Singapore legislation
Clause 32
Clause 32
Power of Authority to issue directions to exchange holding company
(1)
The Authority may, if it thinks it necessary or expedient —
for ensuring the fair and orderly conduct of 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 an exchange holding company.
(2)
Without prejudice to the generality of subsection (1), any direction issued under that subsection may relate to —
the requirement for the prior approval of the Authority in respect of any proposed amendment, whether by way of alteration or addition, to the business rules of the exchange holding company;
the corporate governance of the exchange holding company;
the inspection by the Authority or by any person appointed by the Authority of the books and affairs of the exchange holding company;
the management by the exchange holding company of any of its subsidiaries that carries on the business of a securities exchange, futures exchange or clearing house, whether such business forms the whole or part of such subsidiary’s undertaking; and
any other matter which the Authority considers necessary for the effective administration of this Act,and the exchange holding company shall comply with any such direction.
(3)
An exchange holding company which, without reasonable justification or excuse, contravenes any 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.
(5)
An exchange holding company shall provide such assistance to the Authority as the Authority may reasonably require for the performance of the functions and duties of the Authority, including the furnishing of such returns and the provision of such books and other information relating to the business of the exchange holding company or any other specified information as the Authority may require for the proper administration of this Act.
(6)
An exchange holding company which, without reasonable justification or excuse, contravenes subsection (1) or (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.