新加坡市场法律法规监管.docx

新加坡市场法律法规监管.docx

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新加坡市场法律法规监管

新加坡是一个多元文化的移民国家，是全球最国际化的国家之一，也是继纽约、伦敦、香港之后的第四大国际金融中心。

新加坡是东南亚国家联盟成员国之一，也是世界贸易组织、英联邦以及亚洲太平洋经济合作组织成员经济体之一。

新加坡交易所（SingaporeExchange，SGX）是亚太地区首家集证券及金融衍生产品交易於一体的企业股份制化交易所。

2000年11月23日成为亚太地区首家通过公开募股和私募配售方式上市的交易所。

不同国家对期货市场的监管使用不同的法律，监管法律冲突是期货市场跨境监管面临的主要问题。

新加坡期货市场建立之后，新加坡政府充分借鉴美欧期货市场的成功经验及失败教训，从政府管理人员到交易所工作人员,都到美国芝加哥期货市场学习,并聘请芝加哥交易所的顾问进行指导。

同时,新加坡政府还派人去美国期货交易管理委员会学习,全套引进其法律、法规,个别加以修改后,公布实施。

解决了新加坡期货市场的法律健全问题。

所以研究新加坡的期货市场监管政策，对于今后公司进入新加坡市场推动新加坡经纪业务的实施具有重要的现实意义。

SingaporeExchange（SGX）isAsia’sleadingandtrustedmarketinfrastructure,facilitatingtheexchangeofcapitalandideastocreatevalueforpeople,businessesandeconomies.Asamulti-assetexchangeoperatingequity,fixedincomeandderivativesmarketstothehighestregulatorystandards,SGXisaverticallyintegratedbusinessthatprovideslisting,trading,clearing,settlement,depositoryanddataservices.Withabout40%oflistedcompaniesand90%oflistedbondsoriginatingoutsideofSingaporeaswellasestablishedlinkagesacrosstheregionandinEurope,SGXisAsia’smostinternationalandconnectedexchange.OfferingafullsuiteofderivativesproductsacrossAsianequityindices,commoditiesandcurrencies,SGXistheworld’smostliquidoffshoremarketforthebenchmarkequityindicesofChina,India,JapanandASEAN.TheexchangewasoneofthefirstgloballytoadoptthePrinciplesforFinancialMarketInfrastructure,thefirstandonlycentralcounterpartyintheregiontobefullyapprovedbyU.S.regulatorsasaDerivativesClearingOrganizationandaForeignBoardofTrade,andisrecognizedbyEuropeanUnionregulatorsforbothsecuritiesandderivatives.AsAsia’spioneeringcentralcounterparty,SGXisgloballyrecognizedforitsriskmanagementandclearingcapabilities.In2015,SGXwasawardedDerivativesExchangeoftheYearbyAsiaRisk,FuturesandOptionsWorldandGlobalCapitalaswellasCentralCounterparty（CCP）oftheYearbyAsiaRisk.In2016,SGXwasnamedExchangeoftheYearattheglobalEnergyRiskAwards.HeadquarteredinAAA-ratedSingapore,SGXhasover700employeesincludingofficesinBeijing,HongKong,London,Mumbai,ShanghaiandTokyo.

市场监管

概览

●监管体系

新交所是新加坡市场和结算所的一线监管机构。

我们与新加坡金融管理局、刑事部等政府部门密切协作，制定和实施有关条例和规定，致力于建设一个可持久发展的证券市场。

SGXservesasafrontlineregulatorforthemarketsandclearinghousesthatitoperatesinSingapore.SGXworkscloselywiththerelevantregulatoryauthorities,includingtheMonetaryAuthorityofSingapore（MAS）andtheCommercialAffairsDepartment（CAD）,todevelopandenforcerulesandregulationswithaviewtobuildinganenduringmarketplace.

