Singapore legislation

Clause 6

of Securities Industry Bill

Clause 6

Power of Minister to approve a stock exchange

(1)

Application for approval as a stock exchange may be made to the Minister in the prescribed form and manner.

(2)

The Minister may in writing approve a body corporate as a stock exchange if he is satisfied —

(a)

that at least ten members of the body will carry on business dealing in securities independently of and in competition with each other;

(b)

that the rules of the body make satisfactory provision —

(i)

for the exclusion from membership of persons who are not of good character and high business integrity;

(ii)

for the expulsion, suspension or disciplining of members for conduct inconsistent with just and equitable principles in the transaction of business or for a contravention of or failure to comply with the rules of the stock exchange or the provisions of this Act;

(iii)

with respect to the conditions under which securities may be listed for trading in the market proposed to be conducted by the body;

(iv)

with respect to the conditions governing dealings in securities by members;

(v)

with respect to the class or classes of securities that may be dealt in by members; and

(vi)

generally for the carrying on of the business of the stock exchange with due regard to the interests of the public; and

(c)

that the interests of the public will be served by the granting of his approval.

Read in full context — Securities Industry Bill →