7. Revocation of approval
Feedback & supportThe Authority may revoke any approval granted under section 4 if —
the body corporate ceases to operate as a Futures Exchange;
the body corporate is being wound up;
the body corporate is operating in a manner detrimental to the public interest; or
any information provided to the Authority under section 4(1) was false or misleading in a material particular.
For the purposes of subsection (1) (a), a body corporate shall be deemed to have ceased to operate as a Futures Exchange if it has ceased to operate for more than 30 days unless it has obtained the approval of the Authority to do so, or unless it has ceased to operate by virtue of any direction issued by the Authority under section 41 (1) (a).
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;
Any person who is aggrieved by the decision of the Authority made under subsection (1) may, within 30 days of the decision, appeal to the Minister whose decision shall be final and shall not be called in question in any court.[6