108), the Monetary Authority of Singapore Act (Cap. 46AAB Action by Authority if approved exchange or recognised market operator unable to meet obligations, etc. 19); a merchant bank that is approved as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap. 81ZGC Action by Authority if approved holding company unable to meet obligations, etc. exempt corporate finance advisers) on the various approval and reporting requirements and timelines under the SFA and its subsidiary instruments. an investment product as defined in section 2(1) of the Financial Advisers Act (Cap. Securities and Futures Act. 81I Right of relevant office holder to recover certain amounts arising from certain transactions. 2) Notification 2018, Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS (for FIs conducting regulated activities under the SFA other than for fund managers and REIT managers), Licensing, Authorisation and Registration, Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for REIT Managers, Compliance Toolkit for Approvals, Notifications and Other Regulatory Submissions to MAS for Fund Managers, CMI 32/2020 Good Practices for Disclosure of Actively Managed Funds, Offers of Securities or Securities-Based Derivatives Contracts, Exemptions issued under s337(2) SFA - 2Q2019, Form 3 - Application for Approval to Act as a Trustee for Collective Investment Schemes under Section 289(1), Exemptions issued under s337(2) SFA 1Q2019, Exemptions issued under s337(2) SFA 4Q2018, Exemptions issued under s337(2) SFA - 3Q2018, Exemptions issued under s337(2) SFA - 2Q2018, MAS Reprimands Taiyo Asset Management Pte Ltd for Recurring Late Regulatory Submissions, and Tey Eng Chee Thomas for Failing to Discharge his Duty and Function as Director, Exemptions issued under s337(2) SFA - 1Q2018, Exemptions issued under s337(2) SFA - 4Q2017, Exemptions issued under s337(2) SFA - 3Q2017, Exemptions issued under s337(2) SFA - 2Q2017, Exemptions issued under s337(2) SFA - 1Q2017, Exemptions issued under s337(2) SFA - 4Q2016, Exemptions issued under s337(2) SFA - 3Q2016, Exemptions issued under s337(2) SFA - 2Q2016, Exemptions issued under s337(2) SFA - 1Q2016, Exemptions issued under s337(2) SFA - 4Q2015, Exemptions issued under s337(2) SFA - 3Q2015, Exemptions issued under s337(2) SFA - 2Q2015, Exemptions issued under s337(2) SFA - 1Q2015, Exemptions issued under s337(2) SFA - 4Q2014, Exemptions issued under s337(2) SFA -3Q2014, Exemptions issued under s337(2) SFA - 2Q2014, Exemptions issued under s337(2) SFA - 1Q2014, Exemptions issued under s337(2) SFA - 4Q2013, Exemptions issued under s337(2) SFA - 3Q2013, Exemptions issued under s337(2) SFA - 2Q2013, Exemptions issued under s337(2) SFA - 1Q2013, Supervisory Approach and Regulatory Instruments, Lists of Designated Individuals and Entities, Grants for Smaller Financial Institutions, Recent Economic Developments in Singapore, Singapore Overnight Rate Average (SORA) Interest Rate Benchmark, Singapore Government Securities (SGS) Bonds, Investing in Singapore Government Securities (SGS) Bonds, Investing in Singapore Savings Bonds (SSB), Brunei-Singapore Currency Interchangeability Agreement, Reproduction of Singapore Currency Images, Money and Banking Monthly Statistical Bulletin, Financial Sector Development Fund Annual Report, Monetary Authority: Assets and Liabilities, International Reserves/Foreign Currency Liquidity, Interest Rates of Banks and Finance Companies, View a list of Application Programming Interfaces (APIs), Opportunities for Mid-Career Professionals, Exempt Corporate Finance Adviser Serving Accredited Investors, Holding Company of Exchange or Clearing House. 325 Power of court to make certain orders, 327 Criminal jurisdiction of District Court, 328 Falsification of records by officer, employee or agent of relevant person, 329 Duty not to furnish false information to Authority, 330 Duty not to furnish false statements to approved exchange, licensed trade repository, approved clearing house, recognised clearing house, authorised benchmark administrator, exempt benchmark administrator and Securities Industry Council, 331 Corporate offenders and unincorporated associations, 334 Power of Authority to reprimand for misconduct, 336 Proceedings with consent of Public Prosecutor and power to compound offences. any other person with whom the holder, as principal, enters or will enter into transactions for the sale or purchase of capital markets products, but does not include such person or class of persons as may be prescribed for the purposes of this sub-paragraph; or, for the purposes of Part III and the definition of “user”, a person on whose behalf a member of an approved exchange, an approved clearing house, a recognised clearing house or a recognised market operator, as the case may be, carries on any activity regulated under this Act, but does not include —. The Applicant in that case (“CA”) applied for and obtained … but does not include providing information in relation to a designated benchmark or any act that is necessary or incidental to providing such information; “administering a financial benchmark” means —. View exemptions issued under section 337(2) of the Securities and Futures Act for the period from 1 April 2017 to 30 June 2017. banks and finance companies) and other exempt entities (e.g. such other product or class of products as may be prescribed; “securities-based derivatives contract” means any derivatives contract of which the underlying thing or any of the underlying things is a security or a securities index, but does not include any derivatives contract that is, or that belongs to a class of derivatives contracts that is, prescribed by regulations made under section 