Singapore legislation
Regulation 27
of Securities and Futures (Organised Markets) Regulations 2018
Regulation 27
Exemption for certain market operators
Subregulation 1
Any person, who establishes or operates an organised market that satisfies both of the requirements in paragraph (2), is exempt from section 7(1) of the Act in respect of that organised market.
Subregulation 2
The requirements mentioned in paragraph (1) are as follows:
every member of the organised market mentioned in paragraph (1) is an accredited investor, expert investor or institutional investor; (b)no offer or invitation to sell, purchase or exchange is made on the organised market mentioned in paragraph (1) other than offers or invitations to sell, purchase or exchange any of the following:
any over‑the‑counter derivatives contract, the underlying thing of which is a commodity;
any block futures contract —
the underlying thing of which is a commodity; and
which is listed for trading on any approved exchange, recognised market operator or overseas exchange.
Subregulation 3
In this regulation, “block futures contract” has the meaning given by paragraph 1 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10).