Singapore legislation

Clause 104

of Securities and Futures (Amendment) Bill

Clause 104

Amendment of section 337

Section 337 of the principal Act is amended —

(a)

by deleting the words “An exemption” in subsection (2) and substituting the words “Subject to any express provision to the contrary in this Act, an exemption”; and

(b)

by inserting, immediately after subsection (2), the following subsections:“(3) The Authority may, on the application of any person, by notice in writing exempt the person from all or any of the requirements specified in any direction made by the Authority under this Act.(4) An exemption granted under subsection (3) —

(a)

may be granted subject to such conditions or restrictions as the Authority may specify by notice in writing; and

(b)

for the avoidance of doubt, need not be published in the Gazette and may be revoked at any time by the Authority.(5) Any person who contravenes any condition or restriction imposed under subsection (1) or (4)(a) shall be guilty of an offence.”.