2012年-IMF国际货币组织全球_Australia_IOSCO_Objectives_and_Principles_of_Securities_RegulationDetailed_Assessment_of_Implementation_153页_1mb

Summary of Australia: IOSCO Objectives and Principles of Securities Regulation—Detailed Assessment of Implementation

Core Content

This document provides a detailed assessment of the implementation of the IOSCO Objectives and Principles of Securities Regulation in Australia, conducted as part of the Financial Sector Assessment Program (FSAP) in November 2012. It evaluates the legal and regulatory framework, market structure, and the roles of key regulatory bodies in the Australian financial system.

Main Findings

1. Regulatory Compliance and Oversight

• The Australian legal and regulatory framework for securities markets shows a high level of compliance with the IOSCO Principles, though some gaps remain.
• The Australian Securities and Investments Commission (ASIC) is the primary regulator for corporate, markets, and financial services, with a mandate to maintain and improve the financial system, promote informed participation, and enforce the law.
• APRA oversees prudential regulation of banks, insurers, and superannuation fund trustees, while ASIC supervises most other financial services licensees, including market intermediaries.
• The Australian Prudential Regulation Authority (APRA) has limited role in supervising Clearing Participants, despite being the main prudential regulator.

2. Market Structure and Participants

• As of April 2012, there were 137 Market Participants in Australia, with 2,991 AFSL holders authorized to access the market.
• ASX Group dominates the exchange market, accounting for 98% of on-exchange trading volume in equities and derivatives.
• The top 20 ASX members accounted for 90% of the total trading volume in 2011, with most of them regulated by ASIC rather than APRA.
• ASIC is responsible for regulating the majority of market intermediaries, including non-clearing participants, while ASX Clear and ASX Clear (Futures) set and monitor capital requirements for Clearing Participants.

3. Collective Investment Schemes (CIS)

• Retail CIS are a significant part of the market, with Funds Under Management (FUM) in Retail MIS reaching A$263.3 billion as of December 31, 2011.
• Superannuation funds manage the largest portion of FUM in Australia, and minimum investment in these funds is compulsory.
• The regulatory framework for collective investment schemes needs improvement to fully align with the IOSCO Principles.
• ASIC has expanded its supervision of hedge funds, but is limited in powers for wholesale and cross-border schemes.

4. Regulatory Challenges and Improvements

• ASIC's operational independence and resources are critical concerns, as they impact its ability to effectively supervise the entire regulated population.
• There is a need for improvements in capital adequacy requirements to better address risks faced by different types of intermediaries.
• The split of prudential supervision between ASIC and APRA raises questions about the efficiency and effectiveness of the regulatory structure.
• The Emerging Risk Committee (ERC) plays a key role in identifying and addressing systemic and emerging risks, and its work should be further developed.
• ASIC has become more enforcement-focused, but there is a need for proactive supervision to complement enforcement efforts and enhance deterrence.

5. International Cooperation

• ASIC emphasizes cooperation with international regulators, but current legislation hampers its efforts in this area.
• The Government is working on amendments to the relevant laws to improve international regulatory cooperation, with expected implementation by late 2012.

6. Legal and Regulatory Framework

• The Corporations Act 2001 (CA) and ASIC Act 2001 form the legal basis for securities regulation.
• Market intermediaries must obtain an Australian Financial Services License (AFSL), while exchanges require an Australian Market License (AML).
• ASIC has the authority to draft legally enforceable market integrity rules, which require ministerial consent.
• ASIC can issue Regulatory Guides to explain its interpretation of laws and regulations, and it has the power to grant relief from certain provisions of the CA, with public registration required for class orders.

7. Market Performance and Trends

• Domestic market capitalization was USD 1,187 billion in 2011, equivalent to 82.2% of Australia's GDP.
• The top 10 companies accounted for A$527 billion, or 37.1% of GDP.
• Total cash market traded value reached USD 1.3 trillion, with an average daily turnover of USD 5.4 billion.
• The two most actively traded companies (BHP Billiton Ltd and Rio Tinto Ltd) accounted for 15.8% of market turnover.
• Foreign investment in Australian shares was estimated to be over 40% of the market.

Key Information

• The FSAP is a program by the IMF to assess financial systems and regulatory frameworks.
• ASIC is the main market conduct regulator, but also has prudential oversight responsibilities.
• The regulatory structure in Australia is complex, with multiple agencies involved in different aspects of oversight.
• Data and transparency are important for assessing regulatory effectiveness, and there is a need for timely and comprehensive data to monitor evolving risks.
• The legal framework is robust, with high accounting and auditing standards and strong shareholder protection.
• The regulatory framework for collective investment schemes needs to be strengthened to align with the IOSCO Principles.

Recommendations

• Enhance ASIC's operational independence and resources.
• Improve capital adequacy requirements to better address risks.
• Strengthen prudential supervision through better coordination between ASIC and APRA.
• Expand and uniformly prioritize ASIC's risk-based supervisory approach.
• Continue to develop the Emerging Risk Committee (ERC) and ensure its findings are effectively shared with the Council of Financial Regulators (CFR).
• Implement legislative changes to support international regulatory cooperation.
• Improve data availability and transparency to support regulatory decision-making and risk monitoring.

Conclusion

The Australian regulatory framework for securities markets is well-developed and compliant with IOSCO Principles, but there are areas for improvement, particularly in prudential supervision, international cooperation, and capital adequacy requirements. The regulatory structure is complex, with multiple agencies involved, and ASIC plays a central role in market conduct and supervision. Continued collaboration and adaptation to emerging risks are essential for maintaining market integrity and financial stability.