Singapore legislation
Regulation 49A
of Securities and Futures (Clearing Facilities) Regulations 2013
Regulation 49A
Application and criteria for approval to acquire shareholding
Subregulation 1
Any person applying for approval under section 81AA(1) of the Act must submit to the Authority a written application that sets out —
the name of the applicant;
where the applicant is a corporation —
its place of incorporation;
its substantial shareholders;
its directors and chief executive officer; and
its principal business;
where the applicant is an individual —
the applicant’s nationality;
the applicant’s principal occupation; and
the applicant’s directorships;
all the corporations in which the applicant has a substantial shareholding;
the percentage of shareholding and voting power that the applicant has in the Singapore recognised clearing house;
the percentage of shareholding and voting power that the applicant is seeking to have in the Singapore recognised clearing house;
the reasons for making the application;
the mode and structure, as appropriate, under which —
the increase in shareholding will be carried out; and
the increased shareholding will be held;
whether the applicant will seek representation on the board of directors of the Singapore recognised clearing house; and
any other information that may facilitate the determination of the Authority as to whether the applicant is a fit and proper person for the purposes of paragraph (2)(a).
Subregulation 2
The Authority may grant its approval under section 81AA(1) of the Act if the Authority is satisfied that —
the applicant is a fit and proper person to be a 20% controller of the Singapore recognised clearing house;
having regard to the applicant’s likely influence over the Singapore recognised clearing house, the Singapore recognised clearing house will, or will continue to, conduct its business prudently and in compliance with the provisions of the Act; and
it would not be contrary to the interests of the public to grant the approval.
Subregulation 3
In paragraph (2), “20% controller” has the meaning given by section 81AA(2) of the Act.