49F. Fidelity fund to consist of amount of $5 million
Feedback & supportLast amended by an amending law of 1995.
The fidelity fund of a Futures Exchange shall consist of an amount of not less than $5 million, or such other sum as may by order be determined by the Minister from time to time, to be paid to the credit of the fund on the establishment of the Exchange under this Act or any time after its establishment as determined by the Minister.
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;
The fidelity fund shall be increased by an annual payment into the fund of a sum that is equal to 10% or more of the net income of a Futures Exchange for any one financial year, but the Minister may, after consultation with the Exchange, increase that percentage.
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;