where the other person is a corporation —. principally responsible for the management and conduct of the business of the relevant person in Singapore; “clearing facility” has the meaning given to it in Part II of the First Schedule; “clearing or settlement” has the meaning given to it in Part II of the First Schedule; “closed-end fund” means an arrangement referred to in paragraph (, an arrangement referred to in paragraph (, which invests primarily in real estate and real estate-related assets specified by the Authority in the Code on Collective Investment Schemes; and. 267 Powers of trustee to apply to court for directions, etc. 50), the change of name shall not affect the identity of that corporation or the application of the relevant provisions of this Act or any other written law to that corporation. 50); “firm” has the same meaning as in section 2(1) of the Business Names Registration Act 2014; “foreign company” has the same meaning as in section 4(1) of the Companies Act; “franchise” means a written agreement or arrangement between 2 or more persons by which —. in relation to a business trust, means a person who has an interest or interests in one or more voting units in the business trust, the total votes attached to that unit, or those units, being not less than 5% of the total votes attached to all the voting units in the business trust; “Take-over Code” means the Singapore Code on Take-overs and Mergers referred to in section 139 which is issued by the Authority under section 321(1); an offer for the acquisition by or on behalf of a person of —, in the case of a public company, or of a corporation all or any of the shares of which are listed for quotation on an approved exchange —, some or all of the shares, or some or all of the shares of a particular class, in the company or corporation made to all members of the company or corporation, or where the person already holds shares in the company or corporation, made to all other members of the company or corporation; or. any contract or arrangement that is, or that belongs to a class of contracts or arrangements that is, prescribed to be a derivatives contract. 289) (“ SFA ”) is the main Singaporean legislation regulating the capital markets and financial investments sector in Singapore. in relation to a business trust, means a person who holds a unit in the business trust; in relation to an approved exchange, a recognised market operator, an approved clearing house or a recognised clearing house, a person who is —, a member of the approved exchange, recognised market operator, approved clearing house or recognised clearing house (as the case may be); or, a customer of a member of the approved exchange, recognised market operator, approved clearing house or recognised clearing house (as the case may be); or, in relation to a licensed trade repository or a licensed foreign trade repository, a person who is —, a participant of the licensed trade repository or licensed foreign trade repository; or. The Securities and Futures Commission (SFC) of Hong Kong is the independent statutory body charged with regulating the securities and futures markets in Hong Kong. 4 Interest in securities, securities-based derivatives contracts or units in a collective investment scheme, 7 Requirement for approval or recognition, 8 Application for approval or recognition, 9 Power of Authority to approve exchanges and recognise market operators, 10 General criteria to be taken into account by Authority, 11 Annual fees payable by approved exchange and recognised market operator, 13 Cancellation of approval or recognition, 14 Power of Authority to revoke approval and recognition, 16 Obligation to notify Authority of certain matters, 21 Obligation to maintain confidentiality, 23 Business rules and listing rules of approved exchanges, 24 Business rules of approved exchanges have effect as contract, 25 Power of court to order observance or enforcement of business rules or listing rules, 26 Non-compliance with business rules or listing rules not to substantially affect rights of person, 27 Control of substantial shareholding in approved exchange, 28 Approval of chairman, chief executive officer, director and key persons, 29 Listing, de-listing or trading of certain instruments, contracts and transactions, 30 Listing of approved exchange on organised market, 31 Additional powers of Authority in respect of auditors, 32 Immunity from criminal or civil liability, 34 Obligation to notify Authority of certain matters, 39 Obligation to maintain confidentiality, 40 Non-compliance with business rules or listing rules not to substantially affect rights of person, 41 Listing, de-listing or trading of certain instruments, contracts and transactions, 44 Power of Authority to make regulations, 45 Power of Authority to issue directions, 46 Power of Authority in organised market, 46AAA Interpretation of sections 46AAA to 46AAF. 186); a finance company that is licensed under the Finance Companies Act (Cap. View exemptions issued under section 337(2) of the Securities and Futures Act for the period from 1 January 2013 to 31 March 2013. 