Singapore legislation
Section 46Y
Section 46Y
Emergency powers of Authority
(1)
Where the Authority has reason to believe that an emergency exists, or thinks that it is necessary or expedient in the interests of the public or a section of the public or for the protection of investors, the Authority may direct by written notice a licensed trade repository to take such action as the Authority considers necessary to maintain or restore the safe and efficient operation of the licensed trade repository.
(2)
Where a licensed trade repository fails to comply with any direction of the Authority under subsection (1) within such time as is specified by the Authority, the Authority may take such action as the Authority thinks fit to maintain or restore the safe and efficient operation of the licensed trade repository.
(3)
In this section, “emergency” includes —
any threatened or actual market manipulation;
any act of any government affecting any commodity or financial instrument;
any major market disturbance which prevents a market from accurately reflecting the forces of supply and demand for such commodity or financial instrument; or
any undesirable situation or practice which, in the opinion of the Authority, constitutes an emergency.
(4)
The Authority may modify any action taken by a licensed trade repository under subsection (1), including the setting aside of that action.
(5)
Any person who is aggrieved by any action taken by the Authority, or by a licensed trade repository, under this section may, within 30 days after the person is notified of the action, appeal to the Minister, whose decision is final.
(6)
Despite the lodging of an appeal under subsection (5), any action taken by the Authority, or by a licensed trade repository, under this section continues to have effect pending the Minister’s decision.
(7)
The Minister may, when deciding an appeal under subsection (5), make such modification as he or she considers necessary to any action taken by the Authority, or by a licensed trade repository, under this section, and any such modified action has effect from the date of the Minister’s decision.
(8)
Any licensed trade repository which fails to comply with a direction issued 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.