Singapore legislation
Regulation 5
of Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021
Regulation 5
Exemption for specified exempt persons previously carrying on qualifying businesses in dealing in specified contracts through foreign offices under cross‑border arrangements
Subregulation 1
Despite regulation 4(1), a specified exempt person who is exempt from the requirement to hold a capital markets services licence under section 99(1)(a) or (b) of the Act and was, immediately before 9 October 2021, carrying on a qualifying business in dealing in specified OTC derivatives contracts or specified FX contracts through its foreign office under a cross‑border arrangement in reliance on the exemption under regulation 60(1) of the Securities and Futures (Licensing and Conduct of Business) Regulations is, on or after that date, exempt from section 99B(3) of the Act and regulations 54(1) and 54B of the Securities and Futures (Licensing and Conduct of Business) Regulations in respect of the qualifying business that is carried on through its foreign office under the cross‑border arrangement.
Subregulation 2
Despite regulation 4(1), a specified exempt person who is exempt from the requirement to hold a capital markets services licence under section 99(1)(c) of the Act and was, immediately before 9 October 2021, carrying on a qualifying business in dealing in specified OTC derivatives contracts through its foreign office under a cross‑border arrangement in reliance on the exemption under regulation 60(2) of the Securities and Futures (Licensing and Conduct of Business) Regulations is, on or after that date, exempt from section 99B(3) of the Act and regulations 54(1) and 54B of the Securities and Futures (Licensing and Conduct of Business) Regulations in respect of the qualifying business that is carried on through its foreign office under the cross‑border arrangement.
Subregulation 3
A specified exempt person exempt under paragraph (1) or (2) must lodge with the Authority a notice setting out the details of the cross‑border arrangement in Form FN by 8 October 2022.
Subregulation 4
A specified exempt person ceases to be exempt under paragraph (1) or (2), as the case may be —
in the case where the specified exempt person fails to lodge with the Authority a notice setting out the details of the cross‑border arrangement in accordance with paragraph (3) — on 9 October 2022; or
in any other case —
where any of the circumstances mentioned in regulation 10(1) is not present on the day of the lodgment of the notice — on that day; or
where any of the circumstances mentioned in regulation 10(1) ceases to be present after the day of the lodgment of the notice — on the day on which the circumstances cease to be present.