Singapore legislation
Regulation 12
Regulation 12
Exemption for customer of fund manager
Subregulation 1
A person who is a customer of one or more fund managers is exempt from the requirements of disclosure under section 137ZJ(1) of the Act in respect of any short sell order that is made on an approved exchange on or after a date by the person if the person complies with the condition in paragraph (2).
Subregulation 2
For the purposes of paragraph (1), the condition is that before or at the time any segmented short sell order is made on the approved exchange on or after the date mentioned in paragraph (1) by a fund manager for the person, or by the person for the person’s own account, the person discloses to the approved exchange —
that the fund manager intends to make or is making the segmented short sell order for the person (whether directly or indirectly through an agent), or the person intends to make or is making the segmented short sell order for the person’s own account (whether directly or indirectly through an agent), as the case may be; and
the quantity, volume or value of the specified capital markets products that are the subject of the segmented short sell order.
Subregulation 3
A person who is a customer of one or more fund managers 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 on or after a date by the person if the person reports the information specified in paragraph (4) on each segmented short position incurred on or after that date by a fund manager for the person or by the person for the person’s own account, to the Authority at the time and in the form and manner specified in paragraph (5).
Subregulation 4
The information to be reported under paragraph (3) is —
the segmented short position day on which the segmented short position is determined;
the stock code of the specified capital markets products;
the segmented short position in relation to the specified capital markets products;
the following information on the person:
name;
if the person is an entity or trust —
business activities; and (B)if the person is registered with any public agency for the purpose of carrying on its business, the public agency and the registration number assigned to the person by the public agency;
if the person is an individual, the person’s identity card number or passport number;
if the segmented short position is incurred by a fund manager for the person, the following information on the fund manager:
name;
if the fund manager is an entity or trust —
business activities; and (B)if the fund manager is registered with any public agency for the purpose of carrying on its business, the public agency and the registration number assigned to the fund manager by the public agency;
if the fund manager is an individual, the fund manager’s identity card number or passport number; and
if any of the information specified in 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 5
The information specified in paragraph (4) 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 (4)(f), with the Authority within 2 business days after the relevant segmented short position day.
Subregulation 6
Despite paragraph (3), a person is not required to provide any information specified in paragraph (4) if the person or the person’s agent has already provided that information to the Authority for the purpose of registration as an account holder.
Subregulation 7
The Authority may by notice require the person mentioned in paragraph (3) 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 person;
the identity of the fund manager; (c)if applicable, the identity of the agent mentioned in paragraph (4)(f).
Subregulation 8
Any person who fails to provide the Authority with the information or documents mentioned in paragraph (7) 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.