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This paper discusses progress on post-global financial crisis (GFC)
reforms and the emerging challenges in the area of capital markets
regulation and supervision, drawing on the analysis and insights
from the IMF's Financial Sector Assessment Program (FSAP). FSAP
analyses sheds light on the implementation of post-GFC reforms to
strengthen prudential and conduct supervision of capital markets
and highlights new regulatory and supervisory challenges arising
from several factors such as the growth of bond markets, benchmark
transition, digitalization, and climate change. Key takeaways
regarding implementation of post-GFC reform include significant
progress with respect to oversight of market intermediaries and
infrastructures and a case for further regulatory and supervisory
action to address vulnerabilities arising from the high and rising
interconnectedness of the asset management sector with the global
economy, especially to foster stronger liquidity risk management.
Emerging priority areas underscore the importance of ensuring the
adequacy of issuer disclosures and quality of auditing; of
examining and appropriately calibrating the regulatory perimeter in
light of market developments; and of proactively safeguarding the
operational independence of supervisory authorities and adequacy of
their resources for implementation of regulatory frameworks that
are fit-for-purpose in light of market developments and evolution.
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