Clause 193

by deleting Part I and substituting the following Part:“Part ITYPES OF REGULATED ACTIVITIESThe following are regulated activities for the purposes of this Act:

dealing in capital markets products;

advising on corporate finance;

fund management;

real estate investment trust management;

product financing;

providing credit rating services;

providing custodial services.”;

by deleting the words “a securities exchange” in paragraph (a) of the definition of “advising on corporate finance” in Part II and substituting the words “an approved exchange”;

by deleting the word “securities” in paragraph (b)(i) and (ii) of the definition of “advising on corporate finance” in Part II and substituting in each case the words “specified products”;

by deleting the definition of “dealing in securities” in Part II and substituting the following definition:“ “dealing in capital markets products” means (whether as principal or agent) making or offering to make with any person, or inducing or attempting to induce any person to enter into or to offer to enter into any agreement for or with a view to acquiring, disposing of, entering into, effecting, arranging, subscribing for, or underwriting any capital markets products;”;

by deleting the definition of “foreign exchange trading” in Part II;

by inserting, immediately after the word “means” in the definition of “fund management” in Part II, the words “managing the property of, or operating, a collective investment scheme, or”;

by deleting the words “securities or futures contracts” in paragraph (a) of the definition of “fund management” in Part II and substituting the words “capital markets products”;

by deleting the words “foreign exchange trading or leveraged foreign exchange trading” in paragraph (b) of the definition of “fund management” in Part II and substituting the words “the entry into spot foreign exchange contracts”;

by deleting the definition of “leveraged foreign exchange trading” in Part II and substituting the following definition:“ “leveraged foreign exchange trading” means entering into a spot foreign exchange contract where one counterparty provides to the other counterparty or the counterparty’s agent money, securities, property or other collateral which represents only a part of the value of the spot foreign exchange contract;”;

by deleting the definition of “on a margin basis” in Part II;

by inserting, immediately before the definition of “providing credit rating services” in Part II, the following definition:“ “product financing” means providing any credit facility, advance or loan to facilitate (directly or indirectly) —

the subscription of specified products listed or to be listed on an organised market;

the purchase of specified products listed or to be listed on an organised market;

the purchase of such specified products as the Authority may prescribe; or

where applicable, the continued holding of specified products mentioned in paragraph (a), (b) or (c),whether or not the specified products are pledged as security for the credit facility, advance or loan, but does not include the provision of —

any credit facility, advance or loan that forms part of an arrangement to underwrite or sub‑underwrite specified products;

any credit facility, advance or loan to —

a holder of a capital markets services licence to deal in capital markets products in respect of specified products;

a holder of capital markets services licence for product financing; or

a financial institution,for the purposes of facilitating the acquisition or holding of specified products;

any credit facility, advance or loan by a company to its directors or employees to facilitate the acquisition or holding of its own specified products;

any credit facility, advance or loan by a member of a group of companies to another member of the group to facilitate the acquisition or holding of specified products by that other member; or

any credit facility, advance or loan by an individual to a company in which he holds 10% or more of its issued share capital to facilitate the acquisition or holding of specified products;”;

by deleting the definition of “providing custodial services for securities” in Part II and substituting the following definition:“ “providing custodial services” means, in relation to specified products, providing or agreeing to provide any service where the person providing the service has, under an arrangement with another person (the customer), possession or control of the specified products of the customer and carries out one or more of the following functions for the customer:

settlement of transactions relating to the specified products;

collecting or distributing dividends or other pecuniary benefits derived from ownership or possession of the specified products;

paying tax or other costs associated with the specified products;

exercising rights, including without limitation voting rights, attached to or derived from the specified products;

any other function necessary or incidental to the safeguarding or administration of the specified products,but does not include —

the activities of a corporation that is a Depository as defined in section 81SF;

the provision of services to a related corporation or connected person, so long as none of the specified products in respect of which such services are provided is —

held on trust for another person by the related corporation or connected person;

held as a result of any custodial services provided by the related corporation or connected person to another person; or

beneficially owned by any person other than the related corporation or connected person;

the provision of services by a nominee corporation that are solely incidental to the business of the nominee corporation; and

any other conduct the Authority may, by order, prescribe;”;

by deleting paragraph (c) of the definition of “rating target” in Part II and substituting the following paragraph:“(c)capital markets products;”;

by deleting the definition of “real estate investment trust management” in Part II and substituting the following definition:“ “real estate investment trust management” means managing the property of, or operating, a real estate investment trust;”;

by deleting the definition of “securities financing” in Part II and substituting the following definition:“ “spot foreign exchange contract” means a spot contract of which the underlying thing is a currency.”; and

by deleting the definition of “trading in futures contracts” in Part II.