投教园地 | 监管 Regulations

　　【监管/Regulations】

　　√ ISDA首席执行官呼吁制定加密货币衍生品标准

　　√ FIA对IOSCO更新商品衍生品监管原则作出建议

　　√ SEC主席就动态监管发表讲话

　　ISDA首席执行官呼吁制定加密货币衍生品标准

　　国际掉期和衍生品协会（ISDA）首席执行官Scott O'Malia呼吁制定具体的加密货币衍生品标准，以反映该市场的独特特征。他表示，机构在很大程度上使用现有ISDA的定义和模板进行数字资产衍生品交易，这不仅导致缺乏标准化，还意味着加密资产市场上可能发生的某些事件并没有直接被相关的衍生品文件所涵盖。ISDA目前正在密切关注如何在合约标准中处理上述问题和加密资产的其他特性，以及如何将这些标准纳入现有的ISDA文件架构中。

　　FIA对IOSCO更新商品衍生品监管原则作出建议

　　期货业协会（FIA）对国际证监会组织（IOSCO）关于商品衍生品监管原则的咨询报告提交了一份回应。FIA建议进一步研究监管原则是否应适用于碳信用和其他无形商品的衍生品，并确保商品衍生品交易商的交易动态在不同的监管资本要求下得到承认和遵守。FIA建议厘清监管机构适当干预的顺序，并建议IOSCO明晰哪些原则适用于哪一类市场主体（如政府监管机构、自律组织或受监管市场的经营者等）。

　　SEC主席就动态监管发表讲话

　　在美国华盛顿特区“财政俱乐部”会议上，美国证券交易委员会（SEC）主席Gary Gensler指出，美国拥有世界上最大、最复杂、最具创新性的资本市场，占全球资本市场份额的40%左右。他认为，监管必须保持动态化，并提出了SEC 2022年工作中将监管“动态化”的指导原则：继续推动资本市场的效率；更新规则来适应现在的经济和技术变化。他认为，效率将为市场带来更大的透明度和竞争，经济和技术创新对重要公共政策提出的要求将有助于完善市场。

　　ISDAs CEO calls for tailored crypto standards

　　Scott OMalia, the chief executive officer of the International Swaps and Derivatives Association (ISDA), has called for the development of specific crypto derivatives standards that reflect the unique features of that market. He said that institutions have largely traded digital asset derivatives using existing ISDA definitions and templates, which not only lead to a lack of standardization, but also mean that certain events that may occur in the crypto assets market are not directly covered by the documentation used for derivatives linked to those assets. ISDA is now looking closely at how these events and other specificities of crypto assets should be addressed in contractual standards, and how those standards should be integrated within the existing ISDA documentation architecture.

　　FIA responds to proposed updated IOSCO commodities principles

　　FIA has filed a response to a consultation report on principles for the regulation of commodity derivatives from the International Organization of Securities Commissions (IOSCO). FIA suggested that further study is needed to determine whether the principles should be applied to derivatives on carbon credits and other intangible commodities, and the principle should ensure the trading dynamics of commodity derivative dealers are acknowledged and observed across regulatory capital regimes. FIA suggested to clarify the sequence of appropriate intervention by governmental authorities, and recommend that IOSCO clarifies which principles apply to each category of market authority (e.g., governmental regulator, self-regulatory organization, or operator of the regulated market).

　　SEC Chair made remarks on dynamic regulation

　　On the Exchequer Club of Washington, D.C.,Gary Gensler, the Chair of SEC, pointed that the U.S. has the largest, most sophisticated, and most innovative capital markets in the world, and the U.S. capital markets represent about 40 percent of the globe‘s capital markets. He believed that no regulation can be static in a dynamic society and raised a couple of guiding principles making regulations “dynamic” in shaping the SEC’s agenda for 2022: continuing to drive efficiency in capital markets; modernizing rules for todays economy and technologies. He thought efficiency will bring greater transparency and competition into that market. Important public policy considerations raised by Innovation of economy and technology will help to modify the market.

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