Singapore legislation
Section 46AAD
Section 46AAD
Duration of control
(1)
The Authority must cease control of the relevant business of an approved exchange or a recognised market operator if the Authority is satisfied that —
the reasons for the Authority’s assumption of control have ceased to exist; or
the Authority’s assumption of control is no longer necessary in the interests of the public or the section of the public mentioned in section 46AAB(1)(c)(i), or for the protection of investors.
(2)
A statutory manager is treated to have assumed control of the relevant business of an approved exchange or a recognised market operator on the date of appointment as a statutory manager.
(3)
The appointment of a statutory manager in relation to the relevant business of an approved exchange or a recognised market operator may be revoked by the Authority at any time —
if the Authority is satisfied that —
the reasons for the appointment have ceased to exist; or
the appointment is no longer necessary in the interests of the public or the section of the public mentioned in section 46AAB(1)(c)(i), or for the protection of investors; or
on any other ground,and upon such revocation, the statutory manager must cease control of the relevant business of the approved exchange or recognised market operator, as the case may be.
(4)
The Authority must, as soon as practicable, publish in the Gazette the date, and such other particulars as the Authority thinks fit, of —
the Authority’s assumption of control of the relevant business of an approved exchange or a recognised market operator;
the cessation of the Authority’s control of the relevant business of an approved exchange or a recognised market operator;
the appointment of a statutory manager in relation to the relevant business of an approved exchange or a recognised market operator; and
the revocation of a statutory manager’s appointment in relation to the relevant business of an approved exchange or a recognised market operator.