Singapore legislation
Regulation 3
Regulation 3
Obligation to notify Authority
Subregulation 1
The approved exchange or recognised market operator which is exempt under regulation 2(1) (called in this regulation the exempt person) in respect of the establishment of a clearing facility must —
if the exempt person had established the clearing facility before 7 September 2023 — notify the Authority in writing of this fact and its reliance on the exemption mentioned in that provision by 7 October 2023; or
if the exempt person establishes the clearing facility on or after 7 September 2023 — notify the Authority in writing of the exempt person’s establishment of the clearing facility and its reliance on the exemption mentioned in that provision, within 14 days after the date on which the clearing facility is established.
Subregulation 2
The exempt person in respect of the operation of a clearing facility must —
if the exempt person had commenced operation of the clearing facility before 7 September 2023 — notify the Authority in writing of this fact and its reliance on the exemption under regulation 2(1) by 7 October 2023; or
if the exempt person commences the operation of the clearing facility on or after 7 September 2023 — notify the Authority in writing of the exempt person’s commencement of the operation of the clearing facility and its reliance on the exemption under regulation 2(1), within 14 days after the date of the commencement.
Subregulation 3
An approved exchange or a recognised market operator which fails to comply with paragraph (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000 and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part of a day during which the offence continues after conviction.