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§ 209 — Amendment of Securities and Futures Act 2001
209.—(1) Section 2(1) of the Securities and Futures Act 2001 is amended —(a)
by inserting, immediately after the definition of “franchise”, the following definition:“ “FSMA prohibition order” means a prohibition order made under section 7(1) of the Financial Services and Markets Act 2022;”;
(b)
by inserting, immediately after paragraph (c) of the definition of “prescribed written law”, the following paragraph:“(ca)
Financial Services and Markets Act 2022;”;
(c)
by inserting, immediately after the definition of “regulated activity”, the following definition:“ “related Acts prohibition order” means —(a)
a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022;
(b)
a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022, and as continued by section 217(2) of the Financial Services and Markets Act 2022;
(c)
an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022; or
(d)
an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022, and as continued by section 218(2) of the Financial Services and Markets Act 2022;”; and
(d)
by inserting, immediately after the definition of “responsible person”, the following definitions:“ “section 101A prohibition order” means —(a)
a prohibition order made under section 101A as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022; or
(b)
a prohibition order made under section 101A as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(3) of the Financial Services and Markets Act 2022;
“section 123ZZC prohibition order” means —(a)
a prohibition order made under section 123ZZC as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022; or
(b)
a prohibition order made under section 123ZZC(1) as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(5) of the Financial Services and Markets Act 2022;”.
(2) Section 4A(1) of the Securities and Futures Act 2001 is amended by inserting, immediately after the words “the Finance Companies Act 1967,” in paragraph (c)(xxiii), the words “the Financial Services and Markets Act 2022,”.
(3) The Securities and Futures Act 2001 is amended by deleting the words “Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority of Singapore Act 1970” in the following provisions and substituting in each case the words “Division 2, 4, 5 or 6 of Part 8 of the Financial Services and Markets Act 2022”:
Section 14(1)(e)
Section 46H(1)(da)
Section 56(1)(da)
Section 81Z(1)(da)
Section 95(2)(ea)
Section 289(4A).
(4) Section 85(2) of the Securities and Futures Act 2001 is amended by deleting paragraph (d) and substituting the following paragraph:“(d)
a section 101A prohibition order or an FSMA prohibition order has been made against the holder of a capital markets services licence.”.
(5) The Securities and Futures Act 2001 is amended by deleting the words “a prohibition order under section 101A has been made by the Authority” in the following provisions and substituting in each case the words “a section 101A prohibition order or an FSMA prohibition order has been made”:
Section 86(4)(o) and (6)(d)
Section 95(2)(h) and (5)(d)
Section 96(4)(aa)
Section 97B(2)(c)
Section 99M(1)(p) and (10)(c).
(6) The Securities and Futures Act 2001 is amended by deleting the words “a prohibition order under section 68 of the Financial Advisers Act 2001, section 74 of the Insurance Act 1966 or section 101A or 123ZZC” in section 97(1)(g) and substituting the words “a related Acts prohibition order, a section 101A prohibition order, a section 123ZZC prohibition order or an FSMA prohibition order”.
(7) Section 99A(2) of the Securities and Futures Act 2001 is amended —(a)
by deleting sub-paragraph (iii) of paragraph (a) and substituting the following sub‑paragraph:“(iii)
a section 101A prohibition order or an FSMA prohibition order has been made against it,”; and
(b)
by deleting sub-paragraph (ia) of paragraph (b) and substituting the following sub‑paragraph:“(ia)
a section 101A prohibition order or an FSMA prohibition order has been made against the representative; or”.
(8) Section 99D(4) of the Securities and Futures Act 2001 is amended by deleting the words “or a prohibition order under section 101A” in paragraph (c) and substituting the words “, or a section 101A prohibition order or an FSMA prohibition order”.
(9) The Securities and Futures Act 2001 is amended by repealing the following sections:
Section 101A
Section 101B
Section 101C
Section 101D
Section 123ZZC
Section 123ZZD
Section 123ZZE
Section 123ZZF.
(10) The Securities and Futures Act 2001 is amended by deleting the words “a prohibition order under section 123ZZC has been made by the Authority” in the following provisions and substituting in each case the words “a section 123ZZC prohibition order or an FSMA prohibition order has been made”:
Section 123F(6)(p) and (8)(d)
Section 123J(1)(l) and (6)(e)
Section 123N(1)(k) and (3)(e)
Section 123X(6)(b)
Section 123ZA(2)(c)
Section 123ZE(5)(o) and (7)(d)
Section 123ZG(1)(k) and (6)(e)
Section 123ZT(6)(b)
Section 123ZW(2)(c).
