Singapore legislation
Regulation 30
of Securities and Futures (Clearing Facilities) Regulations 2013
Regulation 30
Amendment of business rules
Subregulation 1
For the purposes of section 66(2) of the Act and subject to paragraph (7), an approved clearing house which proposes to amend its business rules shall, prior to making the amendment, notify the Authority of —
the proposed amendment;
the purpose of the proposed amendment; and
the date on which the approved clearing house proposes that the amendment be brought into force.
Subregulation 2
The approved clearing house shall, prior to notifying the Authority of the matters referred to in paragraph (1)(a), (b) and (c), consult the participants of the approved clearing house on the proposed amendment, unless the proposed amendment would have limited impact on those participants.
Subregulation 3
Subject to paragraphs (4) and (6), the date referred to in paragraph (1)(c) shall be at least 21 days after the date on which the Authority receives the notification referred to in paragraph (1).
Subregulation 4
The Authority may, on its own initiative or on the application of the approved clearing house, by notice in writing to the approved clearing house, allow an amendment under paragraph (1) to come into force less than 21 days after the date on which the Authority receives the notification referred to in paragraph (1).
Subregulation 5
Subject to paragraph (6), the Authority may, within 21 days after receiving the notification referred to in paragraph (1), by notice in writing to the approved clearing house, disallow, alter or supplement the whole or any part of a proposed amendment under paragraph (1), and, thereupon, such whole or part of the proposed amendment, as the case may be —
where it is disallowed, shall not come into force; or
where it is altered or supplemented, shall come into force, on such date as the Authority may specify in the notice in writing, as altered or supplemented.
Subregulation 6
The Authority may, on its own initiative, by notice in writing to the approved clearing house, vary the period specified in paragraph (5), and where that period is extended, the amendment under paragraph (1) or the altered or supplemented agreement under paragraph (5), as the case may be, shall not come into force before the expiry of the extended period.
Subregulation 7
This regulation shall not apply to any periodic amendment made by an approved clearing house to the initial margin requirement or maintenance margin requirement of a contract which the approved clearing house imposes on its participants, if that amendment is made in response to a change in the historical or anticipated volatility of any contract, or in the co-relation between contracts.