Singapore legislation
Section 21
Section 21
Power to issue directions to a securities exchange
(1)
The Authority may, where it appears to be in the public interest, issue directions to a securities exchange —
with respect to trading on or through the facilities of that securities exchange or with respect to any security listed on that securities exchange;
with respect to the manner in which a securities exchange carries on its business, including the manner of reporting off-market purchases; or
with respect to any other matters which the Authority considers necessary for the effective administration of this Act,and the securities exchange shall comply with any such direction.
(2)
A securities exchange which, without reasonable excuse, fails or refuses to comply with a direction given under subsection (1), shall be guilty of an offence and shall be liable on conviction to a fine of $20,000 and to a further fine of $5,000 for every day during which the non-compliance continues after conviction.
(3)
A securities exchange that feels aggrieved by any direction of the Authority under subsection (1) may appeal to the Minister so long as the appeal is made within 30 days of the date of the Authority’s direction.
(4)
In any appeal under subsection (3), the decision of the Minister shall be final.
(5)
Where the Authority is satisfied that an executive officer of a securities exchange has wilfully contravened this Act or any regulations made thereunder or the rules of a securities exchange or has, without reasonable justification or excuse, failed to enforce compliance with such provisions by a member of the securities exchange or a person associated with that member, the Authority may, if it thinks it is necessary in the public interest or for the protection of investors, and after giving the executive officer, an opportunity of being heard, direct by notice in writing the securities exchange to remove from office or employment the executive officer, and the securities exchange shall comply with the direction; or the Authority may instead censure the executive officer.