Self-Regulation in Securities Markets

Carson, John

dc.creator	Carson, John
dc.date	2012-03-19T18:00:06Z
dc.date	2012-03-19T18:00:06Z
dc.date	2011-01-01
dc.date.accessioned	2023-02-17T20:54:15Z
dc.date.available	2023-02-17T20:54:15Z
dc.identifier	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110124091038
dc.identifier	http://hdl.handle.net/10986/3313
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/244204
dc.description	This paper canvasses the trends in self-regulation and the role of self-regulation in securities markets in different parts of the world. The paper also describes the conditions in which self-regulation might be an effective element of securities markets regulation, particularly in emerging markets. Use of self-regulation and self-regulatory organizations is often recommended in emerging markets as part of a broader strategy aimed at improving the effectiveness of securities regulation and market integrity. According to the International Organization of Securities Commissions, reliance on self-regulation is an optional feature of a regulatory regime. Self-regulatory organizations may support better-regulated and more efficient capital markets, but the value of self-regulation is again being questioned in many countries. Forces such as commercialization of exchanges, development of stronger statutory regulatory authorities, consolidation of financial services industry regulatory bodies, and globalization of capital markets are affecting the scope and effectiveness of self-regulation -- and in particular the traditional role of securities exchanges as self-regulatory organizations.The paper reviews different models of self-regulation, including exchange self-regulatory organizations, member (or independent) self-regulatory organizations, and industry or dealers associations. It draws on examples of self-regulatory organizations from many markets to illustrate the degree of reliance on self-regulation, as well as the range of functions for which self-regulatory organizations are responsible, in markets around the world. Issues that are important to the effective operation of self-regulatory organizations are discussed, such as corporate governance, managing conflicts of interest, and regulatory oversight by government authorities.
dc.language	English
dc.relation	Policy Research working paper ; no. WPS 5542
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo/
dc.rights	World Bank
dc.subject	ARBITRAGE
dc.subject	ARBITRATION
dc.subject	ASSET MANAGEMENT
dc.subject	ASSET MANAGERS
dc.subject	BIDS
dc.subject	BOND
dc.subject	BOND MARKET
dc.subject	BOURSE
dc.subject	BROKER
dc.subject	BROKERS
dc.subject	BUSINESS EXPANSION
dc.subject	CAPITAL MARKET
dc.subject	CAPITAL MARKETS DEVELOPMENT
dc.subject	CAPITAL REQUIREMENTS
dc.subject	CENTRAL BANKS
dc.subject	CENTRAL SECURITIES DEPOSITORIES
dc.subject	CHECKS
dc.subject	CIVIL CODE
dc.subject	CIVIL LAW
dc.subject	CLEARING CORPORATION
dc.subject	COMPETITIVE ADVANTAGE
dc.subject	COMPETITORS
dc.subject	COMPLAINTS
dc.subject	COMPLIANCE COSTS
dc.subject	COMPLIANCE WITH REGULATIONS
dc.subject	CONFLICTS OF INTEREST
dc.subject	CONSULTATIVE COMMITTEE
dc.subject	COOPERATIVE REGULATION
dc.subject	CORPORATE GOVERNANCE
dc.subject	COST OF REGULATION
dc.subject	COST-EFFECTIVENESS
dc.subject	COSTS OF REGULATION
dc.subject	CREDIBILITY
dc.subject	CUSTODY
dc.subject	DEBT
dc.subject	DEBT MARKETS
dc.subject	DEBT SECURITIES
dc.subject	DERIVATIVES
dc.subject	DERIVATIVES MARKETS
dc.subject	DISCLOSURE REQUIREMENTS
dc.subject	ECONOMIC DEVELOPMENT
dc.subject	EFFECTIVE REGULATION
dc.subject	EFFICIENT CAPITAL
dc.subject	EFFICIENT CAPITAL MARKETS
dc.subject	EMERGING MARKET
dc.subject	EMERGING MARKETS
dc.subject	ENFORCEMENT POWERS
dc.subject	ENFORCEMENT PROCESSES
dc.subject	ENFORCEMENT PROGRAMS
dc.subject	EQUITIES
dc.subject	EXCHANGE BOARD
dc.subject	FINANCIAL FUTURES
dc.subject	FINANCIAL INSTITUTIONS
dc.subject	FINANCIAL INSTRUMENTS
dc.subject	FINANCIAL INTERMEDIARIES
dc.subject	FINANCIAL MARKET
dc.subject	FINANCIAL MARKETS
dc.subject	FINANCIAL SECTOR
dc.subject	FINANCIAL SECTOR DEVELOPMENT
dc.subject	FINANCIAL SECTOR POLICY
dc.subject	FINANCIAL SERVICES
