• About Us
    • Fact Checking Policy
    • Ownership & funding information
    • Volunteer
  • Subscribe
  • Letter submission
    • Submissions Policy
  • Contact Us
The Online Citizen Asia
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
The Online Citizen Asia
No Result
View All Result

损失血汗钱

by onlinecitizen
23/10/2008
in Uncategorized
Reading Time: 8 mins read
0

Tan Kin Lian / Columnist (Chinese translation by Teng Jing Wei)

For the benefit of our Chinese-speaking readers, we have translated Tan Kin Lian’s earlier article titled “Loss of hard-earned money”.

10月20日的国会,提出好些和雷曼兄弟有关的结构性产品的亏损的问题。财政次长林勋强的答复如下:

金融管理局(金管局)的行政方式是均衡的管制,确保消费者得到公平交易的责任在于金融机构,而了解所购投资产品的责任则在于投资者。

金管局规定金融机构和发行者适当的向投资者披露投资产品的特征和风险。

金管局已为支持以上规定设置了必要的法律框架。有两项关键立法 – 证券与期货法令、以及金融顾问法令。

发行者必须在说明书内为投资者列举评估证券时所合理需要的所有资料。

发行者和其顾问有责任确保说明书内容符合法律规定。金管局依据发行者和气顾问所提供的资料,检查说明书有披露风险和产品特征,并且没有虚假或误导性内容。

MAS 注册了雷曼迷你债券计划、DBS 高升短期债券5、美林Jubilee联赢票据3的说明书,因为它们符合证券与期货法令的要求。

说明书

我在金管局的网站查询这4个符合证券与期货法令要求而被批准的结构性产品的说明书。但我无法找到这些说明书。

我可以找到列为“集体投资计划”类中几百种产品的说明书。为什么这些被金管局批准的结构性产品的说明书,没有列在网站上?

结构性产品的性质与风险

许多投资者已经在书信和报章刊登的信件里说明他们被误导,认为这些结构性产品是投资在6个债务标的机构(reference entities),而所有机构必须被宣布破产他们才会损失全部的投资数额。投资者得到的保证是:结构性产品属于“低风险”投资产品,而且所投资的数额有 “资本保障”,意味着他们将在期限结束后得到所投资的数额。

属于“弱势群体”和“非弱势群体”的投资者,包括受教育专业人士,在发现这些结构性产品属于“极高风险”投资产品并且比证券投资更危险时感到恐慌。

他们现在了解投资在这些结构性产品的一大部份或全部数额会在面临以下情况下消失:


任何一家债务机构的倒闭;

某些大量特定的垫底资产的损失

交易对手倒闭

说明书内并没有提到“倒闭”或“损失”。说明书运用了 “信贷事件” 为代替,以及一些难以分辨真实意思的字眼来解释信贷事件。

我们已确实这些结构性产品摆明含有相当高的风险。现在要问的问题是:说明书内是否充分的描述了风险?有关风险的关键资料是否可以轻易的在说明书内找到?

部长说“发行者必须在说明书内为投资者列举评估证券时所合理需要的所有资料。”也许部长该读一读说明书看自己是否能得到评估证券时所合理需要的所有资料。

虚假或误导的信息

如今从事后角度来看,我建议金管局应该检视广告、销售手册和说明书,检讨所提供的资料是否含有虚假或误导的内容,违反了证券与期货法令。


不诚实的掩盖实质事实

证券与期货法令第200章列出通过“不诚实的掩盖实质事实”诱导某人进行证券交易是犯法的。


一项重要的资料可能是损失全部资金的因素。这风险的程度有多大?在投资项目的期限是1%、5%、10%或50%?

发行者是否知道这风险的程度?他们也许略有所闻, 根据为交易对手在信用违约互换下牵涉到的债务机构和垫底的资产所提供的保金而有所印象。

发行者是否应该在说明书内提供这项实质资料?发行者没有提供这项实质资料,是否违反了法令?

公平交易结果

部长也说道金管局的目的是确保“消费者得到公平的交易”。也许金管局应探讨结构性产品是否通过这项测试。

产品发行者没有在说明书内披露结构性产品从各项投资中的总收入,包括好些高风险的信用违约互换。这些收入去了何方?发行者、分销商和债券持有人如何分享收入?

即目标回报的5%收入的部份是否,如收入来源所表示,是高风险结构性产品的合理结果?

