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Securities Commission (Amendment) Act 2011 · s 5

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s 5Amendment of section 24

Section 24 of the principal Act is amended—

(a)

by substituting for subsection (2) the following subsection:

“(2)  In the case of every derivative effected on a derivatives market of a derivative exchange, both persons on each side of the order in relation to the derivative shall be liable to pay to the Commission a levy of such amount as may be specified by order of the Minister to be published in the Gazette; and different amounts may be specified in respect of different types or classes of derivatives or different classes or categories of persons in respect of derivatives.”;

(b)

in subsection (2a), by substituting for the words “futures contract” the word “derivative”; and

(c)

by deleting subsection (6).