(11) Section 123I(3) of the Securities and Futures Act 2001 is amended by deleting paragraph (c) and substituting the following paragraph:“(c)
a section 123ZZC prohibition order or an FSMA prohibition order has been made against the authorised benchmark administrator.”.
(12) Section 123M(3) of the Securities and Futures Act 2001 is amended by deleting paragraph (c) and substituting the following paragraph:“(c)
a section 123ZZC prohibition order or an FSMA prohibition order has been made against the exempt benchmark administrator.”.
(13) The Securities and Futures Act 2001 is amended by deleting the words “a prohibition order under section 68 of the Financial Advisers Act 2001, section 74 of the Insurance Act 1966, or section 101A or 123ZZC” in section 123Y(1)(g) and substituting the words “a related Acts prohibition order, a section 101A prohibition order, a section 123ZZC prohibition order or an FSMA prohibition order”.
(14) The Securities and Futures Act 2001 is amended by deleting the words “a prohibition order under section 68 of the Financial Advisers Act 2001, section 74 of the Insurance Act 1966, section 101A or 123ZZC” in the following provisions and substituting in each case the words “a related Acts prohibition order, a section 101A prohibition order, a section 123ZZC prohibition order or an FSMA prohibition order”:
Section 123ZU(1)(g)
Section 292A(1)(g).
(15) Section 150B of the Securities and Futures Act 2001 is amended —(a)
by deleting the words “section 152 of the Monetary Authority of Singapore Act 1970” in subsection (4A)(a) and substituting the words “section 17 of the Financial Services and Markets Act 2022”; and
(b)
by inserting, immediately after the words “Monetary Authority of Singapore Act 1970” in subsection (5), the words “or any of the written laws set out in the Schedule to that Act”.
(16) Section 169A of the Securities and Futures Act 2001 is amended by deleting the words “section 154(1) of the Monetary Authority of Singapore Act 1970” and substituting the words “section 19(1) of the Financial Services and Markets Act 2022”.
(17) Section 317 of the Securities and Futures Act 2001 is amended —(a)
by deleting the words “101A(7) and (8),” in subsection (1); and
(b)
by inserting, immediately after the words “section 101A(7) and (8)” in subsection (2)(a), the words “as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022”.
(18) Section 322(2) of the Securities and Futures Act 2001 is amended by deleting the words “prohibition order” in paragraph (b) and substituting the words “section 101A prohibition order or a section 123ZZC prohibition order”.
—(1) Section 2(1) of the Securities and Futures Act 2001 is amended —(a)
by inserting, immediately after the definition of “franchise”, the following definition:“ “FSMA prohibition order” means a prohibition order made under section 7(1) of the Financial Services and Markets Act 2022;”;
(b)
by inserting, immediately after paragraph (c) of the definition of “prescribed written law”, the following paragraph:“(ca)
Financial Services and Markets Act 2022;”;
(c)
by inserting, immediately after the definition of “regulated activity”, the following definition:“ “related Acts prohibition order” means —(a)
a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022;
(b)
a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022, and as continued by section 217(2) of the Financial Services and Markets Act 2022;
(c)
an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022; or
(d)
an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022, and as continued by section 218(2) of the Financial Services and Markets Act 2022;”; and
(d)
by inserting, immediately after the definition of “responsible person”, the following definitions:“ “section 101A prohibition order” means —(a)
a prohibition order made under section 101A as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022; or
(b)
a prohibition order made under section 101A as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(3) of the Financial Services and Markets Act 2022;
“section 123ZZC prohibition order” means —(a)
a prohibition order made under section 123ZZC as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022; or
(b)
a prohibition order made under section 123ZZC(1) as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(5) of the Financial Services and Markets Act 2022;”.
(2) Section 4A(1) of the Securities and Futures Act 2001 is amended by inserting, immediately after the words “the Finance Companies Act 1967,” in paragraph (c)(xxiii), the words “the Financial Services and Markets Act 2022,”.
(3) The Securities and Futures Act 2001 is amended by deleting the words “Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority of Singapore Act 1970” in the following provisions and substituting in each case the words “Division 2, 4, 5 or 6 of Part 8 of the Financial Services and Markets Act 2022”:
Section 14(1)(e)
Section 46H(1)(da)
Section 56(1)(da)
Section 81Z(1)(da)
Section 95(2)(ea)
Section 289(4A).
(4) Section 85(2) of the Securities and Futures Act 2001 is amended by deleting paragraph (d) and substituting the following paragraph:“(d)
a section 101A prohibition order or an FSMA prohibition order has been made against the holder of a capital markets services licence.”.
