Clause 3

by deleting the words “section 130A” in the definition of “advocate and solicitor” and substituting the words “section 2(1)”;

by inserting, immediately after the definition of “appointed representative”, the following definition:“ “approved clearing house” means a corporation that is approved by the Authority under section 51(1)(a) as an approved clearing house;”;

by deleting the definition of “business rules” and substituting the following definition:“ “business rules”, in relation to an approved holding company, a securities exchange, a futures exchange, a recognised market operator, a licensed trade repository, a licensed foreign trade repository, an approved clearing house or a recognised clearing house, means the rules, regulations, by-laws or such similar body of statements, by whatever name called, that govern the activities and conduct of —

the approved holding company, securities exchange, futures exchange, recognised market operator, approved clearing house or recognised clearing house and its members, or the licensed trade repository or licensed foreign trade repository and its participants; and

other persons in relation to it,whether or not those rules, regulations, by-laws or similar body of statements are made by the approved holding company, securities exchange, futures exchange, recognised market operator, licensed trade repository, licensed foreign trade repository, approved clearing house or recognised clearing house or are contained in its constituent documents; but does not include the listing rules of a securities exchange or recognised market operator (which is an overseas securities exchange);”;

by deleting paragraph (a) of the definition of “chief executive officer” and substituting the following paragraph:“(a)in relation to an approved exchange, a recognised market operator, a licensed trade repository, a licensed foreign trade repository, an approved clearing house, a recognised clearing house, an approved holding company or the holder of a capital markets services licence, means any person, by whatever name called, who is —

in the direct employment of, or acting for or by arrangement with, the approved exchange, recognised market operator, licensed trade repository, licensed foreign trade repository, approved clearing house, recognised clearing house, approved holding company or holder of a capital markets services licence, as the case may be; and

principally responsible for the management and conduct of the business of the approved exchange, recognised market operator, licensed trade repository, licensed foreign trade repository, approved clearing house, recognised clearing house, approved holding company or holder of a capital markets services licence, as the case may be, in Singapore; or”;

by deleting the definition of “closed-end fund” and substituting the following definition:“ “closed-end fund” means an arrangement referred to in paragraph (a) or (b) of the definition of “collective investment scheme” under which units that are issued are exclusively or primarily non‑redeemable at the election of the holders of units, but does not include —

an arrangement referred to in paragraph (a) of that definition —

which is a trust;

which invests primarily in real estate and real estate-related assets specified by the Authority in the Code on Collective Investment Schemes; and

all or any units of which are listed for quotation on a securities exchange; or

an arrangement referred to in paragraph (a) of that definition which is, or which belongs to a class or description of arrangements which is, specified by the Authority, by notification published in the Gazette, to be an arrangement that is not a closed-end fund, or a class or description of arrangements that are not closed-end funds, as the case may be;”;

by deleting the words “, in relation to a futures contract,” in the definition of “commodity”;

by deleting the words “or a designated clearing house” in paragraph (b) of the definition of “customer” and substituting the words “, an approved clearing house or a recognised clearing house”;

by inserting, immediately after the definition of “derivative”, the following definition:“ “derivatives contract” —

means any of the following (not being any securities or any futures contract):

a forward contract;

an option contract;

a swap contract;

any contract, arrangement or transaction that is, or that belongs to a class of contracts, arrangements or transactions that is, prescribed by the Authority by regulations made under section 341 for the purposes of this sub-paragraph; but(b)does not include any contract, arrangement or transaction that is, or that belongs to a class of contracts, arrangements or transactions that is, prescribed by the Authority by regulations made under section 341 for the purposes of this paragraph;”;

by deleting the definition of “designated clearing house”;

by deleting the definition of “financial instrument” and substituting the following definition:“ “financial instrument” includes any currency, currency index, interest rate, interest rate instrument, interest rate index, share, share index, stock, stock index, debenture, bond index, a group or groups of such financial instruments, and any other thing that is prescribed by the Authority by regulations made under section 341 for the purposes of this definition;”;

by inserting, immediately after the definition of “foreign exchange trading”, the following definition:“ “forward contract” —

means a contract under which one party agrees to transfer title to a specified underlying thing, or a specified quantity of a specified underlying thing, to another party at a specified future time and at a specified price payable at that time, whether or not there is any intention —

to effect an actual delivery of the underlying thing;

to effect a settlement of any difference in the price or value of the underlying thing or, if the contract relates to 2 or more underlying things, of any difference in the price of one or more of the underlying things; or