50); a prescribed interest in a security, securities-based derivatives contract or unit in a collective investment scheme being an interest of such person, or of the persons included in such class of persons, as may be prescribed; for the purposes of Part VII, an interest in a securities-based derivatives contract the obligations under which are to be discharged by one party to the other at some future time by cash settlement only. The SFC is responsible for fostering an orderly securities and futures markets, to protect investors and to help promote Hong Kong as an international financial centre and a key financial market in China. 50); “custodian”, in relation to a collective investment scheme constituted as a VCC or sub‑fund, means an entity to which the assets of the scheme are entrusted for safekeeping; in relation to a holder of a capital markets services licence —, for the purposes of Parts IV, VI, VII and XV, a person on whose behalf the holder carries on or will carry on any regulated activity; or, a person on whose behalf the holder carries on or will carry on any regulated activity; or. 50); “entity” includes a corporation, an unincorporated association, a partnership and the government of any state, but does not include a trust; “exchange-traded derivatives contract” means a derivatives contract —, that is executed on an organised market and is or will be cleared or settled by a clearing facility under an arrangement, process, mechanism or service by which the parties to the derivatives contract substitute or will substitute, through novation or otherwise, the credit of the clearing facility for the credit of the parties to the derivatives contract; and, the contractual terms (other than price) of which —, are in the same form as the contractual terms of other derivatives contracts of the same type that are executed on the organised market on which the derivatives contract is executed; and. 186); “book” includes any record, register, document or other record of information, and any account or accounting record, however compiled, recorded or stored, whether in written or printed form or on microfilm or in any other electronic form or otherwise; “business rules”, in relation to an approved holding company, an approved exchange, a recognised market operator, a licensed trade repository, a licensed foreign trade repository, an approved clearing house or a recognised clearing house, means the rules, regulations, by-laws or such similar body of statements, by whatever name called, that govern the activities and conduct of —, the approved holding company, approved exchange, recognised market operator, approved clearing house or recognised clearing house and its members, or the licensed trade repository or licensed foreign trade repository and its participants; and. This Compliance Toolkit serves as a guide to capital market services licensees (other than fund managers and REIT managers), exempt financial institutions (e.g. Status: Current version as at 20 Jan 2021 . and a reference in this Act to a person connected to another person shall be construed accordingly; “corporation” has the same meaning as in section 4(1) of the Companies Act (Cap. 46ZIB Action by Authority if licensed trade repository unable to meet obligations, etc. [1st January 2002: Parts I, VIII, IX, X and XV (except section 314), First and Second Schedules ; 1st July 2002: Parts XIII and XIV ; 1st October 2002: Parts II to VII, XI and XII, section 314 and Third Schedule ], “administering a designated benchmark” means —. that one of those persons furnishes advice to, or acts on behalf of, the other person in the proper performance of the functions attaching to his professional capacity or to his business relationship with the other person; that one of those persons, a customer, gives specific instructions to the other, whose ordinary business includes dealing in capital markets products, to acquire shares on the customer’s behalf in the ordinary course of that business; that one of those persons has sent, or proposes to send, to the other a take-over offer, or has made, or proposes to make, offers under a take-over announcement, within the meaning of the Take-over Code, in relation to shares held by the other; that one of those persons has appointed the other, otherwise than for valuable consideration given by the other or by an associate of the other, to vote as a proxy or representative at a meeting of members, or of a class of members, of a corporation. such other product or class of products as may be prescribed; “securities-based derivatives contract” means any derivatives contract of which the underlying thing or any of the underlying things is a security or a securities index, but does not include any derivatives contract that is, or that belongs to a class of derivatives contracts that is, prescribed by regulations made under section 341; “Securities Industry Council” means the Securities Industry Council referred to in section 138; “share” has the same meaning as in section 4(1) of the Companies Act (Cap. —(1)  In this Act, unless the context otherwise requires —, —(1)  Unless the context otherwise requires, any reference in this Act to a person associated with another person shall be construed as a reference to —, Interest in securities, securities-based derivatives contracts or units in a collective investment scheme. 