Singapore legislation
Regulation 8
of Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021
Regulation 8
Exemption for specified licence holders previously carrying on qualifying businesses in dealing in capital markets products that are specified OTC derivatives contracts through foreign offices under cross‑border arrangements
Subregulation 1
Despite regulation 7(1), a specified licence holder who, immediately before 9 October 2021, was 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 61(1) of the Securities and Futures (Licensing and Conduct of Business) Regulations is, on or after that date, exempt from section 99B(3) and Division 2 of Part 5 of the Act and Parts III and IV (other than regulation 43) 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
A specified licence holder exempt under paragraph (1) must lodge with the Authority a notice setting out the details of the cross‑border arrangement in Form FN by 8 October 2022.
Subregulation 3
A specified licence holder ceases to be exempt under paragraph (1) —
in the case where the specified licence holder fails to lodge with the Authority a notice setting out the details of the cross‑border arrangement in accordance with paragraph (2) — 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.