Clause 19

by deleting paragraph (a) of subsection (1) and substituting the following paragraph:“(a)treat and deal with all moneys, securities or property received by him from a customer as belonging to that customer;”;

by deleting paragraph (a) of subsection (2) and substituting the following paragraph:“(a)a bank licensed under the Banking Act [Cap. 19] or a merchant bank approved under the Monetary Authority of Singapore Act [Cap. 186];”;

by deleting paragraphs (b) and (c) of subsection (3) and substituting the following paragraphs:“(b)purchasing, margining, guaranteeing, securing, transferring, adjusting or settling —

dealings in futures contracts; or

dealings in leveraged foreign exchange trading,effected by the broker on the instructions, or on behalf, as the case may be, of a customer of the futures broker;

defraying brokerage and other proper charges incurred in respect of dealings in futures contracts or leveraged foreign exchange trading transactions effected by the futures broker on the instructions, or on behalf, as the case may be, of a customer of the broker;”;

by inserting, immediately after the words “futures contracts” in the third line of subsection (5), the words “or leveraged foreign exchange trading”;

by deleting the words “in connection with trading in futures contracts” in the last line of subsection (6) and substituting the words “directly in connection with trading in futures contracts or leveraged foreign exchange trading carried out on behalf of that customer”; and

by deleting subsection (9) and substituting the following subsection:“(9) For the purposes of this section, “customer” means a person on behalf of whom the futures broker deals, or from whom the futures brokers accepts instructions to deal, in futures contracts or leveraged foreign exchange trading, but does not include —

the futures broker itself with respect to dealings for the proprietary account of the futures broker;

a director, officer, employee or futures broker’s representative of the futures broker; or

a related corporation of the futures broker with respect to instructions accepted to deal for an account belonging to and wholly for the benefit of that related corporation.”.