336) or such other Act as may be prescribed by regulations made under section 341; a pension fund, or collective investment scheme, whether constituted in Singapore or elsewhere; a person (other than an individual) who carries on the business of dealing in bonds with accredited investors or expert investors; such other person as the Authority may prescribe. for the purposes of any other provision of this Act, a person who participates in a collective investment scheme by way of owning one or more units in a collective investment scheme; “partner” and “manager”, in relation to a limited liability partnership, have the respective meanings assigned to them in section 2(1) of the Limited Liability Partnerships Act 2005 (Act 5 of 2005); “prescribed written law” means this Act or any of the following written laws: Monetary Authority of Singapore Act (Cap. The Guidelines set out the margin requirements for non- centrally cleared over-the … 142) to carry on insurance business in Singapore; a company licensed under the Trust Companies Act (Cap. to receive sums paid out of such profits, income, or other payments or returns, the arrangement provides for the participants to receive any benefit other than those set out in sub-paragraph (BA) or (BB) in the event that the purpose, purported purpose or purported effect is not realised; or, the purpose, purported purpose or purported effect is realised; or, an arrangement which is an arrangement, or is of a class or description of arrangements, specified by the Authority as a collective investment scheme by notice published in the. offers or invitations to enter into, purchase, sell, or exchange capital markets products; executed transactions in capital markets products; transactions cleared or settled by an approved clearing house or a recognised clearing house; or. Get notified whenever news and updates are posted on this website. except that, in relation to a matter relating to shares in a corporation, a person may be an associate of the corporation and the corporation may be an associate of a person; a person with whom the other person is acting, or proposes to act, in concert in relation to the matter to which the reference relates; where the matter to which the reference relates is a matter, other than the extent of a power to exercise, or to control the exercise of, the voting power attached to voting shares in a corporation —, subject to subsection (2), a person who is a director of a corporation of which the other person is a director; or. It was signed into law on December 21, 2000 by President Bill Clinton.It clarified the law so most OTC derivative transactions between "sophisticated parties" would not be regulated as "futures… a director or secretary of the corporation; a director or secretary of such a related corporation; where the matter to which the reference relates is the extent of a power to exercise, or to control the exercise of, the voting power attached to voting shares in a corporation, a person with whom the other person has, or proposes to enter into, an agreement, arrangement, understanding or undertaking, whether formal or informal, or express or implied —. 50); and. View exemptions issued under section 337(2) of the Securities and Futures Act for the period from 1 January 2014 to 31 March 2014. a corporation that is, or a majority of the directors of which are, accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of that other person in relation to that security, securities-based derivatives contract or unit in a collective investment scheme (as the case may be). The OSC administers the Securities Act (Ontario) and its General Regulation, as well as the Commodity Futures Act and its General Regulation. “Code on Collective Investment Schemes” means the Code on Collective Investment Schemes referred to in section 284 which is issued by the Authority under section 321(1); an arrangement in respect of any property —. The Role of securities advisor and futures advisor is to give investment advice to others. Securities Industry (Declaration of Exempt Stock Market) Order 2005: Revoked.Section 388 Schedule 11: CMSA. in relation to a corporation (other than a company), means any share equivalent to a treasury share in a company; in relation to a registered business trust, has the same meaning as in section 2 of the Business Trusts Act (Cap. where the corporation is not required to prepare audited accounts regularly, a balance-sheet of the corporation certified by the corporation as giving a true and fair view of the state of affairs of the corporation as of the date of the balance-sheet, which date shall be within the preceding 12 months; the trustee of such trust as the Authority may prescribe, when acting in that capacity; or. 2. an arrangement under