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Iosco objectives and principles of securities regulation

A joint World Bank/International Monetary Fund mission visited the Republic of the Philippines during the period October 8-23 and November 19-December 6, 2001 as part of the Financial Sector Assessment Program (FSAP). The aim was to assess the effectiveness of securities regulation, soundness of market intermediaries, and development prospects for the capital markets, including observance of the IOSCO Objectives and Principles of Securities Regulation. Overall, the Philippines scores very well against the IOSCO Principles thanks to the conscious efforts having been made in the recent past. Some improvements are needed in the areas of collective investment schemes and secondary market regulation. Remaining issues in other areas are either currently being addressed or relatively minor. Recommended Actions to Improve Compliance with the IOSCO Objectives and Principles of Securities Regulation include: In-house training of the SEC staff to enhance their skills on market surveillance, investigation and enforcement should be strengthened. The Manual of Operations and Procedures for the staff currently reviewed and revised may be used to develop the training program. Computerization of electronic filing of company registration has been introduced. Further progress with computerization of the SEC's regulatory reporting and monitoring is awaited.


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