Speech by. Shane Tregillis Assistant Managing Director Monetary Authority of Singapore. for

Size: px
Start display at page:

Download "Speech by. Shane Tregillis Assistant Managing Director Monetary Authority of Singapore. for"

Transcription

1 Speech by Shane Tregillis Assistant Managing Director Monetary Authority of Singapore for Regional Seminar on Non-Bank Financial Institutions in East Asia Region Organised by the Thailand Securities and Exchange Commission 5 September 2002, 9.00 am Session 5: Policy and Regulatory Challenges for NBFIs in the Region

2 A Policy and Regulatory Challenges with Globalisation 1 There are many challenges for the regional markets and regulated exchanges in today s globalised environment. Dr Prasarn has asked that I touch on policy and regulatory responses to globalisation, including how transformation in our regulated stock and derivative exchanges relates to the conduct of capital market policy. 2 My colleagues on this panel have highlighted some challenges faced by smaller markets. In essence, globalisation means that exchanges can no longer solely depend on geographically or nationally defined catchment areas within which they provide a venue for local companies to raise funds and for investors to invest their savings. Instead, continued relevance increasingly demands that exchanges build critical mass in a variety of ways. 3 The most common strategies available for exchanges to respond to these developments include: creating scale via domestic consolidation of separate exchanges; cross-border linkages and alliances; developing new products; investing in technology to enhance their trading, clearing and settlement infrastructure; and attracting cross border listings in selected niches where some form of comparative advantage exists. 4 The reality in today s market place is that these strategies often need to be pursued simultaneously. In addition, the regulatory framework for newly demutualised markets needs to be updated to reflect the change in the status of exchanges and to address potential conflict of interests. 5 I will comment on these developments based on Singapore s experience over the last few years. In doing so it is important to note

3 the broad policy context in which these changes have taken place in Singapore. 6 Singapore s overall policy response to globalisation of the financial markets has been to progressively liberalise the financial sector with the aim of promoting Singapore as a sound and progressive international financial center. So our focus has not just been on reforms oriented towards the domestic market but also outwards to develop an international orientated financial market more generally. We have also taken steps to strengthen our regulatory and supervisory framework so that it remains robust in ensuring the soundness of the financial system. B Formation and Demutualisation of SGX 7 One of the most significant capital market initiatives was the formation of SGX as the first demutualised, integrated securities and derivatives exchange in the Asia-Pacific when it was inaugurated in December The merger of the markets was designed to enhance both the scale of the market and create synergies from combining the cash and derivatives markets 8 SGX subsequently undertook an IPO and listed on its Main Board in November As a listed entity, its structure allows for funding to be more efficiently and easily raised directly from the capital market. This gives the exchange financial capacity to make substantial long-term strategic investments and creates the possibility of equity alliances with like-minded partners. 9 The demutualisation and listing of the exchange means that its share value and dividends today are better able to reflect the market s appraisal of its performance, earnings and prospects. In this sense, it is

4 no different from any other listed company that is subject to market valuation and discipline. This ensures that shareholders and management pursue operational efficiencies and seek competitive advantages. 10 Howeve r, it is this pursuit of its own interests as a for-profit commercial entity that gives rise to concerns whether it will reduce its commitment and resources to meet its regulatory responsibilities and on whether its commercial orientation will impact upon its important role in overall capital market development in Singapore. 11 In short, our response is that we consider that it is in the interests of the exchange to ensure good regulation and confidence in the integrity of its marketplace, and at the same time it is in the interests of the overall development of Singapore's capital markets generally for SGX to be purse commercial opportunities for new products, new listings and strategic alliances. Let me expand briefly on each of these issues. C Exchanges a nd Regulation 12 On the regulatory front SGX retains the frontline responsibility for regulating its markets. However, MAS has put in place several measures to address the potential conflicts that might arise. 13 First, MAS assumed the role of the listing authority for SGX's own listing and monitors continuous disclosure requirements while conducting surveillance of trading in SGX's shares. 14 Second, MAS has expanded its supervisory and enforcement functions to oversee SGX s front-line supervisory duties and to act as a backstop, if necessary. In this regard, MAS and SGX have recently each acquired

5 a new market surveillance system. While SGX is the primary operator of the system, terminals allow MAS also to review market activity. 15 Third, the regulator has been given the power by legislation to issue directives to SGX to resolve any conflicts of interest arising from its selflisting. The principle here is to ensure the regulator retains the means to ensure fair and orderly markets and management of systemic risks, without unduly constraining the exchange in its commercial operations. 16 SGX itself recognises the potential for conflict in its commercial interests and responsibilities as a self-regulatory organisation. It has established a Conflicts Committee following from its Deed of Undertaking to MAS at the time of its listing. The SGX Board with MAS as the approving authority appoints the Committee. Its role is to consider possible conflicts of interest that may arise from the listing and quotation of SGX shares. 17 As the statutory regulator, MAS also administers the corpus of statutory laws regulating the capital markets. It has oversight over SGX's regulatory functions to assure that SGX is performing its regulatory functions competently and responsibly, and that there are no gaps in the overall regulatory framework. 18 We have also updated the legislative framework for the regulation of markets and clearing houses. The Securities and Futures Act ( SFA ) was passed by Parliament in October 2001 enhances the legal and regulatory framework for securities clearing and settlement facilities in Singapore. For example, it provides MAS with the powers to approve and regulate clearing -houses.

6 19 In addition, the financial stability of a clearing house s operations is now more directly addressed in the Act by expressly giving primacy to the default rules of the clearing house over the general laws of insolvency. This means that the insolvency of a member will not disrupt the clearing and settlement of trades that have already been executed. By doing so, participants that utilise the clearing house s services are given greater assurance that their obligations will be fully met. This is a critical aspect for the sound functioning of a securities settlement system. 20 We have recently implemented a more integrated exchange oversight program designed to more systematically assess that SGX is continuing to meet it licensing obligations both for its market and clearing activities and that it is carrying out its regulatory responsibilities. D The Role of Exchanges in Capital Market Development 21 As well as their regulatory responsibilities, exchanges often form a key part of the domestic capital market infrastructure. Issues of ownership and control therefore become important considerations. Shareholder limitations are one measure put in place in a number of jurisdictions. 22 In Singapore, the Act requires that MAS approval be obtained for individual shareholdings in SGX that exceed 5%. Such approval may then be given subject to conditions that may include requiring further approvals for subsequent increases in shareholding above specified limits. The policy here is not to impose a ban on substantial stakes of 5% or more in SGX. Indeed, the intention is to allow investors who are inte rested in promoting SGX's growth and development to acquire a strategic stake in SGX.