(5) The Securities and Futures Act 2001 is amended by deleting the words “a prohibition order under section 101A has been made by the Authority” in the following provisions and substituting in each case the words “a section 101A prohibition order or an FSMA prohibition order has been made”:
Section 86(4)(o) and (6)(d)
Section 95(2)(h) and (5)(d)
Section 96(4)(aa)
Section 97B(2)(c)
Section 99M(1)(p) and (10)(c).
(6) The Securities and Futures Act 2001 is amended by deleting the words “a prohibition order under section 68 of the Financial Advisers Act 2001, section 74 of the Insurance Act 1966 or section 101A or 123ZZC” in section 97(1)(g) and substituting the words “a related Acts prohibition order, a section 101A prohibition order, a section 123ZZC prohibition order or an FSMA prohibition order”.
(7) Section 99A(2) of the Securities and Futures Act 2001 is amended —(a)
by deleting sub-paragraph (iii) of paragraph (a) and substituting the following sub‑paragraph:“(iii)
a section 101A prohibition order or an FSMA prohibition order has been made against it,”; and
(b)
by deleting sub-paragraph (ia) of paragraph (b) and substituting the following sub‑paragraph:“(ia)
a section 101A prohibition order or an FSMA prohibition order has been made against the representative; or”.
(8) Section 99D(4) of the Securities and Futures Act 2001 is amended by deleting the words “or a prohibition order under section 101A” in paragraph (c) and substituting the words “, or a section 101A prohibition order or an FSMA prohibition order”.
(9) The Securities and Futures Act 2001 is amended by repealing the following sections:
Section 101A
Section 101B
Section 101C
Section 101D
Section 123ZZC
Section 123ZZD
Section 123ZZE
Section 123ZZF.
(10) The Securities and Futures Act 2001 is amended by deleting the words “a prohibition order under section 123ZZC has been made by the Authority” in the following provisions and substituting in each case the words “a section 123ZZC prohibition order or an FSMA prohibition order has been made”:
Section 123F(6)(p) and (8)(d)
Section 123J(1)(l) and (6)(e)
Section 123N(1)(k) and (3)(e)
Section 123X(6)(b)
Section 123ZA(2)(c)
Section 123ZE(5)(o) and (7)(d)
Section 123ZG(1)(k) and (6)(e)
Section 123ZT(6)(b)
Section 123ZW(2)(c).
(11) Section 123I(3) of the Securities and Futures Act 2001 is amended by deleting paragraph (c) and substituting the following paragraph:“(c)
a section 123ZZC prohibition order or an FSMA prohibition order has been made against the authorised benchmark administrator.”.
(12) Section 123M(3) of the Securities and Futures Act 2001 is amended by deleting paragraph (c) and substituting the following paragraph:“(c)
a section 123ZZC prohibition order or an FSMA prohibition order has been made against the exempt benchmark administrator.”.
(13) The Securities and Futures Act 2001 is amended by deleting the words “a prohibition order under section 68 of the Financial Advisers Act 2001, section 74 of the Insurance Act 1966, or section 101A or 123ZZC” in section 123Y(1)(g) and substituting the words “a related Acts prohibition order, a section 101A prohibition order, a section 123ZZC prohibition order or an FSMA prohibition order”.
(14) The Securities and Futures Act 2001 is amended by deleting the words “a prohibition order under section 68 of the Financial Advisers Act 2001, section 74 of the Insurance Act 1966, section 101A or 123ZZC” in the following provisions and substituting in each case the words “a related Acts prohibition order, a section 101A prohibition order, a section 123ZZC prohibition order or an FSMA prohibition order”:
Section 123ZU(1)(g)
Section 292A(1)(g).
(15) Section 150B of the Securities and Futures Act 2001 is amended —(a)
by deleting the words “section 152 of the Monetary Authority of Singapore Act 1970” in subsection (4A)(a) and substituting the words “section 17 of the Financial Services and Markets Act 2022”; and
(b)
by inserting, immediately after the words “Monetary Authority of Singapore Act 1970” in subsection (5), the words “or any of the written laws set out in the Schedule to that Act”.
(16) Section 169A of the Securities and Futures Act 2001 is amended by deleting the words “section 154(1) of the Monetary Authority of Singapore Act 1970” and substituting the words “section 19(1) of the Financial Services and Markets Act 2022”.
(17) Section 317 of the Securities and Futures Act 2001 is amended —(a)
by deleting the words “101A(7) and (8),” in subsection (1); and
(b)
by inserting, immediately after the words “section 101A(7) and (8)” in subsection (2)(a), the words “as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022”.
(18) Section 322(2) of the Securities and Futures Act 2001 is amended by deleting the words “prohibition order” in paragraph (b) and substituting the words “section 101A prohibition order or a section 123ZZC prohibition order”.
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