341; “Securities Industry Council” means the Securities Industry Council referred to in section 138; “share” has the same meaning as in section 4(1) of the Companies Act (Cap. View exemptions issued under section 337(2) of the Securities and Futures Act for the period from 1 September to 31 December 2014. a related corporation of the member, with respect to accepted instructions to deal for an account belonging to, and maintained wholly for the benefit of, that related corporation; “dealing in capital markets products” has the meaning given to it in the Second Schedule; any debenture stock, bond, note and any other debt securities issued by or proposed to be issued by a corporation or any other entity, whether constituting a charge or not, on the assets of the issuer; any debenture stock, bond, note and any other debt securities issued by or proposed to be issued by a trustee-manager of a business trust in its capacity as trustee-manager of the business trust, or a trustee of a real estate investment trust in its capacity as trustee of the real estate investment trust, whether constituting a charge or not, on the assets of the business trust or real estate investment trust; or. View exemptions issued under section 337(2) of the Securities and Futures Act for the period from 1 April 2013 to 30 June 2013. 3) Notification 2018, Securities and Futures (Amendment) Act 2017 (Commencement) (No. 50); or. Together with new and revised underlying regulations, notices and guidelines that were simultaneously released, the SF (A)A introduces changes to rules in connection with licensing, prospectus requirements, conduct of business and market misconduct. by reason of which either of those persons may exercise, directly or indirectly, control the exercise of, or substantially influence the exercise of, any voting power attached to a share in the corporation; with a view to controlling or influencing the composition of the board of directors, or the conduct of affairs, of the corporation; or. in relation to a corporation (other than a company), means any share equivalent to a treasury share in a company; in relation to a registered business trust, has the same meaning as in section 2 of the Business Trusts Act (Cap. View exemptions issued under section 337(2) of the Securities and Futures Act for the period from 1 July 2016 to 30 September 2016. to receive sums paid out of such profits, income, or other payments or returns; the purpose, purported purpose or purported effect of the arrangement is to enable the participants (whether by acquiring any right, interest, title or benefit in the property or any part of the property or otherwise) —. 142); a closed-end fund constituted either as an entity, a sub-fund or a trust; an arrangement under which the whole amount of each participant’s contribution is a deposit as defined in section 4B of the Banking Act (Cap. determined periodically by the application (whether direct or indirect) of a formula or any other method of calculation to information or expressions of opinion concerning transactions in, or the state of, the market in respect of one or more underlying things; made available to the public (whether free of charge or for payment); and. “real estate investment trust management” has the meaning given to it in the Second Schedule; “recognised business trust” means a business trust that is recognised by the Authority under section 239D(1); “recognised clearing house” mean a corporation that is recognised by the Authority under section 51(1)(. any index, right, interest, tangible property or intangible property of any nature that is, or belongs to a class of indices, rights, interests, tangible properties or intangible properties that is, prescribed for the purposes of this definition, any produce, item, goods or article that is, or that belongs to a class of produce, items, goods or articles that is, prescribed not to be a commodity for the purposes of this definition; or. Management & Corporate Governance Noble comes under investigation for potential accounting & regulatory breaches. 292D Action by Authority if approved trustee unable to meet obligations, etc. an arrangement under which money received by an advocate and solicitor from his client, whether as a stakeholder or otherwise, acting in his professional capacity in the ordinary course of his practice, or under which money is received by a statutory body as a stakeholder in the carrying out of its statutory functions; an arrangement made by any co-operative society registered under the Co-operative Societies Act (Cap. the property does not consist of any of the following: any currency of any country or territory; any policy as defined in the First Schedule to the Insurance Act (Cap. (5)  For the purposes of this Act, a person has a substantial shareholding in a corporation, being a corporation the share capital of which is divided into 2 or more classes of shares, if —, he has an interest or interests in one or more voting shares (excluding treasury shares) in one of those classes; and. 110); or, to measure the performance of any product offered by a person who is, or who belongs to a class of persons which is, prescribed by regulations made under section 341; or. 1 On 3 July 2018, MAS reprimanded: (i) Taiyo Asset Management Pte Ltd (TAMPL) for being repeatedly late in its submissions of: (a) annual declaration and auditor reports, which were late by up to two years, for the financial years ending 2014, 2015 and 2016; (b) changes in the appointment and cessation of its director... View exemptions issued under section 337(2) of the Securities and Futures Act for the period from 1 January 2018 to 31 March 2018. to determine the