●新交所是一家自我监管机构

新交所是一家上市交易所和一线监管机构，属于自我监管组织（SRO）。

除了承担监管职责以外，新交所还具商业属性。

这种双重职能可能会相互冲突，因此新交所建立了相应的预防机制。

●监管机构的组织结构

为促进市场的公平、有序和透明，保证清算系统的安全和财务健康，新交所需要履行各种监管职能。

这些职能具体由以下监管部门执行:

⏹发行人监管部

⏹凯利板监管部

⏹会员监督部

⏹市场监控部

⏹执法部

⏹风险管理部

⏹结算风险

⏹监管政策部

Rulebook

●KeyPrinciples

InconductingitsregulationofthemarketSGXhasadoptedsixguidingprinciples.Thefirstthreeprinciplesrelatetohowwetargetwhatweregulatewhilethenextthreeprinciplesrelatetohowwedeviseourrulesandconductourregulatoryactivities.

⏹GuidingPrincipleOne:

 Disclosure-BasedRegulation

SGXbelievesthatmarketusersshouldhaveawiderangeofchoicesandthatthedecisionwhetheraparticularsecurityorproductissuitableforaninvestorislargelyamatterforthemarketusersandtheiradvisers.Forthisprincipletowork,itisnecessaryforthemarkettobeprovidedwithtimely,accurate,andadequatedisclosureofallmattersneededtomakeinformeddecisionsaboutthelistedproducts.Hencewefocusonfacilitatingfairaccesstoinformationforallmarketusersasthefundamentalbuildingblockforachievingafair,orderly,andtransparentmarket.Thedisclosureofinformationalonewillnotbesufficient.Itisthereforesupplementedbyhighbaselinestandardstodeterminewhetheraparticulartypeoflistingorproductissuitableforthevarioussegmentsofourmarket.

⏹GuidingPrincipleTwo:

 ComprehensiveRiskManagement

Marketusersalsoneedabsolutecertaintythattheirtradescanbefinalized.Thisisafundamentalbasisfortheirtrading.Anybreakdowninthepost-tradeactivitiesofclearingandsettlementwillresultinalossofconfidenceandcaneffectivelybringthemarkettoahalt.Consequently,SGXfocusesregulatoryattentiononthesafeandefficientoperationofitsclearinghousesasaveryhighpriority.Itrequiresacomprehensive,integrated,andreliableapproachtothemanagementofthecounterpartyrisksfromclearingandtradingmembersaswellasotherriskswithintheclearinghouses.

⏹GuidingPrincipleThree:

 Risk-BasedTargetingofRegulatoryActivities

Inordertomakeanoptimalallocationofregulatoryresources,SGXadoptsapragmaticrisk-basedapproach.Supervisoryactivitiesfocusedonprinciplesoneandtwoaretailoredaccordingtoriskprofileswedevelopforissuersponsorsandourmemberfirms.Theprofilesarebasedonourassessmentoftheirmanagementsystemsandtherisksinherentintheirbusinessmodelsandproductsbearinginmindtheresponsibilitiesoftheirownmanagementtoprovideproperandthoroughriskoversightoftheirbusinessactivities.SGXthenallocatesresourcestothosemattersthatitconsidersasposingthegreatestrisksthegreatestrisktoachievingafair,orderly,andtransparentmarketandsafeandefficientclearingoutcomes.

⏹GuidingPrincipleFour:

 BalancedApproachtoInternationalBestPractice

TheSGXmarkethasstronginternationaldimensionsasreflectedinitstradedproducts,listedcompanies,marketintermediariesandmarketusers.Inkeepingwiththis,SGXaimstoensurethatitsrulesandregulatoryactivitiesareconsistentwithinternationalbestpracticeforexchangessuchasissuersbeingabletouseInternationalFinancialReportingStandards.Atthesametime,inpursuingregulatoryoutcomes,SGXseekstostrikeanappropriatebalancebetweeninternationallyrecognisedpracticesandlocalneedsandconditions.Wedonotadoptanunthinkingmechanicalapproachandwefocusonthesubstanceratherthantheformintherules.

