Singapore legislation

Clause 93

of Securities and Futures (Amendment) Bill

Clause 93

New sections 201A and 201B

The principal Act is amended by inserting, immediately after section 201, the following sections:“Bucketing201A.—

(1)

A person must not knowingly execute, or hold himself out as having executed, an order for the purchase or sale of a derivatives contract, without having effected in good faith a purchase or sale of that derivatives contract in accordance with the order or with the business rules and practices of an organised market on which the derivatives contract is to be purchased or sold.(2) A person must not knowingly execute, or hold himself out as having executed, an order to make a purchase or sale of a spot foreign exchange contract for purposes of leveraged foreign exchange trading, without having effected in good faith a purchase or sale in accordance with the order.Manipulation of price of derivatives contracts and cornering201B. A person must not, directly or indirectly —

(a)

manipulate or attempt to manipulate the price of a derivatives contract traded on an organised market, or of any underlying thing which is the subject of such derivatives contract; or

(b)

corner, or attempt to corner, any underlying thing which is the subject of a derivatives contract.”.

Clause 93 — Securities and Futures (Amendment) Bill