Singapore legislation
Clause 22
Clause 22
New section 39A
The principal Act is amended by inserting, immediately after section 39, the following section:“Control over Futures Exchange in acquisition of shares in corporation39A.—
No Futures Exchange shall, without the prior approval of the Authority, enter into an agreement to acquire the share capital of any corporation if the result of the acquisition is that the Futures Exchange will acquire or hold, whether directly or indirectly, an interest of 20% or more of the share capital of that corporation.(2) The Authority may grant its approval under subsection (1) with or without conditions or may refuse to grant its approval.(3) A Futures Exchange that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.”.