Singapore legislation

Clause 27

of Securities and Futures (Amendment) Bill

Clause 27

Amendment of section 59

Section 59 of the principal Act is amended —

(a)

by deleting subsection (2) and substituting the following subsections:“(2) An amendment (whether in its original form or altered or supplemented under subsection (3)) shall not come into force unless the written notice referred to in subsection (1) is given at least 21 days before the amendment is made.(2A) Notwithstanding subsection (2), the Authority may, on the application of a clearing house, allow an amendment to come into force before the expiry of the period of 21 days referred to in that subsection.”; and

(b)

by deleting the words “securities or futures contract” in subsection (5)(b) and substituting the words “transaction or class of transactions”.