Promoting the Use of Capital Markets for Infrastructure Financing : Lessons for Securities Markets Regulators in Emerging Market Economies
This Note provides guidance to securities markets regulators in emerging market economies (EMEs) about key regulatory issues that could affect the issuance of debt instruments for infrastructure financing over which they have some control. The Note...
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| Format: | Policy Note |
| Language: | English |
| Published: |
World Bank, Washington, DC
2018
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| Online Access: | http://documents.worldbank.org/curated/en/672231533669107669/Promoting-the-use-of-capital-markets-for-infrastructure-financing-lessons-for-securities-markets-regulators-in-emerging-market-economies http://hdl.handle.net/10986/30311 |
| Summary: | This Note provides guidance to
securities markets regulators in emerging market economies
(EMEs) about key regulatory issues that could affect the
issuance of debt instruments for infrastructure financing
over which they have some control. The Note focuses on three
areas (placement regime, disclosure obligations and control
issues in financing structures) and whether and how their
regulation could affect the use of two debt financing
instruments in EMEs, project bonds, and infrastructure debt
funds. To this end, it has drawn from the experiences of a
select number of countries in both advanced and emerging
market economies to distill lessons that can be used by
securities regulators in EMEs to tailor their regulatory
frameworks so that they can support infrastructure
financing. The choice of debt financing instruments stems
from the fact that the most pressing need for EMEs is access
to lower cost, longer-term debt which the two instruments
discussed herein are likely to deliver. |
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