Singapore legislation

Regulation 6

of Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) Regulations

Regulation 6

Financial resources of holder of licence not to fall below total risk requirement

Amended byS 192/2013 wef 03/04/2013S 192/2013 wef 03/04/2013S 192/2013 wef 03/04/2013S 677/2006 wef 20/12/2006S 463/2013 wef 01/08/2013S 192/2013 wef 03/04/2013S 714/2010 wef 26/11/2010S 192/2013 wef 03/04/2013

Subregulation 1

The holder of a licence shall not cause or permit —

(a)

where it is incorporated in Singapore, its financial resources; or

(b)

where it is a foreign company, its adjusted net head office funds,to fall below its total risk requirement.

Subregulation 2

Amended byS 192/2013 wef 03/04/2013

The holder of a licence shall compute its financial resources (if applicable) in accordance with regulation 2A and its total risk requirement in accordance with paragraph (2B) —

(a)

at such time and frequency as may be specified by the Authority by notice in writing; or

(b)

where the Authority does not so specify, at such time and frequency as may be necessary for determining whether at any time its financial resources falls below its total risk requirement.

Subregulation 2A

Amended byS 192/2013 wef 03/04/2013

The holder of a licence shall compute its adjusted net head office funds (if applicable) in accordance with the definition of “adjusted net head office funds” in regulation 2(1) and its total risk requirement in accordance with paragraph (2B) —

(a)

at such time and frequency as may be specified by the Authority by notice in writing; or

(b)

where the Authority does not so specify, at such time and frequency as may be necessary for determining whether at any time its adjusted net head office funds falls below its total risk requirement.

Subregulation 2B

Amended byS 192/2013 wef 03/04/2013

The holder of a licence shall compute its total risk requirement in accordance with the MAS notice that applies to him, any notice referred to in regulation 2C given to the holder, or both (whichever is applicable).

Subregulation 3

Amended byS 677/2006 wef 20/12/2006S 463/2013 wef 01/08/2013S 192/2013 wef 03/04/2013

If the holder of a licence fails to comply with paragraph (1), (2) or (2A) or becomes aware that it will fail to comply with that paragraph, the holder shall immediately notify —

(a)

the Authority; and

(b)

the approved exchange or approved clearing house of which the holder is a member (if applicable).

Subregulation 4

Amended byS 714/2010 wef 26/11/2010S 192/2013 wef 03/04/2013

If the Authority is notified by the holder of a licence under paragraph (3) or becomes aware that the holder has failed to comply with paragraph (1), (2) or (2A), the Authority may revoke the licence of the holder under section 95(2) of the Act.

Subregulation 5

[Deleted by S 668/2018 wef 08/10/2018]

Read in full context — Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) Regulations →