Proposed measures on market integrity in digital payment token (“DPT”) services 有关数码支付代币(“DPT”)服务市场加强诚信度的拟议措施
On 3 July 2023, the Monetary Authority of Singapore (“MAS”) published a consultation paper in relation to proposed regulatory measures for DPT service providers (“DPTSPs”), as well as prohibitions against unfair trading practices that are generally applicable to all market participants, to address market integrity risks in DPT services.
新加坡金融管理局(“金管局 (MAS)”)于2023年7月3日公布了一份公共谘询文件，内容涉及为数码支付代币服务提供商(“DPT服务商”) 拟议的监管措施，以及禁止适用于所有市场参与者的不公平交易行为，旨在解决数码支付代币服务中的市场诚信风险。
The proposed regulatory measures include:
金管局（MAS）拟议的监管措施包括如下内容：
A. Fair, orderly, and timely handling and execution of customers’ orders
对客户订单的公平、有序与及时处理与执行
All DPTSPs will be required to maintain two types of policies and procedures: (1) for handling and executing customers’ orders; and (2) to correct or cancel error trades, taking into consideration the nature of transaction execution (e.g. on-chain or off-chain) and the processes required to correct and cancel those transactions.
所有DPT服务商将须制定两类政策与程序：（1）用于处理与执行客户订单、指令；以及（2）用于根据交易执行的性质（例如链上或链下）所对应的纠正或取消的错误交易，与纠正及取消这些交易所需的流程。
To promote transparency and facilitate customers in making informed decisions on DPT services, DPTSPs should disclose the above-mentioned policies and procedures to customers in a clear and precise manner.
为了促进透明度及帮助客户在数码支付代币服务中做出知情决策，DPT服务商应以明确与精准的方式向客户提供上述政策与程序。
B. Prevention and detection of unfair trading practices
对不公平交易的预防与监控
Surveillance: DPTSPs should conduct surveillance, by monitoring orders and transactions for signs of unusual or suspicious activity, on a real-time basis. Further, DPTSPs should have fair and objective procedures to investigate any potentially unfair trading practices and take appropriate action (e.g. suspension of trading access). DPTSPs should also maintain proper records with adequate details of all on-chain and off-chain orders (including cancellation of orders) and transactions for a period of five years in order to enable the reconstruction of trading activity for further investigation.
监管：DPT服务商应实时监控订单与交易，监测监察不寻常或可疑活动的迹象。此外，DPT服务商应采用公平与客观的程序调查任何潜在的不公平交易，并采取适当行动（例如暂停交易的准入）。DPT服务商也应保存（为期五年）适当详细的所有链上与链下订单（包括订单的取消）与交易记录，以便在需要调查时能够重建交易活动。
Management of material non-public information: To prevent inappropriate disclosure and misuse of material non-public information, DPTSPs should maintain a controlled list of persons (“Privy Persons List”) with access to the material non-public information on a need-to-know basis and information barriers to restrict access of such information to this list of persons. Where material non-public information is disclosed to external parties, the external parties should also be recorded on the Privy Persons List and the DPTSP should have the necessary confidentiality agreements in place with external parties to safeguard the confidentiality of the material non-public information. Further, DPTSPs should also maintain policies and procedures in relation to personal trading activities by its officers and employees.
非公开信息管理：为防止不当的非公开信息的不当披露与被滥用，DPT服务商应制定知情人名单（“知情人列表”），按照需要知悉的原则仅限有需要的人员存取信息，并且应当设立信息壁垒，限制其他人员对此类信息的存取。若非公开信息被披露给第三方，这些外部人士也应被记录在知情人列表里。DPT服务商应当与知情第三方签订必要的保密协议，以确保内幕信息的保密性。此外，DPT服务商还应当制定与其高管与雇员的个人交易活动相关的政策与程序。
C. Fair, orderly, and transparent operation of DPT trading platforms
数码支付代币交易平台（“DPT 交易平台”）的公平、有序与透明的运营
A DPTSP that operates a DPT exchange (“DPT Platform Operator”) should maintain business rules that make satisfactory provision for the DPT trading platform to be operated in a fair, orderly, and transparent manner.