to effect a settlement determined with reference to the underlying thing or, if the contract relates to 2 or more underlying things, determined with reference to one or more of the underlying things; but(b)does not include a futures contract;”;

by inserting, immediately after the definition of “leveraged foreign exchange trading”, the following definitions:“ “licensed foreign trade repository” means a corporation that has in force a foreign trade repository licence granted by the Authority under section 46E(2);“licensed trade repository” means a corporation that has in force a trade repository licence granted by the Authority under section 46E(1);”;

by deleting the definition of “member” and substituting the following definition:“ “member”, in relation to an approved exchange, a recognised market operator, an approved clearing house or a recognised clearing house, means a person who holds membership of any class or description in the approved exchange, recognised market operator, approved clearing house or recognised clearing house, whether or not he holds any share in the share capital of the approved exchange, recognised market operator, approved clearing house or recognised clearing house, as the case may be;”;

by inserting, immediately after the definition of “officer”, the following definition:“ “option contract” —

means a contract providing for an option to acquire or dispose of a specified underlying thing, or a specified quantity of a specified underlying thing, whether or not there is any intention —

to effect an actual delivery of the underlying thing;

to effect a settlement of any difference in the price or value of the underlying thing or, if the contract relates to 2 or more underlying things, of any difference in the price or value of one or more of the underlying things; or

to effect a settlement determined with reference to the underlying thing or, if the contract relates to 2 or more underlying things, determined with reference to one or more of the underlying things; but(b)does not include any securities;”;

by deleting the word “respectively” in paragraph (a) of the definition of “participant” and substituting the words “as the case may be”;

by inserting, immediately after paragraph (a) of the definition of “participant”, the following paragraph:“(aa)for the purposes of Part IIA, a person who may participate in one or more of the services provided by a licensed trade repository or licensed foreign trade repository, in its capacity as a licensed trade repository or licensed foreign trade repository, as the case may be;”;

by deleting paragraph (b) of the definition of “participant” and substituting the following paragraph:“(b)for the purposes of Part III, a person who, under the business rules of an approved clearing house or a recognised clearing house, may participate in one or more of the services provided by the approved clearing house or recognised clearing house, in its capacity as an approved clearing house or a recognised clearing house, as the case may be; or”;

by deleting the definition of “principal” and substituting the following definition:“ “principal”, in relation to a representative, means a person whom the representative is in the direct employment of, is acting for or is acting by arrangement with, and on behalf of whom the representative carries or will carry out any regulated activity;”;

by inserting, immediately after the definition of “recognised business trust”, the following definition:“ “recognised clearing house” mean a corporation that is recognised by the Authority under section 51(1)(b) or (2) as a recognised clearing house;”;

by inserting, immediately after the definition of “substantial unitholder”, the following definition:“ “swap contract” —

means a contract for differences, or a contract the purpose or purported purpose of which is to secure a profit or avoid a loss by reference to fluctuations in —

the value or price of one or more underlying things;

the value or price of any group of underlying things; or

an index of one or more underlying things; but(b)does not include any securities;”;

by deleting the definition of “transaction information” and substituting the following definition:“ “transaction information” means information relating to —

offers or invitations to enter into, purchase, sell, or exchange securities, futures contracts or derivatives contracts;

executed transactions in securities, futures contracts or derivatives contracts;

transactions cleared or settled by an approved clearing house or a recognised clearing house; or

transactions reported to a licensed trade repository or licensed foreign trade repository;”;

by inserting, immediately before the definition of “unit”, the following definition:“ “underlying thing”, in relation to a forward contract, an option contract or a swap contract —

means —

a commodity;

the credit of any person; or

any arrangement, event, index, intangible property, tangible property or transaction that is, or that belongs to a class of arrangements, events, indices, intangible properties, tangible properties or transactions that is, prescribed by the Authority by regulations made under section 341 for the purposes of this sub‑paragraph; but(b)does not include any arrangement, event, index, intangible property, tangible property or transaction that is, or that belongs to a class of arrangements, events, indices, intangible properties, tangible properties or transactions that is, prescribed by the Authority by regulations made under section 341 for the purposes of this paragraph;”; and

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

in relation to an approved exchange, an approved clearing house or a recognised clearing house, a person who is —

a member of the approved exchange, approved clearing house or recognised clearing house; or

a customer of a member of the approved exchange, approved clearing house or recognised clearing house; or

in relation to a licensed trade repository or a licensed foreign trade repository, a person who is —

a participant of the licensed trade repository or licensed foreign trade repository; or

a client of a participant of the licensed trade repository or licensed foreign trade repository;”.