7 23 MAS is also open to approval of fund managers that seek to exceed the 5% shareholding level arising from portfolio investments. This recognises their role as key institutional players who, as shareholders, add to the diverse shareholder base with an interest in SGX's business. MAS will therefore, and has, approved applications by fund managers to hold SGX's shares beyond the 5% limit. A fund manager would not, however, ordinarily be represented on the SGX Board because of their holdings unless it has a substantive, strategic relationship with the exchange. E Exchange Mergers and Alliances 24 Small scale is a feature of most exchanges in the region. I have noted above that domestic consolidation, as occurred in Singapore, is one way to respond to this issue. But even the merged entities remain relatively small by world standards. Accordingly, the issue of mergers and alliances remains high on the agenda for many exchanges with the aim of achieving economies of scale and deepening liquidity pools. 25 The Singapore Exchange and the Australian Stock Exchange launched the world's first co-trading linkage in December last year. The link facilitates trading of SGX-quoted securities by Australian investors, and of ASX-quoted securities by Singaporean investors. Under the arrangement, orders are matched in the home market s order book that effectively pools, rather than segregates, liquidity originating from both markets. 26 Meanwhile, the SGX and the Tokyo Stock Exchange have also entered into a Heads of Agreement in October 2001 to explore co-operation in both the cash and derivatives markets. As with the linkage project with

8 ASX, this is the first step towards collaboration in the fo rm either of a trading linkage or product development. 27 While there are many practical barriers that make successful exchange linkages difficult and commercial returns may not occur in the short term, a focus on linkages and alliances remains an important imperative for securities exchanges in this region as is the case elsewhere. F New Products and Services 28 At the same time as they are exploring ways to increase scale many exchanges are looking to increase the range of products and services they offer. Again it is not easy to find new products that will result in significant trading volumes in short time frames. New products often take time to grow and even then not all those that are introduced will necessarily succeed. 29 The SGX has introduced a number of new products in the past year. These include: Exchange Traded Funds the first local ETF in April 2002, based on the Straits Times Index that is widely followed domestically. A 5-year Singapore Government Bond Futures contract in Jun 2001 to complement the growing Singapore Government Securities ( SGS ) market. The futures contract allows dealers to hedge their positions in SGS, thereby benefiting both the derivatives and government bond markets. Single Stock Futures contracts based on Singapore stocks were launched in Oct In time, this may generate synergies and

9 hedging opportunities made more effective with the introduction of a Securities Lending facility in January 2002 by the Singapore Central Depository. 30 The Securities Lending facility provides brokers with a cost efficient access to a significant pool of securities and enables brokers to offer securities lending services to their customers. As brokers access to a lendable pool of securities is enhanced, this should facilitate the establishment of an equity options market that represents another product line. Initial borrowing activity has been modest, partially due to the fact that the initial phase of the SBL facility involves setting the borrowing period at 3 days with loan rollover options. In the coming months, this will be extended with negotiable lending periods and rates. 31 Time alone will tell which of these and other new product initiatives will succeed and generate significant ongoing trading interest. G New Listings and Technology Upgrades 32 Notwithstanding the impetus to introduce value-added products and services to the market, company listings continue to form the core business of equities markets. Many exchanges are looking overseas and in some cases targeting a focused group of companies with the appropriate capitalisation and profile that fits that individual exchanges niche market. 33 Exchanges also have to focus on significant technology enhancement for their operations. Another reason why size and scale remain important as this technology often involves significant capital outlays with uncertain returns in the short term.

10 34 In Singapore, SGX has embarked on initiatives to improve its infrastructure in a major move towards open architecture with the use of new systems. At the front-end, this includes the enhancement of its global distribution and connectivity with the launch of an open access SGX Access trading interface based on a global financial messaging interface standard. This gives broking members the option of utilising their own client management systems and provides value-added services that are otherwise constrained by features on the older proprietary system. 35 A corresponding project is underway to enhance the clearing and settlement structure to implement a straight-through-processing environment for Singapore s securities market. This involves the development of a Central Pre-matching Engine with participants implementing a common Participant Access Module that provides automated updates on the progress at each stage of trade settlement. This will provide more timely risk management information to participants and also enhances efficiency in post-trade processing of transactions through the reduction of manual intervention. H Conclusion 36 It can be seen from this quick run through that capital markets and exchanges are facing many challenges on many fronts. This is the case even for the more established exchanges in this region and elsewhere. No single response is adequate and exchanges are being forced to respond across a range of dimensions to create sufficient scale, offer new viable and attractive trading products and other services, enhance their underlying technological platforms and compete for new listings. But it is clear that they must do all of these things to continue to remain relevant in today s increasingly global world.

11 37 In Singapore we have put in place a regulatory framework designed to ensure high standards of market integrity and an appropriate division of responsibility between the exchange and the statutory regulator. No doubt this will continue to evolve over time. At the same time we support SGX efforts to develop new products and attract new listings as important elements in Singapore s efforts to develop its capital markets. 38 In these endeavours we see the private incentives of a for-profit exchange and the public good as being mutually reinforcing.

Market demutualisation and privatisation: The Australian experience

Market demutualisation and privatisation: The Australian experience Market demutualisation and privatisation: The Australian experience An address by Jeffrey Lucy AM FCA Chairman Australian Securities and Investments Commission (ASIC) To International Organisation of Securities

More information

Demutualization and Privatisation

Demutualization and Privatisation Public Documents of the XXVI th Annual Conference of the International Organization of Securitie s Commissions ( IOSCO) 23-29 June, 2001, Stockholm, Sweden Plenary 5 Demutualization and Privatisation 18.

