Singapore legislation
Regulation 20
of Securities and Futures (Trade Repositories) Regulations 2013
Regulation 20
Application and criteria for approval to acquire substantial shareholding
Subregulation 1
Any person applying for approval under section 46U(1) or (2) of the Act shall 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 —
his nationality;
his principal occupation; and
his 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 licensed trade repository;
the percentage of shareholding and voting power the applicant is seeking to have in the licensed trade repository;
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 licensed trade repository; 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 (3)(a).
Subregulation 2
Where an application under paragraph (1) has been made, the Authority may require the applicant to furnish the Authority with such information or documents as the Authority considers necessary in relation to the application, and the applicant shall comply with that requirement.
Subregulation 3
The Authority may grant its approval referred to in section 46U(1) or (2) of the Act if the Authority is satisfied that —
the applicant is a fit and proper person to be a substantial shareholder, 12% controller or 20% controller (as the case may be) of the licensed trade repository;
having regard to the applicant’s likely influence, the licensed trade repository 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 do so.
Subregulation 4
In paragraph (3), “12% controller” and “20% controller” have the same meanings as in section 46U(3) of the Act.