2013年-IMF国际货币组织全球_Singapore_Detailed_Assessment_of_Implementation_241页_1mb

Singapore: Detailed Assessment of Implementation of IOSCO Objectives and Principles of Securities Regulation

Core Content Overview

This document provides a detailed assessment of Singapore's implementation of the International Organization of Securities Commissions (IOSCO) Objectives and Principles of Securities Regulation, conducted as part of the IMF Financial Sector Assessment Program (FSAP) in 2013. It outlines the legal and regulatory framework, market structure, and key findings related to securities regulation in Singapore.

Main Findings

• High Compliance: Singapore generally complies well with IOSCO Principles, though some vulnerabilities exist that require attention.
• MAS as Supervisor: The Monetary Authority of Singapore (MAS) is the primary regulator of the financial services sector, including securities markets. It also serves as the central bank and is governed by the MAS Act.
• Legal Framework: The Securities and Futures Act (SFA) and Financial Advisors Act (FAA) form the core of the legal system for securities regulation. These laws provide MAS with the authority to issue exemptions and impose conditions.
• Market Structure: Singapore has three approved exchanges—SGX-ST, SGX-DT, and SMX—each operating as a self-regulatory organization (SRO). These exchanges support clearing and settlement facilities.
• Market Intermediaries: As of December 31, 2012, there were 1,110 supervised market intermediaries. These include Capital Markets Services licensees, Licensed Financial Advisers, and Exempt Fund Managers.
• Collective Investment Schemes (CIS): Singapore has a significant number of authorized and recognized CIS, with a total AUM of S$50.115 billion as of 2012. The number of CIS managed in Singapore is much smaller compared to discretionary funds.
• Market Activity: The equities and derivatives markets have shown fluctuating activity over the past five years, influenced by global economic conditions. The STI (Straits Times Index) reached a low in 2009 before recovering.
• Self-Regulation: Exchanges play a key role in self-regulation, and MAS collaborates with them to ensure market integrity and transparency.
• Foreign Participation: There are no restrictions on foreign firms operating in Singapore, and since 2006, all new licensees must incorporate in Singapore. They are subject to the same regulatory standards as local intermediaries.
• Enforcement: MAS has an outcomes-focused enforcement philosophy and maintains a reasonable success rate in cases it brings. It also provides transparency by publishing anonymized exemption lists quarterly.
• Consumer Protection: Singapore has a high level of investor protection, with strong accounting and auditing standards, and well-informed consumers.

Key Information and Data

Regulatory Structure

• MAS: The central bank and financial regulator, established under the MAS Act.
• Other Bodies: ACRA (Accounting and Corporate Regulatory Authority), ASC (Accounting Standards Council), and SIC (Securities Industry Council) have roles in financial regulation and oversight.

Market Intermediaries

• Total: 1,110 intermediaries supervised by MAS.
• Types:
  • Capital Markets Services licensees: 273
  • Licensed Financial Advisers: 62
  • Registered Fund Management Companies: 23
  • Exempt Fund Managers: 517
  • Banks and Insurers conducting capital markets services: 128
  • Exempt Corporate Finance advisers: 83
  • Other financial advisers: 24

Collective Investment Schemes

• Authorized CIS: Declined from 402 in 2007 to 310 in 2012.
• Recognized CIS: Increased from 546 in 2007 to 817 in 2012.
• Total CIS: 1,127 in 2012.
• AUM by Fund Types:
  • Money Market Funds (MMF): S$28,000 million
  • Equity Funds: S$14,136 million
  • Bonds/Fixed Income Funds: S$7,259 million
  • Others: S$5,029 million
• ETFs and REITs:
  • Total AUM of ETFs: S$5,037 million (as of 2012)
  • Total Market Capitalization of REITs: S$51,036 million (as of 2012)

Market Performance

• SGX-Catalist:
  • Trading Volume (2012): 87,142 million shares
  • Trading Value (2012): S$7,869 million
  • Market Capitalization (2012): S$6,782 million
  • Number of Listed Companies (2012): 139
• SGX-Mainboard:
  • Trading Volume (2012): 364,538 million shares
  • Trading Value (2012): S$307,314 million
  • Market Capitalization (2012): S$653,621 million
  • Number of Listed Companies (2012): 637
• SMX:
  • Turnover (2013): USD 12,124.48 million
  • Volume (2013): 281,058 lots

Recommendations

• Improving Implementation: The document outlines a recommended action plan to enhance compliance with IOSCO Principles, focusing on addressing identified vulnerabilities.
• Enhancing Oversight: Continued focus on ensuring that MAS remains informed about all market sectors, including hedge funds.
• Transparency and Enforcement: Strengthening enforcement mechanisms and maintaining transparency in regulatory decisions and exemptions.

Conclusion

Singapore has a robust and well-developed regulatory framework for securities markets, with strong enforcement practices and a commitment to aligning with global standards. While there are areas for improvement, the country's regulatory approach is comprehensive and reflects a balance between supervision and market development.