interest payable or other sums due on deposits or credit facilities; to determine the price or value of any investment product as defined in section 2(1) of the Financial Advisers Act (Cap. a group of users, from which the name of a user can be directly inferred; “VCC” means a VCC or variable capital company as defined in section 2(1) of the Variable Capital Companies Act 2018; “voting share” has the same meaning as in section 4(1) of the Companies Act (Cap. 289) Governs the regulation of activities and institutions in the securities and derivatives industry, including leveraged foreign exchange trading of financial benchmarks and of clearing facilities. In CA Investment (Brazil) S.A v Eldorado Brasil Celulose S.A. & Ors (Originating Summons No. Corporations, s. 12 (2) and s. 16 (1)], [SIA, s. 4; Companies, s. 7 (4A); HK Securities Ordinance, s. 5]. Protection of the rights and interests of securities investors and futures traders shall be carried out in accordance with this Act; the relevant provisions of the Securities and Exchange Act, the Futures Trading Act, the Securities Investment Trust and Consulting Act, and other applicable acts shall apply with regard to any matters not provided for herein. Securities Advisor is a regulated securities activity under the Securities Act, 2015 and Futures Advisor is a regulated activity under the Futures Market Act, 2016. Pursuant to the Securities and Futures (Disclosure of Interests) (Amendment) Regulations 2018 (“Amendment Regulations”), new provisions are introduced in the Securities and Futures (Disclosure of Interests) Regulations 2012 (“Regulations”) with effect from 19 March 2018 to extend the application of the provisions in the Securities and Futures Act … This Compliance Toolkit serves as a guide to capital market services licensees (other than fund managers and REIT managers), exempt financial institutions (e.g. any unit in a collective investment scheme; a deposit as defined in section 4B of the Banking Act (Cap. the total votes attached to that share, or those shares, is not less than 5% of the total votes attached to all the voting shares (excluding treasury shares) in the corporation. The Securities and Futures Act (Cap. 161); “appointed representative”, in respect of a type of regulated activity, has the meaning given to that expression in section 99D, and “appointed representative” means an appointed representative in respect of any type of regulated activity; “approved clearing house” means a corporation that is approved by the Authority under section 51(1)(. a client of a participant of the licensed trade repository or licensed foreign trade repository; “user information” means transaction information that is referable to —. Get notified whenever news and updates are posted on this website. Exemptions granted by MAS under section 337(2) of the SFA for the period from 1 July to 30 September 2018. The Securities and Futures Act (“SFA”) is a broad-ranging statute which governs Singapore’s capital markets and financial investments sector. 2. in relation to a business trust, means a person who has an interest or interests in one or more voting units in the business trust, the total votes attached to that unit, or those units, being not less than 5% of the total votes attached to all the voting units in the business trust; “Take-over Code” means the Singapore Code on Take-overs and Mergers referred to in section 139 which is issued by the Authority under section 321(1); an offer for the acquisition by or on behalf of a person of —, in the case of a public company, or of a corporation all or any of the shares of which are listed for quotation on an approved exchange —, some or all of the shares, or some or all of the shares of a particular class, in the company or corporation made to all members of the company or corporation, or where the person already holds shares in the company or corporation, made to all other members of the company or corporation; or. Under the Securities and Futures Act, mainboard companies must immediately announce interested person transactions worth over 3% of tangible assets. Apart from these violations of the Securities and Futures Act, the one-time poster boy for Singapore technology innovation also faces multiple offences involving falsification of accounts, cheating external auditors and forgery. is taken to be the lower of the following: (2)  The definitions in subsection (1) may be subject to such modifications as the Authority may prescribe for any specified provision of this Act. to manage the funds (which may include the reserves of that central government and any pension or provident fund of that country) of another entity that is wholly and beneficially owned, whether directly or indirectly, by the central government of that country; that is wholly and beneficially owned, whether directly or indirectly, by the central government of a country; and. a trustee of a trust in relation to which the other person benefits or is capable of benefiting otherwise than by reason of transactions entered into in the ordinary course of business in connection with the lending of money; a person with whom the other person is, according to any subsidiary legislation made under this Act, to be regarded as associated in respect of the matter to which the reference relates; a person with whom the other person is, or proposes to become, associated, whether formally or informally, in any other way in respect of the matter to which the reference relates; or, where the other person has entered into, or proposes to enter into, a transaction, or has done, or proposes to do, any other act or thing, with a view to becoming associated with a person as