2.—(1) Subject to paragraph (2), the Authority hereby exempts the following persons from section 4A(2) of the Act:| (a) | Euroclear Bank S.A./N.V. in respect of any offer or invitation to make any deposit, or to enter or offer to enter into any agreement to make any deposit, with Euroclear Bank S.A./N.V., made in connection with and solely incidental to the carrying on of the business of providing custodial services for securities, or clearing or settlement services, by Euroclear Bank S.A./N.V.; and | | (b) | Clearstream Banking S.A. in respect of any offer or invitation to make any deposit, or to enter or offer to enter into any agreement to make any deposit, with Clearstream Banking S.A., made in connection with and solely incidental to the carrying on of the business of providing custodial services for securities, or clearing or settlement services, by Clearstream Banking S.A. |
(2) The exemption under paragraph (1) shall be subject to the following conditions:| (a) | the person shall only make or issue —| (i) | an offer or invitation to make any deposit, or to enter or offer to enter into any agreement to make any deposit; or | | (ii) | any advertisement containing such offer or invitation, |
| (A) | the Authority; | | (B) | the Government of Singapore Investment Corporation Pte. Ltd.; | | (C) | any entity licensed, registered, approved or regulated by the Authority; and | | (D) | any entity that is exempted from the requirement to hold a capital markets services licence under the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (Cap. 289, Rg 10); |
| | (b) | on request by the Authority, the person shall enable the Authority to inspect its books, produce such books in its possession or procure any person who is in possession of such books to produce them to the Authority, and give such information and provide such assistance as may be required by the Authority; | | (c) | the person shall notify the Authority of any proposed material change relating to its provision of clearing or settlement services set out in its correspondence to the Authority, and provide the Authority with all relevant particulars of the material change of circumstances, prior to such change being made; and | | (d) | in respect of any deposit taking, clearing or settlement activities carried on in any jurisdiction —| (i) | by Euroclear Bank S.A./N.V., it shall continue to be supervised by the Belgian Banking Finance and Insurance Commission or the National Bank of Belgium; and | | (ii) | by Clearstream Banking S.A., it shall continue to be supervised by the Commission de Surveillance du Secteur Financier or the Banque Centrale de Luxembourg. |
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(3) In this regulation —| “book” includes any record, register, document or other record of information, and any account or accounting record, however compiled, recorded or stored, whether in written or printed form or on microfilm or in any other electronic form or otherwise; |
| “providing custodial services for securities” has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289). |
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