Securities Industry (Exemption from Sections 24 (1) and 25) Regulations 2001

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No. S 506

Securities Industry Act

(Chapter 289)

Securities Industry (Exemption from
Sections 24 (1) and 25) Regulations 2001

In exercise of the powers conferred by section 2 (2)(a)(iii) of the Securities Industry Act, the Monetary Authority of Singapore hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Securities Industry (Exemption from Sections 24 (1) and 25) Regulations 2001 and shall come into operation on 12th October 2001.

Definition

2. In these Regulations, unless the context otherwise requires, “financial institution” means any institution licensed or approved by, registered with or otherwise regulated by the Authority under any written law.

Exemption

3.—(1) Subject to the conditions specified in writing by the Authority, section 24(1) of the Act shall not have effect in relation to Citibank Aktiengesellschaft, who is a dealer by reason only of the entering into by it of transactions relating to dealing in securities on behalf of financial institutions.

(2) Subject to the conditions specified in writing by the Authority, section 25 of the Act shall not have effect in relation to any representative of Citibank Aktiengesellschaft who, in that capacity, enters into transactions relating to dealing in securities on behalf of financial institutions.

Made this 1st day of October 2001.

THARMAN SHANMUGARATNAM

Managing Director,
Monetary Authority of Singapore.

[FSG SID 08/2001; AG/LEG/SL/289/1998/1 Vol. 1]

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