2012年-IMF国际货币组织全球_Argentina_Detailed_Assessment_of_Observance_of_IOSCO_Objectives_and_Principles_of_Securities_Regulation_80页_1mb

Argentina: Detailed Assessment of Observance of IOSCO Objectives and Principles of Securities Regulation

Core Content

This document is a detailed assessment of Argentina's observance of the International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation, conducted in October 2011. It outlines the current state of securities regulation in Argentina, identifies key findings, and proposes a recommended action plan to enhance regulatory effectiveness.

Main Findings

1. Progress in Securities Regulation

• Argentina has made significant progress in improving its securities regulatory system within the existing legal framework.
• The CNV (Comisión Nacional de Valores) operates a highly transparent regulatory program.
• Key features include:
  • Real-time trade monitoring across multiple markets.
  • An online continuing disclosure regime that provides timely, self-reported information about listed companies and mutual funds.
  • A pop-up warning system to direct customers to authorized intermediaries.
  • Prompt public reporting of enforcement actions and sanctions.
• The regulator has been working to improve its readiness to address systemic and cooperative enforcement issues, including commitments to cooperate with domestic and foreign regulators.

2. Areas for Improvement

• Market Structure Complexity: The fragmented market structure may lead to inefficiencies, hinder price formation, and complicate best execution.
• Limited Administrative Powers: The CNV lacks sufficient authority to directly supervise and enforce rules on certain self-regulatory organizations (SROs), particularly in equity and private debt markets.
• Cooperation Constraints: Legal provisions on securities and banking secrecy limit the ability to cooperate with foreign regulators.
• Customer Fund Protection: The legal framework for protecting customer funds held by intermediaries requires strengthening.
• No Market Disruption Contingency Plan: There is no existing plan to address market disruptions.
• Need for Tailored Monitoring: Certain products may require additional monitoring and explanation for external participants.

3. Legal and Institutional Framework

• The CNV is the main securities regulator in Argentina and has broad administrative powers over public offerings.
• The CNV is responsible for prudential and conduct of business oversight of capital markets.
• There are two other financial sector authorities: the BCRA (Central Bank of Argentina) and the SSN (Insurance Supervisor).
• The six regional SROs (Bolsas de Comercio) include Buenos Aires, Cordoba, Rosario, Mendoza, Santa Fe, and La Rioja. Buenos Aires is the most significant, with 90% of equity and private debt trading.
• The CNV directly authorizes electronic and futures markets, such as MAE and MATba/ROFEX.
• The Caja de Valores (CDV) is the central securities depository, serving all markets.

4. Market Performance and Characteristics

• Argentina's capital market is relatively small compared to other Latin American markets, with a market capitalization of 17.5% of GDP in 2010.
• Public debt dominates the market, accounting for about 80% of total domestic issues.
• Bond trading is significantly more important than equity trading, with a 7-fold higher volume in January-March 2011.
• The capital market is dominated by banks, insurance companies, and mutual funds.
• There are 256 mutual funds managed by 38 managers and 21 depositories, though only 5 closed-end funds and no ETFs remain.
• The private pension funds managed about 74 billion Pesos (7% of GDP) and were transferred to ANSES in 2008.

5. Regulatory and Legal Challenges

• The CNV has limited ability to directly supervise and enforce rules on SRO members.
• Judicial processes are not timely enough to support effective regulatory enforcement.
• There is a perception of potential instability in market rules, which the CNV is addressing through planned reforms.
• Accounting and auditing standards are improving but domestic capacity to implement them remains a challenge.
• Insolvency laws do not clearly support transaction completion or prioritize customer creditors in case of intermediary insolvency.

Key Information

• Legislation: The main securities law, the Securities Public Offering Act 17.811, was passed in 1968 and amended in 2001.
• Self-Assessment: The CNV conducted a self-assessment and is in the process of proposing comprehensive legal reforms.
• International Cooperation: Argentina is a signatory to Annex B of the IOSCO Multilateral Memorandum of Understanding on Cooperation and Information Sharing.
• Market Structure: The market is composed of multiple regional exchanges, which may reduce efficiency and increase costs for intermediaries.
• Future Plans: The CNV aims to transition to IFRS by 2012 and modernize auditing standards.

Recommended Action Plan

• Expedite Legal Reforms: The CNV should expedite the proposed legal amendments to address gaps in its regulatory powers.
• Enhance Cooperation: Improve mechanisms for cooperation with domestic and foreign regulators, particularly in light of AML/CFT and cross-border enforcement needs.
• Strengthen Customer Protection: Enhance legal provisions to protect customer funds held by intermediaries.
• Develop Contingency Plans: Create a market disruption contingency plan to ensure stability.
• Improve Transparency and Accessibility: Make regulatory materials available in English to support international engagement and better serve the market.

Authorities' Response

• The CNV was cooperative and provided extensive support, including organizing meetings, offering office space, and facilitating access to legal and regulatory documents.
• The CNV is actively working on proposed reforms and has a draft project of law under consultation with MECON (Ministry of Economy and Public Finance).
• The CNV is preparing to implement the new IOSCO principles, with comments in the detailed assessment indicating progress in this area.

Conclusion

The assessment highlights Argentina's strong regulatory framework and its commitment to aligning with international standards, while also identifying critical areas that require further legal and institutional improvements to ensure the effectiveness and resilience of its securities market.