FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd
FSA Annual Report 2006/07 - Better Regulation Ltd
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104<br />
Section six – Appendices<br />
Appendix 1<br />
Notes to the table<br />
Note 1<br />
Compliance monitoring of<br />
designated clearing and settlement<br />
systems is in accordance with the<br />
Clearing and Settlement Systems<br />
Ordinance.<br />
Note 2<br />
The total ‘Equity Market<br />
Capitalisation’ Figure of $17.7<br />
trillion (£9tr) was provided by<br />
the SEC.<br />
Note 3<br />
According to section 7 of the<br />
Banking Act (5 January 20<strong>07</strong>),<br />
BaFin closely cooperates with the<br />
Deutsche Bundesbank in carrying<br />
out the supervision of banks and<br />
investment firms in Germany. The<br />
costs of the Deutsche Bundesbank in<br />
the area of supervision cannot be<br />
clearly attributed because of the dual<br />
function of the Banking and<br />
Financial Supervision Department,<br />
which has mainly banking<br />
supervisory functions, but is also<br />
involved in monetary policy issues.<br />
Note 4<br />
The figure reported for the IFSRA<br />
comprises direct costs (pay and nonpay)<br />
of supervision (prudential,<br />
consumer and support departments)<br />
together with a partial allocation of<br />
costs for shared services (IT, HR,<br />
Corporate Services etc).<br />
Note 5<br />
Related to staff directly involved in<br />
regulation. Also includes e0.2m<br />
worth of costs not falling into the<br />
above categories, classified as ‘Other’<br />
by the IFSRA. Does not include<br />
indirect staff involved in provision of<br />
shared services. Comprises direct costs<br />
(pay and non-pay) of supervision<br />
(prudential, consumer and support<br />
departments) together with allocation<br />
of costs for shared services (IT, HR,<br />
Corporate Services etc).<br />
Note 6<br />
NFA figures provided are for the<br />
NFA’s Fiscal Year 20<strong>07</strong>: 1 July <strong>2006</strong><br />
to 30 June 20<strong>07</strong>. Thus, they are<br />
projected costs. The figure of<br />
$36,100,000 excludes projected<br />
capital spending of $1,000,000; it<br />
does include non-cash admin<br />
expenses (i.e. depreciation expense)<br />
of $1,800,000.<br />
Note 7<br />
This activity is the responsibility of<br />
the Singapore Exchange (SGX).<br />
Note 8<br />
SGX’s cost for the period January<br />
<strong>2006</strong> to December <strong>2006</strong>. Out of<br />
which S$3.8 million relates to SGX's<br />
approval of listing.<br />
Note 9<br />
The Total Equity Market<br />
Capitalisation figures provided by<br />
MAS in 2005/06 were shown<br />
incorrectly in the <strong>FSA</strong> 2005/06<br />
<strong>Annual</strong> <strong>Report</strong>. The figure was<br />
presented as £355bn. The correct<br />
figure should have read £187bn.<br />
Note 10<br />
Source: FDIC Quarterly Banking<br />
Profile – Table III-A Full Year <strong>2006</strong>,<br />
All FDIC – Insured institutions.<br />
Note 11<br />
Figures provided by MAS relate to<br />
the period, 1 April 2005 to 31 March<br />
<strong>2006</strong> and include allocated costs<br />
from central banking and support<br />
functions such as HR, Finance, IT,<br />
Internal Audit, etc as well as imputed<br />
rental and depreciation.<br />
Note 12<br />
Includes the costs of supervision of<br />
market conduct of securities firms<br />
and fund management firms, costs<br />
of regulation of prospectuses and<br />
collective investment schemes, and<br />
costs of the market surveillance,<br />
investigation and enforcement<br />
function.<br />
Note 13<br />
The March <strong>2006</strong> market<br />
capitalisation figure is not directly<br />
comparable with previous years'<br />
figures as there has been a change in<br />
Singapore Exchange Securities<br />
Trading Limited's methodology for<br />
computation of market capitalisation<br />
since May 2005. For more<br />
information, please refer to SGX's<br />
website www.sgx.com.