Singapore legislation

Clause 31

of Securities and Futures (Amendment No. 2) Bill

Clause 31

New section 196A

The principal Act is amended by inserting, immediately after section 196, the following section:“Interpretation of this Division196A. In this Division —“debenture” has the same meaning as in section 2 and, in relation to a business trust, means any debenture issued by the trustee of the business trust in its capacity as trustee of the business trust;“securities” —

(a)

in relation to a corporation, for the purposes of sections 196(a)(i) and (b)(i), 198, 202 and 203, means —

(i)

debentures, stocks or shares issued or proposed to be issued by a corporation;

(ii)

any right, option or derivative in respect of any such debentures, stocks or shares; or

(iii)

any right under a contract for differences or under any other contract the purpose or pretended purpose of which is to secure a profit or avoid a loss by reference to fluctuations in —

(A)

the value or price of any such debentures, stocks or shares;

(B)

the value or price of any group of any such debentures, stocks or shares; or

(C)

an index of any such debentures, stocks or shares,but does not include —

(AA)futures contracts;

(BB)bills of exchange;

(CC)

promissory notes; or

(DD)

certificates of deposit issued by a bank or finance company;

(b)

in relation to a business trust, for the purposes of sections 196(a)(ia) and (b)(ia), 198, 202 and 203, means —

(i)

units in a business trust;

(ii)

derivatives of units in a business trust;

(iii)

debentures of a business trust; or (iv)any right, option or derivative in respect of any such debentures,but does not include —

(A)

futures contracts;

(B)

bills of exchange; or

(C)

promissory notes; and

(c)

in any other case, has the same meaning as in section 2.”.

Read in full context — Securities and Futures (Amendment No. 2) Bill →