which money received by an advocate and solicitor from his client, whether as a stakeholder or otherwise, acting in his professional capacity in the ordinary course of his practice, or under which money is received by a statutory body as a stakeholder in the carrying out of its statutory functions; an arrangement made by any co-operative society registered under the Co-operative Societies Act (Cap. “recognised market operator” means a corporation that is recognised by the Authority under section 8(2) as a recognised market operator; “record” means information that is inscribed, stored or otherwise fixed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form; “registered business trust” has the same meaning as in section 2 of the Business Trusts Act (Cap. The 2017 Amendment Act was gazetted on 16 February 2017. 236H Civil penalty against officer of corporation, etc. To print the whole chapter in HTML, please click at the bottom of the TOC panel and then click .Please set the page orientation to “Landscape” for printing of bilingual texts on a single page. Securities and Futures Act and Financial Advisers Act Under the single licensing regime, an intermediary needs to hold only a single license, either a Capital Markets Services License or Financial Advisers License , to conduct one or more financial services regulated activities, unless specifically exempted. to determine the interest payable or other sums due on deposits or credit facilities; to determine the price or value of any investment product as defined in section 2(1) of the Financial Advisers Act (Cap. View exemptions issued under section 337(2) of the Securities and Futures Act for the period from 1 July 2015 to 30 September 2015. a firm, a limited liability partnership or a corporation, means another firm, limited liability partnership or corporation in which the first-mentioned firm, limited liability partnership or corporation has control of not less than 20% of the voting power in that other firm, limited liability partnership or corporation. such other person as the Authority may prescribe; a person whose business involves the acquisition and disposal, or the holding, of capital markets products, whether as principal or agent; a statutory board as may be prescribed by regulations made under section 341; an entity that is wholly and beneficially owned, whether directly or indirectly, by a central government of a country and whose principal activity is —, to manage the funds of the central government of that country (which may include the reserves of that central government and any pension or provident fund of that country); or. whose net personal assets exceed in value $2 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount; whose financial assets (net of any related liabilities) exceed in value $1 million (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe in place of the first amount, where “financial asset” means —. 28 March 2018. 236G Civil liability of partnership or limited liability partnership for contravention by partner, etc. PU(A)314/2002 such other product or class of products as the Authority may prescribe, a cheque, letter of credit, order for the payment of money or bill of exchange; or. (6)  For the purposes of this Act, a person who has a substantial shareholding in a corporation is a substantial shareholder in that corporation. banks and finance companies) and other exempt entities (e.g. 50); the individual’s spouse, son, adopted son, step-son, daughter, adopted daughter, step-daughter, father, step-father, mother, step-mother, brother, step-brother, sister or step-sister; and, a firm, a limited liability partnership or a corporation in which the individual or any of the persons mentioned in sub-paragraph (i) has control of not less than 20% of the voting power in the firm, limited liability partnership or corporation, whether such control is exercised individually or jointly; or. 39); an arrangement arising out of a life policy within the meaning of the Insurance Act (Cap. View exemptions issued under section 337(2) of the Securities and Futures Act for the period from 1 January 2015 to 31 March 2015. 289) securities and futures (licensing and conduct of business) regulations (rg 10) risk disclosure statement required to be furnished under regulation 47e(1) and to be kept under regulation 39(2)(c) by the holder of a capital markets services licence to trade in futures contracts or leveraged foreign exchange contracts Securities and Futures Ordinance (with subsidiary legislation) We are directing you to the Hong Kong e-Legislation (HKeL) operated by the Department of Justice (DoJ) of the Hong Kong Special Administrative Region Government to view the full contents of the Securities and Futures Ordinance (SFO), including its subsidiary legislation. This is a compilation of the Australian Securities and Investments Commission Act 2001 that shows the text of the law as amended and in force on 6 March 2018 (the compilation date). (4)  For the purposes of this Act, a person has a substantial shareholding in a corporation if —, he