—(1) The following persons shall be exempted in respect of the following regulated activities from the requirement to hold a capital markets services licence to carry on business in such regulated activities:
any bank licensed under the Banking Act (Cap. 19) in respect of any regulated activity;
any merchant bank approved as a financial institution under the Monetary Authority of Singapore Act (Cap. 186) in respect of any regulated activity which it is approved to carry out under that Act;
any company or society registered under the Insurance Act (Cap. 142) in respect of fund management for the purpose of carrying out insurance business;
[Deleted by Act 1/2005]
any securities exchange, futures exchange, recognised market operator or approved holding company in respect of any regulated activity that is solely incidental to its operation of a securities market or futures market or to its performance as an approved holding company, as the case may be;
any designated clearing house in respect of any regulated activity that is solely incidental to its operation of a clearing facility; and
such other person or class of persons in respect of any regulated activity as may be exempted by the Authority.
(2) [Deleted by Act 1/2005]
(3) [Deleted by Act 1/2005]
(4) The Authority may by regulations or by notice in writing impose such conditions or restrictions on an exempt person or its representative in relation to the conduct of the regulated activity or any related matter as the Authority thinks fit and the exempt person or its representative, as the case may be, shall comply with such conditions or restrictions.
(5) Any exempt person or representative of an exempt person, who contravenes any condition or restriction imposed under subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.
(6) The Authority may withdraw an exemption granted to any person under this section —
if it contravenes any provision of this Act which is applicable to it or any condition or restriction imposed on it under subsection (4);
if it contravenes any direction issued to it under section 101(1); or
if the Authority considers that it is carrying on business in a manner that is, in the opinion of the Authority, contrary to the public interest.
(7) Where the Authority withdraws an exemption granted to any person under this section, the Authority need not give the person an opportunity to be heard.
(8) A withdrawal under subsection (6) of an exemption granted to any person shall not operate so as to —
avoid or affect any agreement, transaction or arrangement relating to the regulated activities entered into by the person, whether the agreement, transaction or arrangement was entered into before or after, the withdrawal of the exemption; or
affect any right, obligation or liability arising under any such agreement, transaction or arrangement.
(9) A person that is aggrieved by a decision of the Authority made under subsection (6) may, within 30 days after it is notified of the decision of the Authority, appeal to the Minister whose decision shall be final.