Regulation 2

to give effect to an arrangement between the Authority and His Majesty’s Treasury, under which —

His Majesty’s Treasury recognises that the requirements imposed by or under the Act on persons who operate organised markets in Singapore are comparable to the requirements imposed on persons who operate trading venues for derivatives contracts in the United Kingdom under the following rules (collectively called in these Regulations the UK Rules):

provisions of the law of the United Kingdom in force prior to 11 p.m. on 31 December 2020, to implement Directive 2014/65/EU of the European Parliament and of the Council of the European Union;

Regulation No. 600/2014 of the European Parliament and of the Council of the European Union, as that Regulation applies in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018 in force in the United Kingdom;

Regulation No. 596/2014 of the European Parliament and of the Council of the European Union, as that Regulation applies in the United Kingdom pursuant to the European Union (Withdrawal) Act 2018 in force in the United Kingdom;

legally‑binding technical standards made under sub‑paragraphs (A), (B) and (C) as they apply in the United Kingdom;

relevant rules imposed by the Financial Conduct Authority (established by the Financial Services and Markets Act 2000 of the United Kingdom) under the Financial Conduct Authority Handbook; and

the Authority recognises that the requirements imposed on persons who operate trading venues for derivatives contracts in the United Kingdom under the UK Rules are comparable to the requirements imposed by or under the Act on persons who operate organised markets in Singapore; and

in particular —

to exempt persons who establish or operate trading venues for derivatives contracts in the United Kingdom under and in accordance with the UK Rules from the requirement under section 7(1) of the Act to be an approved exchange or a recognised market operator before establishing or operating an organised market, or holding themselves out as operating an organised market; and

to prescribe trading venues for derivatives contracts in the United Kingdom that are regulated under and in accordance with the UK Rules as facilities on or through which a specified person may execute a specified derivatives contract for the purposes of section 129J(1) of the Act.