Securities and Futures (Exemption from Requirement to Hold Capital Markets Services Licence) Regulations

Status:

Not current version
(version history — see timeline)

Securities and Futures Act

(Chapter 289, Section 99(1)(h)¹)

¹with effect from the commencement of the Securities and Futures (Amendment) Act 2003 (Act 16/2003), exemptions will no longer be made by regulations but by notice in writing.

Securities and Futures (Exemption from Requirement to Hold Capital Markets Services Licence) Regulations

Rg 11

G.N. No. S 458/2002

REVISED EDITION 2004

(29th February 2004)

[1st October 2002]

Citation

1. These Regulations may be cited as the Securities and Futures (Exemption from Requirement to Hold Capital Markets Services Licence) Regulations.

Definitions

1A. In these Regulations, unless the context otherwise requires —

“financial institution”, for the purposes of regulation 2(1), means any institution licensed or approved by, or registered with or otherwise regulated by, the Authority under any written law;

“structured warrant” means an instrument listed for quotation on the Singapore Exchange Securities Trading Ltd and issued by a financial institution on an underlying financial instrument which gives the holder of the instrument the right —

(a)	to purchase from, or sell to, the financial institution that underlying financial instrument in accordance with the terms of issue of the instrument; or
(b)	to receive from the financial institution a cash payment calculated by reference to the fluctuations in value or price of that underlying financial instrument in accordance with the terms of issue of the instrument;

“underlying financial instrument” means —

(a)	foreign exchange, interest rate, gold or any produce, item, goods or article, and includes an index of such foreign exchange, interest rate, gold, produce, item, goods or article; or
(b)	an index of futures contracts in respect of foreign exchange, interest rate, gold or any produce, item, goods or article. [S 147/2008 wef 28/03/2008]

Exemption

2.—(1) Subject to the conditions and restrictions specified in writing by the Authority, Citibank Aktiengesellschaft shall be exempted from the requirement to hold a capital markets services licence to carry on business in dealing in securities when dealing in securities on behalf of any financial institution.

(2) The holder of a capital markets services licence to deal in securities shall, in respect of the holder’s business of trading in structured warrants, be exempted from the requirement under section 82(1) of the Act to hold a capital markets services licence to trade in futures contracts.

[S 147/2008 wef 28/03/2008]

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