49. Power to issue directions
Feedback & supportLast amended by an amending law of 1995.
Where it appears to the Authority that a Futures Exchange, a clearing house or any person has failed to comply with, or is contravening any provision of, this Act or any regulations made thereunder, or is restraining trading in futures contracts or leveraged foreign exchange trading, the Authority may, after giving the Exchange, clearing house or person an opportunity of being heard —
direct the Exchange, clearing house or person to comply with that provision or to cease contravention of that provision; or
direct the Exchange, clearing house or person to desist from restraining trading in futures contracts or leveraged foreign exchange trading,and the Exchange, clearing house or person shall comply with the direction.
A Futures Exchange, a clearing house or any person who fails, without reasonable excuse, to comply with a direction under subsection (1) that is applicable to it or him shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 2 years or to both.
Futures Exchange
“Exchange” or “Futures Exchange” means —(a)the Singapore International Monetary Exchange Ltd.; or(b)a body corporate —(i)that provides or proposes to provide the physical facilities necessary for trading in futures contracts; and(ii)that maintains or proposes to maintain a futures market that is approved by the Authority under section 4;
A Futures Exchange, a clearing house or any person aggrieved by any direction issued under subsection (1) may, within one month after he is notified of the direction, appeal to the High Court.
clearing house
“clearing house”, in relation to a futures market, means a body corporate, or an association or organisation forming part of a Futures Exchange, that —(a)clears and settles futures contracts; and(b)makes adjustments to the contractual obligations arising out of those futures contracts;
Notwithstanding the lodging of an appeal under subsection (3), any direction of the Authority given under this section shall continue to have force and effect until such time as the High Court makes a decision on the appeal.