Singapore legislation

Regulation 6

CMO must offer non-exclusive membership

A CMO must not enter into an exclusive membership agreement with a person unless the CMO has, before entering into the agreement —

(a)

given a written explanation to the person —

(i)

that the person has the option of entering into a membership agreement that is non‑exclusive but otherwise on the same terms; and

(ii)

of the consequences of entering into the exclusive membership agreement; and

(b)

offered to the person an opportunity to enter into a membership agreement that is non‑exclusive but otherwise on the same terms.