More information

MARKET DEMUTUALISATION AND CROSS BORDER ALLIANCES: THE AUSTRALIAN EXPERIENCE

MARKET DEMUTUALISATION AND CROSS BORDER ALLIANCES: THE AUSTRALIAN EXPERIENCE A S I C Australian Securities & Investments Commission MARKET DEMUTUALISATION AND CROSS BORDER ALLIANCES: THE AUSTRALIAN EXPERIENCE Jillian Segal Deputy Chair Australian Securities and Investments Commission

More information

Capital Market Integration and Stock Exchange Consolidation in the Asia-Pacific

Capital Market Integration and Stock Exchange Consolidation in the Asia-Pacific Joint Statement Asian Shadow Financial Regulatory Committee and Australia-New Zealand Shadow Financial Regulatory Committee Queenstown, New Zealand 6 April, 2011 * Capital Market Integration and Stock

More information

SUBMISSION BY THE AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

SUBMISSION BY THE AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION SUBMISSION BY THE AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION Executive Summary ASIC has responsibility for the regulation of securities and some derivatives markets in Australia. These markets are

More information

Singapore Exchange Limited and ASX alliance agreement

Singapore Exchange Limited and ASX alliance agreement CONSULTATION PAPER 27 Singapore Exchange Limited and ASX alliance agreement October 2001 ASX-SGX MARKET LINKAGE PROJECT PUBLIC CONSULTATION PAPER Contents Page No. 1. Introduction 3 2. Summary of the Exchange

More information

Strengthening APRA s Crisis Management Powers. ASX Submission

Strengthening APRA s Crisis Management Powers. ASX Submission Strengthening APRA s Crisis Management Powers ASX Submission 14 December 2012 Contents Executive Summary... 3 1. ASX supports a statutory management regime for FMIs which applies to overseas and domestic

More information

亞 洲 資 本 市 場 的 合 作 契 機 與 挑 戰 Capital Market Cooperation in Asia: To Do, or Not to Do

亞 洲 資 本 市 場 的 合 作 契 機 與 挑 戰 Capital Market Cooperation in Asia: To Do, or Not to Do 亞 洲 資 本 市 場 的 合 作 契 機 與 挑 戰 Capital Market Cooperation in Asia: To Do, or Not to Do 薛 琦 Dr. Chi Schive The 28 th Asian Securities Forum, Taipei 2013.10.25 Agenda 0. Prelude: How Capital Markets Cooperate?

More information

Listing Agents and Corporate Advisers

Listing Agents and Corporate Advisers Listing Agents and Corporate Advisers GUIDE TO BECOMING A LISTING AGENT OR CORPORATE ADVISER The Cayman Islands Stock Exchange P.O. Box 2408GT Grand Cayman Cayman Islands Telephone: +1 345 945 6060 Email:

More information

MAS ROLES AND RESPONSIBILITIES SECURITIES CLEARING AND SETTLEMENT SYSTEMS IN RELATION TO IN SINGAPORE

MAS ROLES AND RESPONSIBILITIES SECURITIES CLEARING AND SETTLEMENT SYSTEMS IN RELATION TO IN SINGAPORE MAS ROLES AND RESPONSIBILITIES IN RELATION TO SECURITIES CLEARING AND SETTLEMENT SYSTEMS IN SINGAPORE Monetary Authority of Singapore August 2004 Revised version (1.1) MAS ROLES AND RESPONSIBILITIES IN

More information

COMMISSION STAFF WORKING PAPER EXECUTIVE SUMMARY OF THE IMPACT ASSESSMENT. Accompanying the document. Proposal for a

COMMISSION STAFF WORKING PAPER EXECUTIVE SUMMARY OF THE IMPACT ASSESSMENT. Accompanying the document. Proposal for a EUROPEAN COMMISSION Brussels, XXX SEC(2011) 1227 COMMISSION STAFF WORKING PAPER EXECUTIVE SUMMARY OF THE IMPACT ASSESSMENT Accompanying the document Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT

More information

(Legislative acts) REGULATIONS

(Legislative acts) REGULATIONS 24.3.2012 Official Journal of the European Union L 86/1 I (Legislative acts) REGULATIONS REGULATION (EU) No 236/2012 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 14 March 2012 on short selling and

More information

SECTOR ASSESSMENT (SUMMARY): FINANCE 1. 1. Sector Performance, Problems, and Opportunities

SECTOR ASSESSMENT (SUMMARY): FINANCE 1. 1. Sector Performance, Problems, and Opportunities Country Partnership Strategy: Bangladesh, 2011 2015 SECTOR ASSESSMENT (SUMMARY): FINANCE 1 Sector Road Map 1. Sector Performance, Problems, and Opportunities 1. The finance sector in Bangladesh is diverse,

More information

Designator author. Selection and Execution Policy

Designator author. Selection and Execution Policy Designator author Selection and Execution Policy Contents 1. Context 2 2. Best selection and best execution policy 3 2.1. Selection and evaluation of financial intermediaries 3 2.1.1. Agreement by the

More information

Deutsche Bank Global Transaction Banking. Securities Services. Overview

Deutsche Bank Global Transaction Banking. Securities Services. Overview Deutsche Bank Global Transaction Banking Direct Securities Services Securities Services Overview Finding the right custodian with a long-term commitment to supporting its clients business is critical for

More information

COMMISSION STAFF WORKING DOCUMENT SUMMARY OF THE IMPACT ASSESSMENT. Accompanying the document

COMMISSION STAFF WORKING DOCUMENT SUMMARY OF THE IMPACT ASSESSMENT. Accompanying the document EUROPEAN COMMISSION Brussels, 7.3.2012 SWD(2012) 23 final COMMISSION STAFF WORKING DOCUMENT SUMMARY OF THE IMPACT ASSESSMENT Accompanying the document Proposal for a Regulation of the European Parliament

More information

Tel (03) 9282-1239 Fax (03)9282-1241 www.aciia.asia ACIIA ADVOCACY PROJECT ASIAN STOCK EXCHANGE PERSPECTIVES ON INTERNAL AUDIT

