Page 14 - CCFAJournal-FirstIssue

加中金融

Case 3. CSA Staff Notice 21-327 guidance on the 例三 加拿大证监会（CSA）员工关于证券立法适用于促进
application of Securities Legislation to Entities 加密资产交易实体的证券立法指南 21-327
Facilitating the Trading of Crypto Assets
本《员工通知》指出，对于交易平台运营商，他们所操作
This Staff Notice identifies concerns regarding trading 的交易平台不受证券立法约束。本通知侧重于一些平台向
platform operators who are of the view that the trading
platforms they operate are not subject to securities 其用户提供合同权或对基础加密资产的索赔，而不是立即
legislation. The Notice focuses on the fact that some 将加密资产交付给其用户。《通知》指出，证券监管机构
platforms are providing their users with a contractual 认为，这些不提供即时交割的交易平台一般受证券立法的
right or claim to an underlying crypto asset, rather than 约束。
immediately delivering the crypto asset to its users.
The Notice indicates that the securities regulators have 分析：加拿大证监会《工作人员通知》侧重于资产交付的
concluded that these trading platforms that do not 时间，而不是资产的性质。对于合同或工具是否构成立即
provide immediate delivery are generally subject to 交付加密资产的义务，没有明线测试。工作人员将考虑管
securities legislation. 理平台与用户之间关系的合同安排的条款，包括合同或文
书是否有义务立即交付加密资产。
Analysis: The Staff Notice focuses on when delivery of the asset
takes place rather than the nature of the asset. There is no bright-line 本《员工通知》指出，资产的性质不如平台与资产买卖双
test as to whether a contract or instrument results in an obligation to
make and take immediate delivery of a crypto asset. Staff will 方关系的性质重要。这与历史方法不同，但试图通过关注
consider the terms of the contractual arrangements governing the 更客观的标准（控制和访问）来解决监管不确定性。
relationship between the platform and the user, including whether 例四
the contract or instrument creates an obligation to make immediate
delivery of the crypto asset. 与加密资产交易平台（CTP）最终报告相关的问题、风险
This Staff Notice indicates that the nature of the asset will be less 和监管考虑（国际证券委员会组织，2020 年 2 月）
important than the nature of the relationship between the platform 《最终报告》由国际证券委员会（IOSCO）第 2 委员会编
and the buyer and seller of the asset. This is a departure from the
historical approach but tries to address regulatory uncertainty by 写的二级市场监管委员会（委员会 2）部分基于委员会 2
focusing on more objective criteria (control and access). 收集的有关反恐战略文件运作的信息，以及委员会 2 成员
管辖区或参加国际证券联盟 ICO 咨询网络（ICO 网络）的
成员管辖区目前采用或正在考虑的监管方法。

Case 4. Risks and Regulatory Considerations Relating to 最终报告描述了迄今为止与 CTP 上加密资产交易相关的
Crypto-Asset Trading Platforms(CTPs) Final Report
(International Organization of Securities Commissions, 问题和风险。关于所确定的问题和风险，它描述了关键考
February 2020) 虑因素，并提供了对每个关键考虑因素有用的相关工具包。
这些关键注意事项和工具包旨在协助监管机构在其监管框
The Final Report, prepared by International Organization 架范围内评估反恐执行措施。
of Securities Commissions (IOSCO) Committee 2 on the
Regulation of Secondary Markets (Committee 2), is 主要考虑事项涉及：获得反恐执行局;保护参与者资产;利
based in part on the information gathered by Committee 益冲突;反恐执行局的运作;市场诚信;价格发现;和技术。
2 related to the operation of CTPs and the regulatory
approaches that are currently applied or are being 分析：国际证券委员会(IOSCO) 认识到这是一个新的和快
considered in Committee 2 member jurisdictions or in 速发展的市场。关键考虑到其与加拿大确定的目标一致。
member jurisdictions that participate in IOSCO’s ICO 另外。报告明确指出，《最后报告》提出的监管办法（称
Consultation Network (ICO Network). 为工具包）无意建议或授权任何特定的管制行动或要求。

The Final Report describes issues and risks identified to 它们代表了国际反恐委员会认为，在管制反恐委员会方面
date that are associated with the trading of crypto-assets 可以考虑的具体领域。工具包是监管机构可用于解决关键
on CTPs. In relation to the issues and risks identified, it 考虑因素和相关风险和问题的措施示例。
describes key considerations and provides related
toolkits that are useful for each key consideration. These
key considerations and toolkits are intended to assist
regulatory authorities who may be evaluating CTPs
within the context of their regulatory frameworks.

The key considerations relate to: Access to CTPs;
Safeguarding participant assets; Conflicts of interest;
Operations of CTPs; Market integrity; Price discovery;
and Technology.
Analysis: IOSCO recognizes that this market is new and rapidly
evolving. The key considerations are consistent with those identified
in Canada. In addition. the report clearly indicates that the regulatory
approaches (described as toolkits) put forward in the Final Report
are not intended to suggest or mandate any particular regulatory
(action or requirement. They represent specific areas that IOSCO
believes jurisdictions could consider in the context of the regulation
of CTPs. The toolkits are examples of measures that can be used by
regulatory authorities to address the key considerations and the
associated risks and issues.

CCFA JOURNAL OF FINANCE AUGUST 2020 Page 14 第14页