Singapore legislation

Clause 36

of Securities and Futures (Amendment No. 2) Bill

Clause 36

Amendment of section 214

Section 214 of the principal Act is amended —

(a)

by inserting, immediately before the definition of “information”, the following definitions:“ “debenture” has the same meaning as in section 2 and, in relation to a business trust, means a debenture issued by the trustee of the business trust in its capacity as trustee of the business trust;“financial performance”, in relation to a business trust, means the performance of the business relating to the trust property of the business trust which is managed and operated by the trustee of the business trust;”;

(b)

by deleting paragraphs (c) and (d) of the definition of “information” and substituting the following paragraphs:“(c)matters relating to negotiations or proposals with respect to —

(i)

commercial dealings;

(ii)

dealing in securities; or

(iii)

trading in futures contract;

(d)

information relating to the financial performance of a corporation or business trust, or otherwise;”;

(c)

by deleting the definition of “securities” and substituting the following definition:“ “securities” means —

(a)

in relation to a corporation, for the purposes of sections 213(a)(i) and (b)(i) and 218 —

(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;

(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; or

(iv)

a futures contract only if the commodity which is the subject of the futures contract is a share or stock of a corporation;

(b)

in relation to a business trust, for the purposes of sections 213(a)(ia) and (b)(ia) and 218(1A) and (4A) —

(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; and

(c)

in any other case —

(i)

debentures or stocks issued or proposed to be issued by a government;

(ii)

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

(iii)

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

(iv)

any unit in a collective investment scheme;

(v)

any unit, or derivative of a unit, in a business trust;

(vi)

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, shares, units in a collective investment scheme or units in a business trust;

(B)

the value or price of any group of any such debentures, stocks, shares, units in a collective investment scheme or units in a business trust; or

(C)

an index of any such debentures, stocks, shares, units in a collective investment scheme or units in a business trust; or

(vii)

a futures contract only if the commodity which is the subject of the futures contract is a share or share index, or stock or stock index,but does not include —

(AA)bills of exchange;

(BB)promissory notes; or

(CC)

certificates of deposit issued by a bank or finance company;”; and

(d)

by deleting the full-stop at the end of the definition of “sell” and substituting a semi-colon, and by inserting immediately thereafter the following definition:“ “trust property” has the same meaning as in section 2 of the Business Trusts Act (Act 30 of 2004).”.

Clause 36 — Securities and Futures (Amendment No. 2) Bill