Singapore legislation

Regulation 26A

of Securities and Futures (Organised Markets) Regulations 2018

Regulation 26A

Application and criteria for approval for control of shareholding

Amended byS 68/2025 wef 24/01/2025

Subregulation 1

Any person applying for approval under section 41A(1) of the Act must submit to the Authority a written application that sets out —

(a)

the name of the applicant;

(b)

where the applicant is a corporation —

(i)

its place of incorporation;

(ii)

its substantial shareholders;

(iii)

its directors and chief executive officer; and

(iv)

its principal business;

(c)

where the applicant is an individual —

(i)

the applicant’s nationality;

(ii)

the applicant’s principal occupation; and

(iii)

the applicant’s directorships;

(d)

all the corporations in which the applicant has a substantial shareholding;

(e)

the percentage of shareholding and voting power that the applicant has in the Singapore recognised market operator;

(f)

the percentage of shareholding and voting power the applicant is seeking to obtain in the Singapore recognised market operator;

(g)

the reasons for making the application;

(h)

the mode and structure, as appropriate, under which —

(i)

the increase in shareholding will be carried out; and

(ii)

the increased shareholding will be held;

(i)

whether the applicant will seek representation on the board of directors of the Singapore recognised market operator; and

(j)

any other information that may facilitate the determination of the Authority as to whether the applicant is a fit and proper person for the purposes of paragraph (2)(a).

Subregulation 2

The Authority may grant its approval under section 41A(1) of the Act if the Authority is satisfied that —

(a)

the applicant is a fit and proper person to be a 20% controller of the Singapore recognised market operator;

(b)

having regard to the applicant’s likely influence over the Singapore recognised market operator, the Singapore recognised market operator will, or will continue to, conduct its business prudently and in compliance with the provisions of the Act; and

(c)

it would not be contrary to the interests of the public to grant the approval.

Subregulation 3

In paragraph (2), “20% controller” has the meaning given by section 41A(2) of the Act.