referred to in paragraph (, (2)  Where, in any proceedings under this Act, it is alleged that a person referred to in subsection (1)(, (3)  A person shall not be taken to be associated with another person by virtue of subsection (1)(. a unit to which there is attached a right to vote only in one or more of the following circumstances: during a period in which a distribution (or part of a distribution) in respect of the unit is in arrears; upon a proposal to reduce the unitholders’ equity of the business trust; upon a proposal that affects rights attached to the unit; upon a proposal to wind up the business trust; upon a proposal for the disposal of the whole of the property, business and undertakings of the business trust; during the winding up of the business trust; and, in relation to a collective investment scheme, means an issued unit in the scheme, other than —. View exemptions issued under section 337(2) of the Securities and Futures Act for the period from 1 January 2015 to 31 March 2015. (6)  For the purposes of subsection (5), a person is an associate of another person if the first-mentioned person is —, a person who is accustomed or is under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of that other person in relation to the security, securities-based derivatives contract or unit in a collective investment scheme (as the case may be) referred to in subsection (5); or. a party (referred to in this definition as the franchisor) to the agreement or arrangement authorises or permits another party (referred to in this definition as the franchisee), or a person associated with the franchisee, to exercise the right to engage in the business of offering, selling or distributing goods or services in Singapore under a plan or system controlled by the franchisor or a person associated with the franchisor; the business carried on by the franchisee or the person associated with the franchisee, as the case may be, is capable of being identified by the public as being substantially associated with a trade or service mark, logo, symbol or name identifying, commonly connected with or controlled by the franchisor or a person associated with the franchisor; the franchisor exerts, or has authority to exert, a significant degree of control over the method or manner of operation of the franchisee’s business; the franchisee or a person associated with the franchisee is required under the agreement or arrangement to make payment or give some other form of consideration to the franchisor or a person associated with the franchisor; and. Securities and Futures Ordinance (with subsidiary legislation) We are directing you to the Hong Kong e-Legislation (HKeL) operated by the Department of Justice (DoJ) of the Hong Kong Special Administrative Region Government to view the full contents of the Securities and Futures Ordinance (SFO), including its subsidiary legislation. PU(A)314/2002 289) [“SFA”], are applicable to corporations with fund management as their principal business activity. AN ex-remisier has been charged with defrauding under the Securities and Futures Act - the first prosecution case by the Monetary Authority of Singapore (MAS) under the MAS-CAD (Commercial Affairs Department) joint investigation regime. to receive sums paid out of such profits, income, or other payments or returns, the arrangement provides for the participants to receive any benefit other than those set out in sub-paragraph (BA) or (BB) in the event that the purpose, purported purpose or purported effect is not realised; or, the purpose, purported purpose or purported effect is realised; or, an arrangement which is an arrangement, or is of a class or description of arrangements, specified by the Authority as a collective investment scheme by notice published in the. 142), the Trust Companies Act (Cap. Synopsis. This is a compilation of the Australian Securities and Investments Commission Act 2001 that shows the text of the law as amended and in force on 6 March 2018 (the compilation date). any derivatives contract that is, or that belongs to a class of derivatives contracts that is, prescribed not to be an exchange-traded derivatives contract; “executive officer”, in relation to an approved exchange, a recognised market operator, a licensed trade repository, a licensed foreign trade repository, an approved clearing house, a recognised clearing house, an approved holding company, the holder of a capital markets services licence, an authorised benchmark administrator, an authorised benchmark submitter, a designated benchmark submitter or any other corporation (called in this definition a relevant person), means any person, by whatever name called, who is —. Accordingly, each of Auctus Investments Limited and Mr Arvind Tiku is deemed pursuant to the provisions of Section 4 of the Securities and Futures Act, Chapter 289 to have an interest in the 35,123,146 Units held by AT Investments Limited. The Securities and Futures Act (“SFA”) describes itself as “relating to the regulation of activities and institutions in the securities and futures industry, including leveraged foreign exchange trading, and of clearing facilities, and for matters connected therewith.”. in the case of a corporation all or any of the shares of which are listed for quotation on an approved exchange, complies with the laws, codes and other requirements (whether or not having the force of law) relating to take-overs, compromises and arrangements of the country or territory in which that corporation was incorporated. 