Securities Industry (Exemption from sections 24 (1) and 25) Regulations 2002

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No. S 8

Securities Industry Act

(Chapter 289)

Securities Industry (Exemption from Sections 24 (1) and 25) Regulations 2002

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 2002 and shall come into operation on 7th January 2002.

Definitions

2. In these Regulations, unless the context otherwise requires —

“CDP” means the Central Depository (Pte) Ltd;

“securities borrowing and lending facility” means the facility established and operated by CDP for the lending and borrowing of securities;

“transaction” means a dealing in securities or any transaction relating to such dealing.

Exemption

3.—(1) Section 24(1) of the Act shall not have effect in relation to CDP by reason only of its entering into a transaction pursuant to the securities borrowing and lending facility.

(2) Section 25 of the Act shall not have effect in relation to a representative of CDP by reason only of his entering into a transaction, in that capacity, pursuant to the securities borrowing and lending facility.

(3) The exemptions referred to in paragraphs (1) and (2) are subject to conditions specified in writing by the Authority to CDP.

(4) Section 24(1) of the Act shall not have effect in relation to any person entering into a transaction with CDP or a representative of CDP pursuant to the securities borrowing and lending facility.

Made this 3rd day of January 2002.

KOH YONG GUAN

Managing Director,
Monetary Authority of
Singapore.

[FSG.SRDD.032/2001; AG/LEG/SL/289/1998/1 Vol. 2]

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