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Contents

Long Title

Part I PRELIMINARY

Part II MARKETS

Division 1 — Establishment of Markets

Subdivision 1 Approved exchange and recognised market operator

Subdivision 2 Exempt market operator

Division 2 — Regulation of Approved Exchanges

Subdivision 1 Obligations of approved exchanges

Subdivision 2 Rules of approved exchanges

Subdivision 3 Matters requiring approval of Authority

Subdivision 4 Powers of Authority

Subdivision 5 Immunity

Division 3 — Regulation of Recognised Market Operators

Division 4 — General Powers of Authority

Division 5 — Voluntary Transfer of Business of Approved Exchange or Recognised Market Operator

Part IIA TRADE REPOSITORIES

Division 1 — Licensing of Trade Repositories

Division 2 — Regulation of Licensed Trade Repositories

Subdivision 1 Obligations of licensed trade repositories

Subdivision 2 Rules of licensed trade repositories

Subdivision 3 Matters requiring approval of Authority

Subdivision 4 Powers of Authority

Subdivision 5 Immunity

Division 3 — Regulation of Licensed Foreign Trade Repositories

Division 4 — General Powers of Authority

Division 5 — Voluntary Transfer of Business of Licensed Trade Repository or Licensed Foreign Trade Repository

Part III CLEARING FACILITIES

Division 1 — Establishment of Clearing Facilities

Division 2 — Regulation of Approved Clearing Houses

Subdivision 1 Obligations of approved clearing houses

Subdivision 2 Rules of approved clearing houses

Subdivision 3 Matters requiring approval of Authority

Subdivision 4 Immunity

Division 3 — Regulation of Recognised Clearing Houses

Division 4 — Insolvency

Division 5 — General Powers of Authority

Division 6 — Voluntary Transfer of Business of Approved Clearing House or Recognised Clearing House

Part IIIA APPROVED HOLDING COMPANIES

Division 1 — Establishment of Approved Holding Companies

Division 2 — Regulation of Approved Holding Companies

Division 3 — Voluntary Transfer of Business of Approved Holding Company

Part IV HOLDERS OF CAPITAL MARKETS SERVICES LICENCE AND REPRESENTATIVES

Division 1 — Capital Markets Services Licence

Division 1A — Voluntary Transfer of Business of Holder of Capital Markets Services Licence

Division 2 — Representatives

Division 3 — General

Part V BOOKS, CUSTOMER ASSETS AND AUDIT

Division 1 — Books

Division 2 — Customer Assets

Division 3 — Audit

Part VI CONDUCT OF BUSINESS

Division 1 — General

Part VIA REPORTING OF DERIVATIVES CONTRACTS

Part VIB CLEARING OF DERIVATIVES CONTRACTS

Part VII DISCLOSURE OF INTERESTS

Division 1 — Disclosure of Interest in Corporation

Subdivision 1 Disclosure by directors and chief executive officer of corporation

Subdivision 2 Disclosure by substantial shareholders in corporation

Subdivision 3 Disclosure by corporation

Division 2 — Disclosure of Interest in Business Trust and Interest in Trustee-Manager of Business Trust

Subdivision 1 Disclosure by substantial unitholders of business trust

Subdivision 2 Disclosure by directors and chief executive officer of trustee-manager of business trust

Subdivision 3 Disclosure by holders of voting shares in trustee-manager

Subdivision 4 Disclosure by trustee-manager

Division 3 — Disclosure of Interests in Real Estate Investment Trust and Interests in Shares of Responsible Person

Subdivision 1 Disclosure by substantial unitholders of real estate investment trust

Subdivision 2 Disclosure by directors and chief executive officer of responsible person

Subdivision 3 Disclosure by holders of voting shares in responsible person

Subdivision 4 Disclosure by responsible person

Division 4 — Civil Penalty

Part VIII SECURITIES INDUSTRY COUNCIL AND TAKE-OVER OFFERS

Part IX SUPERVISION AND INVESTIGATION

Division 1 — Supervisory Powers

Subdivision 1 Powers of Authority to require disclosure of information about securities and futures contracts

Subdivision 2 Inspection powers of Authority

Subdivision 3 Inspection powers of foreign regulatory authority

Division 2 — Power of Minister to Appoint Inspector for Investigating Dealings in Securities, etc.

Division 3 — Investigative Powers of Authority

Subdivision 1 General

Subdivision 2 Examination of persons

Subdivision 3 Powers to obtain information

Division 4 — Transfer of Evidence

Part X ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES

Part XI INVESTOR COMPENSATION SCHEME

Part XII MARKET CONDUCT

Division 1 — Prohibited Conduct — Securities

Division 2 — Prohibited Conduct — Futures Contracts, Leveraged Foreign Exchange Trading

