(6)Legally binding requirements for AEs and RMOs are set out in Part II of the SFA, which supports MAS' mandate for establishing a principle-based, technology-neutral regime that applies to all AEs and RMOs. Acts and regulations adopted based on those acts, such as the Securities and Futures (Organised Markets) Regulations (SFOMR) adopted by MAS, have the force of law and together establish the legal framework for the operation of AEs and RMOs in Singapore. Section 45 of the SFA allows MAS to issue binding directions to an AE or a RMO. Not complying with those directions is deemed to be a breach of the relevant provision in the SFA. Section 321 of the SFA empowers MAS to provide guidance in furtherance of the regulatory objectives of the SFA or in relation to the operation of any of the SFA provisions. Guidelines set out principles or best practice standards governing the conduct of AEs and RMOs, such as the Guidelines on the Regulation of Organised Markets (SFA 02-G01). Any failure to comply with guidelines can be relied upon by any party to proceedings — civil or criminal — as tending to establish or to negate any liability at stake in the proceedings (section 321(5) of the SFA). Sections 15(1)(e) and 33(1)(e) of the SFA require AEs and RMOs to maintain business rules and listing rules that make satisfactory provision for a fair, orderly and transparent market. The business and listing rules, as well as any amendment of those rules, must be submitted to MAS prior to implementation. The business rules and listing rules have effect as a binding contract for AEs and RMOs and their members and must be observed and complied with on an ongoing basis.