参与数码支付代币的交易所（”DPT交易平台运营商”）的DPT服务商则应当制定业务规则，以确保DPT交易平台在公平、有序与透明的条件下运营。
Fair: To operate the DPT trading platform in a fair manner, DPT Platform Operators should have clear rules: (1) setting out access criteria that is objective, non-discriminatory, and transparent to existing and prospective customers; (2) governing its execution protocols, which provide customers with non-discriminatory access to bids and offers, and match bids and offers on an equitable basis; and (3) prohibiting unfair trading practices.
公平：为了公平运营DPT交易平台，DPT交易平台运营商应当明确规定以下规则：（1）制定适用于现有与潜在客户的客观、非歧视与透明的准入标准；（2）管理交易执行协议，确保客户在非歧视性的前提下获取买入与卖出的机会，并在公平的基础上匹配买入与卖出订单；以及（3）禁止不公平的交易行为。
Orderly: To operate the DPT trading platform in an orderly manner, DPT Platform Operators should have clear rules on: (1) the correction or cancellation of error trades; (2) the controls to prevent disorderly trading, such as order entry controls; and (3) the corrective action to be taken to avoid or rectify disorderly trading conditions, such as suspension of trading.
有序：为了有序运营DPT交易平台，DPT交易平台运营商应当明确规定以下规则：（1）纠正或取消错误交易的程序；（2）采取控制措施以防止混乱交易，例如针对订单输入进行控制；以及（3）采取纠正措施以避免或纠正混乱交易状况，例如暂停交易等。
Transparent: To operate the DPT trading platform in a transparent manner, DPT Platform Operators should have clear rules on: (1) the dissemination of pre-trade information and post-trade information to customers on an uninterrupted basis, which should apply to both on-chain and off-chain activity; and (2) the dissemination of alerts on unusual trading activity warning customers to exercise caution.
透明：为了透明运营DPT交易平台，DPT交易平台运营商应当明确规定以下规则：（1）对客户不间断地传播适用于链上与链下活动的交易前与交易后的信息；以及（2）传播异常交易活动的警示信息，警告客户谨慎行事。
D. Prohibitions against unfair trading practices
禁止不公平交易的行为
MAS has proposed to statutory prohibitions against unfair trading practices for DPTs that are similar to the following Securities and Futures Act 2001 (“SFA”) provisions, with the necessary modifications for the provisions to apply in relation to DPTs:
金管局（MAS）已经提议针对数码支付代币实施法定禁止不公平交易行为的规定，这些规定与《新加坡证券与期货法2001年》（”SFA“）的如下条款相似，但需要适当的修改以适用于数码支付代币的特性：
- false trading and market rigging;
虚假交易与操纵市场； - market manipulation;
市场操纵； - false or misleading statements;
虚假或误导性陈述； - fraudulently inducing persons to deal; and
诈骗性地诱导他人进行交易；以及 - employment of manipulative and deceptive devices.
使用操纵与欺骗手段。
Further, the MAS has proposed to introduce provisions in relation to bucketing and cornering for DPTs:
此外，金管局（MAS）还提议针对数码支付代币实施类似于SFA中关于“套现”与“垄断”的规定：
- Bucketing: A person must not knowingly execute, or hold himself, herself, or itself out as having executed, an order to make a purchase or sale of a DPT, without having effected in good faith a purchase or sale in accordance with the order.
套现：任何人不得有意识地执行，或自称已执行，一项购买或出售数码支付代币的订单，除非是按照该订单善意进行了购买或出售。 - Cornering: A person must not, directly or indirectly, corner, or attempt to corner, any DPT.
垄断：任何人不得直接或间接地垄断或试图垄断任何数码支付代币的交易。
MAS has also proposed to introduce provisions for DPTs that are similar to the SFA provisions on insider trading with the necessary modifications for the provisions to apply in relation to DPTs.
金管局（MAS）还提议针对数码支付代币实施类似于SFA里关于内幕交易的规定，但需要适当修改以适用于数码支付代币的特性。
Lastly, MAS has proposed to introduce provisions in relation to civil penalty actions, civil remedies, attribution of liability, and other related areas for DPTs, with the necessary modifications for the provisions to apply in relation to DPTs.
最后，金管局（MAS）还提议针对数码支付代币实施与民事处罚行动、民事救济、责任归属以及其他相关领域相关的规定，但需要适当修改以适用于数码支付代币的特性。
To learn more about the proposed regulatory measures, please read MAS’ consultation paper here.
想了解更多关于拟议监管措施的信息，请浏览：阅读金管局（MAS）的咨询文件。
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