Division 3 — Insider Trading

Division 4 — Civil Liability

Division 5 — Attributed Liability

Subdivision 1 Corporations

Subdivision 2 Partnerships and limited liability partnerships

Subdivision 3 Officers, partners, etc., of entities

Subdivision 4 General

Division 6 — Miscellaneous

Part XIII OFFERS OF INVESTMENTS

Division 1 — Shares and Debentures

Subdivision 1 Interpretation

Subdivision 2 Prospectus requirements

Subdivision 3 Debentures

Subdivision 4 Exemptions

Division 1A — Business Trusts

Subdivision 1 Interpretation

Subdivision 2 Prospectus requirements

Subdivision 2A Recognised business trusts

Subdivision 3 Exemptions

Subdivision 4 Debentures

Division 2 — Collective Investment Schemes

Subdivision 1 Interpretation

Subdivision 2 Authorisation and recognition

Subdivision 2A Voluntary transfer of business of approved trustee

Subdivision 3 Prospectus requirements

Subdivision 4 Exemptions

Division 3 — Securities Hawking

Part XIV APPEALS

Part XV MISCELLANEOUS

FIRST SCHEDULE Market

SECOND SCHEDULE Regulated Activities

THIRD SCHEDULE Specified Persons

FOURTH SCHEDULE Specified Provisions

Legislative Source Key

Legislative History

Comparative Table

 
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On 22/09/2014, you requested the version in force on 22/09/2014 incorporating all amendments published on or before 22/09/2014. The closest version currently available is that of 01/05/2014.
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Prohibited conduct by connected person in possession of inside information
218.
—(1)  Subject to this Division, where —
(a)
a person who is connected to a corporation possesses information concerning that corporation that is not generally available but, if the information were generally available, a reasonable person would expect it to have a material effect on the price or value of securities of that corporation; and
(b)
the connected person knows or ought reasonably to know that —
(i)
the information is not generally available; and
(ii)
if it were generally available, it might have a material effect on the price or value of those securities of that corporation,
subsections (2), (3), (4), (5) and (6) shall apply.
[1/2005]
(1A)  Subject to this Division, where —
(a)
a person who is connected to any corporation, where such corporation —
(i)
in relation to a business trust, acts as its trustee or manages or operates the business trust; or
(ii)
in relation to a collective investment scheme that invests primarily in real estate and real estate-related assets specified by the Authority in the Code on Collective Investment Schemes and all or any units of which are listed on a securities exchange, is the trustee or manager of the scheme,
[2/2009 wef 29/07/2009]
possesses information concerning that corporation, business trust or scheme, as the case may be, that is not generally available but, if the information were generally available, a reasonable person would expect it to have a material effect on the price or value of securities of that corporation, of securities of that business trust or of units in that scheme, as the case may be; and
(b)
the connected person knows or ought reasonably to know that —
(i)
the information is not generally available; and
(ii)
if it were generally available, it might have a material effect on the price or value of those securities of that corporation, of those securities of that business trust or of those units in that scheme, as the case may be,
subsections (2), (3), (4A), (5) and (6) shall apply.
[1/2005]
(2)  The connected person must not (whether as principal or agent) —
(a)
subscribe for, purchase or sell, or enter into an agreement to subscribe for, purchase or sell, any such securities referred to in subsection (1) or (1A), as the case may be; or
(b)
procure another person to subscribe for, purchase or sell, or to enter into an agreement to subscribe for, purchase or sell, any such securities referred to in subsection (1) or (1A), as the case may be.
[1/2005]
(3)  Where trading in the securities referred to in subsection (1) or (1A) is permitted on the securities market of a securities exchange or futures market of a futures exchange, the connected person must not, directly or indirectly, communicate the information, or cause the information to be communicated, to another person if the connected person knows, or ought reasonably to know, that the other person would or would be likely to —
(a)
subscribe for, purchase or sell, or enter into an agreement to subscribe for, purchase or sell, any such securities; or
(b)
procure a third person to subscribe for, purchase or sell, or to enter into an agreement to subscribe for, purchase or sell, any such securities.
[1/2005]
(4)  In any proceedings for a contravention of subsection (2) or (3) against a person connected to a corporation referred to in subsection (1), where the prosecution or plaintiff proves that the connected person was at the material time —
(a)
in possession of information concerning the corporation to which he was connected; and
(b)
the information was not generally available,
it shall be presumed, until the contrary is proved, that the connected person knew at the material time that —
(i)
the information was not generally available; and
(ii)
if the information were generally available, it might have a material effect on the price or value of securities of that corporation.
[1/2005]
(4A)  In any proceedings for a contravention of subsection (2) or (3) against a person connected to a corporation which —
(a)
in relation to a business trust, acts as its trustee or manages or operates the business trust; or
(b)
in relation to a collective investment scheme, is the trustee or manager of the scheme,
as the case may be, referred to in subsection (1A), where the prosecution or plaintiff proves that the connected person was at the material time —
(i)
in possession of information concerning the corporation, business trust or scheme, as the case may be; and
(ii)
the information was not generally available,
it shall be presumed, until the contrary is proved, that the connected person knew at the material time that —
(A)
the information was not generally available; and
(B)
if the information were generally available, it might have a material effect on the price or value of securities of that corporation, of securities of that business trust or of units in the scheme, as the case may be.
[1/2005]
(5)  In this Division —
(a)
“connected person” means a person referred to in subsection (1) or (1A) who is connected to a corporation; and
(b)
a person is connected to a corporation if —
(i)
he is an officer of that corporation or of a related corporation;
(ii)
he is a substantial shareholder in that corporation or in a related corporation; or
(iii)
he occupies a position that may reasonably be expected to give him access to information of a kind to which this section applies by virtue of —
(A)
any professional or business relationship existing between himself (or his employer or a corporation of which he is an officer) and that corporation or a related corporation; or
(B)
being an officer of a substantial shareholder in that corporation or in a related corporation.
[1/2005]
[2/2009 wef 01/10/2012]
(6)  In subsection (5), “officer”, in relation to a corporation, includes —
(a)
a director, secretary or employee of the corporation;
(b)
a receiver, or receiver and manager, of property of the corporation;
(c)
a judicial manager of the corporation;
(d)
a liquidator of the corporation; and
(e)
a trustee or other person administering a compromise or arrangement made between the corporation and another person.