Securities Industry (Exempt Dealers) (No. 2) Notification

Securities Industry Act

(Chapter 289, Section 40(d)(v))

Securities Industry (Exempt Dealers) (No. 2) Notification

N 3

REVISED EDITION 1990

(25th March 1992)

[15th March 1988]

Citation

1.  This Notification may be cited as the Securities Industry (Exempt Dealers) (No. 2) Notification.

When merchant bank is an exempt bank

2.—(1)  For the purpose of section 40(d)(v) of the Act, a merchant bank that is approved as a financial institution under section 28 of the Monetary Authority of Singapore Act [Cap. 186] is an exempt dealer —

(a) if the main business carried on by the merchant bank is a business other than the dealing in securities; and

(b) if the dealing is by way of dealing in Linkage securities provided the merchant bank is an Associate of the SES approved to deal in Linkage securities.

(2)  In this Notification —

“Linkage Information” includes —

(a) the unique identifiers of NASDAQ and SES market-makers and their individual closing price quotations in each of the Linkage securities;

(b) the closing inside quotations of each of the Linkage securities;

(c) the last sale prices of each of the Linkage securities where applicable; and

(d) the cumulative daily volume of each of the Linkage securities.

“Linkage securities” means securities which have been identified for the purposes of the NASD-SES Market Linkage as agreed upon between NASD and the SES from time to time;

“NASD” means the National Association of Securities Dealers, Inc., a corporation organised under the laws of the State of Delaware in the United States of America and includes the corporate subsidiaries NASDAQ, Inc. and the NASD Market Services, Inc., unless the context otherwise requires;

“NASDAQ” means the National Association of Securities Dealers Automated Quotation System that is operated by NASDAQ, Inc., a corporate subsidiary of NASD organised under the laws of the State of Delaware in the United States of America;

“NASDAQ market-makers” means the NASD member firms that are registered to make a market in Linkage securities by entering quotations in NASDAQ;

“NASD Market Services, Inc.” means the NASD corporate subsidiary, organised under the law of the State of Delaware in the United States of America, that processes last sale price information;

“NASD-SES Market Linkage” means the programme and stock market facilities through which Linkage Information compiled from data originating from market-makers in Linkage securities (including NASDAQ market-makers and SES market-makers) is exchanged between NASD and the SES for utilisation within their respective markets, which facilities include the facilities of NASDAQ, Inc. and NASD Market Services, Inc.; and

“SES” means the Stock Exchange of Singapore Ltd.