A person who operates an organised market must be regulated by MAS. As a general principle, markets that are systemically-important will be regulated by MAS as AEs. Other markets may be regulated as RMOs. AEs are required to comply with a higher level of statutory obligations than that required of RMOs.
Foreign entities operating markets offering services to participants in Singapore are subject to the recognition regime as RMOs where MAS places reliance on the home regulator for the supervision of the foreign entity. A key consideration for recognition as a foreign RMO is that the regulatory regime of home jurisdiction of the foreign entity should be comparable to the SFA, of which an important component is the application of the IOSCO Objectives and Principles of Securities Regulation by the home jurisdiction.
There also has to be adequate arrangements for supervisory cooperation between MAS and the home regulator of the foreign organised market operator.
AEs and RMOs are obliged to ensure that access for participation in the organised market is subject to criteria that are fair and objective, and are designed to ensure the orderly functioning of the organised market and to protect the interests of the investing public.
For more details on key requirements, please refer to the regulations, notices and guidelines below: