Singapore legislation
Regulation 11
Regulation 11
Exemption from section 137ZK 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 reporting under section 137ZK(1) of the Act in respect of any short position mentioned in that provision that is incurred by the corporation through any such trading desk on or after a date (called in this regulation the specified date), if the corporation reports the information specified in paragraph (3) on every segmented short position that is incurred on or after the specified date by the corporation through a trading desk to the Authority at the time and in the form and manner specified in paragraph (4).
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 137ZK(1) of the Act in respect of every short position that was incurred 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 position that was incurred by the corporation through a trading desk in a period immediately preceding the period mentioned in sub‑paragraph (ii); (ii)complied with section 137ZK(1) of the Act in respect of every short position that was incurred by the corporation through a trading desk in a period that is immediately after the period mentioned in sub‑paragraph (i) and ends on a 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.
Subregulation 3
The information mentioned in paragraph (1) is —
the segmented short position day on which the segmented short position is determined;
the stock code of the specified capital markets products; (c)the segmented short position of the corporation in relation to the specified capital markets products; (d)the name of the trading desk through which the corporation incurred the segmented short position; (e)the following information on the corporation:
name; (ii)business activities; (iii)if the corporation is registered with any public agency for the purpose of carrying on its business, the public agency and the registration number assigned to the corporation by the public agency; and
if any of the information under sub‑paragraphs (a) to (e) is reported to the Authority indirectly through an agent, the following information on the agent:
name;
if the agent is an entity or trust —
business activities; and (B)if the agent is registered with any public agency for the purpose of carrying on its business, the public agency and the registration number assigned to the agent by the public agency;
if the agent is an individual, the agent’s identity card number or passport number.
Subregulation 4
The information specified in paragraph (3) must be reported to the Authority —
in the form specified in the electronic online system; and
by electronically filing the form directly or through the agent mentioned in paragraph (3)(f), with the Authority within 2 business days after the relevant segmented short position day.
Subregulation 5
Despite paragraph (1), a corporation is not required to provide any information specified in paragraph (3) if the corporation or its agent has already provided that information to the Authority for the purpose of registration as an account holder.
Subregulation 6
The Authority may by notice require the corporation mentioned in paragraph (1) to provide the Authority, within the period specified in the notice, with additional information or documents regarding all or any of the following:
the identity of the trading desk;
the identity of the corporation; (c)if applicable, the identity of the agent mentioned in paragraph (3)(f).
Subregulation 7
Any corporation which fails to provide the Authority with the information or documents mentioned in paragraph (6) within the period specified in the notice mentioned in that paragraph shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.