Singapore legislation
Clause 23
Clause 23
Power of Authority in securities market
(1)
Without prejudice to the generality of section 21, where the Authority is of the opinion that it is necessary to prohibit trading in particular securities of, or made available by, a corporation on the securities market of a securities exchange in order to protect persons buying or selling the securities or in the interests of the public, the Authority may give notice in writing to the securities exchange stating that it is of that opinion and setting out the reasons for its opinion.
(2)
If, after the receipt of the notice given under subsection (1), the securities exchange fails to take any action in relation to those securities on that securities market and the Authority continues to be of the opinion that it is necessary to prohibit trading in those securities on that securities market, the Authority may, by notice in writing to the securities exchange, prohibit trading in those securities on that securities market for such period, not exceeding 14 days, as is specified in the notice.
(3)
Where the Authority gives a notice to a securities exchange under subsection (2) in relation to trading in particular securities of, or made available by, a corporation or other entity, the Authority shall —
at the same time send a copy of the notice to the corporation or other entity together with a statement setting out the reasons for the giving of the notice; and
as soon as practicable furnish to the Minister a written report setting out the reasons for the giving of the notice and send a copy of the report to the securities exchange.
(4)
Any person who is aggrieved by any action taken by the Authority or a securities exchange under this section may, within 30 days after it is notified of the action, appeal to the Minister whose decision shall be final.
(5)
Notwithstanding the lodging of an appeal under subsection (4), any action taken by the Authority or a securities exchange under this section shall continue to have effect pending the determination or withdrawal of the appeal.
(6)
A securities exchange which permits trading in securities on the securities market of the securities exchange in contravention of a notice given under subsection (2) 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.