Securities and Futures Act |
Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) (Amendment) Regulations 2013 |
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Citation and commencement |
1. These Regulations may be cited as the Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) (Amendment) Regulations 2013 and shall come into operation on 3rd April 2013. |
Amendment of regulation 2 |
New regulations 2A, 2B and 2C |
3. The principal Regulations are amended by inserting, immediately after regulation 2, the following regulations:
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Amendment of Part III |
4. Part III of the principal Regulations is amended —
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Deletion and substitution of regulation 5 |
5. Regulation 5 of the principal Regulations is deleted and the following regulation substituted therefor:
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Amendment of regulation 5A |
6. Regulation 5A of the principal Regulations is amended —
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Amendment of regulation 6 |
7. Regulation 6 of the principal Regulations is amended —
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Amendment of regulation 7 |
8. Regulation 7 of the principal Regulations is amended —
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Deletion of Divisions 2 and 3 of Part III |
9. Part III of the principal Regulations is amended by deleting Divisions 2 and 3. |
Deletion and substitution of regulation 15 |
10. Regulation 15 of the principal Regulations is deleted and the following regulation substituted therefor:
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Deletion of regulation 18 |
11. Regulation 18 of the principal Regulations is deleted. |
Amendment of regulation 20 |
12. Regulation 20 of the principal Regulations is amended —
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Amendment of regulation 21 |
13. Regulation 21 of the principal Regulations is amended —
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Amendment of regulation 22 |
14. Regulation 22(2) of the principal Regulations is amended by deleting the words “and qualifying letters of credit” in sub‑paragraph (b)(ii). |
Amendment of regulation 23 |
15. Regulation 23 of the principal Regulations is amended —
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Amendment of regulation 24 |
16. Regulation 24 of the principal Regulations is amended —
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Amendment of regulation 24B |
17. Regulation 24B(2) of the principal Regulations is amended by deleting the words “or 20% of its average adjusted net capital within the meaning of regulation 24(6), as the case may be” in sub‑paragraph (b). |
Amendment of regulation 25 |
18. Regulation 25 of the principal Regulations is amended —
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Amendment of regulation 27 |
19. Regulation 27 of the principal Regulations is amended —
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Deletion of Part VIII |
20. Part VIII of the principal Regulations is deleted. |
Amendment of regulation 28A |
21. Regulation 28A of the principal Regulations is amended by deleting paragraphs (a) and (b) and substituting the following paragraphs:
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Deletion of Second and Third Schedules |
22. The Second and Third Schedules to the principal Regulations are deleted. |
Amendment of Fourth Schedule |
23. The Fourth Schedule to the principal Regulations is amended —
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Deletion of Fifth and Sixth Schedules |
24. The Fifth and Sixth Schedules to the principal Regulations are deleted. |
Savings and transitional provisions for existing holders of licence |
25.—(1) The requirements under regulation 4 of the principal Regulations (as modified by the amendment to the definition of “base capital” under regulation 2) shall not apply to a specified holder in the period commencing on 3rd April 2013 and ending on —
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Savings and transitional provisions for new holders of licence |
26.—(1) The requirements under regulation 4 of the principal Regulations (as modified by the amendment to the definition of “base capital” under regulation 2) shall not apply to a new holder in the period commencing on the date on which its application for a licence under section 84 of the Act is granted and ending on —
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Savings and transitional provisions for existing exempt fund managers |
27.—(1) Parts III to VII and regulation 28A of the principal Regulations (as amended by these Regulations) shall not apply to an existing exempt fund manager in the period commencing on the date on which its application for a licence for fund management under section 84 of the Act is granted and ending on —
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Savings and transitional provisions for existing Registered Fund Management Company |
28.—(1) Parts III to VII and regulation 28A of the principal Regulations (as amended by these Regulations) shall not apply to an existing Registered Fund Management Company in the period commencing on the date on which its application for a licence for fund management under section 84 of the Act is granted and ending on —
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Managing Director, Monetary Authority of Singapore. |
[PPD/Capital Policy/CMSL Risk-Based Capital; AG/LLRD/SL/289/2010/12 Vol. 3] |