Clause 3

by inserting, immediately before the definition of “auditor”, the following definition:“ “accredited investor” means —

an individual whose net personal assets exceed $5 million or its equivalent in value in foreign currencies; or

a corporation with net assets exceeding $10 million in value or its equivalent in value in foreign currencies as determined in accordance with the most recent audited balance‑sheet of the corporation;”;

by inserting, immediately before the word “means” in the definition of “commodity”, the words “, in relation to a futures contract,”;

by inserting, immediately after the definition of “commodity”, the following definition:“ “connected person”, in relation to —

an individual, means —

the individual’s spouse, son, adopted son, step-son, daughter, adopted daughter, step-daughter, father, mother, brother or sister; and

a firm or a corporation in which the individual or any of the persons mentioned in sub-paragraph (i) has control of not less than 20% of the voting power in the firm or corporation, whether such control is exercised individually or jointly;

a firm or a corporation, means another firm or corporation in which the first-mentioned firm or corporation has control of not less than 20% of the voting power in that other firm or corporation;”;

by inserting, immediately after the words “futures contracts” in the definition of “customer”, the words “or leveraged foreign exchange trading”;

by deleting the definitions of “futures broker” and “futures broker’s representative” and substituting the following definitions:“ “foreign exchange market” means —

a market, whether in Singapore or elsewhere, at which foreign exchange trading regularly takes place; or

an electronic system, whether operating in Singapore or elsewhere, through which foreign exchange trading is conducted; but excludes an electronic facility which merely provides price or other information on any foreign exchange market (whether the facility is part of or carried on in conjunction with the provision of any other information not related to foreign exchange trading) and which does not permit users of the facility to channel orders for, execute transactions in, or make a market in, foreign exchange transactions;“foreign exchange trading” has the meaning given to it in section 2A;“futures broker” means a person, whether as principal or agent, who —

carries on the business of soliciting or accepting orders, for the purchase or sale of any commodity under a futures contract on any Exchange or futures market whether or not that person accepts any money, securities or property (or extends credit in lieu thereof) to margin, guarantee or secure any contract or transaction that may result therefrom; or

carries on the business of leveraged foreign exchange trading,whether the business is part of, or is carried on in conjunction with, any other business;“futures broker’s representative” means a person in the direct employment of, or acting for, or by arrangement with, a futures broker who performs any of the functions of a futures broker (other than work ordinarily performed by accountants, clerks or cashiers) in connection with trading in futures contracts or leveraged foreign exchange trading, whether his remuneration is by way of commission, wages or otherwise; and includes any director, officer or employee of a corporation who performs for that corporation any of those functions (whether his remuneration is by way of commission, wages or otherwise);”;

by deleting the definitions of “futures market” and “futures option transaction” and substituting the following definitions:“ “futures market” means —

a market, an Exchange or other place, whether in Singapore or elsewhere, at which trading in futures contracts regularly takes place; or

an electronic system, whether operating in Singapore or elsewhere, through which trading in futures contracts is carried out; but excludes an electronic facility which merely provides price or other information on futures contracts (whether the facility is part of or carried on in conjunction with the provision of any other information not related to futures contracts) and which does not permit users of the facility to channel orders for, execute transactions in, or make a market in, futures contracts;“futures option transaction” means a transaction which gives a person a right, acquired for a consideration, to buy or sell within a specified period of time a specified amount of commodity or a specified futures contract at a specified price in accordance with the business rules or practices of an Exchange or a futures market at which the transaction is made;”;

by deleting the words “a futures contract” in the ninth line of the definition of “futures pool operator” and substituting the words “futures contracts, foreign exchange trading or leveraged foreign exchange trading”;

by deleting the definitions of “futures trading adviser” and “futures trading adviser’s representative” and substituting the following definitions:“ “futures trading adviser” means any person who —

carries on the business of advising other persons, (whether directly or indirectly, through any publication or writing, or by whatever means or media) concerning futures contracts, foreign exchange trading or leveraged foreign exchange trading, including advice on whether to engage in trading in futures contracts, foreign exchange trading or leveraged foreign exchange trading;

as part of a regular business, issues or promulgates any analysis or report concerning futures markets or foreign exchange markets; or

pursuant to a contract or an arrangement with a client, undertakes on behalf of the client (whether on a discretionary authority granted by the client or otherwise) trading in futures contracts, foreign exchange trading or leveraged foreign exchange trading for the purposes of managing the client’s funds,but does not include —

a bank that is licensed under the Banking Act [Cap. 19] or a merchant bank approved under the Monetary Authority of Singapore Act [Cap. 186];

an accountant or advocate and solicitor in practice whose carrying on of that business is solely incidental to the practice of his profession;

a futures broker or futures pool operator (referred to in this sub-paragraph as the licensee) so long as any activity referred to in paragraph (a), (b) or (c) carried out by the licensee is wholly incidental to the carrying on of the business for which he is so licensed;

a person who carries on the business of printing or publishing a newspaper and is the holder of a permit therefor issued under the Newspaper and Printing Presses Act [Cap. 206] (referred to in this definition as the proprietor) and the author of any advice, analysis or report published in that newspaper (referred to in this definition as the author) where —

insofar as the newspaper is distributed generally to the public, it is distributed only to subscribers to, and purchasers of, the newspaper for value;

the advice is given or the analysis or report is issued or promulgated only through that newspaper;

the proprietor receives no commission or other consideration for giving the advice or for issuing or promulgating the analysis or report other than the consideration received from the sale of the newspaper and advertisements placed in the newspaper;

the author of the advice, analysis or report receives no commission or other consideration in respect of the advice, analysis or report other than the consideration received from the proprietor of the newspaper; and

the proprietor and the author of the advice, analysis or report has no interest, whether directly or indirectly, in any futures contract referred to in the advice, analysis or report; and

such other person carrying on such business as the Authority may by regulations prescribe, so long as any activity referred to in paragraph (a), (b) or (c) carried out by that person is wholly incidental to the carrying on of such prescribed business;“futures trading adviser’s representative” means a person in the direct employment of, or acting for, or by arrangement with, a futures trading adviser, who performs for that futures trading adviser any of the functions of a futures trading adviser (other than work ordinarily performed by accountants, clerks or cashiers) whether his remuneration is by way of commission, wages or otherwise; and includes any director, officer or employee of a corporation who performs for that corporation any of those functions (whether or not his remuneration is by way of commission, wages or otherwise);“leveraged foreign exchange trading” has the meaning given to it in section 2A;”; and

by inserting, immediately after the definition of “officer”, the following definition:“ “related corporation” has the same meaning as in the Companies Act [Cap. 50];”.