Singapore legislation

Clause 201

of Securities and Futures (Amendment) Bill

Clause 201

Consequential and related amendments to Finance Companies Act

The Finance Companies Act (Cap. 108, 2011 Ed.) is amended —

(a)

by inserting, immediately after the definition of “chief executive” in section 2, the following definition:“ “collective investment scheme” has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289);”;

(b)

by inserting, immediately after the definition of “published reserves” in section 2, the following definitions:“ “securities” has the same meaning as in section 2(1) of the Securities and Futures Act;“securities-based derivatives contract” has the same meaning as in section 2(1) of the Securities and Futures Act;”;

(c)

by deleting the full‑stop at the end of the definition of “share” in section 2 and substituting a semi‑colon, and by inserting immediately thereafter the following definition:“ “unit” has the same meaning as in section 2(1) of the Securities and Futures Act.”;

(d)

by deleting paragraph (c) of section 23(1) and substituting the following paragraph:“(c)acquire securities, securities‑based derivatives contracts or units in a collective investment scheme which are denominated in any foreign currency;”;

(e)

by deleting the words “securities exchange” in section 23(5)(c) and substituting the words “approved exchange”;

(f)

by inserting, immediately after the word “securities” in section 23(6)(a), the words “, securities‑based derivatives contracts or units in a collective investment scheme,”; and

(g)

by inserting, immediately after the words “section 101A” in section 47(1)(e), the words “or 123ZZC”.