has an interest or interests in one or more voting shares (excluding treasury shares) in the corporation; and. Synopsis. all of the remaining shares in the company or corporation made to all other members of the company or corporation as a result of the person acquiring or consolidating effective control of that company or corporation within the meaning of the Take-over Code; in the case of a registered business trust, or of a business trust all or any of the units of which are listed for quotation on an approved exchange —, some or all of the units, or some or all of the units of a particular class, in the business trust made to all unitholders of the business trust, or where the person already holds units in the business trust, made to all other unitholders of the business trust; or, all of the remaining units in the business trust made to all other unitholders of the business trust as a result of the person acquiring or consolidating effective control of that business trust within the meaning of the Take-over Code; or, in the case of a collective investment scheme constituted as a unit trust and authorised under section 286, that invests primarily in real estate and real estate-related assets specified by the Authority in the Code on Collective Investment Schemes, and all or any of the units in which are listed for quotation on an approved exchange —, some or all of the units, or some or all of the units of a particular class, in the scheme made to all unitholders of the scheme, or where the person already holds units in the scheme, made to all other unitholders of the scheme; or, all of the remaining units in the scheme made to all other unitholders of the scheme as a result of the person acquiring or consolidating effective control of that scheme within the meaning of the Take-over Code; or, a proposed compromise or arrangement which —, in the case of a public company, is referred to in section 210 of the Companies Act (Cap. 50); “specified products” means securities, specified securities-based derivatives contracts or units in a collective investment scheme; “specified securities-based derivatives contract” means a securities-based derivatives contract that is not a futures contract; “spot contract” means a contract or arrangement for the sale or purchase of any underlying thing at the spot price, where it is intended for a party to the contract or arrangement to take delivery of the underlying thing immediately or within a period which must not be longer than the period determined by the market convention for delivery of the underlying thing; “spot foreign exchange contract” has the meaning given to it in the Second Schedule; “sub-fund” has the meaning given by section 2(1) of the Variable Capital Companies Act 2018; “subsidiary” has the same meaning as in section 5 of the Companies Act; in relation to a collective investment scheme, means a participant who has an interest or interests in one or more voting units in the scheme, the total votes attached to that unit, or those units, being not less than 5% of the total votes attached to all the voting units in the scheme; or. 108); a company or co-operative society that is licensed under the Insurance Act (Cap. 81SAB Effect of assumption of control under section 81SAA, 81SAD Responsibilities of officers, member, etc., of approved clearing house or recognised clearing house, 81SAE Remuneration and expenses of Authority and others in certain cases, 81SB Power of Authority to exempt approved clearing house or recognised clearing house from provisions of this Part, 81SI Depository or nominee deemed to be bare trustee, 81SJ Depository not member of company and depositors deemed to be members, 81SK Depository to certify names of depositors to corporation upon request, 81SM Transfers effected by Depository under book-entry clearing system, 81SN Depository to be discharged from liability if acting on instructions, 81SP No rectification of Depository Register, 81SQ Trustee, executor or administrator of deceased depositor named as depositor, 81SR Non-application of certain provisions in bankruptcy and company liquidation law, 81ST Depository rules to be regarded as rules of approved exchange that are subject to this Act, 81SU Power of Authority to make regulations, 81SV Power of Authority to issue written directions, 81W Power of Authority to approve holding companies, 81X Annual fees payable by approved holding company, 81Z Power of Authority to revoke approval, 81ZA Obligation to notify Authority of certain matters, 81ZB Obligation to submit periodic reports, 81ZD Obligation to maintain confidentiality, 81ZE Control of substantial shareholding in approved holding companies, 81ZF Approval of chairman, chief executive officer, director and key persons, 81ZG Listing of approved holding companies on organised market, 81ZGB Interpretation of sections 81ZGB to 81ZGG. PU(A) 496/2005. a spouse, widow or widower, or a child, adopted child or step-child below the age of 18 years, of such director or equivalent person, former director or equivalent person, employee or former employee; an arrangement made by or on behalf of 2 or more entities solely for the benefit of persons, each of whom is —, a bona fide director or equivalent person, a former director or equivalent person, a consultant, an adviser, an employee or a former employee of any of those entities or, where any of those entities is a corporation, a related corporation of the entity which is a corporation; or. View exemptions issued under section 337(2) of the Securities and Futures Act for the period from 1 January 2017 to 31 March 2017. 