Singapore legislation
Regulation 10
Regulation 10
Exemption from section 137ZJ of Act for corporation with at least 2 trading desks
Subregulation 1
Subject to paragraph (2), a corporation with at least 2 trading desks is exempt from the requirements of disclosure under section 137ZJ(1) of the Act in respect of any short sell order that is made by the corporation through any such trading desk on an approved exchange on or after a date (called in this regulation the specified date), if before or at the time any segmented short sell order is made on or after the specified date by the corporation through a trading desk on the approved exchange, the corporation discloses to the approved exchange —
that the corporation intends to make or is making the segmented short sell order through the trading desk or an agent instructed by the trading desk; and
the quantity, volume or value of the specified capital markets products that are the subject of the segmented short sell order.
Subregulation 2
Paragraph (1) only applies if —
the corporation is incorporated before 1 October 2018, and the specified date is 1 October 2018; (b)the corporation is incorporated on or after 1 October 2018, and the specified date is the date of its incorporation;
the corporation had complied with section 137ZJ(1) of the Act in respect of every short sell order that was made by the corporation through a trading desk between 1 October 2018 and the date immediately preceding the specified date (both dates inclusive); or
the corporation had —
been exempt under this regulation in respect of every short sell order that was made by the corporation through a trading desk in a period immediately preceding the period mentioned in sub‑paragraph (ii); (ii)complied with section 137ZJ(1) of the Act in respect of every short sell order that was made by the corporation through a trading desk in a period that is immediately after the period mentioned in sub‑paragraph (i) and ends on the date immediately preceding the specified date; and
undergone a material change in the body, department, division, section or unit at which decisions to buy or sell specified capital markets products in the ordinary course of the corporation’s business are made, in the 3‑month period immediately before the specified date.