Securities and Futures (Clearing Facilities) (Amendment) Regulations 2018

No. S 673

Securities and Futures Act

(CHAPTER 289)

Securities and Futures
(Clearing Facilities)
(Amendment) Regulations 2018

In exercise of the powers conferred by sections 60, 77, 81Q and 341 of the Securities and Futures Act, the Monetary Authority of Singapore makes the following Regulations:

Citation and commencement

1. These Regulations are the Securities and Futures (Clearing Facilities) (Amendment) Regulations 2018 and come into operation on 8 October 2018.

Amendment of regulation 2

2. Regulation 2(1) of the Securities and Futures (Clearing Facilities) Regulations 2013 (G.N. No. S 464/2013) (called in these Regulations the principal Regulations) is amended by deleting the definition of “position”.

Amendment of regulation 8

3. Regulation 8(3) of the principal Regulations is amended by deleting the words “securities, futures contracts or derivatives contracts” in sub‑paragraph (c) and substituting the words “capital markets products”.

Amendment of regulation 11

4. Regulation 11 of the principal Regulations is amended —

(a)	by deleting the words “futures contracts or” in paragraph (1)(e); and
(b)	by deleting the word “market” in paragraphs (3) and (5)(b) and substituting in each case the words “organised market”.

Amendment of regulation 15

5. Regulation 15(1) of the principal Regulations is amended —

(a)

by inserting, immediately after sub‑paragraph (b), the following sub‑paragraph:

“(ba)

the user information is disclosed to the approved holding company of the approved clearing house;”; and

(b)

by deleting the words “securities, futures contracts or derivatives contracts” in sub‑paragraph (c) and substituting the words “capital markets products”.

Deletion of regulation 20

6. Regulation 20 of the principal Regulations is deleted.

Amendment of regulation 21

7. Regulation 21 of the principal Regulations is amended by deleting the words “securities, futures contracts or derivatives contracts” in paragraphs (7)(c) and (12) and substituting in each case the words “capital markets products”.

Amendment of regulation 25

8. Regulation 25(1) of the principal Regulations is amended —

(a)	by deleting the words “the following classes of securities” and substituting the words “any of the following”;
(b)	by deleting the word “securities” in sub‑paragraph (a) and substituting the word “debentures”; and
(c)	by deleting the words “debt securities” in sub‑paragraph (b) and substituting the word “debentures”.

Amendment of regulation 34

9. Regulation 34(1) of the principal Regulations is amended by deleting the words “futures contracts or” in sub‑paragraph (e).

Amendment of regulation 37

10. Regulation 37(1) of the principal Regulations is amended by deleting the words “securities, futures contracts or derivatives contracts” in sub‑paragraph (c) and substituting the words “capital markets products”.

Amendment of regulation 42

11. Regulation 42 of the principal Regulations is amended by deleting the words “securities, futures contracts or derivatives contracts” in paragraphs (7)(c) and (11) and substituting in each case the words “capital markets products”.

Amendment of regulation 46

12. Regulation 46(1) of the principal Regulations is amended —

(a)	by deleting the words “the following classes of securities” and substituting the words “any of the following”;
(b)	by deleting the word “securities” in sub‑paragraph (a) and substituting the word “debentures”; and
(c)	by deleting the words “debt securities” in sub‑paragraph (b) and substituting the word “debentures”.

Deletion and substitution of regulation 50

13. Regulation 50 of the principal Regulations is deleted and the following regulation substituted therefor:

“Application of Division 4 of Part III of Act

50. For the purposes of section 81B of the Act, Division 4 of Part III of the Act applies to capital markets products cleared or settled, whether by novation (however described) or otherwise, by an approved clearing house or a recognised clearing house.”.

Amendment of regulation 52

14. Regulation 52(1) of the principal Regulations is amended by deleting the words “20(1) or (2),”.

Amendment of Part II of Third Schedule

15. Part II of the Third Schedule to the principal Regulations is amended —

(a)	by deleting the words “SECURITIES, FUTURES CONTRACTS OR DERIVATIVES CONTRACTS” in the Part heading and substituting the words “CAPITAL MARKETS PRODUCTS”; and
(b)	by deleting the words “securities, futures contracts or derivatives contracts” in paragraphs 1 and 2 and substituting in each case the words “capital markets products”.

[G.N. Nos. S 296/2014; S 425/2015; S 298/2017]

Made on 4 October 2018.

RAVI MENON

Managing Director,
Monetary Authority of Singapore.

[MPI-MIS 013/2018/Vol 1; AG/LEGIS/SL/289/2015/3 Vol. 1]

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