Singapore legislation
Regulation 57
of Securities and Futures (Licensing and Conduct of Business) Regulations
Regulation 57
Exemption from section 82(1) of Act for corporations previously carrying on business in dealing in specified OTC derivatives contracts
Subregulation 1
A corporation which, immediately before 8 October 2018, was carrying on business in dealing in specified OTC derivatives contracts is exempt from section 82(1) of the Act in respect of any business in the regulated activity of dealing in capital markets products that are specified OTC derivatives contracts until 8 October 2021, unless another date applies under paragraph (2), (3) or (4).
Subregulation 2
If a corporation mentioned in paragraph (1) —
is, on 8 October 2018, a corporation that does not hold a capital markets services licence; and
applies to the Authority under section 86(1) of the Act before 8 October 2021 for a capital markets services licence to carry on business in the regulated activity of dealing in capital markets products,the corporation is exempt under paragraph (1) until the earlier of the following dates:
the date on which the Authority grants the corporation a capital markets services licence;
the date on which the Authority refuses to grant the corporation a capital markets services licence;
the date on which the corporation withdraws its application for a capital markets services licence.
Subregulation 3
If a corporation mentioned in paragraph (1) —
holds, on 8 October 2018, a capital markets services licence that does not relate to the regulated activity of dealing in capital markets products; and
applies to the Authority under section 90(1) of the Act before 8 October 2021 to vary its capital markets services licence by adding the regulated activity of dealing in capital markets products,the corporation is exempt under paragraph (1) until the earlier of the following dates:
the date on which the Authority varies the corporation’s capital markets services licence;
the date on which the Authority refuses to vary the corporation’s capital markets services licence;
the date on which the corporation withdraws its application to vary its capital markets services licence.
Subregulation 4
If a corporation mentioned in paragraph (1) —
holds, on 8 October 2018, a capital markets services licence to carry on business in dealing in capital markets products that is subject to a condition or restriction imposed by the Authority under section 88(1A) of the Act restricting the holder to carrying on business in dealing in capital markets products other than OTC derivatives contracts; and
requests the Authority before 8 October 2021 to vary the condition or restriction mentioned in sub-paragraph (a), such that the holder is not restricted from carrying on business in dealing in capital markets products that are OTC derivatives contracts,the corporation is exempt under paragraph (1) until the earlier of the following dates:
the date on which the Authority varies that condition or restriction;
the date on which the Authority refuses to vary that condition or restriction;
the date on which the person withdraws its request to vary that condition or restriction.