2010年-世界发展银行全球_South_Africa_-_IOSCO_Principles--Securities_Markets___Detailed_Assessment_of_Implementation_54页_717kb

报告摘要

South Africa: Detailed Assessment of Implementation of IOSCO Principles (October 2010)

Core Content Overview

This document provides a detailed assessment of South Africa's implementation of the IOSCO Principles—Securities Markets as of 2010. It updates the 2000 FSAP assessment and includes findings, key recommendations, and the response of regulatory authorities.

Main Findings and Key Points

A. Regulatory Framework and Institutional Structure

Financial Services Board (FSB):
- Established in 1990 under the FSB Act.
- Regulates and supervises the non-bank financial services sector.
- Has expanded its authority through new laws such as the Securities Services Act (2004), Financial Institution (Protection of Funds) Act (2001), and Collective Investment Schemes Control Act (2002).
- Has broad powers to conduct on-site examinations, investigate misconduct, and impose sanctions.
- Is currently seeking legal authority to oversee SRO listing requirements.
Self-Regulatory Organizations (SROs):
- The JSE is a primary SRO and central to the oversight of equity and debt markets.
- Strate is a licensed SRO functioning as a central securities depository and clearinghouse.
- ASISA is a broader industry trade group that performs some regulatory functions but is not an SRO subject to FSB oversight.
Other Regulatory Bodies:
- DTI is responsible for company registration and setting disclosure requirements, but has not fully implemented the 2007 and 2009 amendments.
- SARB oversees the underwriting of securities and foreign exchange controls.
- TRP (Takeover Regulation Panel) handles mergers, acquisitions, and corporate control changes.
- Financial Intelligence Centre is responsible for anti-money laundering regulation.

B. Market Structure and Development

The JSE is the 19th largest equity market in the world, with a market capitalization equivalent to 200% of GDP.
AltX is a new market for smaller, emerging public companies, with 76 listed companies as of 2010.
The bond market is growing, with 1,087 bond issues listed by 104 issuers as of 2009, totaling R827.7 billion.
Securitization and ABCP markets are small and limited, with US$6.2 billion in securitization at the start of 2008.
A new electronic money market program began in 2010, led by Strate, for bilateral clearance and settlement of short-term debt instruments.

C. Compliance and Implementation of IOSCO Principles

Principle	Rating	Findings
Principle 1	FI	The financial services regulation system is complex, involving multiple agencies and SROs.
Principle 2	BI	FSB has operational independence, but the Minister of Finance has authority to appoint and remove officials.
Principle 3	BI	FSB has expanded legal authority and capacity, but lacks the power to set disclosure requirements for public companies.
Principle 4	FI	FSB has sound internal processes and is ISO 9000 certified.
Principle 5	FI	FSB has a code of conduct for employees, currently under revision.
Principle 6	No Rating	JSE and Strate perform core regulatory functions, while ASISA is an industry group not under FSB oversight.
Principle 7	BI	FSB has licensing authority over SROs, but lacks review and approval power over JSE listing requirements.
Principle 8	FI	FSB has strong inspection and investigation powers, supported by JSE surveillance.
Principle 9	FI	FSB has expanded enforcement powers through the Enforcement Committee.
Principle 10	FI	FSB has improved inspection and enforcement, but surveillance over OTC activities is limited.
Principle 11	FI	FSB has full legal authority to share information with domestic and foreign regulators.
Principle 12	FI	FSB has bilateral agreements with foreign regulators and is a signatory to the IOSCO MMOU.
Principle 13	FI	FSB is a signatory to the IOSCO multilateral memorandum of understanding.
Principle 14	PI	Disclosure standards are in place, but periodic reports are not routinely reviewed by DTI or JSE.
Principle 15	BI	Improved corporate governance, but no procedures govern proxy solicitation.
Principle 16	BI	South Africa was an early adopter of IFRS, but the national accounting policy body has not yet been established.
Principle 17	FI	CISCA and FAIS provide FSB with regulatory authority over collective investment schemes.
Principle 18	BI	CISCA establishes a strong regulatory framework for collective investment schemes, but legal gaps hinder hedge fund development.
Principle 19	PI	FAIS mandates disclosure for investors, but the requirements are non-binding and limited in scope.

Key Recommendations

The FSB should be granted legal authority to set disclosure requirements for public companies.
The DTI should consider reassigning its responsibilities related to financial reporting to the FSB.
The FSB should establish a national accounting policy body to ensure consistent and high-quality accounting standards.
The FSB should expand its surveillance capabilities to cover OTC markets.
CISCA and FAIS should be reviewed to address white label funds and hedge fund structures.
The FSB should finalize the establishment of the Financial Reporting Standards Council and Financial Reporting Investigation Panel.

Authorities' Response

The FSB has acknowledged the findings and is actively working to address areas of concern, including:
- Conducting a study on the OTC market.
- Assessing the legal authority needed for regulating hedge funds and credit rating agencies.
The DTI has not yet implemented the 2007 and 2009 amendments, and the FSB is considering whether these functions should be transferred.
The FSB has revised its code of conduct and is working on enhancing its enforcement and compliance programs.

Conclusion

South Africa has made substantial progress in implementing the IOSCO Principles, particularly in expanding the FSB's regulatory authority and improving market infrastructure. However, gaps in implementation remain, especially in disclosure requirements, accounting standards, and OTC market oversight. The FSB and DTI are being urged to finalize regulatory structures and enhance compliance mechanisms to ensure effective and credible securities regulation.