dc.subject	FINANCIAL SERVICES INDUSTRY
dc.subject	FOREIGN MARKETS
dc.subject	FORM OF REGULATION
dc.subject	FUTURES
dc.subject	FUTURES EXCHANGE
dc.subject	FUTURES MARKETS
dc.subject	GLOBAL CAPITAL
dc.subject	GLOBAL CAPITAL MARKETS
dc.subject	GLOBAL MARKETS
dc.subject	GLOBALIZATION
dc.subject	GLOBALIZATION OF SECURITIES
dc.subject	GOVERNMENT AGENCIES
dc.subject	GOVERNMENT AUTHORITIES
dc.subject	GOVERNMENT AUTHORITY
dc.subject	GOVERNMENT POLICY
dc.subject	GOVERNMENT REGULATION
dc.subject	GOVERNMENT REGULATORS
dc.subject	GOVERNMENT RESOURCES
dc.subject	GOVERNMENTAL REGULATION
dc.subject	INSURANCE
dc.subject	INTERNAL CONTROLS
dc.subject	INTERNATIONAL BANK
dc.subject	INTERNATIONAL CAPITAL
dc.subject	INTERNATIONAL CAPITAL MARKETS
dc.subject	INTERNATIONAL FINANCIAL CRISIS
dc.subject	INTERNATIONAL ORGANIZATION
dc.subject	INTERNATIONAL SECURITIES
dc.subject	INTERNATIONAL STANDARDS
dc.subject	INTERNATIONAL SWAPS
dc.subject	INVESTMENT BANKS
dc.subject	INVESTMENT FUNDS
dc.subject	INVESTOR EDUCATION
dc.subject	INVESTOR PROTECTION
dc.subject	ISSUANCE
dc.subject	JURISDICTION
dc.subject	JURISDICTIONS
dc.subject	LEGAL FRAMEWORK
dc.subject	LEGISLATIVE REQUIREMENTS
dc.subject	LEVEL PLAYING FIELD
dc.subject	LIQUIDITY
dc.subject	LOCAL EXCHANGES
dc.subject	MARKET DEVELOPMENT
dc.subject	MARKET EFFICIENCY
dc.subject	MARKET INFRASTRUCTURE
dc.subject	MARKET INTERMEDIARIES
dc.subject	MARKET MAKER
dc.subject	MARKET PARTICIPANTS
dc.subject	MARKET REGULATOR
dc.subject	MARKET SUPERVISION
dc.subject	MARKET SURVEILLANCE
dc.subject	MINISTER
dc.subject	MUTUAL FUND
dc.subject	NATIONAL SECURITIES
dc.subject	NATIONAL STOCK EXCHANGE
dc.subject	PARTICULAR COUNTRY
dc.subject	PENSION
dc.subject	PENSION FUNDS
dc.subject	POLICY FRAMEWORK
dc.subject	PRICE DISCOVERY
dc.subject	PRIMARY MARKET
dc.subject	PRIVATE MARKETS
dc.subject	PRIVATE SECTOR DEVELOPMENT
dc.subject	PUBLIC EQUITY
dc.subject	PUBLIC GOOD
dc.subject	PUBLIC INTEREST
dc.subject	PUBLIC INTEREST OBJECTIVES
dc.subject	PUBLIC MARKETS
dc.subject	PUBLIC POLICY
dc.subject	PUBLIC POLICY OBJECTIVES
dc.subject	PUBLIC SERVICE
dc.subject	QUALITY STANDARDS
dc.subject	REGULATORS
dc.subject	REGULATORY ACTIONS
dc.subject	REGULATORY ACTIVITIES
dc.subject	REGULATORY AUTHORITIES
dc.subject	REGULATORY AUTHORITY
dc.subject	REGULATORY BODIES
dc.subject	REGULATORY BURDEN
dc.subject	REGULATORY COMPLIANCE
dc.subject	REGULATORY COSTS
dc.subject	REGULATORY EFFECTIVENESS
dc.subject	REGULATORY EFFICIENCY
dc.subject	REGULATORY FRAMEWORK
dc.subject	REGULATORY FRAMEWORKS
dc.subject	REGULATORY FUNCTIONS
dc.subject	REGULATORY INITIATIVES
dc.subject	REGULATORY OVERSIGHT
dc.subject	REGULATORY POLICY
dc.subject	REGULATORY POWERS
dc.subject	REGULATORY REGIME
dc.subject	REGULATORY REGIMES
dc.subject	REGULATORY REQUIREMENTS
dc.subject	REGULATORY RESOURCES
dc.subject	REGULATORY RESPONSIBILITIES
dc.subject	REGULATORY SERVICES
dc.subject	REGULATORY STANDARDS
dc.subject	REGULATORY STRUCTURE
dc.subject	REGULATORY STRUCTURES
dc.subject	REGULATORY SYSTEM
dc.subject	REGULATORY SYSTEMS
dc.subject	RETAIL MARKETS
dc.subject	RISK MANAGEMENT
dc.subject	RISK MANAGEMENT SYSTEMS
dc.subject	RULES
dc.subject	SALE OF SECURITIES
dc.subject	SECONDARY MARKET
dc.subject	SECURITIES
dc.subject	SECURITIES DEALERS
dc.subject	SECURITIES EXCHANGE
dc.subject	SECURITIES EXCHANGES
dc.subject	SECURITIES INDUSTRY
dc.subject	SECURITIES LAWS
dc.subject	SECURITIES MARKET
dc.subject	SECURITIES MARKETS
dc.subject	SECURITIES REGULATION
dc.subject	SECURITIES REGULATIONS
dc.subject	SECURITIES REGULATORS
dc.subject	SELF-REGULATION
dc.subject	SET OF RULES
dc.subject	SETTLEMENT
dc.subject	SETTLEMENT SERVICES
dc.subject	SETTLEMENT SYSTEMS
dc.subject	SHAREHOLDERS
dc.subject	STANDARDS OF CONDUCT
dc.subject	STATUTORY AUTHORITIES
dc.subject	STATUTORY AUTHORITY
dc.subject	STOCK EXCHANGE
dc.subject	STOCKS
dc.subject	SUPERVISORY AUTHORITIES
dc.subject	SUPERVISORY BOARD
dc.subject	TECHNICAL ASSISTANCE
dc.subject	TRADING
dc.subject	TRADING MARKETS
dc.subject	TRADING SYSTEM
dc.subject	TRADING SYSTEMS
dc.subject	TRANSPARENCY
dc.subject	USE OF SECURITIES
dc.title	Self-Regulation in Securities Markets
dc.type	Publications & Research :: Policy Research Working Paper
dc.coverage	The World Region