Singapore legislation
Clause 43
Clause 43
Power of Authority to issue directions to recognised trading system provider
(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, the securities markets or futures markets; or
in the interest of the public or a 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 recognised trading system provider.
(2)
Without prejudice to the generality of subsection (1), any direction issued under that subsection may relate to —
trading or the termination of trading on or through the facilities of that recognised trading system provider;
the manner in which a recognised trading system provider carries on its business; or
any other matter which the Authority considers necessary for the proper administration of this Act,and the recognised trading system provider shall comply with any such written direction.
(3)
A recognised trading system provider 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.