Tel (03) 9282-1239 Fax (03)9282-1241 www.aciia.asia ACIIA ADVOCACY PROJECT ASIAN STOCK EXCHANGE PERSPECTIVES ON INTERNAL AUDIT Tel (03) 9282-1239 Fax (03)9282-1241 www.aciia.asia ACIIA ADVOCACY PROJECT ASIAN STOCK EXCHANGE PERSPECTIVES ON INTERNAL AUDIT APRIL 2015 TABLE OF CONTENTS A. Introduction 1 B. Scope and Methodology 2

More information

Review of Operations (Financial figures are expressed in Hong Kong dollars)

Review of Operations (Financial figures are expressed in Hong Kong dollars) (Financial figures are expressed in Hong Kong dollars) Results for the Six Months Ended 30 June 2002 Hong Kong Exchanges and Clearing Limited (HKEx) reported unaudited net profits for the six months ended

More information

The Changing Landscape of Securities Trading

The Changing Landscape of Securities Trading Financial System Review December 2007 The Changing Landscape of Securities Trading Éric Chouinard T he competitive landscape for securities trading is being affected by two opposing trends: on the one

More information

DRAFT. Corporate Governance Principles for Caribbean Countries

DRAFT. Corporate Governance Principles for Caribbean Countries DRAFT Corporate Governance Principles for Caribbean Countries Corporate Governance Principles for Caribbean Countries Preamble The Core principles are aimed at improving the legal, institutional and regulatory

More information

TITLE VIII PAYMENT, CLEARING AND SETTLEMENT SUPERVISION

TITLE VIII PAYMENT, CLEARING AND SETTLEMENT SUPERVISION 1 0 1 TITLE VIII PAYMENT, CLEARING AND SETTLEMENT SUPERVISION SEC. 01. SHORT TITLE. This title may be cited as the Payment, Clearing, and Settlement Supervision Act of 00. SEC. 0. FINDINGS AND PURPOSES.

More information

Vermont Department of Financial Regulation. Together...Working for Vermont

Vermont Department of Financial Regulation. Together...Working for Vermont Vermont Department of Financial Regulation Together...Working for Vermont PROTECTS, LICENSES, AND REGULATES T he Department of Financial Regulation (DFR) is a state agency that touches the lives of every

More information

Developing Securities Markets in East Africa: Challenging, but Well Worth the Effort

Developing Securities Markets in East Africa: Challenging, but Well Worth the Effort NOVEMBER 2010 ABOUT THE AUTHORS GRACE KIBUTHU (gkibuthu@ifc.org) is an Associate Operations Officer for Global Capital Markets Development, based in Nairobi, Kenya. Prior to joining IFC, she worked for

More information

Euroclear plc. Dedicated to the stability and development of the capital markets

Euroclear plc. Dedicated to the stability and development of the capital markets plc Dedicated to the stability and development of the capital markets Our business s DNA is the financial industry s trusted provider of post-trade services. At the core, provides settlement, safekeeping

More information

SECURITIES LENDING: AN INTRODUCTORY GUIDE EUROPEANREPOCOUNCIL

SECURITIES LENDING: AN INTRODUCTORY GUIDE EUROPEANREPOCOUNCIL SECURITIES LENDING: AN INTRODUCTORY GUIDE EUROPEANREPOCOUNCIL SEPTEMBER 2010 This guide is a simple introduction to securities lending for anyone seeking a basic understanding of it (such as pension fund

More information

SUMMARY PROGRAM IMPACT ASSESSMENT

SUMMARY PROGRAM IMPACT ASSESSMENT Third Financial Sector Program, Subprogram 2 (RRP VIE 37577) SUMMARY PROGRAM IMPACT ASSESSMENT I. Introduction 1. This program impact analysis (PIA) documents the formulation of the Financial Sector Program

More information

Council of Financial Regulators: Review of Financial Market Infrastructure Regulation

Council of Financial Regulators: Review of Financial Market Infrastructure Regulation 1 December 2011 Manager, Financial Markets Unit Corporations and Capital Markets Division The Treasury Langton Crescent PARKES ACT 2600 By email: CFR-Review-FMI@treasury.gov.au Dear Treasury Council of

More information

Speech Speech by SFST at Hong Kong Investment Funds Association 9th Annual Conference (English only) Friday, October 30, 2015

Speech Speech by SFST at Hong Kong Investment Funds Association 9th Annual Conference (English only) Friday, October 30, 2015 Speech Speech by SFST at Hong Kong Investment Funds Association 9th Annual Conference (English only) Friday, October 30, 2015 Following is the speech by the Secretary for Financial Services and the Treasury,

More information

Review of Competition in Clearing Australian Cash Equities

Review of Competition in Clearing Australian Cash Equities Review of Competition in Clearing Australian Cash Equities A Consultation Paper by the Council of Financial Regulators February 2015 Australian Prudential Regulation Authority, Australian Securities and

More information

SECURITIES AND FUTURES ACT (CAP. 289)

SECURITIES AND FUTURES ACT (CAP. 289) Monetary Authority of Singapore SECURITIES AND FUTURES ACT (CAP. 289) COMPLIANCE WITH PRINCIPLES FOR FINANCIAL MARKET INFRASTRUCTURES FREQUENTLY ASKED QUESTIONS Disclaimer: These FAQs are meant to provide

More information

Information. Canada s Life and Health Insurers. Canada s Financial Services Sector. Overview

Information. Canada s Life and Health Insurers. Canada s Financial Services Sector. Overview Information Canada s Life and Health Insurers Canada s Financial Services Sector September 2002 Overview Canada s life and health insurance industry comprises 120 firms, down from 163 companies in 1990,

More information

Euroclear UK & Ireland. Becoming a client. What you need to know about the CREST system and how to become a member

Euroclear UK & Ireland. Becoming a client. What you need to know about the CREST system and how to become a member What you need to know about the CREST system and how to become a member Why become a client of? 1 Who can become a client of? 2 How to become a client of 3 How does the CREST system work? 5 Tariff 9 Further

More information

APEC. September 2007 Health Task Force

APEC. September 2007 Health Task Force APEC September 2007 Health Task Force 1 Functioning Economies in Times of Pandemic APEC Guidelines. The World Health Organization has reported that the world is moving closer to an influenza pandemic.

