No. S 416
Securities and Futures Act
(Chapter 289)
Securities and Futures (Exemption of Phillip Financial Pte Ltd and Phillip Securities Pte Ltd) Regulations 2004
In exercise of the powers conferred by section 337(1) of the Securities and Futures Act, the Monetary Authority of Singapore hereby makes the following Regulations:
Citation and commencement
1.  These Regulations may be cited as the Securities and Futures (Exemption of Phillip Financial Pte Ltd and Phillip Securities Pte Ltd) Regulations 2004 and shall come into operation on 9th July 2004.
Exemption
2.—(1)  Phillip Financial Pte Ltd shall be exempted from regulation 24(1) and (2) of the Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) Regulations (Rg 13, 2004 Ed.) in relation to any of its activities for the purposes of the ESOS Financing Scheme, subject to the conditions and restrictions specified by the Authority in its letter dated 9th July 2004 to Phillip Financial Pte Ltd.
(2)  Phillip Securities Pte Ltd shall be exempted from regulation 45(3) and (4) of the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10, 2004 Ed.) in relation to any of its activities for the purposes of the ESOS Financing Scheme, subject to the conditions and restrictions specified by the Authority in its letter dated 9th July 2004 to Phillip Securities Pte Ltd.
(3)  In this regulation, “ESOS Financing Scheme” means the arrangement, which is approved by the Authority by way of a letter dated 9th July 2004 to Phillip Financial Pte Ltd and Phillip Securities Pte Ltd, relating to the financing by Phillip Financial Pte Ltd and Phillip Securities Pte Ltd of the payment of the exercise price of any stock option granted under any employee stock option scheme which falls under the scope of the arrangement.
Made this 5th day of July 2004.
KOH YONG GUAN
Managing Director,
Monetary Authority of
Singapore.
[SFD CMI 01/2002 PT1; AG/LEG/SL/289/2002/1 Vol. 5]
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