Singapore legislation

Clause 58

of Securities and Futures Bill

Clause 58

Business rules of clearing house have effect as contract

(1)

The business rules of a clearing house shall operate as a binding contract —

(a)

between the clearing house and each issuer;

(b)

between the clearing house and each participant;

(c)

between each issuer and each participant; and

(d)

between a participant and any other participant,under which each of the persons mentioned in paragraphs (a) to (d) agrees to observe and perform the provisions of the business rules as are in force for the time being, so far as those provisions are applicable to that person.

(2)

For the purposes of this section, “issuer”, in relation to a security, means a person who issued or made available, or proposes to issue or make available, the security that is cleared or settled through the clearing facility operated by the clearing house.

Read in full context — Securities and Futures Bill →