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. |
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