据我本人所知,没有任何结构性产品发出户口汇报单给投资者。是否有违反信托法令?产品的发行者(或产品的安排者)和信托人是否有任何诚信义务来照顾投资者的利益并对事件提供全面和完整的声明?

法律的精神

我最后要向林勋强部长和新加坡金融管理局呼吁,请确保在新加坡的法律系统之下,各方必须遵守法律精神与守法条例。

我希望官方可以采取适当行动为恢复人民对新加坡公平系统的信心,以及恢复新加坡金融枢纽的声誉,使新加坡人和外国人放心的把他们的血汗钱存放在这。

—————–

For just US$7.50 a month, sign up as a subscriber on The Online Citizen Asia (and enjoy ads-free experience on our site) to support our mission to transform TOC into an alternative mainstream press.

Related Posts

AFP

Myanmar junta imposes tough new measures on resistance strongholds

03/02/2023
Malaysia High Court dismissed DPM Zahid’s application to get passport returned permanently
Malaysia

Malaysia High Court dismissed DPM Zahid’s application to get passport returned permanently

03/02/2023
Why is Gautam Adani’s Indian empire in turmoil?
AFP

Adani turmoil a key test for Modi’s India Inc

03/02/2023
Kajang cops chided for denying woman access to police HQ because she was wearing shorts
Community

Kajang cops chided for denying woman access to police HQ because she was wearing shorts

03/02/2023
Adani’s brother runs SG company and registers as director with local ID
Current Affairs

Adani’s brother runs SG company and registers as director with local ID

03/02/2023
Minister Tan See Leng only reveals 500 intra-corporate transferees from India for last year – a Covid year
Opinion

Increasing number of working Permanent Residents in Singapore but with a stable PR population

03/02/2023
Subscribe
Connect withD
Login
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
Connect withD
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
0 Comments
Inline Feedbacks
View all comments

Latest posts

Myanmar junta imposes tough new measures on resistance strongholds

03/02/2023
Malaysia High Court dismissed DPM Zahid’s application to get passport returned permanently

Malaysia High Court dismissed DPM Zahid’s application to get passport returned permanently

03/02/2023
Why is Gautam Adani’s Indian empire in turmoil?

Adani turmoil a key test for Modi’s India Inc

03/02/2023
Kajang cops chided for denying woman access to police HQ because she was wearing shorts

Kajang cops chided for denying woman access to police HQ because she was wearing shorts

03/02/2023
Adani’s brother runs SG company and registers as director with local ID

Adani’s brother runs SG company and registers as director with local ID

03/02/2023
Minister Tan See Leng only reveals 500 intra-corporate transferees from India for last year – a Covid year

Increasing number of working Permanent Residents in Singapore but with a stable PR population

03/02/2023

A multi-party parliament is the only way to make sure that Singapore continues to not condone or tolerate corruption

03/02/2023
Anwar criticised over appointing own daughter as his senior advisor

Anwar criticised over appointing own daughter as his senior advisor

03/02/2023

Trending posts

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

by Yee Loon
30/01/2023
25

...

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

by Yee Loon
26/01/2023
24

...

They have done a fine job of confusing us about the jobs situation

They have done a fine job of confusing us about the jobs situation

by Augustine Low
01/02/2023
36

...

Two Indian nationals paid about S$330 and S$730 respectively for forged certificates submitted in their S-Pass application

MOM found issuing EPs meant for foreign PMETs to PRC waitress and general worker

by Correspondent
26/01/2023
41

...

Singapore warns slower economic growth in 2023

Less than 1 in 10 jobs created in first three quarters of 2022 went to Singaporeans?

by Leong Szehian
28/01/2023
69

...

Excessively charging for an essential need, and calling it affordable because people still can pay for it?

by Terry Xu
31/01/2023
39

...

October 2008
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031  
« Sep   Nov »

The Online Citizen is a regional online publication based in Taiwan and formerly Singapore’s longest-running independent online media platform.

Navigation

  • Editorial
  • Commentaries
  • Opinion
  • Politics
  • Community

Support

  • Contact Us
  • Letter submission
  • Membership subscription

Follow Us

  • Facebook
  • Twitter
  • YouTube
  • Instagram
  • Fact Checking Policy
  • Privacy Policy

© 2022 - 2023 The Online Citizen Asia

No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Comments
  • Current Affairs
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Civil Society
    • Arts & Culture
    • Consumer Watch
    • NGO
  • Politics
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
  • Lifestyle
    • Travel
  • Subscribers login

© 2022 - 2023 The Online Citizen Asia

wpDiscuz