⏹GuidingPrincipleFive:

 Transparency

SGXseekstobeopenandtransparentinallitsregulatoryoperationstotheextentconsistentwithitsstatutoryobligationsandthepublicinterest.Inadditiontostatutorilymandatedpublicconsultationsonruleamendments,SGXconsultsmarketusers,whereappropriate,ontheproposedintroductionofnewproductsandinitiatives.TheSGXwebsitepublishesfeedbackreceivedfrommarketusersonthepublicconsultations,hasapublicregisteroflistingrulewaivers,andpublishes“groundsfordecision”byDisciplinaryCommittees.

⏹GuidingPrincipleSix:

 SGXasaFrontlineRegulatorandManagingRegulatoryConflict

MASisthestatutoryregulatorandhasoversightoverSGX’sregulatoryresponsibilities.SGXperformsafrontlineregulatoryroleinmaintainingfair,orderly,andtransparentmarkets,aswellassafeandefficientclearingfacilities.

SGXmaintainsacontinuousdialoguewithmarketusers.Thismarketproximityimprovesourunderstandingofthebusinessesofmarketusersandthecomplianceissuestheyface,enablingustoassesstheircomplianceandtoappropriatelycalibrateregulatorysolutionsandenforcementactions.

SGXalsomaintainsaclosecollaborativerelationshipwithotherregulatoryandenforcementagenciessuchastheMAS,CADandtheAccountingandCorporateRegulatoryAuthority（ACRA）onmatterssuchasregulatorypolicies,riskmanagement,regulatoryoversight,andenforcementactions.

SGXisconsciousthatitsdualroleasbothafrontlineregulatorandacommercialentitycancreateconflictsbetweenitsregulatoryresponsibilitiesanditscommercialobjectives（“regulatoryconflicts”）.TheSecuritiesandFuturesActplacesalegalobligationontheBoardandmanagementofSGXtomaintaineffectivegovernancearrangementsformanagingsuchconflicts.ThearrangementsincludeaRegulatoryConflictsCommittee（“RCC”）oftheBoard,whichensurestheadequacyandqualityofresourcesforSGX’sregulatoryfunctions,therobustnessofthedecision-makingstructure,andthesupervisionofprocessesforidentifyingandmanagingregulatoryconflicts.Forinstance,allwaiversofrulerequirementsgrantedbySGXaswellasenforcementactionsleadingtoDisciplinaryCommitteeproceedingsundertakenbyitaredisclosedtothepublicand/ortoitsmembers.ThistransparencyassuresdueprocessinthemakingofSGX’sregulatorydecisions.TheMASexercisesoverallsupervisionofSGXanditsmanagementofregulatoryconflicts.

SGXbelievethatthisconflictgovernancemodelisthemostappropriateforourmarketsatthistime.However,wearecommittedtovigilanceinreviewingtheoperationofthemodelandinadaptingitappropriatelyinthelightofexperienceandmarketdevelopments.

SGXASAMARKETREGULATOR

SGXsupervisesthemarketfromboththetradingandtheclearingaspects.TheMarketSurveillanceunitconductssurveillanceoftradingactivities.Theanalystsmonitorthesecuritiesandderivativesmarketstodetectunusualtradingactivitiesandprohibitedtradingpracticesorconduct,includinginsidertradingandmarketmanipulation.

Ontheclearingside,theRiskManagementunitmonitorsandmanagesSGX'scounterpartyriskexposuretoclearingmembersforSGXtrades.

●Trading

⏹SecuritiesMarket

MarketSurveillanceutilizesareal-timemarketsurveillancesystem,whichemploysthelatesttechnologytoautomaticallyalertanalyststoirregularmarketbehaviorsuchasunusualpriceandvolumemovements.

ASurveillanceanalystwhoassesseswhetherpublicinformationsuchascompanyspecificnews,industrytrends,oreconomicfactorscanexplainthemarketactivityhandle