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Obligation to notify Authority of certain matters

Securities and Futures (Organised Markets) Regulations 2018

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Proposed text

—(1) For the purposes of section 34(1)(c)(i) of the Act, a recognised market operator must, as soon as practicable after the occurrence of any of the following circumstances, notify the Authority of the circumstance:(a)any civil or criminal legal proceeding instituted against the recognised market operator, whether in Singapore or elsewhere, that may have a material impact on the operations or finances of the recognised market operator;(b)any disciplinary action taken against the recognised market operator by any regulatory authority, whether in Singapore or elsewhere, other than the Authority;(c)any change to the regulatory requirements imposed on the recognised market operator by any regulatory authority, whether in Singapore or elsewhere, other than the Authority, that will have a material impact on the recognised market operator;(d)any material disruption, material suspension or material termination of, or delay in, any trading procedure or trading practice of the recognised market operator (including any material disruption, suspension, termination or delay resulting from any system failure);(e)the recognised market operator becoming aware of any acquisition or disposal by any person of a substantial shareholding in the recognised market operator;(f)any compromise of the integrity or security of the transmission or storage of any user information of the recognised market operator;(g)any action taken or intended to be taken to restore the integrity and security of the transmission and storage of that user information;(h)the recognised market operator becomes aware of any development (including any development in relation to any associate of the recognised market operator, or any other entity treated as part of the recognised market operator’s group of companies according to the accounting standards applicable to the recognised market operator) that has occurred or is likely to occur which the recognised market operator has reasonable grounds to believe has materially and adversely affected, or is likely to materially and adversely affect —(i)the financial soundness or reputation of the recognised market operator; or(ii)the recognised market operator’s ability to conduct its business;(i)the recognised market operator becomes aware that its chairperson, chief executive officer or director is, in accordance with the Guidelines on Fit and Proper Criteria, no longer fit and proper to hold that office or appointment;(j)in the case of a recognised market operator which is a Singapore recognised market operator, that recognised market operator becomes aware of any of the following facts:(i)that a person who holds an appointment mentioned in section 41C(2) of the Act is, in accordance with the Guidelines on Fit and Proper Criteria, no longer fit and proper to hold that appointment;(ii)that a substantial shareholder or a 20% controller of the recognised market operator is, in accordance with the Guidelines on Fit and Proper Criteria, no longer fit and proper to be a substantial shareholder or 20% controller (as the case may be) of the recognised market operator;(iii)that the recognised market operator is not likely to be able to conduct its business prudently or to comply with the provisions of the Act and directions made thereunder, having regard to the likely influence over the recognised market operator of a substantial shareholder or 20% controller of the recognised market operator.(1A) In paragraph (1), “20% controller” has the meaning given by section 41A(2) of the Act.

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