engleski

Comparative Analysis of Securities Regulations in Transition Economies

We made comparison between securities regulation systems in few transition economies, focusing our research on institutional market structure, general preconditions for effective securities supervision, registration and listing requirements and public availability of financial information. We used the market capitalization declared as a percentage of GDP, to compare relative importance of capital markets among several countries. Another measure used as indicator of degree of development of capital market is market turnover declared as a percentage of GDP. We concluded that the scope and content of securities regulations are remarkable, and considerable progress has been made. Nevertheless, the problems with practical implementation still obtain, hence the capital market authorities must create adequate national regulatory framework of laws and regulations, as well as supervisory practices.

capital market; securities regulation; regulatory framework

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