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IMF Country Report No. 15/91 UNITED STATES FINANCIAL SECTOR ASSESSMENT PROGRAM April 2015 DETAILED ASSESSMENT OF IMPLEMENTATION ON THE IOSCO OBJECTIVES AND PRINCIPLES OF SECURITIES REGULATION This Detailed Assessment of Implementation on the IOSCO Objectives and Principles of Securities Regulation on the United States was prepared by a staff team of the International Monetary Fund. It is based on the information available at the time it was completed in March 2015. Copies of this report are available to the public from International Monetary Fund Publication Services 700 19th Street, N.W. Washington, D.C. 20431 Telephone: (202) 623-7430 Telefax: (202) 623-7201 E-mail: [email protected] Internet: http://www.imf.org Price: $18.00 a copy International Monetary Fund Washington, D.C. © 2015 International Monetary Fund UNITED STATES DETAILED ASSESSMENT OF March 2015 IMPLEMENTATION IOSCO OBJECTIVES AND PRINCIPLES OF SECURITIES REGULATION Prepared By This Detailed Assessment Report was prepared in the Monetary and Capital context of an IMF Financial Sector Assessment Markets Department Program (FSAP) mission in the United States during October-November 2014, led by Aditya Narain, IMF and overseen by the Monetary and Capital Markets Department, IMF. Further information on the FSAP program can be found at http://www.imf.org/external/np/fsap/fssa.aspx. UNITED STATES CONTENTS GLOSSARY _________________________________________________________________________________________ 3 EXECUTIVE SUMMARY ___________________________________________________________________________ 8 INTRODUCTION ________________________________________________________________________________ 10 INFORMATION AND METHODOLOGY USED FOR ASSESSMENT _____________________________ 10 INSTITUTIONAL AND MARKET STRUCTURE—OVERVIEW ___________________________________ 11 A. Regulatory Structure __________________________________________________________________________ 11 B. Market Structure ______________________________________________________________________________ 12 PRECONDITIONS FOR EFFECTIVE SECURITIES REGULATION _________________________________ 17 MAIN FINDINGS ________________________________________________________________________________ 18 SUMMARY IMPLEMENTATION OF THE IOSCO PRINCIPLES __________________________________ 21 RECOMMENDED ACTION PLAN AND AUTHORITIES' RESPONSE ____________________________ 31 C. Authorities’ Response to the Assessment _____________________________________________________ 33 DETAILED ASSESSMENT ________________________________________________________________________ 34 TABLES 1. Key Equity Market Information ________________________________________________________________ 12 2. Investment Company Total Net Assets by Type _______________________________________________ 14 3. Institutional and Retail Ownership of Mutual Funds ___________________________________________ 15 4. Number of Commodity Pool Operators and their AUM _______________________________________ 15 5. Registered Broker-Dealers _____________________________________________________________________ 16 6. SEC Registered Investment Advisers ___________________________________________________________ 16 7. Derivatives Market Intermediaries Registered with the CFTC __________________________________ 17 8. Summary Implementation of the IOSCO Principles—Detailed Assessments __________________ 21 9. Recommended Action Plan to Improve Implementation of the IOSCO Principles _________________________________________________________________________________________ 31 10. Detailed Assessment of Implementation of the IOSCO Principles ____________________________ 35 2 INTERNATIONAL MONETARY FUND UNITED STATES Glossary ABS Asset-Backed Security AICPA American Institute of Certified Public Accountants ALJ Administrative Law Judge AML Anti-Money Laundering ANC Alternative Net Capital AP Associated Person APA Administrative Procedure Act ARP Automation Review Policy ASB Auditing Standards Board ATS Alternative Trading System AUM Assets under Management BCP Business Continuity Plan BD Broker-Dealer CAT Consolidated Audit Trail CBOE Chicago Board Options Exchange CCO Chief Compliance Officer CCP Central Counterparty CD&A Compensation Disclosure and Analysis CDO Collateralized Debt Obligation CDS Credit Default Swap CEA Commodity Exchange Act CF SEC’s Corporation Finance Division CFMA Commodity Futures Modernization Act of 2000 CFTC Commodity Futures Trading Commission CHX Chicago Stock Exchange CIP Customer Identification Program CIS Collective Investment Scheme CMBS Commercial Mortgage-Backed Security CME Chicago Mercantile Exchange CP Commodity Pool CPA Certified Public Accountant CP&P Compliance Policies and Procedures CPO Commodity Pool Operator CRA Credit Rating Agency CRARA