Singapore legislation
Section 58
Section 58
Obligation to notify Authority of certain matters
(1)
An approved clearing house must, as soon as practicable after the occurrence of any of the following circumstances, give the Authority notice of the circumstance:
any material change to the information provided by the approved clearing house in its application under section 50(1) or 54(1);
the carrying on of any business (called in this section a proscribed business) by the approved clearing house other than such business or such class of businesses prescribed by regulations made under section 81Q;
the acquisition by the approved clearing house of a substantial shareholding in any corporation (called in this section a proscribed corporation) that carries on any business other than such business or such class of businesses prescribed by regulations made under section 81Q;
the approved clearing house becoming aware of any financial irregularity or other matter which in its opinion —
may affect its ability to discharge its financial obligations; or
may affect the ability of a member of the approved clearing house to meet its financial obligations to the approved clearing house;
the approved clearing house reprimanding, fining, suspending, expelling or otherwise taking disciplinary action against a member of the approved clearing house;
any other matter that the Authority may —
prescribe by regulations made under section 81Q for the purposes of this paragraph; or
specify by written notice to the approved clearing house in any particular case.
(2)
Without limiting section 81R(1), the Authority may, at any time after receiving a notice referred to in subsection (1), issue directions to the approved clearing house —
where the notice relates to a matter referred to in subsection (1)(b) —
to cease carrying on the proscribed business; or
to carry on the proscribed business subject to such conditions or restrictions as the Authority may impose, if the Authority is of the opinion that this is necessary for any purpose referred to in section 81R(1); or
where the notice relates to a matter referred to in subsection (1)(c) —
to dispose of all or any part of its shareholding in the proscribed corporation within such time and subject to such conditions as the Authority considers appropriate; or
to exercise its rights relating to such shareholding, or to not exercise such rights, subject to such conditions or restrictions as the Authority may impose, if the Authority is of the opinion that this is necessary for any purpose referred to in section 81R(1).
(3)
An approved clearing house must comply with every direction issued to it under subsection (2) despite anything to the contrary in the Companies Act 1967 or any other law.
(4)
An approved clearing house must notify the Authority of any matter that the Authority may prescribe by regulations made under section 81Q for the purposes of this subsection, no later than such time as the Authority may prescribe by those regulations.
(5)
An approved clearing house must notify the Authority of any matter that the Authority may specify by written notice to the approved clearing house, no later than such time as the Authority may specify in that notice.