Singapore legislation
Clause 3
Clause 3
Amendment of section 2
Section 2(1) of the principal Act is amended —
by deleting the definition of “clearing facility” and substituting the following definition:“ “clearing facility” means —
a facility for the clearing or settlement of —
transactions in securities traded on a securities market; or
futures contracts traded on a futures market; or
such other clearing or settlement facility or class of clearing or settlement facilities as the Authority may, by order, prescribe;”;
by deleting paragraph (iv) of the definition of “collective investment scheme” and substituting the following paragraphs:“(iv)an arrangement made by or on behalf of a corporation solely for the benefit of persons each of whom is either a bona fide director, former director, consultant, adviser, employee or former employee of that corporation or a related corporation of that corporation, or a spouse, widow, widower or a child, adopted child or step-child below the age of 18 of such director, former director, employee or former employee;
(iva)an arrangement made by or on behalf of 2 or more corporations solely for the benefit of persons each of whom is either a bona fide director, former director, consultant, adviser, employee or former employee of any of those corporations or a related corporation of any of those corporations, or a spouse, widow, widower or a child, adopted child or step-child below the age of 18 of such director, former director, employee or former employee;”;
by inserting, immediately after the words “the objects thereof” in paragraph (vii) of the definition of “collective investment scheme”, the word “solely”;
by deleting the definition of “customer” and substituting the following definition:“ “customer”, in relation to a holder of a capital markets services licence, means —
for the purposes of Parts IV, VI, VII and XV, a person on whose behalf the holder carries on or will carry on any regulated activity; and
for the purposes of Part V, a person on whose behalf the holder carries on or will carry on any regulated activity, or any other person with whom the holder, as principal, enters or will enter into transactions —
for the sale or purchase of securities;
for the sale or purchase of futures contracts; or
in connection with leveraged foreign exchange trading,but does not include such person or class of persons as may be prescribed;”;
by inserting, immediately after the definition of “representative”, the following definition:“ “representative’s licence” means a licence that is granted by the Authority under section 87 or a temporary representative’s licence that is granted by the Authority under section 87A;”; and
by inserting, immediately after the definition of “share”, the following definition:“ “subsidiary” has the same meaning as in section 5 of the Companies Act;”.