO Principles. The most significant issues regarding full implementation of the Principles fall under the regulator principles. These issues flow from two sources. First, there is no specific statute governing derivatives (whether exchange traded or over-the-counter (OTC)), nor any other express legislative provisions that govern the regulation of that growing market. Second, there are significant weaknesses in the protections afforded members of the Board of Governors and staff and with the resources of the commission that lead to concerns about its independence and ability to carry out its mandate fully. This report gives summary of discussions on CNBV acceptance to allow the informal assessment of the status of implementation of the newly added Principles, using the guidance provided in the draft revised assessment methodology as issued in May 2011.

Bibliographic Details

Main Authors:	International Monetary Fund, World Bank
Language:	English en_US
Published:	World Bank, Washington, DC 2013-03
Subjects:	ACCESS TO INFORMATION, ACCOUNTING, ACCOUNTING FRAMEWORK, ACCOUNTING STANDARDS, ALTERNATIVE TRADING SYSTEMS, ASSET MANAGEMENT, ASSET VALUE, ASSETS UNDER MANAGEMENT, AUDITORS, AUDITS, BANKING LAW, BANKRUPTCY, BANKRUPTCY LAWS, BANKRUPTCY LEGISLATION, BID, BROKER, BROKERAGE, BROKERAGE FIRM, BROKERAGE FIRMS, BROKERAGE HOUSE, BROKERAGE HOUSES, BROKERS, CAPITAL MARKET, CAPITAL MARKET ACTIVITIES, CAPITAL MARKETS, CAPITAL REQUIREMENTS, CENTRAL BANK, CENTRAL CLEARINGHOUSES, CENTRAL DEPOSITORIES, CENTRAL DEPOSITORY, CENTRAL SECURITIES DEPOSITORY, CLIENT ASSETS, CLIENT BASE, COLLECTIVE INVESTMENT, COLLECTIVE INVESTMENT SCHEME, COLLECTIVE INVESTMENT SCHEMES, COMMERCIAL BANKS, COMMODITY, COMMON LAW, CONFIDENTIALITY, CONFLICT OF INTEREST, CONFLICTS OF INTEREST, CONSUMER PROTECTION, CREDIT INSTITUTIONS, CREDIT RATING, CREDIT RATING AGENCIES, CREDIT RATING AGENCY, CREDIT UNIONS, DEALER, DEBT, DEBT INSTRUMENTS, DEFAULT RISK, DEPOSIT, DEPOSIT-TAKING INSTITUTIONS, DERIVATIVE, DERIVATIVES, DERIVATIVES EXCHANGE, DERIVATIVES EXCHANGES, DERIVATIVES MARKET, DERIVATIVES MARKETS, DISCLOSURE DOCUMENT, DISCLOSURE DOCUMENTS, DISCLOSURE OF INFORMATION, DOMESTIC FINANCIAL MARKETS, DOMESTIC MARKET, EFFICIENT MARKET, ENFORCEMENT POWERS, ENFORCEMENT PROCESS, EQUITIES, EQUITY FUNDS, EQUITY INDEX, EQUITY INSTRUMENTS, EQUITY SECURITIES, EXCHANGE COMMISSION, EXPENDITURES, EXPOSURES, FEDERAL RESERVE, FINANCIAL ASSETS, FINANCIAL CONGLOMERATE, FINANCIAL CONGLOMERATES, FINANCIAL CRISIS, FINANCIAL INSTITUTIONS, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCIAL SERVICES, FINANCIAL SERVICES INDUSTRY, FINANCIAL STABILITY, FINANCIAL STATEMENTS, FINANCIAL SYSTEM, FIXED INCOME, FIXED INCOME SECURITIES, FLOWS, FOREIGN EQUITIES, FOREIGN STOCK, FULL DISCLOSURE, FUND MANAGERS, FUTURES, GROSS DOMESTIC PRODUCT, ILLIQUID SECURITIES, INCOME INSTRUMENTS, INDIVIDUAL SECURITIES, INFORMATION SHARING, INFORMATION SYSTEM, INSTITUTIONAL INVESTORS, INSURANCE, INSURANCE COMPANIES, INSURANCE PRODUCTS, INTEREST RATE, INTEREST RATES, INTERNAL AUDIT, INTERNAL CONTROL, INTERNAL CONTROLS, INTERNATIONAL ACCOUNTING STANDARDS, INTERNATIONAL STANDARDS, INVESTING, INVESTMENT ADVISORS, INVESTMENT COMPANIES, JUDICIAL PROCESS, JURISDICTION, JURISDICTIONS, LEGAL SYSTEM, LIQUIDITY, MACROECONOMIC ENVIRONMENT, MARKET ACCESS, MARKET CAPITALIZATION, MARKET DEVELOPMENT, MARKET DEVELOPMENTS, MARKET DISCIPLINE, MARKET INFRASTRUCTURE, MARKET INTERMEDIARIES, MARKET INTERMEDIARY, MARKET PARTICIPANT, MARKET PARTICIPANTS, MARKET SIZE, MARKET STRUCTURE, MARKET SURVEILLANCE, MARKET VALUES, MEMBER BROKERS, MINIMUM CAPITAL REQUIREMENTS, MONETARY FUND, MONEY LAUNDERING, MUTUAL FUND, NATIONAL SECURITIES, NAV, NET ASSET, NET ASSET VALUE, OPERATIONAL INDEPENDENCE, OPERATIONAL RISK, PENSION, PENSION FUND, PENSION FUND MANAGERS, PENSION FUNDS, PORTFOLIO, PORTFOLIOS, PRIVATE SECTOR DEVELOPMENT, PROPRIETARY TRADING, PROSPECTUS, PUBLIC COMPANIES, PUBLIC COMPANY, PUBLIC DISCLOSURE, QUOTATION SYSTEM, REGULATOR, REGULATORS, REGULATORY AUTHORITIES, REGULATORY AUTHORITY, REGULATORY CAPITAL, REGULATORY ENVIRONMENT, REGULATORY OVERSIGHT, REGULATORY REGIME, REGULATORY SYSTEM, RISK MANAGEMENT, SECONDARY MARKETS, SECURITIES, SECURITIES ACTIVITIES, SECURITIES BROKERS, SECURITIES COMMISSION, SECURITIES COMMISSIONS, SECURITIES DEPOSITORIES, SECURITIES EXCHANGES, SECURITIES FIRMS, SECURITIES ISSUES, SECURITIES MARKET, SECURITIES MARKET LAW, SECURITIES MARKETS, SECURITIES REGULATION, SECURITIES TRANSACTIONS, SELF-REGULATION, SETTLEMENT, SHAREHOLDER, STOCK EXCHANGE, STOCK MARKETS, STOCKS, SUPERVISION OF BANKS, SUPERVISORY AUTHORITY, SURETIES, SYSTEMIC RISK, TRADE ASSOCIATIONS, TRADES, TRADING, TRADING SYSTEMS, TRADING VALUE, TRADING VALUES, TRADING VOLUME, TRADING VOLUMES, TRANSPARENCY, TREATIES, TURNOVER, VALUATION, VENTURE CAPITAL, WARRANTS,
Online Access:	http://documents.worldbank.org/curated/en/2013/03/18606001/mexico-financial-sector-assessment-program https://hdl.handle.net/10986/16743
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