Securities and Futures Act 2001 · 2020 Revised Edition · Part 2 · Organised Markets
12. Change in status
Feedback & supportLast amended by an amending law of 2017.
A Singapore corporation that is an approved exchange or a recognised market operator may apply to the Authority to change its status in the manner mentioned in subsection (5).
Singapore corporation
“Singapore corporation” means a corporation that is formed or incorporated in Singapore.
An application under subsection (1) must be —
made in such form and manner as the Authority may specify; and
accompanied by a non‑refundable application fee of an amount prescribed by regulations made under section 44, which must be paid in the manner specified by the Authority.
The Authority may require an applicant to provide the Authority with such information or documents as the Authority considers necessary in relation to the application.
The Authority may, on its own initiative, review the status of a Singapore corporation that is an approved exchange or a recognised market operator to determine whether the Singapore corporation continues to meet the requirements prescribed under section 9(7) and the criteria prescribed under section 10(1).
approved exchange
“approved exchange” means a corporation that is approved by the Authority under section 9(1)(a) as an approved exchange;
Where an application is made by a Singapore corporation under subsection (1), or where a review of the status of a Singapore corporation is conducted by the Authority under subsection (4), the Authority may —
if the Singapore corporation is an approved exchange, withdraw the approval as such and recognise the Singapore corporation as a recognised market operator under section 9(1)(b);
if the Singapore corporation is a recognised market operator, withdraw the recognition as such and approve the Singapore corporation as an approved exchange under section 9(1)(a); or
make no change to the status of the Singapore corporation as an approved exchange or a recognised market operator, as the case may be.
Where an application is made under subsection (1), the Authority must not exercise its power under subsection (5)(c) without giving the Singapore corporation an opportunity to be heard.
Where a review of the status of a Singapore corporation is conducted by the Authority on its own initiative under subsection (4), the Authority must not exercise its powers under subsection (5)(a) or (b) without giving the Singapore corporation an opportunity to be heard.
Any Singapore corporation that is aggrieved by a decision of the Authority made in relation to the Singapore corporation after a review under subsection (4) may, within 30 days after the Singapore corporation is notified of the decision, appeal to the Minister whose decision is final.