Securities Industry Act
(Chapter 289, Section 15(2))
Securities Industry (Exempt Stock Market) (No. 3) Declaration
Decl 3
REVISED EDITION 1990
(25th March 1992)
[15th March 1988]
Citation
1.  This Declaration may be cited as the Securities Industry (Exempt Stock Market) (No. 3) Declaration.
Definitions
2.  In this Declaration —
“Linkage Information” includes —
(a)the unique identifiers of NASDAQ and SES market-makers and their individual closing price quotations in each of the Linkage securities;
(b)the closing inside quotations of each of the Linkage securities;
(c)the last sale prices of each of the Linkage securities where applicable; and
(d)the cumulative daily volume of each of the Linkage securities;
“Linkage securities” means securities which have been identified for the purposes of the NASD-SES Market Linkage as agreed upon between NASD and the SES from time to time;
“NASD” means the National Association of Securities Dealers, Inc., a corporation organised under the laws of the State of Delaware in the United States of America and includes the corporate subsidiaries NASDAQ, Inc. and the NASD Market Services, Inc., unless the context otherwise requires;
“NASDAQ” means the National Association of Securities Dealers Automated Quotation System that is operated by NASDAQ, Inc., a corporate subsidiary of NASD organised under the laws of the State of Delaware in the United States of America;
“NASDAQ market-makers” means the NASD member firms that are registered to make a market in Linkage securities by entering quotations in NASDAQ;
“NASD Market Services, Inc.” means the NASD corporate subsidiary, organised under the law of the State of Delaware in the United States of America, that processes last sale price information;
“NASD-SES Market Linkage” means the programme and stock market facilities through which Linkage Information compiled from data originating from market-makers in Linkage securities (including NASDAQ market-makers and SES market-makers) is exchanged between NASD and the SES for utilisation within their respective markets, which facilities include the facilities of NASDAQ, Inc. and NASD Market Services, Inc.;
“SES” means the Stock Exchange of Singapore Ltd; and “stock market” shall have the same meaning as is assigned to that expression in section 2(1) of the Act except that references to “securities” therein shall be construed as references to “Linkage securities”;
“SES market-makers” means Members or Associates of SES that are approved to make market for Linkage securities.
Exempt stock market
3.  The NASD-SES Market Linkage is declared as an exempt stock market for the purposes of the Securities Industry Act.