Securities and Futures Act 2001 · 2020 Revised Edition · Part 11 · Investor Compensation Scheme
188. Notice calling for claims against fund
Feedback & supportLast amended by an amending law of 2009.
An approved exchange may cause to be published in a daily newspaper published and circulating generally in Singapore a notice, in or to the effect of the form prescribed, specifying a date, not being earlier than 3 months after the date of publication, on or before which claims for compensation out of the fidelity fund, in relation to the person specified in the notice, may be made.
approved exchange
“approved exchange” means a corporation that is approved by the Authority under section 9(1)(a) as an approved exchange;
A claim for compensation out of a fidelity fund in respect of a defalcation must be made in writing to the approved exchange —
defalcation
“defalcation” means misapplication, including misappropriation, of any property;
where a notice under subsection (1) has been published, on or before the date specified in the notice; or
where no such notice has been published, within 6 months after the claimant became aware of the defalcation.
Any claim which is not made in accordance with subsection (2) is barred unless the approved exchange otherwise allows.
No action for damages shall lie against an approved exchange or against any member or employee of the approved exchange by reason of any notice published in good faith and without malice for the purposes of this section.
member
“member”, in relation to an approved exchange, a recognised market operator, an approved clearing house or a recognised clearing house, means a person who holds membership of any class or description in the approved exchange, recognised market operator, approved clearing house or recognised clearing house, whether or not the person holds any share in the share capital of the approved exchange, recognised market operator, approved clearing house or recognised clearing house, as the case may be;