Singapore legislation
Clause 3
Clause 3
Amendment of section 2
Section 2(1) of the principal Act is amended —
by inserting, immediately after the definition of “advocate and solicitor”, the following definitions:“ “approved holding company” has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289);“auditor” means a public accountant who is registered or deemed to be registered under the Accountants Act 2004 (Act 4 of 2004);”;
by deleting the words “or (2)” in the definition of “exempt financial adviser”;
by deleting the definition of “futures contract” and substituting the following definition:“ “futures contract” means —
a contract the effect of which is that —
one party agrees to deliver a specified commodity, or a specified quantity of a specified commodity, to another party at a specified future time and at a specified price payable at that time pursuant to terms and conditions set out in the business rules or practices of a futures market; or
the parties will discharge their obligations under the contract by settling the difference between the value of a specified quantity of a specified commodity agreed at the time of the making of the contract and at a specified future time, such difference being determined in accordance with the business rules or practices of a futures market at which the contract is made,and includes a futures option transaction within the meaning of section 2(1) of the Securities and Futures Act (Cap. 289); or
such other contract or class of contracts as the Authority may prescribe;”;
by deleting the definition of “futures exchange” and substituting the following definition:“ “futures exchange” has the same meaning as in section 2(1) of the Securities and Futures Act;”;
by deleting the definition of “recognised trading system provider” and substituting the following definition:“ “recognised market operator” has the same meaning as in section 2(1) of the Securities and Futures Act;”; and
by deleting the definition of “securities exchange” and substituting the following definition:“ “securities exchange” has the same meaning as in section 2(1) of the Securities and Futures Act;”.