More information

Securities markets regulators in transition

Securities markets regulators in transition Securities markets regulators in transition Below is a list of the securities regulators, in the EBRD region with summaries of their objectives and competencies (plus links to the website): [Note: If you

More information

CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS

CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1. INTRODUCTION CORPORATE MEMBERS OF LIMITED LIABILITY PARTNERSHIPS 1.1 This note, prepared on behalf of the Company Law Committee of the City of London Law Society ( CLLS ), relates to BIS request for

More information

Disclosure 17 OffV (Credit Risk Mitigation Techniques)

Disclosure 17 OffV (Credit Risk Mitigation Techniques) Disclosure 17 OffV (Credit Risk Mitigation Techniques) The Austrian Financial Market Authority (FMA) and the Oesterreichsiche Nationalbank (OeNB) have assessed UniCredit Bank Austria AG for the use of

More information

The Bermuda Stock Exchange

The Bermuda Stock Exchange The Bermuda Stock Exchange Foreword This Memorandum has been prepared for the assistance of anyone who requires information about the Bermuda Stock Exchange. It deals in broad terms with the Bermuda Stock

More information

Guidelines on preparation for and management of a financial crisis

Guidelines on preparation for and management of a financial crisis CEIOPS-DOC-15/09 26 March 2009 Guidelines on preparation for and management of a financial crisis in the Context of Supplementary Supervision as defined by the Insurance Groups Directive (98/78/EC) and

More information

GUIDE TO INVESTMENT FUNDS IN BERMUDA

GUIDE TO INVESTMENT FUNDS IN BERMUDA GUIDE TO INVESTMENT FUNDS IN BERMUDA CONTENTS PREFACE 1 1. Introduction 2 2. Principal Regulatory Framework 2 3. Investment Fund Structures and Forms 4 4. Segregated Accounts Companies and the Segregation

More information

International Securities Exchange Proposal for. Regulatory Reform for the U.S. Financial Markets

International Securities Exchange Proposal for. Regulatory Reform for the U.S. Financial Markets International Securities Exchange Proposal for Regulatory Reform for the U.S. Financial Markets March 2009 Introduction The International Securities Exchange (ISE) operates the world s largest equity options

More information

services system Reports Act 1988 (Cth) Australia has a sophisticated and stable banking and financial services system.

services system Reports Act 1988 (Cth) Australia has a sophisticated and stable banking and financial services system. FINANCIAL SERVICES Australia has a sophisticated and stable banking and financial services system Australia has a sophisticated and stable banking and financial services system. The banking system is prudentially

More information

Responsible Investment: Environmental, Social & Corporate Governance Policy

Responsible Investment: Environmental, Social & Corporate Governance Policy Responsible Investment: Environmental, Social & Corporate Governance Policy July 2015 Page # Issued by FSS Trustee Corporation ABN 11 118 202 672 AFSL 293340 Contents Section 1 : Introduction and Background

More information

Assessment of Monte Titoli s observance of the ESCB-CESR Recommendations for Securities Settlement Systems

Assessment of Monte Titoli s observance of the ESCB-CESR Recommendations for Securities Settlement Systems Assessment of Monte Titoli s observance of the ESCB-CESR Recommendations for Securities Settlement Systems Premise Monte Titoli is Italy s central securities depository (CSD). It manages the securities

More information

Attachment - UK Fair and Effective Markets Review

Attachment - UK Fair and Effective Markets Review Attachment - UK Fair and Effective Markets Review What does Fair and Effective mean for FICC markets? Question Q1: The Review would welcome respondents views on the definition of fair and effective FICC

More information

REFORM OF THE LAW RELATING TO FUTURES EXCHANGES AND CLEARING AND SETTLEMENT SYSTEMS

REFORM OF THE LAW RELATING TO FUTURES EXCHANGES AND CLEARING AND SETTLEMENT SYSTEMS OFFICE OF THE MINISTER OF COMMERCE The Chair CABINET POLICY COMMITTEE REFORM OF THE LAW RELATING TO FUTURES EXCHANGES AND CLEARING AND SETTLEMENT SYSTEMS PROPOSAL 1 I seek the agreement of this committee

More information

Governance Guideline SEPTEMBER 2013 BC CREDIT UNIONS. www.fic.gov.bc.ca

Governance Guideline SEPTEMBER 2013 BC CREDIT UNIONS. www.fic.gov.bc.ca Governance Guideline SEPTEMBER 2013 BC CREDIT UNIONS www.fic.gov.bc.ca INTRODUCTION The Financial Institutions Commission 1 (FICOM) holds the Board of Directors 2 (board) accountable for the stewardship

More information

CROSS-BORDER ACCESS PLATFORM. Mainland Investors. International Investors. Equity. Commodities FIC. Mainland Products. International Products

CROSS-BORDER ACCESS PLATFORM. Mainland Investors. International Investors. Equity. Commodities FIC. Mainland Products. International Products 1 OVERVIEW Hong Kong is entering a new phase as a leading international financial centre. The scale and depth of the world s interaction with Mainland China s markets and investors are being transformed

More information

RISK DISCLOSURE STATEMENT

RISK DISCLOSURE STATEMENT RISK DISCLOSURE STATEMENT You should note that there are significant risks inherent in investing in certain financial instruments and in certain markets. Investment in derivatives, futures, options and

More information

The Investment Services Directive a New Basis for Securities Trading in Europe

The Investment Services Directive a New Basis for Securities Trading in Europe 77 The Investment Services Directive a New Basis for Securities Trading in Europe Birgitte Bundgaard and Anne Reinhold Pedersen, Financial Markets INTRODUCTION On 7 October 2003 the Council of Ministers

More information

15 February 2012. Elizabeth M. Murphy Secretary Securities and Exchange Commission 100 F Street, NE Washington, DC 20549-1090

15 February 2012. Elizabeth M. Murphy Secretary Securities and Exchange Commission 100 F Street, NE Washington, DC 20549-1090 Elizabeth M. Murphy Secretary Securities and Exchange Commission 100 F Street, NE Washington, DC 20549-1090 Re: Prohibitions and Restrictions on Proprietary Trading and Certain Interests in, and Relationships

