Futures Trading (Amendment) Regulations 1998

Status:

Published in Subsidiary Legislation Supplement
on 10 Jul 1998

No. S 370

Futures Trading Act

(Chapter 116)

Futures Trading (Amendment) Regulations 1998

In exercise of the powers conferred by sections 24 and 70 of the Futures Trading Act, the Monetary Authority of Singapore hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Futures Trading (Amendment) Regulations 1998 and shall come into operation on 10th July 1998.

Amendment of regulation 11A

2. Regulation 11A of the Futures Trading Regulations (Rg 1) is amended —

(a)

by deleting the word “and” at the end of sub-paragraph (c) of paragraph (1);

(b)

by deleting the full stop at the end of sub-paragraph (d) of paragraph (1) and substituting the word “; and”, and by inserting immediately thereafter the following sub-paragraph:

“(e)

in the case of a futures broker to which paragraph (2A) applies, and which is granted a futures broker’s licence on or after 10th July 1998 —

(i)	where the futures broker is incorporated in Singapore, its paid-up capital and shareholders’ funds are each not less than $1 million; or
(ii)	where the futures broker is a foreign company, its net head office funds are not less than $1 million.”; and

(c)

by inserting, immediately after paragraph (2), the following paragraph:

“(2A) Paragraph (1)(e) applies to a futures broker who is a member of an Exchange and who —

(a)	carries on the business only of soliciting or accepting orders for the purchase or sale of any futures contract traded on the Exchange;
(b)	does not accept money, securities or property from a customer as a margin for, or to guarantee or secure, the futures contracts of that customer; and
(c)	does not carry customer’s positions, margins or accounts in its own books.”.

Amendment of regulation 12

3. Regulation 12 of the Futures Trading Regulations is amended —

(a)	by inserting, immediately after the words “regulation 11A(1)(d)” in the second and third lines of paragraph (1), the words “or (e)”;
(b)	by inserting, immediately after the words “regulation 11A(1)(d)” in paragraph (1A), the words “or (e)”;
(c)	by inserting, immediately after the words “regulation 11A(1)(d)” in the third line of paragraph (3), the words “or (e)”;
(d)	by inserting, immediately after the words “regulation 11A(1)(d)” in paragraph (3B), the words “or (e)”;
(e)	by inserting, immediately after the words “or both,” in the fourth line of paragraph (4A), the words “or under paragraph (1A) in the case of a futures broker to which regulation 11A(1)(e) applies,”; and
(f)	by inserting, immediately after the words “paragraph (1) or (3),” in the fourth line of paragraph (4B), the words “or under paragraph (1A) in the case of a futures broker to which regulation 11A(1)(e) applies,”. [G.N. Nos. S 412/94; S 6/95; S 81/96; S 103/96; S 352/96; S 457/97]

Made this 6th day of July 1998.

KOH YONG GUAN

Managing Director,
Monetary Authority of Singapore.

[FSG FC 010/84; AG/LEG/SL/116/98/1 Vol. 1]

Search within Legislation