Singapore legislation

Clause 211

of Securities and Futures (Amendment) Bill

Clause 211

Consequential and related amendments to Trust Companies Act

The Trust Companies Act (Cap. 336, 2006 Ed.) is amended —

(a)

by inserting, immediately after the definition of “book” in section 2, the following definition:“ “capital markets products” 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 “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;”;

(c)

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

(d)

by inserting, immediately after the definition of “trust business service” in section 2, the following definition:“ “unit” has the same meaning as in section 2(1) of the Securities and Futures Act;”;

(e)

by deleting the words “for securities” wherever they appear in section 15(1)(c);

(f)

by deleting the words “sale of securities or futures contracts” in section 27(1) and substituting the words “sale of any capital markets products”;

(g)

by deleting the words “sell securities or futures contracts” in section 27(1) and substituting the words “sell the capital markets products”; and

(h)

by deleting the words “and securities” wherever they appear in section 59(1) and substituting in each case the words “, securities, specified securities‑based derivatives contracts and units in a collective investment scheme”.