More information

CHAPTER 6 INSTITUTIONAL FRAMEWORK

CHAPTER 6 INSTITUTIONAL FRAMEWORK CHAPTER 6 INSTITUTIONAL FRAMEWORK SUPERVISORY STRUCTURE FOR THE VOLUNTARY HEALTH INSURANCE SCHEME 6.1. We propose to put in place a governing framework for overseeing the implementation of the Voluntary

More information

Presented by. Oscar Onyema, CEO. for. M & A: Recapitalizing the Stockbroking Industry Workshop. Lagos, Nigeria September 18, 2014

Presented by. Oscar Onyema, CEO. for. M & A: Recapitalizing the Stockbroking Industry Workshop. Lagos, Nigeria September 18, 2014 Click to edit Master title style PRESENTATION TO AIHN: Benefits of a Consolidated Stockbroking Industry Presented by Oscar Onyema, CEO for M & A: Recapitalizing the Stockbroking Industry Workshop Lagos,

More information

Risk Concentrations Principles

Risk Concentrations Principles Risk Concentrations Principles THE JOINT FORUM BASEL COMMITTEE ON BANKING SUPERVISION INTERNATIONAL ORGANIZATION OF SECURITIES COMMISSIONS INTERNATIONAL ASSOCIATION OF INSURANCE SUPERVISORS Basel December

More information

Cayman and Singapore: Still an attractive combination

Cayman and Singapore: Still an attractive combination BERMUDA BRITISH VIRGIN ISLANDS CAYMAN ISLANDS CYPRUS DUBAI HONG KONG LONDON MAURITIUS MOSCOW SÃO PAULO SINGAPORE conyersdill.com March 2012 Cayman and Singapore: Still an attractive combination Singapore

More information

Revised May 2007. Corporate Governance Guideline

Revised May 2007. Corporate Governance Guideline Revised May 2007 Corporate Governance Guideline Table of Contents 1. INTRODUCTION 1 2. PURPOSES OF GUIDELINE 1 3. APPLICATION AND SCOPE 2 4. DEFINITIONS OF KEY TERMS 2 5. FRAMEWORK USED BY CENTRAL BANK

More information

EFAMA s response to the FSB s consultation on the proposed application of numerical haircut floors to non bank to non bank transactions

EFAMA s response to the FSB s consultation on the proposed application of numerical haircut floors to non bank to non bank transactions EFAMA s response to the FSB s consultation on the proposed application of numerical haircut floors to non bank to non bank transactions EFAMA is the representative association for the European investment

More information

IIROC s Regulatory Agenda: Market and Dealer Regulation

IIROC s Regulatory Agenda: Market and Dealer Regulation The Canadian Institute s 21 st Annual Securities Superconference Securities Regulation & Compliance Navigating New Rules across Canada and the U.S. IIROC s Regulatory Agenda: Market and Dealer Regulation

More information

Sydney Wyde Mortgage Fund ARSN 108 342 123

Sydney Wyde Mortgage Fund ARSN 108 342 123 Sydney Wyde Mortgage Fund ARSN 108 342 123 Benchmarks and Disclosure Principles Report for ASIC Regulatory Guide 45 as at 30 June 2015 The following report describes each of the benchmarks and disclosure

More information

Mutual Fund Directors

Mutual Fund Directors ICI Investor Awareness Series Understanding the Role of Mutual Fund Directors INVESTMENT COMPANY INSTITUTE Understanding the Role of Mutual Fund Directors Protecting Investors...........................................3

More information

GUIDELINES ON DEALINGS IN UNLISTED DEBT SECURITIES BY UNIVERSAL BROKERS

GUIDELINES ON DEALINGS IN UNLISTED DEBT SECURITIES BY UNIVERSAL BROKERS GUIDELINES ON DEALINGS IN UNLISTED DEBT SECURITIES BY UNIVERSAL BROKERS 1. INTRODUCTION 1.1 These Guidelines seek to provide guidance to universal brokers as to the various rules, codes and criteria which

More information

Application Processing Monitoring the processing of the application with the regulator, and liaising with the parties involved

Application Processing Monitoring the processing of the application with the regulator, and liaising with the parties involved Investment Funds The use of foreign companies for investment fund activities is a widely spread practice amongst international investors. Abacus offers a comprehensive solution for investment funds and

More information

Supplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP)

Supplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP) Supplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP) Directive Name Directive No. Deadline Implementation of the Settlement Finality Directive 1998/26/EC

More information

Report of the Alternative Investment Expert Group: Developing European Private Equity

Report of the Alternative Investment Expert Group: Developing European Private Equity Report of the Alternative Investment Expert Group: Developing European Private Equity Response from The Association of Investment Trust Companies The Association of Investment Trust Companies (AITC) welcomes

More information

Understanding a Firm s Different Financing Options. A Closer Look at Equity vs. Debt

Understanding a Firm s Different Financing Options. A Closer Look at Equity vs. Debt Understanding a Firm s Different Financing Options A Closer Look at Equity vs. Debt Financing Options: A Closer Look at Equity vs. Debt Business owners who seek financing face a fundamental choice: should

More information

EMERGING INVESTMENT PRODUCTS AND THEIR REGULATORY CHALLENGES

EMERGING INVESTMENT PRODUCTS AND THEIR REGULATORY CHALLENGES 2007 FAS ANNUAL CONFERENCE FAIRMONT CHATEAU MONTEBELLO SEPTEMBER 27 30, 2007 EMERGING INVESTMENT PRODUCTS AND THEIR REGULATORY CHALLENGES Louis Piergeti Vice President, Financial Compliance IDA 1 Emerging

More information

Substantive Requirements for a Registered Investment Adviser under the U.S. Investment Advisers Act of 1940

Substantive Requirements for a Registered Investment Adviser under the U.S. Investment Advisers Act of 1940 Substantive Requirements for a Registered Investment Adviser under the U.S. Investment Advisers Act of 1940 Alternative investment fund managers and other investment advisory firms that are registered

More information

Application for a Banking Authority Foreign Bank Branches Prudential Statement J2

Application for a Banking Authority Foreign Bank Branches Prudential Statement J2 Application for a Banking Authority Foreign Bank Branches Prudential Statement J2 PS J2 Introduction 1. A foreign bank wishing to operate as a branch in Australia must obtain a banking authority issued