59 Obligation to manage risks prudently, etc. 108), the Monetary Authority of Singapore Act (Cap. 50); in relation to a business trust, means an issued unit in the business trust, other than —, a unit to which in no circumstances is there attached a right to vote; or. Securities and Futures Authority (SFA) the former body that was responsible for regulating firms dealing in financial security and futures options, formed in 1991 through the merger of the Securities Association and the Association of Futures Brokers and Dealers. the promotion, formation, membership, control, business, trading, transactions and dealings (whether alone or jointly with another person or other persons and including transactions and dealings as agent, bailee or trustee), property (whether held alone or jointly with another person or other persons and including property held as agent, bailee or trustee), liabilities (including liabilities owned jointly with another person or other persons and liabilities as trustee), profits and other income, receipts, losses, outgoings and expenditure of the corporation; in the case of a corporation (not being a trustee corporation) that is a trustee (but without limiting the generality of paragraph (. View exemptions issued under section 337(2) of the Securities and Futures Act for the period from 1 April 2014 to 30 June 2014. By way of background, on 9 January 2017, the Securities and Futures (Amendment) Bill 2016 was passed by the Parliament. “approved exchange” means a corporation that is approved by the Authority under section 8(1) as an approved exchange; “approved holding company” means a corporation that is approved by the Authority under section 81W as an approved holding company; “auditor” means a public accountant who is registered or deemed to be registered under the Accountants Act (Cap. monitoring and conducting surveillance of any information or expressions of opinion provided for the purpose of determining a financial benchmark. 110); any intangible property or class of intangible properties; or. but does not include providing information in relation to a financial benchmark or any act that is necessary or incidental to providing such information; “advising on corporate finance” has the meaning given to it in the Second Schedule; “advocate and solicitor” means an advocate and solicitor of the Supreme Court or a foreign lawyer as defined in section 2(1) of the Legal Profession Act (Cap. 289) Governs the regulation of activities and institutions in the securities and derivatives industry, including leveraged foreign exchange trading of financial benchmarks and of clearing facilities. the person, the associates of the person, or the person and the person’s associates are entitled to exercise or control the exercise of not less than 20% of the votes attached to the voting shares in the corporation. controlling the development of the definition of a financial benchmark for the purpose of determining a financial benchmark; controlling the development of the methodology of determining a financial benchmark; controlling the review of the definition of a financial benchmark for the purpose of determining a financial benchmark; controlling the review of the methodology of determining a financial benchmark; managing any arrangements, processes or mechanisms for the purpose of determining a financial benchmark; collecting, analysing or processing any information or expression of opinion for the purpose of determining a financial benchmark; applying a formula or other methods of calculation to information or expressions of opinion in order to determine a financial benchmark; or. Securities Industry (Recognised Clearing House) Order 2004 – 5 January 2004. View exemptions issued under section 337(2) of the Securities and Futures Act for the period from 1 January 2018 to 31 March 2019. (6)  For the purposes of subsection (5), a person is an associate of another person if the first-mentioned person is —, a person who is accustomed or is under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of that other person in relation to the security, securities-based derivatives contract or unit in a collective investment scheme (as the case may be) referred to in subsection (5); or. 16 February 2017 that is licensed under the Trust Companies Act ( Cap gazetted on 16 2017! Approved holding company unable to meet obligations, etc amounts arising from certain transactions 2 of the Banking (. Apply to court for directions, etc to treaty, etc effect to,! 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