National Instruments Singapore
Angelika
In some cases, national instruments remain in wide use within the nation (such as the Puerto Rican cuatro), but in others, their importance is primarily symbolic (such as the Welsh triple harp). Danish ethnologist Lisbet Torp has concluded that some national instrument traditions, such as the Finnish kantele, are invented, pointing to the "influence of intellectuals and nationalists in the nationwide promotion of selected musical instruments as a vehicle for nationalistic ideas".[1] Governments do not generally officially recognize national instruments; some exceptions being the Paraguayan harp,[2] the Japanese koto[3] and the Trinidadian steelpan.[4]
This list compiles instruments that have been alleged to be a national instrument by any of a variety of sources, and an instrument's presence on the list does not indicate that its status as a national instrument is indisputable, only that its status has been credibly argued. Each instrument on this list has a Hornbostel-Sachs number immediately below it. This number indicates the instrument's classification within the Hornbostel-Sachs system (H-S), which organizes instruments numerically based on the manner in which they produce sound.[5]
Images and recordings are supplied where available; note that there are often variations within a national musical tradition, and thus the images and recordings may not be accurate in depicting the entire spectrum of the given nation's music, and that some images and recordings may be taken from a region outside the core of the national instrument's home when such distinctions have little relevance to the information present in the image and recordings. A number of countries have more than one instrument listed, each having been described as a national instrument, not usually by the same source; neither the presence of multiple entries for one nation, nor for multiple nations for one instrument, on this list is reflective of active dispute in any instance. Alternative names and spellings are given. These mostly come from alternative spellings within English or alternative methods of transliterating from a foreign language to English, such as the Chinese yangqin, also transliterated yang ch'in and yang qin. Others reflect regions or subcultures within a given nation, such as the Australian didgeridoo which is or has been called didjeridu, yidaki, yiraki, magu, kanbi and ihambilbilg in various Australian Aboriginal languages. All non-English words are italicized.
In some jurisdictions, government ministerial approvals are required for the implementation of the Instrument. Provided all necessary approvals are obtained, the National Instrument will come into force on July 3, 2017.
The CSA Derivatives Committee (the Committee) has consulted and collaborated with the Bank of Canada, the Office of the Superintendent of Financial Institutions (Canada), the Department of Finance Canada and market participants on the National Instrument. The Committee also continues to contribute to and follow international regulatory developments. In particular, members of the Committee work with international regulators and bodies such as the International Organization of Securities Commissions and the OTC Derivatives Regulators' Group in the development of international standards and regulatory practices.
Although a significant market in Canada, the Canadian over-the-counter (OTC) derivatives market comprises a relatively small share of the global market, and a substantial portion of derivatives entered into by Canadian market participants involve foreign counterparties. The CSA endeavours to develop rules for the Canadian market that are aligned with international practices to ensure that Canadian market participants have access to the international market and are regulated in accordance with international principles.
We would like to draw your attention to another publication: CSA Notice of National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives which is being published concurrently with this Notice. This publication, and the National Instrument, relate to central counterparty clearing.
The purpose of the Instrument is to ensure that the clearing of a local customer's OTC derivatives is carried out in a manner that protects the customer's positions and collateral and improves derivatives clearing agencies' resilience to default by a clearing intermediary. For a more detailed explanation of customer clearing please see CSA Consultation Paper 91-404 Derivatives: Segregation and Portability in OTC Derivatives Clearing.1
The Instrument contains requirements for the treatment of customer collateral by clearing intermediaries providing clearing services to local customers and derivatives clearing agencies located in Canada or providing clearing services to local customers. The Instrument includes requirements relating to the segregation and use of customer collateral that are designed to protect customer collateral, particularly in the case of financial difficulties of a clearing intermediary. The Instrument also includes detailed recordkeeping, reporting and disclosure requirements intended to make customer collateral and positions readily identifiable. Finally, the Instrument contains requirements relating to the transfer or porting of customer collateral and positions intended to result, in the event of default or insolvency of a clearing intermediary, that customer collateral and positions can be transferred to one or more non-defaulting clearing intermediaries.
