Regulation 2

to give effect to an arrangement between the Authority and the European Commission, under which —

the European Commission 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 European Union under 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 and Regulation No. 596/2014 of the European Parliament and of the Council of the European Union (called in this regulation the EU Rules); and

the Authority recognises that the requirements imposed on persons who operate trading venues for derivatives contracts in the European Union under the EU 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 European Union under and in accordance with the EU 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 itself out as operating an organised market; and

to prescribe trading venues for derivatives contracts in the European Union that are regulated under and in accordance with the EU 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.