Section 40

a person who carries on a business of dealing in securities only through the holder of a dealer’s licence for his own account;

any person acting in the capacity of manager or trustee under a unit trust scheme, a deed in respect of which is approved by the Registrar or the Minister under Division 6 of Part IV of the Companies Act [Cap. 50]; (c)any bank as defined in section 2 of the Banking Act [Cap. 19]; (d)any merchant bank that is approved as a financial institution under section 28 of the Monetary Authority of Singapore Act [Cap. 186] if the main business carried on by the merchant bank is a business other than the dealing in securities, and if the dealing is by way of —

making or offering to make with any person an agreement for or with a view to the underwriting of securities;

making an invitation to persons to subscribe for securities or to purchase securities on the first sale thereof;

issuing any document which is or is deemed to be a prospectus within the meaning of the Companies Act;

acquiring or disposing of securities only through the holder of a dealer’s licence; or

such other way as the Authority may from time to time decide;

any public statutory corporation constituted under any written law in Singapore; or

an investment adviser whose dealing in securities is solely incidental to his carrying on the business of managing a portfolio of securities on behalf of a client.