309H. Regulations: permitted purposes for replacing, etc., liability provisions

The Authority may only make regulations under section 309G(1)(d), (e) or (f) to replace, modify or disapply a liability provision for the purpose of providing that the carrying out of a particular act is a defence against any criminal or civil liability, and may do so only if condition A or condition B is satisfied.

Condition A is that the carrying out of that act, whether or not in Singapore, is also a defence against, or is otherwise exempt from, the same or a similar liability in the foreign jurisdiction in which a prescribed overseas exchange operates, being a prescribed overseas exchange that is paired with the prescribed DLB on which the DLB products that are the subject of the contravention are listed or to be listed.

Condition B is that the act is carried out in Singapore, and had the act or a similar act been carried out in a foreign jurisdiction mentioned in subsection (2), it would have been a defence against, or would otherwise have been exempt from, the same or a similar liability in that foreign jurisdiction.