Singapore legislation
Clause 14
Clause 14
Amendment of Securities and Futures Act
The Securities and Futures Act (Cap. 289, 2006 Ed.) is amended —
by deleting subsection (6) of section 4 and substituting the following subsection:“(6) For the purposes of subsection (5), a person is an associate of another person if the first-mentioned person is —
a subsidiary of that other person;
a person who is accustomed or is under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of that other person in relation to the security referred to in subsection (5); or
a corporation that is, or a majority of the directors of which are, accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of that other person in relation to that security.”;
by deleting sub-paragraphs (ii) and (iii) of section 27(4)(c) and substituting the following sub‑paragraph:“(ii)A is a body corporate that is, or a majority of the directors of which are, accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of B;”;
by deleting sub-paragraphs (v) and (vi) of section 27(4)(c) and substituting the following sub‑paragraph:“(v)A is a subsidiary of B;”;
by deleting the word “corporation” in section 27(4)(c)(vii) and substituting the words “body corporate”;
by deleting the words “to (vi)” in section 27(4)(c)(vii) and substituting the words “, (iv) and (v)”;
by inserting the word “or” at the end of section 27(4)(c)(vii); (g)by deleting sub-paragraph (viii) of section 27(4)(c); (h)by deleting sub-paragraphs (ii) and (iii) of section 46U(4)(c) and substituting the following sub‑paragraph:“(ii)A is a body corporate that is, or a majority of the directors of which are, accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of B;”;
by deleting sub-paragraphs (v) and (vi) of section 46U(4)(c) and substituting the following sub‑paragraph:“(v)A is a subsidiary of B;”;
by deleting the word “corporation” in section 46U(4)(c)(vii) and substituting the words “body corporate”;
by deleting the words “to (vi)” in section 46U(4)(c)(vii) and substituting the words “, (iv) and (v)”;
by inserting the word “or” at the end of section 46U(4)(c)(vii); (m)by deleting sub-paragraph (viii) of section 46U(4)(c);
by deleting sub-paragraphs (ii) and (iii) of section 70(4)(c) and substituting the following sub‑paragraph:“(ii)A is a body corporate that is, or a majority of the directors of which are, accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of B;”;
by deleting sub-paragraphs (v) and (vi) of section 70(4)(c) and substituting the following sub‑paragraph:“(v)A is a subsidiary of B;”;
by deleting the word “corporation” in section 70(4)(c)(vii) and substituting the words “body corporate”;
by deleting the words “to (vi)” in section 70(4)(c)(vii) and substituting the words “, (iv) and (v)”;
by inserting the word “or” at the end of section 70(4)(c)(vii); (s)by deleting sub-paragraph (viii) of section 70(4)(c);
by deleting sub-paragraphs (ii) and (iii) of section 81ZE(4)(c) and substituting the following sub‑paragraph:“(ii)A is a body corporate that is, or a majority of the directors of which are, accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of B;”;
by deleting sub-paragraphs (v) and (vi) of section 81ZE(4)(c) and substituting the following sub‑paragraph:“(v)A is a subsidiary of B;”;
by deleting the word “corporation” in section 81ZE(4)(c)(vii) and substituting the words “body corporate”;
by deleting the words “to (vi)” in section 81ZE(4)(c)(vii) and substituting the words “, (iv) and (v)”;
by inserting the word “or” at the end of section 81ZE(4)(c)(vii); (y)by deleting sub-paragraph (viii) of section 81ZE(4)(c);
by deleting subsection (5) of section 130 and substituting the following subsection:“(5) For the avoidance of doubt, section 4 shall apply for the purpose of determining whether a person has an interest in securities under this Division.”;
(za)by deleting the words “section 130A of the Companies Act (Cap. 50)” in the following provisions and substituting in each case the words “section 81SF”:Sections 137E(1)(g), 137L(1)(g) and 137W(1)(g);
(zb)by deleting subsection (4) of section 137H and substituting the following subsection: “(4) For the avoidance of doubt, section 4 shall apply for the purpose of determining whether a person has an interest in securities under this Division.”; (zc)by deleting subsection (3) of section 137S and substituting the following subsection:“(3) For the avoidance of doubt, section 4 shall apply for the purpose of determining whether a person has an interest in securities under this Division.”; (zd)by deleting subsection (8) of section 268 and substituting the following subsection:“(8) Sections 201(8), (9) and (10) and (12) to (16) and 207(1), (2) and (7) of the Companies Act (Cap. 50) shall, with such adaptations as are necessary, be applicable to every profit and loss account and balance‑sheet made out and lodged under subsection (6) as if that profit and loss account and balance-sheet were financial statements referred to in those sections.”;
(ze)by deleting the word “agent” in section 294(3)(b) and substituting the words “authorised representative, referred to in section 366(1) of the Companies Act,”; and
(zf)by deleting the words “Division 7A of Part IV of the Companies Act (Cap. 50)” in paragraph (i) of the definition of “providing custodial services for securities” in Part II of the Second Schedule and substituting the words “section 81SF”.