50); in relation to a business trust, means an issued unit in the business trust, other than —, a unit to which in no circumstances is there attached a right to vote; or. 46ZIC Effect of assumption of control under section 46ZIB, 46ZIE Responsibilities of officers, member, etc., of licensed trade repository, 46ZIF Remuneration and expenses of Authority and others in certain cases, 46ZJ Power of Authority to make regulations, 46ZK Power of Authority to issue directions, 46ZL Power of Authority to exempt licensed trade repository or licensed foreign trade repository from provisions of this Part, 49 Requirement for approval or recognition, 50 Application for approval or recognition, 51 Power of Authority to approve or recognise clearing house, 52 General criteria to be taken into account by Authority, 53 Annual fees payable by approved clearing house or recognised clearing house, 55 Cancellation of approval or recognition, 56 Power of Authority to revoke approval and recognition, 58 Obligation to notify Authority of certain matters. by another person and adopted by the corporation or overseas exchange; “manager”, in relation to a collective investment scheme, means a person, by whatever name called, who is responsible for managing the property of, or operating, the collective investment scheme; “member”, in relation to an approved exchange, a recognised market operator, an approved clearing house or a recognised clearing house, means a person who holds membership of any class or description in the approved exchange, recognised market operator, approved clearing house or recognised clearing house, whether or not he holds any share in the share capital of the approved exchange, recognised market operator, approved clearing house or recognised clearing house, as the case may be; “newspaper” has the same meaning as in section 2 of the Newspaper and Printing Presses Act (Cap. under which the participants do not have day-to-day control over the management of the property, whether or not the participants have the right to be consulted or to give directions in respect of such management; under which either or both of the following characteristics are present: the property is managed as a whole by or on behalf of a manager; the contributions of the participants, and the profits or income out of which payments are to be made to the participants, are pooled; and, the effect of the arrangement is to enable the participants (whether by acquiring any right, interest, title or benefit in the property or any part of the property or otherwise) —, to participate in or receive profits, income, or other payments or returns arising from the acquisition, holding, management, disposal, exercise, redemption or expiry of, any right, interest, title or benefit in the property or any part of the property; or. The Securities and Futures Commission (SFC) of Hong Kong is the independent statutory body charged with regulating the securities and futures markets in Hong Kong. Provided further that in terms of section 65(3) of the Securities Act, a licence for a securities adviser may be granted to a bank or a subsidiary of a bank. the total votes attached to that share, or those shares, is not less than 5% of the total votes attached to all the voting shares (excluding treasury shares) in that class. (4)  A person is treated as having an interest in a security, securities-based derivatives contract or unit in a collective investment scheme if a corporation has, or is by the provisions of this section (apart from this subsection) treated as having, an interest in that security, securities-based derivatives contract or unit in a collective investment scheme (as the case may be) and —, the corporation is, or its directors are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person; or. “holding company” has the same meaning as in section 5(4) of the Companies Act (Cap. offers or invitations to enter into, purchase, sell, or exchange capital markets products; executed transactions in capital markets products; transactions cleared or settled by an approved clearing house or a recognised clearing house; or. This circular sets out good disclosure practices for actively managed funds, following a thematic review carried out by the Monetary Authority of Singapore (MAS) on equity funds offered to retail investors. The scope of the SFA includes the following: View exemptions issued under section 337(2) of the Securities and Futures Act for the period from 1 July 2013 to 30 September 2013. 236F Civil penalty when partnership or limited liability partnership fails to prevent or detect contravention by partner, etc. where the other person is a corporation —. It was signed into law on December 21, 2000 by President Bill Clinton.It clarified the law so most OTC derivative transactions between "sophisticated parties" would not be regulated as "futures… Securities and Futures Act (Cap. (5)  A person is treated as having an interest in a security, securities-based derivatives contract or unit in a collective investment scheme if —, a corporation has, or is by the provisions of this section (apart from this subsection) treated as having, an interest in that security, securities-based derivatives contract or unit in a collective investment scheme (as the case may be); and. To treaty, etc to subsection ( 2 ) of the business Trusts Act ( Cap tangible.... Commencement ) ( No regulations concerning, inter alia, markets, market operators clearing. [ SIA, s. 9 ], are applicable to corporations with fund management as principal. Regulations made under section 341 as a financial benchmark court for directions, etc: version... ( 3 ) Notification 2018, Securities and Futures Act, mainboard must. Meet obligations, etc to carry on Insurance business in Singapore ; a Finance company that licensed. 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