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Criteria for deciding whether applicant should be approved as approved exchange or recognised as recognised market operator

Securities and Futures (Organised Markets) Regulations 2018

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—(1) Pursuant to section 10(1)(a) of the Act, the Authority may, for the purposes of deciding whether a Singapore corporation mentioned in section 8(1) or 12(1) of the Act should be approved as an approved exchange, take into account the following criteria:(a)the likelihood that a disruption in the operations of an organised market to be operated by the corporation —(i)could trigger, cause or transmit further systemic disruptions to the capital markets or financial system of Singapore; or(ii)could affect public confidence in the capital markets, financial institutions or financial system of Singapore;(b)the ability of the corporation to meet the obligations of an approved exchange under sections 15(1) and 17(1) of the Act.(2) Pursuant to section 10(1)(a) of the Act, the Authority may, for the purposes of deciding whether a Singapore corporation mentioned in section 8(1) or 12(1) of the Act should be recognised as a recognised market operator, take into account the following criteria:(a)the likelihood that a disruption in the operations of an organised market to be operated by the corporation —(i)would not trigger, cause or transmit further systemic disruptions to the capital markets or financial system of Singapore; and(ii)would not affect public confidence in the capital markets, financial institutions or financial system of Singapore;(b)the ability of the corporation to meet the obligations of a recognised market operator under sections 33(1) and 35(1) of the Act.(3) The Authority may have regard to the following matters in determining whether a disruption in the operations of an organised market to be operated by a corporation could, or would not, have the effects mentioned in paragraphs (1) and (2):(a)the size and structure, or proposed size and structure, of the organised market to be operated by the corporation;(b)the nature of the services provided, or to be provided, by the organised market to be operated by the corporation;(c)the nature of the issued securities, issued units in collective investment schemes or derivatives contracts traded, or to be traded, on the organised market to be operated by the corporation;(d)the nature of the investors or participants, or proposed investors or participants, who may use or have an interest in the organised market to be operated by the corporation;(e)whether the corporation is regulated by the Authority under the Act or any other written law;(f)the persons who may be affected in the event that the corporation, or the organised market to be operated by the corporation, runs into difficulties.

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