More information

Financial Services Guide

Financial Services Guide Financial Services Guide Phillip Capital Limited AFSL No. 246827 - ABN 14 002 918 247 Phillip Capital Trading Pty Ltd AFSL No. 246796 - ABN 68 066 066 911 (together Phillip Capital ) Purpose of the Financial

More information

Work-in-Progress: A National Legal Profession for Australia and the Slater & Gordon Experience*

Work-in-Progress: A National Legal Profession for Australia and the Slater & Gordon Experience* Work-in-Progress: A National Legal Profession for Australia and the Slater & Gordon Experience* ANDREW GRECH & KIRSTEN MORRISON** On 21 May 2007, Slater & Gordon became the first law firm in the world

More information

VISION OF THE FUTURE NATIONAL PAYMENT SYSTEMS

VISION OF THE FUTURE NATIONAL PAYMENT SYSTEMS BANK OF JAMAICA (BOJ) VISION OF THE FUTURE NATIONAL PAYMENT SYSTEMS EXECUTIVE SUMMARY MARCH 2006 EXECUTIVE SUMMARY 1. The Bank of Jamaica (BOJ) has embarked on a process of payment system reform to enhance

More information

Guiding principles on the temporary funding needed to support the orderly resolution of a global systemically important bank ( G-SIB )

Guiding principles on the temporary funding needed to support the orderly resolution of a global systemically important bank ( G-SIB ) Guiding principles on the temporary funding needed to support the orderly resolution of a global systemically important bank ( G-SIB ) Consultative Document 3 November 2015 ii The Financial Stability Board

More information

CICERO BRIEFING: MONETARY AUTHORITY OF SINGAPORE REVIEWS REGULATION OF THE DERIVATIVES MARKET IN SINGAPORE

CICERO BRIEFING: MONETARY AUTHORITY OF SINGAPORE REVIEWS REGULATION OF THE DERIVATIVES MARKET IN SINGAPORE CICERO BRIEFING: MONETARY AUTHORITY OF SINGAPORE REVIEWS REGULATION OF THE DERIVATIVES MARKET IN SINGAPORE Introduction On February 13 the Monetary Authority of Singapore announced it is conducting a review

More information

Trends in the Global Capital Markets Industry: Sell-Side Firms

Trends in the Global Capital Markets Industry: Sell-Side Firms What you need to know CAPITAL MARKETS Trends in the Global Capital Markets Industry: Sell-Side Firms Key emerging trends across sell-side firms and their implications on the global capital markets industry

More information

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B

Series of Shares B, B-6, E, F, F-6, O B, E, F, O O A, B No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. The Funds and their securities offered under this Annual Information Form are

More information

Consultation Document: Review of the Treatment of Charitable and Religious Organisations under the Non-bank Deposit Takers Regime

Consultation Document: Review of the Treatment of Charitable and Religious Organisations under the Non-bank Deposit Takers Regime Consultation Document: Review of the Treatment of Charitable and Religious Organisations under the Non-bank Deposit Takers Regime The Reserve Bank invites submissions on this consultation document by 5pm

More information

A Guide to the QFC. Collective Investment Schemes Regime

A Guide to the QFC. Collective Investment Schemes Regime A Guide to the QFC Collective Investment Schemes Regime Disclaimer The goal of the Qatar Financial Centre Regulatory Authority (Regulatory Authority) in producing this document is to provide a guide to

More information

ESMA Discussion Paper on Central Securities Depositories Regulation

ESMA Discussion Paper on Central Securities Depositories Regulation European Securities Markets Authority 103, rue de Grenelle 75007 Paris 22 May 2014 Submitted via online form RE: ESMA Discussion Paper on Central Securities Depositories Regulation Dear Sirs, BlackRock

More information

INFORMATION NOTE. The development of government bond market in Singapore

INFORMATION NOTE. The development of government bond market in Singapore INFORMATION NOTE The development of government bond market in Singapore 1. Background 1.1 Announced in the 2009-2010 budget speech by the Financial Secretary, the Government intends to implement a programme

More information

New Developments in Overseas Insurance Business ~ Agreement to Acquire 100% Ownership of a Listed

New Developments in Overseas Insurance Business ~ Agreement to Acquire 100% Ownership of a Listed New Developments in Overseas Insurance Business ~ Agreement to Acquire 100% Ownership of a Listed U.S. Life Insurance Group, StanCorp Financial Group, Inc. ~ July 24, 2015 Meiji Yasuda Life Insurance Company

More information

Singapore s policy of non-internationalisation of the Singapore dollar and the Asian dollar market

Singapore s policy of non-internationalisation of the Singapore dollar and the Asian dollar market Singapore s policy of non-internationalisation of the Singapore dollar and the Asian dollar market Ong Chong Tee 1. Introduction This paper provides a brief review of Singapore s experience with its policy

More information

NEW NOTICE ON REQUIREMENTS FOR REGISTERED INSURANCE BROKERS EXEMPT FROM HOLDING A FINANCIAL ADVISER S LICENCE UNDER SECTION 23(1)(c)

NEW NOTICE ON REQUIREMENTS FOR REGISTERED INSURANCE BROKERS EXEMPT FROM HOLDING A FINANCIAL ADVISER S LICENCE UNDER SECTION 23(1)(c) Annex 12 NEW NOTICE ON REQUIREMENTS FOR REGISTERED INSURANCE BROKERS EXEMPT FROM HOLDING A FINANCIAL ADVISER S LICENCE UNDER SECTION 23(1)(c) Disclaimer: This version of the Notice is in draft form and

More information

strategy Norges bank investment management

strategy Norges bank investment management 2014 2016 strategy Norges bank investment management ISBN 978-82-7553-600-4 Design: Brandlab Foto: Norges Bank Investment Management v/ole Walter Jacobsen Papir: Galleri Art Matt Produksjon: 07 Media CONTENTs

More information

Memorandum of Understanding on financial crisis management

Memorandum of Understanding on financial crisis management Memorandum of Understanding on financial crisis management 1. This memorandum has been prepared and published in line with the provisions of Section 65 of the Financial Services Act 2012, (the Act) which

