2011年-IMF国际货币组织全球_United_Kingdom_IOSCO_Objectives_and_Principles_of_Securities_Regulation_Detailed_Assessment_of_Implementation_94页_1mb

United Kingdom: Implementation of IOSCO Objectives and Principles of Securities Regulation

Core Content

This document provides a detailed assessment of the United Kingdom's implementation of the IOSCO Objectives and Principles of Securities Regulation, conducted during the IMF Financial Sector Assessment Program (FSAP) mission in January–February 2011. The assessment was based on the 2003 IOSCO Methodology and focused on the substance of regulatory outcomes rather than the formal structure of the regulatory framework.

The United Kingdom has one of the largest financial sectors globally, with a well-developed infrastructure for securities markets. The financial sector is regulated by the Financial Services Authority (FSA), which has been restructured into two separate agencies: the Prudential Regulatory Authority (PRA) and the Financial Conduct Authority (FCA). This reform is part of a broader effort to enhance the resilience and effectiveness of financial regulation in the UK.

Key Findings

• The UK has a large and global securities market, with significant activity in equity, fixed income, derivatives, and asset management.
• The FSA employs a risk-based supervisory approach, using a "risk dashboard" to categorize firms based on their impact on financial stability and market confidence.
• Firms are classified into four risk categories (Low, Medium-Low, Medium-High, High), and supervision is tailored accordingly.
• High-impact firms receive "close and continuous" supervision, while low-impact firms are managed through a less-intensive approach.
• ARROW (Advanced Risk-Responsive Operating Framework) is used to assess and monitor firms, with different levels of scrutiny applied depending on the risk category.
• The FSA also conducts thematic reviews on specific topics, such as "spread betting" and handling of client monies.
• The UK regulatory reform is ongoing and has significant implications for the FSA and the future of securities regulation.

Main Challenges

• The dynamic regulatory environment in the UK, driven by post-crisis reforms and EU directives, presents methodological and practical challenges for a "point-in-time" assessment.
• The transition to the FCA introduces uncertainty, which could affect the resilience of the regulatory framework and staff retention.
• There is insufficient attention to mid-sized firms, and the current supervisory approach is more top-down than bottom-up, requiring a greater focus on on-site inspections and direct firm analysis.
• The new EU regulatory structure (e.g., ESMA and MiFID) means that national regulators are no longer the sole authority for policy-making and enforcement in the EEA, complicating the assessment of the UK's regulatory system.

Key Regulatory Bodies and Frameworks

• The FSA is the main regulator, responsible for securities markets.
• The FCA will take over the conduct and enforcement functions, while the PRA will handle prudential regulation of large firms.
• The Bank of England will oversee clearing and settlement systems.
• The Financial Policy Committee (FPC) will coordinate financial stability across the system.
• The UK Listing Authority (U.K. LA) is part of the FSA and handles market regulation and prospectus reviews.

Implementation of IOSCO Principles

Principles 1–5 (Regulator's Role and Mandate)

• The FSA operates as an independent regulator with a clear mandate and sufficient budget control.
• The new FCA should ensure that its objectives (investor protection, fair markets, financial stability) are clearly defined.
• There is a need to protect the Chief Executive, Chairman, and Board Directors from removal without cause in the FCA legislation.

Principles 6–7 (Self-Regulation)

• Self-regulation is not widely used in the UK, but recognized investment exchanges (RIEs) and clearinghouses (RCHs) carry out some market surveillance functions.
• The FSA has a robust oversight regime over these entities and ensures they follow fairness and confidentiality standards.

Principles 8–10 (Enforcement)

• The FSA has broad powers to inspect, investigate, and enforce regulations, including criminal proceedings and civil remedies.
• An enhanced enforcement program has been implemented since 2007, leading to successful cases and high fines.
• There is a need for greater enforcement of mid-sized firms and more on-site inspections.

Principles 11–13 (Cooperation in Regulation)

• The FSA has the capacity to share information with other regulators, both domestically and internationally.
• It is a signatory to key international agreements, including the IOSCO Multilateral MOU and the CESR Multilateral MOU.

Principles 14–16 (Issuers)

• The FSA has fully implemented the prospectus, market abuse, and MiFID directives.
• There are robust disclosure and offering requirements for issuers.
• The UK LA has a comprehensive review program for prospectuses and continuous obligations.

Principles 17–20 (Collective Investment Schemes)

• The framework for collective investment schemes is in line with the IOSCO Principles.
• All retail funds and UCITS must be registered with the FSA, while non-U.K. UCITS must notify the FSA.
• Custodians are required to be independent of investment managers, and segregation of assets is enforced.
• Supervision of investment managers could be enhanced with more on-site inspections and third-party reviews.

Principles 21–24 (Market Intermediaries)

• A structured licensing and supervisory framework is in place for market intermediaries.
• The FSA uses a risk-based approach to supervise a large number of firms.
• There is a need for greater attention to mid-sized firms and a rebalancing of the supervisory approach to include more bottom-up analysis.

Principles 25–30 (Secondary Markets)

• There is a full program of authorization and supervision for trading systems and markets.
• The FSA has robust market surveillance systems and transaction reporting mechanisms.
• Market fragmentation has led to reduced transparency, which is being addressed through the MiFID review.

Recommendations

• The FSA should embed ongoing supervisory initiatives into day-to-day operations.
• Policies and procedures should be developed for the handling of failing firms.
• The FCA should continue to build on the FSA's work, particularly in enforcement and supervision of mid-sized firms.
• The transition to the FCA should be carefully managed to ensure continuity and effectiveness of securities regulation.
• Resource allocation should be re-evaluated to ensure that mid-sized firms are not neglected in the supervisory process.

Appendix

• Annex I provides a description of how the UK authorities are meeting or will meet the new IOSCO Principles, which were adopted in June 2010.

Glossary

• ARROW: Advanced Risk-Responsive Operating Framework
• CESR: Committee of European Securities Regulators
• EEA: European Economic Area
• ESMA: European Securities Markets Authority
• ETF: Exchange-Traded Fund
• EU: European Union
• FCA: Financial Conduct Authority
• FSA: Financial Services Authority
• HMT: Her Majesty’s Treasury
• IOSCO: International Organization of Securities Commissions
• IFRS: International Financial Reporting Standards
• MiFID: Markets in Financial Instruments Directive
• MOU: Memorandum of Understanding
• MTF: Multilateral Trading Facility
• OFT: Office of Fair Trading
• PRA: Prudential Regulatory Authority
• RCH: Recognized Clearinghouse
• RIE: Recognized Investment Exchange
• UCITS: Undertakings for the Collective Investment of Transferable Securities
• U.K. LA: U.K. Listing Authority