Singapore legislation
Clause 21
Clause 21
Power of Authority to issue directions to securities exchange or futures exchange
(1)
The Authority may, if it thinks it necessary or expedient —
for ensuring fair and orderly securities markets or futures markets;
for ensuring the integrity of, and proper management of systemic risks in, securities markets or futures markets; or
in the interest of the public or section of the public or for the protection of investors,issue directions by notice in writing either of a general or specific nature to a securities exchange or futures exchange.
(2)
Without prejudice to the generality of subsection (1), any direction issued under that subsection may relate to —
the trading or the termination of trading on or through the facilities of that securities exchange or futures exchange or with respect to any securities listed for quotation or quoted on that securities exchange, or futures contracts listed for trading on that futures exchange;
the manner in which a securities exchange or futures exchange carries on its business, including the manner of reporting off-market purchases; or
any other matter which the Authority considers necessary for the proper administration of this Act,and the securities exchange or futures exchange shall comply with any such direction.
(3)
A securities exchange or futures exchange which, without reasonable justification or excuse, contravenes a direction issued under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.
(4)
For the avoidance of doubt, a direction issued under subsection (1) shall be deemed not to be subsidiary legislation.