Singapore legislation
Section 10
Section 10
General criteria to be taken into account by Authority
(1)
The Authority may by regulations made under section 44 prescribe the criteria that the Authority may take into account for the purposes of deciding —
whether a Singapore corporation mentioned in section 8(1) or 12(1) should be approved as an approved exchange or recognised as a recognised market operator;
whether a foreign corporation mentioned in section 8(2) should be recognised as a recognised market operator; and
whether an approved exchange or a recognised market operator that is subject to a review by the Authority under section 12(4) should be approved as an approved exchange or recognised as a recognised market operator.
(2)
Without affecting section 9 and subsection (1), the Authority may, for the purposes of deciding whether to recognise a foreign corporation as a recognised market operator under section 9(2), have regard, in addition to any requirements prescribed under section 9(7) and any criteria prescribed under subsection (1), to —
whether adequate arrangements exist for cooperation between the Authority and the primary financial services regulatory authority responsible for the supervision of the foreign corporation in the country or territory in which the head office or principal place of business of the foreign corporation is situated; and
whether the foreign corporation is, in the country or territory in which the head office or principal place of business of the foreign corporation is situated, subject to requirements and supervision comparable, in the degree to which the objectives specified in section 5 are achieved, to the requirements and supervision to which approved exchanges and recognised market operators are subject under this Act.
(3)
In considering whether a foreign corporation has met the requirements mentioned in subsection (2)(b), the Authority may have regard to —
the relevant laws and practices of the country or territory in which the head office or principal place of business of the foreign corporation is situated; and
the rules and practices of the foreign corporation.