Singapore legislation
Section 16
Section 16
Obligation to notify Authority of certain matters
(1)
An approved exchange must, as soon as practicable after the occurrence of any of the following circumstances, notify the Authority of the circumstance:
any material change to the information provided by the approved exchange in its application under section 8(1) or 12(1);
any change to the type or number of organised markets it operates;
the carrying on of any business (called in this section a proscribed business) by the approved exchange other than such business or such class of businesses prescribed by regulations made under section 44;
the acquisition by the approved exchange of a substantial shareholding in a corporation (called in this section a proscribed corporation) that carries on any business other than such business or such class of businesses prescribed by regulations made under section 44;
the approved exchange becoming aware of any financial irregularity or other matter which in its opinion —
may affect its ability to discharge its financial obligations; or
may affect the ability of a member of the approved exchange to meet its financial obligations to the approved exchange;
the approved exchange reprimanding, fining, suspending, expelling or otherwise taking disciplinary action against a member of the approved exchange;
any other matter that the Authority may —
prescribe by regulations made under section 44 for the purposes of this subsection; or
specify by written notice to the approved exchange in any particular case.
(2)
Without limiting section 45(1), the Authority may, at any time after receiving a notice mentioned in subsection (1), issue directions to the approved exchange —
where the notice relates to a matter mentioned in subsection (1)(c) —
requiring it to cease carrying on the proscribed business; or
permitting it to carry on the proscribed business subject to such conditions or restrictions as the Authority may impose, if the Authority is of the opinion that the carrying on of the proscribed business subject to those conditions or restrictions is necessary for any purpose mentioned in section 45(1)(a) to (d); or
where the notice relates to a matter mentioned in subsection (1)(d) —
requiring it to dispose of all or any part of its shareholding in the proscribed corporation within such time and subject to such conditions as specified in the directions; or
requiring it to exercise its rights relating to such shareholding, or to not exercise such rights, subject to such conditions or restrictions as the Authority may impose, if the Authority is of the opinion that such exercise or non‑exercise of rights subject to those conditions or restrictions is necessary for any purpose mentioned in section 45(1)(a) to (d).
(3)
An approved exchange must comply with every direction issued to it under subsection (2) despite anything to the contrary in the Companies Act 1967 or any other law.
(4)
An approved exchange must notify the Authority of any matter that the Authority may prescribe by regulations made under section 44 for the purposes of this subsection, no later than such time as the Authority may prescribe by those regulations.
(5)
An approved exchange must notify the Authority of any matter that the Authority may specify by written notice to the approved exchange, no later than such time as the Authority may specify in that notice.