Singapore legislation
Clause 2
Clause 2
Amendment of section 2
Section 2 of the Securities Industry Act, 1973 (hereinafter in this Act referred to as “the principal Act”) is hereby amended —
by inserting immediately after the word “securities” appearing in the definition of “dealer” therein the words “as a corporation”;
by deleting the expression “, where the dealer is a corporation, includes any director, member or officer of the corporation who is not the holder of a dealer’s licence and” appearing in the ninth, tenth and eleventh lines of the definition of “dealer’s representative” therein and substituting therefor the words “includes any director or officer of a corporation”;
by deleting paragraph (a) of the definition of “exempt dealer” appearing therein and substituting therefor the following: —“(a)a person who carries on a business of dealing in securities only through the holder of a dealer’s licence for his own account;”;
by deleting sub-paragraph (iv) of paragraph (e) of the definition of “exempt dealer” appearing therein and substituting therefor the following: —“(iv)acquiring or disposing of securities only through the holder of a dealer’s licence;”;
by inserting immediately after the words “a dealer” appearing in the first line of paragraph (e) of the definition of “investment adviser” therein the words “or his employee or a dealer’s representative”;
by deleting the expression “, not being a dealer, stockbroker or exempt dealer,” appearing in the third and fourth lines of the definition of “investment representative” therein;
by deleting the words “where the investment adviser is a corporation includes any director, member or officer of the corporation who is not the holder of an investment adviser’s licence and” appearing in the ninth, tenth, eleventh, twelfth and thirteenth lines of the definition of “investment representative” therein and substituting therefor the words “includes any director or officer of a corporation”;
by deleting paragraph (a) of the definition of “relevant authority” and by deleting the words “firm or” appearing in the first and in the second and third lines of paragraph (b) of that definition;
by deleting the definition of “stockbroker” appearing therein and substituting therefor the following: —“ “stockbroker” means a person who is a member of a stock exchange and a director of a member company;”; and
by deleting the definitions of “member firm” and “sole trader” appearing therein.