More information

Green Paper of the European Commission on Long-Term Financing of the Economy

Green Paper of the European Commission on Long-Term Financing of the Economy June 2013 Green Paper of the European Commission on Long-Term Financing of the Economy Reply of NASDAQ OMX The NASDAQ OMX Group, Inc. delivers trading, exchange technology and public company services across

More information

Think Asia Think Hong Kong, Paris Hong Kong: Asia s Premier Asset and Wealth Management Centre 28 October 2014

Think Asia Think Hong Kong, Paris Hong Kong: Asia s Premier Asset and Wealth Management Centre 28 October 2014 Think Asia Think Hong Kong, Paris Hong Kong: Asia s Premier Asset and Wealth Management Centre 28 October 2014 Keynote Address by the Hon Mrs Laura Cha Chairman of Financial Services Development Council,

More information

Sustainable & Responsible Investment Policy

Sustainable & Responsible Investment Policy Sustainable & Responsible Investment Policy Local Government Superannuation Scheme Effective date: 1/05/2015 Purpose of policy The Local Government Superannuation Scheme (LGS) is established under a multi-division

More information

Submission in response to the Life Insurance and Advice Working Group Interim Report on Retail Life Insurance

Submission in response to the Life Insurance and Advice Working Group Interim Report on Retail Life Insurance 30 January 2015 Mr John Trowbridge Chairman Life Insurance and Advice Working Group Email: submissions@trowbridge.com.au Dear Mr Trowbridge, Submission in response to the Life Insurance and Advice Working

More information

Frequently asked questions: Open-ended Fund Companies ( OFCs )

Frequently asked questions: Open-ended Fund Companies ( OFCs ) Frequently asked questions: Open-ended Fund Companies ( OFCs ) Q1 What is an open-ended fund company ( OFC)? A1 An OFC is an open-ended collective investment scheme which is structured in corporate form

More information

master-feeder structures: made in luxembourg UCITS IV

master-feeder structures: made in luxembourg UCITS IV master-feeder structures: made in luxembourg UCITS IV What is a master-feeder structure? One of the main features of the UCITS IV Directive is the master-feeder structure, which provides for pooling of

More information

ENCOURAGING A DYNAMIC LIFE INSURANCE INDUSTRY: ECONOMIC BENEFITS AND POLICY ISSUES

ENCOURAGING A DYNAMIC LIFE INSURANCE INDUSTRY: ECONOMIC BENEFITS AND POLICY ISSUES ENCOURAGING A DYNAMIC LIFE INSURANCE INDUSTRY: ECONOMIC BENEFITS AND POLICY ISSUES by Gerry Dickinson Professor and Director, Centre for Insurance & Investment Studies, City University Business School,

More information

TMLS GLOBAL EQUITY FUND SUMMARY (SUPPLEMENT TO PRODUCT SUMMARY)

TMLS GLOBAL EQUITY FUND SUMMARY (SUPPLEMENT TO PRODUCT SUMMARY) TMLS GLOBAL EQUITY FUND SUMMARY (SUPPLEMENT TO PRODUCT SUMMARY) This supplement forms part of the product summary. You should read this together with the relevant Product Summary. Description of the Fund

More information

Taiwan Cooperative Financial Holding Co., Ltd

Taiwan Cooperative Financial Holding Co., Ltd Taiwan Cooperative Financial Holding Co., Ltd Dodd-Frank Act Section 165(d) Resolution Plan Part I: Public Section Glossary Banking Act The Banking Act of The Republic of China CBC Central Bank of the

More information

AIFMD investor information document Temple Bar Investment Trust PLC

AIFMD investor information document Temple Bar Investment Trust PLC AIFMD investor information document Temple Bar Investment Trust PLC Temple Bar Investment Trust PLC (the Company ) was incorporated in 1926 with the registered number 214601. The Company carries on business

More information

Public consultation on the possibility for an investment fund to originate loans

Public consultation on the possibility for an investment fund to originate loans Public consultation on the possibility for an investment fund to originate loans The purpose of this consultation is to gather the opinions of all interested parties about the possibility for French investment

More information

Unison Advisors LLC. The date of this brochure is March 29, 2012.

Unison Advisors LLC. The date of this brochure is March 29, 2012. Unison Advisors LLC 2032 Belmont Road NW, #619 Washington, DC 20009 T 646 290 7697 F 646 290 5477 www.unisonadvisors.com The date of this brochure is March 29, 2012. This brochure provides information

More information

FX Week conference "State of play, state of flux: a regulator's perspective"

FX Week conference State of play, state of flux: a regulator's perspective FX Week conference "State of play, state of flux: a regulator's perspective" Introduction 1. Ladies and Gentleman, thank you for the invitation to present to you this afternoon. 2. Looking around the room,

More information

2014 Amendment of Financial Instruments and Exchange Act, etc. (Act No.44 of 2014)

2014 Amendment of Financial Instruments and Exchange Act, etc. (Act No.44 of 2014) 2014 Amendment of Financial Instruments and Exchange Act, etc. (Act No.44 of 2014) [Briefing Materials] May 2014 Financial Services Agency, Japan Table of Contents I. Outline of 2014 Amendment of Financial

More information

APPENDIX FOR U.S. SECURITIES TRADING

APPENDIX FOR U.S. SECURITIES TRADING APPENDIX FOR U.S. SECURITIES TRADING This Appendix applies in respect of securities trading services in U.S. Securities provided by ICBCIS to the Client. In the event that there is any inconsistency between

More information

Securities Borrowing and Lending (SBL) An Introduction

Securities Borrowing and Lending (SBL) An Introduction Securities Borrowing and Lending (SBL) An Introduction Two Ways to Profit in a Market (1) Profit from an Uptrend Two Ways to Profit in a Market (2) Investor anticipates a downtrend Investor borrows securities

More information

Legislative Council Panel on Financial Affairs. Proposal to Attract Enterprises to Establish Corporate Treasury Centres in Hong Kong

Legislative Council Panel on Financial Affairs. Proposal to Attract Enterprises to Establish Corporate Treasury Centres in Hong Kong CB(1)870/14-15(04) For discussion on 1 June 2015 Legislative Council Panel on Financial Affairs Proposal to Attract Enterprises to Establish Corporate Treasury Centres in Hong Kong PURPOSE In his 2015-16

More information