Description: Governance of Securities Regulators : A Framework

Governance of Securities Regulators : A Framework

This paper reviews the published work on the governance of regulatory authorities in order to identify the basic governance standards that apply and some of the factors that affect the implementation of good governance. There are four pillars of go...

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Bibliographic Details
Main Authors:	Pratt, Richard, Berg, Alexander
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ABUSE ACCOUNTABILITY ACCOUNTABILITY ARRANGEMENTS ACCOUNTABILITY MECHANISMS ACCOUNTING ACTIVE MARKET ADMINISTRATIVE SANCTIONS ALLOCATION OF RESPONSIBILITIES AMENDMENT ATTORNEY GENERAL AUDIT COMMITTEE AUDITOR AUTONOMOUS AGENCY BANK POLICY BANK SUPERVISION BANK SUPERVISORS BARRIER BOARD MEETING BOARD MEETINGS BOARD MEMBER BOARD MEMBERS BOND BRIBERY BRIBES BROKERS CAPITAL ALLOCATION CAPITAL MARKETS CENTRAL BANK CENTRAL BANK INDEPENDENCE CENTRAL BANKS CHECKS CIVIL SERVANT CODE OF ETHICS CODES OF CONDUCT COLLECTIVE RESPONSIBILITY COMMON LAW COMPETITOR COMPLAINTS CONFIDENCE CONFIDENTIALITY CONFLICT OF INTEREST CONFLICTS OF INTEREST CONSENSUS CONSTITUTION CONSULTATION CORPORATE GOVERNANCE CORRUPTION CREDITORS CRIMINAL CRIMINAL SANCTION DECISION MAKING DISCLOSURE DISCLOSURE DOCUMENTS DISCRETION DRAFT REGULATIONS ECONOMIC COOPERATION ECONOMIC DEVELOPMENT ECONOMIC GROWTH EFFICIENT MARKETS EMERGING MARKETS ENFORCEMENT ACTION ENFORCEMENT POWERS ENFORCEMENT PROCEDURES EQUITY MARKETS EXCHANGE COMMISSION EXPENDITURE FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MANAGEMENT FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SERVICES FINANCIAL STABILITY FINANCIAL SYSTEM FINANCIAL SYSTEM STABILITY FORM OF TAX GOOD GOVERNANCE GOVERNANCE ISSUES GOVERNANCE PRACTICE GOVERNANCE PRACTICES GOVERNANCE STANDARDS GOVERNMENT AGENCIES GOVERNMENT AUTHORITY GOVERNMENT BONDS GOVERNMENT DEPARTMENT GOVERNMENT FUNDING GOVERNMENT FUNDS GOVERNMENT MINISTRIES GOVERNMENT OFFICIALS GOVERNMENT POLICY HOUSE OF COMMONS INCOME INDIVIDUAL MARKET INFORMATION SHARING INTEGRITY INTERNAL CONTROLS INTERNATIONAL BANK INTERNATIONAL BEST PRACTICE INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL SETTLEMENTS INTERNATIONAL STANDARDS INVESTIGATION INVESTIGATIONS INVESTOR PROTECTION JUDICIAL REVIEW JUDICIAL SYSTEM JUDICIARY JURISDICTION JURISDICTIONS LAWS LEGAL ADVICE LEGAL PROTECTION LEGAL TRADITIONS LEGISLATION LEGISLATIVE REQUIREMENTS LEGISLATURE LEGITIMACY LIABILITY MARKET INTERMEDIARIES MARKET LEVELS MARKET PARTICIPANT MARKET PARTICIPANTS MARKET PRACTICE MARKET PRICE MARKET REGULATOR MINISTER MINISTER OF FINANCE MINISTERS MINISTRY OF FINANCE MONETARY FUND MONETARY POLICY OPERATIONAL INDEPENDENCE OPERATIONAL PROCESSES OUTPUT OVERSEAS TERRITORIES PENSION PENSION FUNDS POLICY OBJECTIVES POLITICAL ECONOMY POLITICAL INTERFERENCE POLITICIANS PRIVATE SECTOR DEVELOPMENT PROFESSIONAL ASSOCIATIONS PROSECUTION PROSECUTOR PROTECTION OF INVESTORS PUBLIC ACCOUNTABILITY PUBLIC AGENCIES PUBLIC ASSETS PUBLIC COMPANIES PUBLIC INTEREST PUBLIC SECTOR QUALITY REGULATION REGISTRAR REGISTRATION FEES REGULATOR REGULATORS REGULATORY AGENCIES REGULATORY AGENCY REGULATORY APPROACH REGULATORY AUTHORITIES REGULATORY AUTHORITY REGULATORY BODIES REGULATORY COMMUNITY REGULATORY DECISION REGULATORY DECISIONS REGULATORY GOVERNANCE REGULATORY MEASURES REGULATORY OFFICIALS REGULATORY POLICIES REGULATORY POLICY REGULATORY PROCESS REGULATORY PROCESSES REGULATORY REFORM REGULATORY REQUIREMENTS REGULATORY RESPONSIBILITIES REGULATORY STANDARDS REPRESENTATIVES REPUTATION RISK FACTORS RISK MANAGEMENT RISK MANAGEMENT COMMITTEE SANCTION SECURITIES SECURITIES MARKET SECURITIES MARKETS SECURITIES REGULATION SECURITIES REGULATOR SECURITIES REGULATORS SECURITIES REGULATORY AUTHORITIES SECURITIES REGULATORY AUTHORITY SHAREHOLDERS SMALL COUNTRIES STATE-OWNED ENTERPRISES SUPERVISORY AGENCIES SUPERVISORY BOARD TRANSPARENCY WHISTLE BLOWING WHISTLE-BLOWERS WITHDRAWAL
Online Access:	http://documents.worldbank.org/curated/en/2014/03/19222443/governance-securities-regulators-framework http://hdl.handle.net/10986/17298

Description
Summary:	This paper reviews the published work on the governance of regulatory authorities in order to identify the basic governance standards that apply and some of the factors that affect the implementation of good governance. There are four pillars of good regulatory governance: independence, accountability, transparency, and integrity. The regulator should be operationally independent from commercial and political influences in the exercise of its functions and powers. Accountability is the means whereby a regulatory authority is held responsible for the actions it takes. Transparency refers to the publication of relevant information designed to demonstrate consistency and openness. The fourth governance pillar, integrity, refers to the internal processes that the authority adopts to ensure there is discipline and consistency in its operations and to limit the risks of regulatory staff acting in their own self-interest as opposed to that of the authority and the market. These four elements are mutually reinforcing, in that accountability is necessary to provide legitimacy to independence, transparency is necessary to demonstrate that independence does not lead to abuse or improper behavior, and integrity is necessary to provide the discipline to control the exercise of independent powers. Available evidence suggests that independence and accountability are far from being universally applied in practice. The paper concludes with some practical suggestions that experience indicates are likely to enhance the effectiveness of the governance of securities regulators. Good governance of the securities regulator is necessary for effective regulation. It is also of importance in setting an example to encourage good corporate governance in the private sector.

Governance of Securities Regulators : A Framework

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