Singapore legislation
Section 45
Section 45
Power of Authority to issue directions
(1)
The Authority may issue directions, whether of a general or specific nature, by written notice, to an approved exchange or a recognised market operator, if the Authority thinks it necessary or expedient —
for ensuring the fair, orderly and transparent operation of any organised market operated by the approved exchange or recognised market operator, or of organised markets operated by approved exchanges or recognised market operators in general;
for ensuring the integrity and stability of the capital markets or the financial system;
in the interests of the public or a section of the public or for the protection of investors;
for the effective administration of this Act; or
for ensuring compliance with any condition or restriction that the Authority may impose under section 9(4) or (5), 16(2), 27(5), (10) or (11), 28(11) or (12) or 46AAG(1) or (2), or such other obligations or requirements under this Act or as may be prescribed by regulations made under section 44.
(2)
An approved exchange or a recognised market operator must comply with every direction issued to it under subsection (1).
(3)
Any approved exchange or recognised market operator that, without reasonable excuse, contravenes a direction issued to it under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000 and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part of a day during which the offence continues after conviction.
(4)
It is not necessary to publish any direction issued under subsection (1) in the Gazette.