2012年-IMF国际货币组织全球_Spain_IOSCO_Objectives_and_Principles_of_Securities_Regulation_Detailed_Assessment_Implementation_134页_1mb

Summary of Spain's Implementation of IOSCO Objectives and Principles of Securities Regulation

Core Content

This document provides a detailed assessment of Spain's implementation of the International Organization of Securities Commissions (IOSCO) principles of securities regulation, conducted as part of the Financial Sector Assessment Program (FSAP) in May 2012. It evaluates the legal framework, institutional structure, market structure, and the effectiveness of regulatory and supervisory mechanisms in Spain.

Main Findings

1. Overall Implementation Level

• Spain demonstrates a high level of implementation of the IOSCO principles.
• The Comisión Nacional de Valores (CNMV) has a robust legal framework and supervisory powers.
• The CNMV has effective off-site monitoring and market surveillance mechanisms.
• Thematic reviews and annual strategic reviews help the CNMV to maintain a "full industry" perspective and identify emerging risks.

2. Supervision and Enforcement

• On-site inspections are not sufficiently used by the CNMV, especially for credit institutions, which have a dominant role in the securities markets and face conflicts of interest.
• The CNMV should increase the use of on-site inspections and proactive sanctioning for violations.
• Criminal prosecution of market abuse is a challenge, but progress has been made in referring cases to criminal authorities.

3. Governance and Independence Concerns

• The governance structure of the CNMV raises concerns about independence.
• The Ministry of Economy and Competitiveness (MEC) is represented on the CNMV board, and it retains responsibility for key decisions such as authorizations and sanctions.
• The CNMV requires government approval to hire additional staff, which could compromise its independence.
• However, collegial decision-making and regulated processes act as mitigating factors.

4. Market Structure

• As of December 2011, the BME Group operates all regulated markets (RMs) in Spain, except for the olive oil futures market and the Spanish Public Debt Market.
• The main equities market has 130 listed companies, with financial companies accounting for 31% of total market capitalization.
• The market is concentrated, with the top ten companies holding over 60% of total capitalization.
• Fixed income and mutual funds are the dominant investment vehicles, with €1,758 billion in total financial assets held by Spanish households and non-financial corporations.

5. Collective Investment Schemes (CIS)

• There are 5,460 CIS vehicles registered with the CNMV, including 2,341 investment funds, 3,056 SICAVs, 36 hedge funds, and 27 fund of hedge funds.
• Banks and credit institutions manage over 90% of total CIS assets.
• Disclosure obligations are robust, and fair value valuation is required for all CIS.
• Compliance monitoring includes special reports from the CIS compliance unit and external auditors.

6. Securities Intermediaries

• 94 investment firms and 187 banks are authorized to provide investment services.
• Banks dominate the market, accounting for 72% of investment service commissions.
• Minimum and ongoing capital requirements apply to all intermediaries.
• Monthly and quarterly reporting is required, and five-month loss estimates serve as early warning indicators.

7. Secondary Markets

• The CNMV has robust market surveillance and oversight mechanisms for both RMs and MTFs.
• The CNMV monitors clearing members' exposures and enforces margin posting requirements.
• Transparent default procedures and reporting obligations for short selling and failed settlements are in place.

8. Preconditions for Effective Regulation

• The legal framework and operational independence of the CNMV are generally in place.
• Authorization and supervision for both domestic and foreign entities are aligned.
• The company law and insolvency framework are modern, and the judiciary system is perceived as impartial.
• Accounting and auditing standards are aligned with international standards.

Key Information

• CNMV is the primary regulator of securities and derivatives markets in Spain.
• BME Group operates all regulated markets, including equity and fixed income markets.
• Market concentration is high, with banks dominating investment services and CIS management.
• Implementation of IOSCO principles is generally strong, but improvements are needed in supervision and enforcement.
• Independence concerns exist due to MEC's involvement in board decisions and staff hiring.
• Thematic reviews and annual strategic reviews help the CNMV to identify systemic risks and monitor regulatory perimeter.

Table of Key Principles and Implementation Grades