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Principle 24 - Procedures for failure. There should be procedures for dealing with the failure of a market intermediary in order to minimize damage and loss to investors and to contain systemic risk.
В
X
В В В
No procedures to manage winding down of a failed broker although other investor protection legislation, and regulations have been prepared.
Principle 25 - Authorization and oversight of exchanges. The establishment of trading systems including securities exchanges should be subject to regulatory authorization and oversight.
X
В В В В В
Principle 26 - On-going supervision of exchanges and trading systems. There should be ongoing regulatory supervision of exchanges and trading systems which should aim to ensure that the integrity of trading is maintained through fair and equitable rules that strike an appropriate balance between the demands of different market participants.
В
X
В В В
В· NSCG has no real time access to trading information, no real time oversight.
В· SML does not expressly require fair trading rules for different members.
Principle 27 - Trading transparency. The regulations should promote transparency of trading.
В
X
В В В
SML does not expressly require real time transparency of pre-trade information for direct market participants.
Principle 28 - Detection and deterrence of unfair trading practices. The regulations should be designed to detect and deter manipulation and other unfair trading practices.
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X
В В В
No requirement of market surveillance/stock watch system to detect abnormal movements.
Principle 29 - Management of exposures, default risk and market disruption. The regulations should aim to ensure the proper management of large exposures, default risk and market disruption.
X
В В В В В
Principle30 - Oversight of clearance and settlement systems and management of systemic risks. Systems for clearing and settlement of securities transactions should be subject to regulatory oversight, and designed to ensure that they are fair, effective and efficient and that they reduce systemic risk.
В
X
В В В
В· The GCSD needs to comply with the req...
