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Exemption from sections 218(2) and 219(2) of Act in certain circumstances

Securities and Futures (Market Conduct) (Exemptions) Regulations 2006

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—(1) Sections 218(2) and 219(2) of the Act shall not apply in relation to —(a)the obtaining by a director of a share qualification in accordance with section 147 of the Companies Act (Cap. 50);(b)the subscription for, and acquisition pursuant to that subscription of, securities or securities-based derivatives contracts of a corporation by, or by a trustee for, an employee of the corporation, or of a corporation that is deemed to be related to the first-mentioned corporation by virtue of section 6 of the Companies Act, under a superannuation scheme, pension fund or other scheme established solely or primarily for the benefit of employees of the first-mentioned or second-mentioned corporation;(c)a transaction to buy or sell securities, securities-based derivatives contracts or CIS units entered into by a person as a market-maker in securities, securities-based derivatives contracts or CIS units (as the case may be) to which that transaction relates;(d)a transaction entered into by a personal representative of a deceased person, a liquidator or the Official Assignee under the Bankruptcy Act (Cap. 20) in good faith in the performance of the functions of his office as such personal representative or liquidator or the Official Assignee;(e)a transaction by way of, or arising out of —(i)a mortgage or charge of securities, securities-based derivatives contracts or CIS units; or (ii)a mortgage, charge, pledge or lien of documents of title to securities, securities-based derivatives contracts or CIS units; or (f)a transaction entered into by the manager of an issue of securities, securities-based derivatives contracts or CIS units, in accordance with his obligations as such and under an agreement with the issuer or corporation.(2) In this regulation, “market-maker”, in relation to a transaction to buy or sell securities, securities-based derivatives contracts or CIS units, means a person who —(a)enters into the transaction for his own account;(b)regularly publishes bona fide competitive bids and offers quotations in respect of those securities, securities-based derivatives contracts or CIS units (as the case may be);(c)is ready, willing and able to effect transactions in respect of those securities, securities-based derivatives contracts or CIS units (as the case may be) at their quoted prices with other persons; and(d)where the person is a dealer, is recognised as a market-maker by the Singapore Exchange Securities Trading Limited and the Authority.

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