On January 16, 2014, the CSA published for comment CSA Notice 91-304 Proposed Model Provincial Rule on Derivatives: Customer Clearing and Protection of Customer Collateral and Positions (the Model Rule). The Committee modified the Model Rule in response to public comments and on January 21, 2016, Proposed National Instrument 94-102 Derivatives: Customer Clearing and Protection of Customer Collateral and Positions (the Proposed Instrument) was published by CSA Notice for a 90-day comment period.
During the last comment period, we received submissions from six commenters on the Proposed Instrument. We thank all of the commenters for their input. We have carefully reviewed the comments received and revised the Proposed Instrument. The names of the commenters and a summary of their comments, together with our responses, are contained in Annex A of this Notice. Copies of the submissions on the Proposed Instrument can be found on the websites of the Alberta Securities Commission, Ontario Securities Commission2 and Autorit des marchs financiers.3
Part 1 of the Instrument sets out relevant definitions and specifies that the Instrument applies only to cleared OTC derivatives where a customer, regulated clearing agency or clearing intermediary has a specified nexus to a local jurisdiction.
Part 2 of the Instrument sets out the manner in which a customer's collateral is to be treated by clearing intermediaries, including requirements in respect of the collection, holding and maintenance of customer collateral, the identification of excess margin as well as the segregation, use and investment of customer collateral. Part 2 also sets out requirements that a clearing intermediary must meet to provide clearing services to a local customer including appropriate risk management in respect of those services.
Under Part 3 of the Instrument, clearing intermediaries are required to keep and retain certain records and supporting documentation as well as keep adequate and appropriately updated books and records that facilitate the identification and protection of a customer's positions and collateral.
Part 4 of the Instrument sets out reporting and disclosure requirements for clearing intermediaries, including reporting required to be submitted to the regulator or the securities regulatory authority.
Part 5 of the Instrument sets out how a customer's collateral is to be treated by regulated clearing agencies, including requirements in respect of the collection, holding and maintenance of customer collateral, the identification of excess margin as well as the segregation, use and investment of customer collateral.
Under Part 6 of the Instrument, regulated clearing agencies are required to keep certain records and supporting documentation as well as keep adequate and appropriately updated books and records that facilitate the identification and protection of a customer's positions and collateral.
Part 7 of the Instrument sets out reporting and disclosure requirements for regulated clearing agencies, including reporting required to be submitted to the regulator or the securities regulatory authority.
Part 8 of the Instrument sets out the requirements for a regulated clearing agency to facilitate the transfer of a customer's positions and collateral in the context of a clearing intermediary's default or at the request of a customer. Part 8 also requires a clearing intermediary that provides clearing services to an indirect intermediary to have policies and procedures for transferring the positions and collateral of a customer of the indirect intermediary.
Under Part 9 of the Instrument, clearing intermediaries and regulated clearing agencies located outside Canada may be exempt from the Instrument if they comply with the requirements of comparable legislation of a foreign jurisdiction specified in Appendix A to the Instrument. Despite the exemption from the Instrument provided for in Part 9, clearing intermediaries and regulated clearing agencies that offer clearing services to local customers will remain subject to certain provisions under the Instrument, as specified in Appendix A to the Instrument.
We received comments noting that the Instrument would extend the application of segregation and portability requirements to options on securities in a manner that is inconsistent with other regulatory regimes internationally. In response to these comments, we determined that the Instrument will not apply to OTC options on securities. Under securities legislation in Canada, options on securities are subject to regulation as securities, or in Qubec as derivatives.4 Options on securities will continue to be regulated as securities, or in Qubec as derivatives, under the existing securities legislation in Canada and remain subject to the investor protections included in these regimes. This is consistent with approaches employed in the United States and the European Union.
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