6. Amendments of business rules
Feedback & supportWhere an amendment is made by way of rescission, substitution, alteration or addition to the business rules of a Futures Exchange or a clearing house, the Exchange or the clearing house, as the case may be, shall forthwith forward written notice thereof to the Authority giving the text of the amendment, the date on which it was made and an explanation of the purpose of the amendment.
business rules
“business rules”, in relation to a body corporate that maintains or proposes to maintain a futures market, means the rules, regulations and by-laws, by whatever name called, governing the activities and conduct of —(a)the body corporate and its members;(b)its clearing house; and(c)other persons in relation to the futures market,whether those rules, regulations or by-laws are made by the body corporate or are contained in the Memorandum and Articles of Association of the body corporate or altered or supplemented by the Authority pursuant to section 6(4);
If the notice required to be given under subsection (1) is not given within 10 days after the making of the amendment, that amendment shall cease to have force and effect.
The Authority may, within 28 days after the receipt of a notice under subsection (1), disallow, by notice in writing to a Futures Exchange or a clearing house, as the case may be, the whole or a specified part of the amendment in question and, thereupon, such whole or any specified part of the amendment, as the case may be, shall cease to have force and effect.
In addition to the power conferred upon the Authority under subsection (3), the Authority may of its own motion, by notice in writing to a Futures Exchange or a clearing house, alter or supplement the business rules of the Exchange or the clearing house, or alter or supplement the terms and conditions of any futures contract traded on the Exchange, if it considers such action is necessary for the protection of traders or to ensure fair dealing in a futures market.[5
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;