Securities and Futures Act
The SAFA provides the following for approved exchanges, trade repositories, and clearing facilities:
- an obligation to notify the Monetary Authority of Singapore (‘MAS’) of certain matters;
- an obligation to manage risks prudently;
- an obligation to maintain proper records;
- an obligation to submit periodic reports;
- an obligation to assist the MAS;
- an obligation to maintain confidentiality; and
- penalties for non-compliance with each subdivision of the SAFA.
Section 81U(1) of the SAFA contains a requirement for approval before becoming the holding company of any approved exchange, licensed trade repository, approved clearing house or corporation which is an approved holding company. In addition, an approved holding company shall submit periodic reports to the MAS (Section 81ZB(1) of the SAFA).
The SAFA requires specified derivatives contracts to be reported to a licensed trade repository or licensed trade repository (Section 125 of SAFA). Any specified person who contravenes this requirement shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.
In addition, under Section 128 of the SAFA, a specified person who executes, or causes to be executed, a specified derivatives contract as an agent of a party to the specified derivatives contract, must comply with the laws and practices of the relevant reporting jurisdiction.
The SAFA provides that all natural persons, whether resident in Singapore or not ,and whether citizens of Singapore or not, and all entities, whether formed, constituted or carrying on business in Singapore or not, who make a short sell order on any approved exchange must, before or at the time of the short sell order, disclose to the approved exchange (Section 137ZI of the SAFA).
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Securities and Futures Act
The Securities and Futures Act (‘SAFA’) relates to the regulation of the activities and institutions in the securities and derivatives industry, including leveraged foreign exchange trading, of financial benchmarks and of clearing facilities, and other related matters.
Last Updated: July 30, 2019
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