Congressional Review of Agency Rulemaking Act CSD Central Securities Depository CTA Commodity Trading Advisor DCM Designated Contract Market DCO Derivatives Clearing Organization INTERNATIONAL MONETARY FUND 3 UNITED STATES DCR Division of Clearing and Risk DEA Designated Examining Authority DERA SEC’s Division of Economic and Risk Analysis DFMU Designated Financial Market Utility DGCL Delaware General Corporation Law DMO Division of Market Oversight DOE Division of Enforcement DOJ Department of Justice DSIO Division of Swap Dealer and Intermediary Oversight DSRO Designated Self-regulatory Organization DTC The Depository Trust Company ECN Electronic Communications Network ECP Eligible Contract Participant EDGAR Electronic Data Gathering, Analysis, and Retrieval System ERA Exempt Reporting Adviser ETF Exchange Traded Fund FAF Financial Accounting Foundation FASB Financial Accounting Standards Board FATF Financial Action Task Force FBI Federal Bureau of Investigation FBOT Foreign Board of Trade FCM Futures Commission Merchant FDIC Federal Deposit Insurance Corporation FERC Federal Energy Regulatory Commission FESC Front End Systemic Capture FHFA Federal Housing Finance Agency FHFOB Federal Housing Finance Oversight Board FICC Fixed Income Clearing Corporation FinCEN Financial Crimes Enforcement Network FINRA Financial Industry Regulatory Authority FMU Financial Market Utility FOIA Freedom of Information Act FSB Financial Stability Board FSOC Financial Stability Oversight Council FTC Federal Trade Commission Federal Employees Liability Reform and Tort Compensation FTCA Act of 1988 GAAP Generally Accepted Accounting Principles GAAS Generally Acceptable Auditing Standards GAO Government Accountability Office GLBA Gramm-Leach-Bliley Act of 1999 HF Hedge Fund 4 INTERNATIONAL MONETARY FUND UNITED STATES IA Investment Adviser IAC Investor Advisory Committee IASB International Accounting Standards Board IB Introducing Broker ICA Investment Company Act of 1940 ICE Intercontinental Exchange ICEEU ICE Clear Europe IFRS International Financial Reporting Standards IM SEC’s Division of investment Management (Office of) Independent Oversight and Performance IOPA Assurance IOSCO International Organization of Securities Commissions IPO Initial Public Offering IRS Internal Revenue Service ISG Intermarket Surveillance Group ISV Independent Software Vendor JAC Joint Advisory Committee JOBS Act Jumpstart Our Business Startups Act LLC Limited Liability Company LULD Limit-Up Limit-Down MD&A Management’s Discussion and Analysis MIDAS Market Information Data and Analytics System MLWG Money Laundering Working Group MMF Money Market Fund MMOU Multilateral Memorandum of Understanding MOU Memorandum of Understanding MRAC Market Risk Advisory Committee MSBSP Major Security-Based Swap Participants MSP Major Swap Participant MSPPU Municipal Securities and Public Pensions Unit MSRB Municipal Securities Rulemaking Board NASD National Association of Securities Dealers NAV Net Asset Value NBB National Best Bid NBBO National Best Bid and Offer NEP National Examination Program NFA National Futures Association NMS National Market System NRSRO Nationally Recognized Statistical Rating Organization NSCC National Securities Clearing Corporation NSMIA National Securities Markets Improvement Act of 1996 NYSE New York Stock Exchange OATS Order Audit Trail System INTERNATIONAL MONETARY FUND 5 UNITED STATES OCA SEC’s Office of the Chief Accountant OCC Office of the Comptroller of the Currency OCE Office of the Chief Economist OCIE SEC’s Office of Compliance Inspections and Examinations OCR SEC’s Office of Credit Ratings OEC SEC’s Office of the Ethics Counsel OFR Office of Financial Research OGC Office of the General Counsel OGE Office of Government Ethics OIA Office of International Affairs OIG Office of the Inspector General OMB Office of Management and Budget OTC Over-the-counter PCAOB Public Company Accounting Oversight Board PRA Paperwork Reduction Act RAUM Regulatory Assets Under Management RER Rule Enforcement Review RFA Registered Futures Association RFPA Right to Financial Privacy Act RMBS Residential Mortgage-Backed Security ROOR Risk Oversight and Operational Regulation RSA Regulatory Service Agreement RSD Regulatory Services Division RSG CFTC’s Risk Surveillance Group SAI Statement of Additional Information SAR Suspicious Activity Report SB SEF Security-Based Swap Execution Facility SBS Security-Based Swap SBSD Security-Based Swap Dealer SCI Systems Compliance and Integrity SD Swap Dealer SDR Swap Data Repository SEC Securities and Exchange Commission SEF Swap Execution Facility SFP Securities Futures Product SIDCO Systemically Important Derivatives Clearing Organization SIP Securities Information Processor SIPA Securities Investor Protection Act SIPC
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