Singapore legislation

Clause 19

of Securities and Futures (Amendment) Bill

Clause 19

Repeal and re-enactment of section 67

Section 67 of the principal Act is repealed and the following section substituted therefor:“Business rules of approved clearing houses have effect as contract67.—

(1)

The business rules of an approved clearing house are treated as, and are to operate as, a binding contract —

(a)

between the approved clearing house and each issuer;

(b)

between the approved clearing house and each participant;

(c)

between each issuer and each participant; and

(d)

between each participant and every other participant.(2) The approved clearing house, each issuer and each participant are treated as having agreed to observe, and to perform the obligations under, the provisions of the business rules that are in force for the time being, so far as those provisions are applicable to the approved clearing house, issuer or participant, as the case may be.(3) In this section, “issuer” means a person who issued or made available, or proposes to issue or make available, securities, securities‑based derivatives contracts, or units in a collective investment scheme that are cleared or settled by the approved clearing house.”.

Read in full context — Securities and Futures (Amendment) Bill →