新加坡市场法律法规监管.docx

1、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（Singapore Exchange，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

2、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。 Singapore Exchange（SGX）is Asias leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create v

3、alue for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services. With about 40%

4、of listed companies and 90% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asias most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies,

5、 SGX is the worlds most liquid offshore market for the benchmark equity indices of China, India, Japan and ASEAN. The exchange was one of the first globally to adopt the Principles for Financial Market Infrastructure, the first and only central counterparty in the region to be fully approved by U.S.

6、 regulators as a Derivatives Clearing Organization and a Foreign Board of Trade, and is recognized by European Union regulators for both securities and derivatives. As Asias pioneering central counterparty, SGX is globally recognized for its risk management and clearing capabilities. In 2015, SGX wa

7、s awarded Derivatives Exchange of the Year by Asia Risk, Futures and Options World and Global Capital as well as Central Counterparty (CCP) of the Year by Asia Risk. In 2016, SGX was named Exchange of the Year at the global Energy Risk Awards. Headquartered in AAA-rated Singapore, SGX has over 700 e

8、mployees including offices in Beijing, Hong Kong, London, Mumbai, Shanghai and Tokyo.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。SGX serves as a frontline regulator for the markets and clearing houses that it operates in Singapore. SGX works closely with t

9、he relevant regulatory authorities, including the Monetary Authority of Singapore (MAS) and the Commercial Affairs Department (CAD), to develop and enforce rules and regulations with a view to building an enduring marketplace.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

10、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RulebookKey PrinciplesIn conducting its regulation of the market SGX has adopted six guiding principles. The first three principles relate to how we target what we reg

11、ulate while the next three principles relate to how we devise our rules and conduct our regulatory activities.Guiding Principle One:Disclosure-Based RegulationSGX believes that market users should have a wide range of choices and that the decision whether a particular security or product is suitable

12、 for an investor is largely a matter for the market users and their advisers. For this principle to work, it is necessary for the market to be provided with timely, accurate, and adequate disclosure of all matters needed to make informed decisions about the listed products. Hence we focus on facilit

13、ating fair access to information for all market users as the fundamental building block for achieving a fair, orderly, and transparent market. The disclosure of information alone will not be sufficient. It is therefore supplemented by high baseline standards to determine whether a particular type of

14、 listing or product is suitable for the various segments of our market.Guiding Principle Two:Comprehensive Risk ManagementMarket users also need absolute certainty that their trades can be finalized. This is a fundamental basis for their trading. Any breakdown in the post-trade activities of clearin

15、g and settlement will result in a loss of confidence and can effectively bring the market to a halt. Consequently, SGX focuses regulatory attention on the safe and efficient operation of its clearinghouses as a very high priority. It requires a comprehensive, integrated, and reliable approach to the

16、 management of the counterparty risks from clearing and trading members as well as other risks within the clearinghouses.Guiding Principle Three:Risk-Based Targeting of Regulatory ActivitiesIn order to make an optimal allocation of regulatory resources, SGX adopts a pragmatic risk-based approach. Su

17、pervisory activities focused on principles one and two are tailored according to risk profiles we develop for issuer sponsors and our member firms. The profiles are based on our assessment of their management systems and the risks inherent in their business models and products bearing in mind the re

18、sponsibilities of their own management to provide proper and thorough risk oversight of their business activities. SGX then allocates resources to those matters that it considers as posing the greatest risks the greatest risk to achieving a fair, orderly, and transparent market and safe and efficien

19、t clearing outcomes.Guiding Principle Four:Balanced Approach to International Best PracticeThe SGX market has strong international dimensions as reflected in its traded products, listed companies, market intermediaries and market users. In keeping with this, SGX aims to ensure that its rules and reg

20、ulatory activities are consistent with international best practice for exchanges such as issuers being able to use International Financial Reporting Standards. At the same time, in pursuing regulatory outcomes, SGX seeks to strike an appropriate balance between internationally recognised practices a

21、nd local needs and conditions. We do not adopt an unthinking mechanical approach and we focus on the substance rather than the form in the rules.Guiding Principle Five:TransparencySGX seeks to be open and transparent in all its regulatory operations to the extent consistent with its statutory obliga

22、tions and the public interest. In addition to statutorily mandated public consultations on rule amendments, SGX consults market users, where appropriate, on the proposed introduction of new products and initiatives. The SGX website publishes feedback received from market users on the public consulta

23、tions, has a public register of listing rule waivers, and publishes “grounds for decision” by Disciplinary Committees.Guiding Principle Six:SGX as a Frontline Regulator and Managing Regulatory ConflictMAS is the statutory regulator and has oversight over SGXs regulatory responsibilities. SGX perform

24、s a frontline regulatory role in maintaining fair, orderly, and transparent markets, as well as safe and efficient clearing facilities.SGX maintains a continuous dialogue with market users. This market proximity improves our understanding of the businesses of market users and the compliance issues t

25、hey face, enabling us to assess their compliance and to appropriately calibrate regulatory solutions and enforcement actions.SGX also maintains a close collaborative relationship with other regulatory and enforcement agencies such as the MAS, CAD and the Accounting and Corporate Regulatory Authority

26、 (ACRA) on matters such as regulatory policies, risk management, regulatory oversight, and enforcement actions.SGX is conscious that its dual role as both a frontline regulator and a commercial entity can create conflicts between its regulatory responsibilities and its commercial objectives (“regula

27、tory conflicts”). The Securities and Futures Act places a legal obligation on the Board and management of SGX to maintain effective governance arrangements for managing such conflicts. The arrangements include a Regulatory Conflicts Committee (“RCC”) of the Board, which ensures the adequacy and qual

28、ity of resources for SGXs regulatory functions, the robustness of the decision-making structure, and the supervision of processes for identifying and managing regulatory conflicts. For instance, all waivers of rule requirements granted by SGX as well as enforcement actions leading to Disciplinary Co

29、mmittee proceedings undertaken by it are disclosed to the public and/or to its members. This transparency assures due process in the making of SGXs regulatory decisions. The MAS exercises overall supervision of SGX and its management of regulatory conflicts.SGX believe that this conflict governance

30、model is the most appropriate for our markets at this time. However, we are committed to vigilance in reviewing the operation of the model and in adapting it appropriately in the light of experience and market developments.SGX AS A MARKET REGULATORSGX supervises the market from both the trading and

31、the clearing aspects. The Market Surveillance unit conducts surveillance of trading activities. The analysts monitor the securities and derivatives markets to detect unusual trading activities and prohibited trading practices or conduct, including insider trading and market manipulation.On the clear

32、ing side, the Risk Management unit monitors and manages SGXs counterparty risk exposure to clearing members for SGX trades.TradingSecurities MarketMarket Surveillance utilizes a real-time market surveillance system, which employs the latest technology to automatically alert analysts to irregular market behavior such as unusual price and volume movements.A Surveillance analyst who assesses whether public information such as company specific news, industry trends, or economic factors can explain the market activity handle