新加坡證券及期貨法之整合對我國金融監理之省思

Abstract

我國證券業與期貨業有逐漸整合之趨勢，且證券投資人亦可從事期貨交易，由於證券市場與期貨市場之價格具有連動性，內線消息及市場操縱行為不僅會影響現貨市場，亦會影響期貨市場，本研究參考新加坡2002年首次制定證券期貨法之經驗，分析我國證券交易法及期貨交易法之重要差異可能導致業者與投資人法規套利之情事。 且我國金融商品歸屬於有價證券或期貨契約，其相關法令規定之適用各異，易造成同類型商品間的不公平競爭，以及業者與投資人之法規套利空間，影響我國證券期貨市場之監理效率，不利與國際證券期貨市場之競爭。 此外，我國證券商及期貨商各應遵守資本適足率及調整後淨資本比率之不同要求，對於證券商兼營期貨業務者或者期貨商兼營證券業務者，如何允當衡量屬證券業務之資本適足率及期貨業務之調整後淨資本比率，實有困難。又我國證券交易法及期貨交易法對於證券事業及其從業人員等之行為規範與罰則亦有相當差異，形成不同業者間之監理方式不一致。 本研究分析新加坡證券期貨法之重要內容，實值得我國金融監理機構參考，考量我國行政作業及立法審議時程及整合法令之成本效益，建議可採循序漸近方式逐步推動我國資本市場之整合： 一、 加強跨市場監理功能及整合證券期貨業設置標準及從業人員管理規範 建議加強證券市場與期貨市場之跨市場監理功能。建立證券期貨交易所及櫃買中心之順暢橫向連繫機制，以避免不法之徒藉由期貨市場、店頭衍生性金融商品交易而影響證券市場之交易秩序與公正性。此外，檢討證券期貨事業之設置標準、管理規則、負責人及從業人員之管理規範，期各證券期貨事業之相關管理規範能盡量求得一致性。另檢討金融機構之業務範圍之規範，由目前正面表列方式，改採負面表列模式，並檢討證券期貨事業設置標準，俾業者可有效運用其資本及人力，提昇業者之競爭力。 二、 建議修改期貨交易法俾與證券交易法之規範取得一致 建議修改期貨交易法與證券交易法對於內線交易、市場操縱、證券期貨業之資本要求規範以及調整有關業務、從業人員等規範為一致，使業者及投資人無法規套利之空間，維持現行證券交易法與期貨交易法並行，以及分業管理之原則，亦可達成強化我國金融監理功能、維護證券期貨市場及衍生性商品之交易秩序以及各業者公平良性競爭。 三、 審慎評估整合證券交易法、期貨交易法及證券投資信託與顧問法 由於整合證券交易法、期貨交易法及證券投資信託與顧問法可能耗費行政與立法機關人力時間等龐大成本，整合之成本與效益及推動之時點，實宜審慎評估。建議未來可視金融環境發展情形，以及投資人、金融業者、行政部門與立法機關之理念一致時，我國金融主管機關可慎重思考將資本市場整合列為長期目標，呼應業界之需求以及吸取鄰近國家之發展經驗，整合證券交易法與期貨交易法，另考量期貨信託事業、期貨經理事業及期貨顧問事業之行業性質較接近證券投資信託及顧問事業，為求上開事業監理規範之一致性，建議可將上開事業併入證券投資信託及顧問法，並將證券投資信託及顧問法更名為證券期貨投資信託及顧問法，俾業者一致遵循，俾有效杜絕法規套利情形，提昇監理效率，並與國際接軌。

More and more Taiwan securities firms concurrently operate futures business and vice versa. Investors may also concurrently make stock and futures transactions. Because there is highly market price correlations between stock market and futures market, insider trading and market manipulation in securities market or futures market may have serious impact on both securities and futures markets. This thesis takes the Singapore Securities and Futures Act for reference to analyze the difference between Taiwan Securities Transaction Act and Futures Trading Act. Apparently, the insiders and investors may make regulation arbitrage because of the discrepancy between the above Acts to do insider trading or manipulation in the futures market to prevent from the punishment of Securities and Exchange Act. Besides, whether the financial product is recognized as securities or futures contract will apply to different regulations with different requirement and punishment. In the end, it will impact the supervision efficiency and the international competition. In addition, Taiwan securities firms and futures firms shall comply with the requirement of capital adequacy and net adjusted capital, respectively. Because the components of these two capitals are not similar, it is difficult to properly evaluate the capital requirement if the securities firm concurrently operates the futures business, or vice versa. The requirement and punishment respect to the business operation and representatives’ conduct are also quite different if they comply with different Acts. Concerning the timeline of administrative operation and legislative review, and related cost and benefit factors, this thesis suggests that Taiwan authority may take the following measures in due course. 1. Strengthening the cross markets supervision function and amending the establishment criteria of securities firms and FCMs, and related representatives requirements This thesis suggests that financial authority shall strengthen the cross markets supervision function to establish a smoothly and timely communication channel among securities markets, futures markets and OTC markets to prevent the illegal transactions and protect the fair market mechanism. Besides, the authority may amend rules of securities and FCMs, and the conduct regulation of responsible persons and representatives in order to set up a similar requirement of the securities and futures industries. In addition, the authority may review the establishment and operation requirement, and the scope of the securities and futures industries, ease the restriction of the financial products, adopt the negative listing method in stead of positive listing method to allure financial innovation, improve the manpower efficiency and raise the competitiveness. 2. Amending the Futures Trading Act to in line with the Securities and Exchange Act This essay suggest that the authority may amend the Futures Trading Act with respect to the insider trading, market manipulation, international investigation assistance, and the requirement about the conduct of responsible person, representatives and business operation of futures enterprises, to be in line with the Securities and Exchange Act. It will improve the supervision function, maintain a fair market trading and competition environment. 3. Deliberating to integrate the Securities and Exchange Act, Futures Trading Act and Securities Investment Trust and Consulting Act The authority shall deliberate the administrative department and legislative institution’s cost and the benefit of integrating the above-mentioned Acts. In the long run, if all the investors, financial industries, administrative department and legislative institutions reach the agreement on integration the said Acts, the Authorities may set a long-term goal to integrate the Exchange Act and Futures Trading Act, and amend the Securities Investment Trust and Consulting Act to include the similar stipulation on futures trust enterprises, futures management enterprises and futures consulting enterprises whose business activities are more similar to securities investment trust and consult enterprise than futures enterprises, and also change the name of Securities Investment Trust and Consulting Act to Securities and Futures Investment Trust and Consulting Act. These measures will effectively solve the problem of regulation arbitrage, enhance the efficiency of financial supervision function, and keep abreast of the international financial markets.