Singapore legislation
Clause 81
Clause 81
Fidelity fund to consist of an amount of $5 million
(1)
The fidelity fund of a securities exchange shall consist of an amount of not less than $5 million, or such other sum as may by order be determined by the Minister from time to time, to be paid to the credit of the fund on the establishment of a securities exchange under this Act.
(2)
The fidelity fund shall be increased by an annual payment into the fund of a sum that is equal to 10% or more of the net income of a securities exchange for any one financial year, but the Minister may, after consultation with the securities exchange, increase that percentage.