(9)Under the SFA, markets are facilities that operate on a multilateral or ‘many-to-many’ basis. An entity operating a market in Singapore must be an AE or RMO. The legislative provisions relating to AEs and RMOs are contained in Part II of the SFA. Singapore corporations are regulated as AEs or RMOs, while foreign corporations are regulated as RMOs. An applicant wishing to operate a market in Singapore must obtain a licence from MAS pursuant to Section 8 of the SFA either as an AE or as a RMO. In determining whether a market operator should be regulated as an AE or a RMO, MAS considers the systemic importance of the organised market. Corporations operating organised markets that are systemically important are regulated as AEs. An applicant must meet the applicable requirements, including the requirements set out in section 15 and 33 of the SFA, on an initial and ongoing basis. Under section 9 of Part II, MAS grants a licence if it concludes that all the requirements with respect to the applicant are satisfied. MAS can refuse to approve an application if the requirements are not all met. Sections 15(1)(a) and 33(1)(a) of the SFA both require that an AE and a RMO operate a fair organised market which is characterised by non-discriminatory access to market facilities and information. Sections 15(1)(d) and 33(1)(d) of the SFA further require that an AE and a RMO ensure that access for participation in its facilities is subject to criteria that are fair and objective, and that are designed to ensure the orderly functioning of the organised market and to protect the interests of the investing public. Regulations 13 and 25 of the SFOMR require AEs and RMOs to make available upon request, or to publish in a manner that is accessible to any investor or potential investor, information, including information on their services, products, fees, and any compensation arrangements that may be in place. AEs and RMOs are subject to organisational requirements with respect to corporate governance, conflicts of interest policy, risk management, fair and orderly trading, clearing and settlement arrangements, trading system resilience and compliance monitoring.