Commodity Trading Business in Singapore Part 1: Regulations and Licensing Requirements
新加坡的监管框架,支持lenient tax regime, well-developed financial center facilities and established infrastructure together make it an irresistible hub for commodity trading companies. Singapore is one of the region’s busiest trading ports and its history as a regional hub for commodities dates back to several centuries. Now, although there are tough competitors emerging to challenge its position, the Singapore government has preemptively devised and revised strategies to sustain its traction to the commodity traders.
新加坡的商品贸易部门从传统的物理交易中发展到目前的OTC纸业交易以及一个受监管的透明交易所期货市场。由于迅速的工业化，城市化和不断增长的富裕，该地区新加坡靠近该地区的重点物理交易市场，这是商品的最高生产商和消费者，是商品交易商位于新加坡的主要驱动器。
The following article is an overview of the legislation, licensing and compliance requirements pertaining to OTC commodities derivatives trading business in Singapore. Please note that this is neither a comprehensive compilation of requirements nor a professional advice but a broad overview of requirements for OTC derivatives trading business.
Legislation
The commodities trading sector is strictly regulated in Singapore. Persons or firms engaged in any form of commodity trading activities are subjected to strict regulations under the Commodity Trading Act, enacted in 1992.
商品交易法（CTA）提供了商品衍生品贸易的立法。CTA规范了与商品衍生品有关的三个主要领域 - 商品衍生品，商品衍生品市场和商品衍生品的清算设施。目前国际企业正在管理CTA。
In February 2008, the regulation of commodity futures was transferred from the Commodity Trading Act to the Securities and Futures Act (SFA) under the purview of the Monetary Authority of Singapore (MAS). Thereafter the MAS has been the singular regulator for all types futures – financial and commodities. Regulatory oversight of other commodity derivatives and spot commodity trading remain with International Enterprises (IE) under the CTA.
商品交易法（CTA）涵盖所有商品，除了根据“证券及期货法”（SFA）规定的商品，例如金融工具，黄金和石油期货。在商品期货合约中处理的企业需要来自MAS的资本市场许可。
Imminent Changes in Legislation
Recognizing the global trend towards strengthening regulations in over- the-counter (OTC) derivatives, a consultation paper was issued in February 2012 by MAS and IE, proposing the transfer of regulatory oversight of OTC commodity derivatives under the CTA to the SFA. The rationale for the proposal is to streamline regulatory approach between commodity derivatives and commodity futures.
当拟议的变化变得有效时，商品衍生品和商品期货交易的实体只需要来自MAS的资本市场许可而不是目前的双重许可证要求。同样，实体运营市场和期货和衍生工具的清算设施将需要单独批准MAS，而不是需要批准MAS和IE的本系统。
随着商品衍生品的监管监督从CTA转移到SFA，CTA的其余监管范围将是现货商品交易。
商品范围
The term “commodity” will cover any produce, item, goods or article that is the subject of:
- Commodity forward contract;
- 杠杆商品交易;
- Contract made pursuant to trading in differences or
- Spot commodity trading;
包括在宪报公报中通知部长可能在宪报告中发出的商品，其他索引，权益和其他任何索引，权利或利益的指数，权益。
Establishment of Commodity Market & Clearing House
Entities operating market that list commodity derivatives and entities operating clearing house for commodity derivatives require the approval of IE.
Establishing a commodity market or clearing house; or assisting in establishing or maintaining a commodity market or clearing house, without IE’s approval is an offence that will attract a fine not exceeding S$30,000 or imprisonment for a term not exceeding 3 years or both.
An application for approval as a commodity market or clearing house shall be made in the prescribed form as the IE may determine. A copy of the rules and Constitution of the proposed commodity market, certified to be the true copies thereof by the person signing the application, must accompany the application.
商品市场的合规要求
An entity that is seeking approval or approved as Commodity Market shall make adequate provision:
- To ensure that its members are persons of good character and high business integrity;
- To expel, suspend or discipline member on grounds of misconduct or for a contravention of the business rules of the proposed commodity market;
- 关于商品合同的条款和条件，以便提供合理的保证，即将出于清算和所有其他安排所订立的任何合同所产生的所有合同所产生的所有义务;
- 为确保交易做法是公平的，并妥善监督并防止操纵和过度猜测;
- 记录和发布交易详情;
- For the establishment of a Compensation Fund, or any other scheme or system, accepted by the Board, to compensate customers who suffer pecuniary loss through the oversight or failure of a member, or any of its directors or employees.
- 在适当考虑到公众的利益和保护，开展业务。
Licenses
In order to weed out unscrupulous activities of “Bucket Shops” and to enhance the transparency in the sector, a strict license scheme is in place. The Act imposes mandatory licensing for firms and individuals trading in all types of commodity contracts (unless specifically exempted).
Any firm or trader dealing with commodity trading must apply for a license, unless specifically exempted under the Schedule (Section 14A). Apart from the exempted categories of persons, any person who provides broking services, advisory services or operates a pool for commodity futures contracts, commodity forward contracts, trading in differences, leveraged commodity trading and certain forms of spot commodity trading, must apply for licenses.
| 商品交易活动 | 许可证需要 (除非免除下Section 14A) |
|---|---|
| 商品合同中的经纪人 | Commodity Broker’s (CB) license [Not required to hold CTA license under Section 13(2B)] |
| Broking in spot commodity contracts | 现货商品经纪人（SCB）许可证 |
| 提供商品合同的咨询服务 | Commodity Trading Adviser’s (CTA) license |
| Operating a pool for commodity futures | Commodity Futures Pool Operator’s (CFPO) license |
| 经营商品合同的游泳池 | Commodity Pool Operator’s (CPO) license |
| Operating a pool for spot commodity contracts | 现货商品池运营商（SCPO）许可证 |
Note: Other than the director of the licensed corporation or the person in the direct employment of the licensed corporation, any person who solicits and/or deals with clients on behalf of a company in the trading of (respective) contracts would be required to apply for the (respective) representative license.It must be noted that post amendment to CTA in 2008, entities which engage in broking transactions in both commodity derivatives and commodity futures are dually licensed by IE and MAS.
Exempted category
The following persons are exempted from holding a license under the CTA:
- Persons who engage in trading of commodities in the ordinary course of business and it is intended for the purpose of retail or wholesale and involves physical commodity;
- Persons contracting only with accredited investors [1];
- 许可银行或批准的商家银行;
- 金融和财政中心;
- Approved oil trading companies or approved international commodity trading companies; and
- Persons who engage in trading on their own account not involving public funds.
[1]认可的投资者被定义为净个人资产超过200万美元的个人，或前12个月的收入不低于300,000美元或净资产的企业，超过规定信托或其他人的价值或受托人的价值或受托人由IE规定的人。
怎样申请
必须提交必要的申请表以及相关文件和费用，以便为IE新加坡进行处理。IE新加坡发布的许可证有效期为一年，此后可更新。在特殊情况下，即可能发布具有不同有效期的许可证。
需要文件
- A detailed statement of the applicant’s assets and liabilities signed by the applicant; or
- In the case of an applicant which is a Singapore corporation, a copy of the following documents (certified true by the company director or company secretary)
- 最后一个资产负债表;
- 最后的损益账户;和
- 审计员的报告。
如果申请申请拒绝拒绝通知后的工业和行业部长可以向贸易署申请。部长的决定将是最终决定的。
Penalty for Operating without a License
- Operating without a License is an offence, which will attract a penalty not exceeding S$100,000 or imprisonment not exceeding 3 years or both.
- 作为没有有效许可的代表经营的是违法行为，罚款高达50,000澳元或600多个月或两者的刑罚。