2014年-IMF国际货币组织全球_Canada_Financial_Sector_Assessment_Program_244页_1mb

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

Core Content

This report is a detailed assessment of the implementation of the IOSCO Objectives and Principles of Securities Regulation in Canada, conducted as part of the IMF Financial Sector Assessment Program (FSAP) in June 2013. It is based on the methodology approved by IOSCO in 2010 and 2011. The assessment focuses on the implementation of specific principles and identifies key challenges and areas for improvement in the Canadian securities regulatory framework.

Main Findings

1. Regulatory Framework Overview

• Canada’s securities markets are provincially regulated, with 13 regulatory authorities overseeing different aspects of securities regulation.
• The Canadian Securities Administrators (CSA) act as a central coordinating body, promoting harmonization of regulations through national instruments and multilateral memorandums of understanding (MoUs).
• The four largest provinces (Ontario, Quebec, British Columbia, Alberta) account for 95% of the market activity, and their regulatory agencies are operationally independent and self-funded.
• These agencies have comprehensive powers, including quasi-criminal enforcement and rulemaking, and are responsible for supervision, registration, and enforcement.

2. Implementation of IOSCO Principles

• The assessment covered principles 1, 2, 3, 6, 7, 8, 9, 12, 19, 20, 22, 23, 24, 28, 29, 30, 31, 32, 34, and 35 in full.
• Principles 25 and 37 were partially reassessed.
• The regulatory and supervisory framework is considered to be of high quality and well-implemented, with strong enforcement mechanisms and coordinated practices among the major provinces.

3. Key Challenges

• Integrated Risk Assessment: Developing a comprehensive view of systemic and emerging risks remains a challenge due to the fragmented regulatory structure involving multiple agencies and Self-Regulatory Organizations (SROs).
• Enforcement of Criminal Offenses: Despite efforts, criminal enforcement is still limited and mixed in results, especially in smaller provinces. Cases involving boiler rooms, major frauds, and repeat offenders require criminal authorities to take action.
• Timeliness of Policy Decisions: The consensus-based governance model may affect decision-making speed, which is important for timely regulatory responses.

Market Structure

A. Equity Markets

• The Canadian equity market had a total market capitalization of $2.2 trillion at the end of 2012, equivalent to 121% of GDP.
• There are four equity exchanges: TSX, TSXV, CNSX, and Alpha Exchange Inc..
• TSX is the senior equities market, representing 98% of total market capitalization, with 1,567 listed companies.
• TSXV is the junior market, serving as a venture capital marketplace for emerging companies, with 57% of listed companies in the mining sector.
• CNSX is an alternative exchange for smaller issuers, offering simplified disclosure requirements and tailored market structures for micro-cap and emerging companies.

B. Collective Investment Schemes (CIS)

• Dark pools operate as Alternative Trading Systems (ATS) and accounted for 5.67% of trading volume in September 2012, declining to 1.73% by December 2012 due to regulatory changes.
• Mutual funds are popular investment vehicles, holding 27% of total financial wealth in Canada.
• As of December 2012, the mutual fund industry had $849.7 billion in assets under management, up 54% since 2009.
• Investor behavior shows a preference for financial advice over self-directed investment.

C. Intermediaries

• The regulation of intermediaries is managed by SROs such as IIROC, MFDA, and CSF.
• Self-regulatory organizations (SROs) play a central role in supervision and enforcement.
• Integrated Market Enforcement Teams (IMETs) and Intelligent Market Monitor (IMM) are used to enhance supervisory coordination and risk monitoring.

Key Areas for Improvement

• Enhanced Coordination: Strengthening inter-agency communication and data sharing to ensure a comprehensive risk view.
• Specialized Staffing: Increasing capacity in specialized areas such as trading, risk management, and market analysis.
• Quantitative Analysis: Improving the use of quantitative data to better assess systemic and emerging risks.
• On-Site Inspections: Expanding and refining the use of on-site inspections to ensure compliance and risk identification.
• Criminal Enforcement: Ensuring criminal authorities take over major enforcement cases involving fraud and systemic risks.

Conclusion

Canada’s securities regulatory framework is well-implemented, with a high level of harmonization and robust enforcement mechanisms. However, there are key areas for improvement, including better coordination, increased capacity, and enhanced use of quantitative tools to support supervisory and enforcement activities. The report also highlights the need for stronger criminal enforcement in certain high-risk cases and timely policy decision-making.