Singapore legislation

Clause 87

of Securities and Futures (Amendment) Bill

Clause 87

Repeal and re-enactment of sections 196 and 196A

Sections 196 and 196A of the principal Act are repealed and the following sections substituted therefor:“Application of this Division

196. This Division applies to —

(a)

acts occurring within Singapore in relation to —

(i)

securities or securities-based derivatives contracts of any corporation, whether formed or carrying on business in Singapore or elsewhere;

(ii)

securities or securities-based derivatives contracts of any business trust;

(iii)

securities or securities-based derivatives contracts listed for quotation or quoted on an organised market in Singapore or elsewhere;

(iv)

units in a collective investment scheme listed for quotation or quoted on an organised market in Singapore or elsewhere;

(v)

derivatives contracts, whether traded in Singapore or elsewhere;

(vi)

spot foreign exchange contracts for purposes of leveraged foreign exchange trading, whether traded in Singapore or elsewhere; or

(vii)

any other capital markets products, whether traded in Singapore or elsewhere; and

(b)

acts occurring outside Singapore in relation to —

(i)

securities or securities-based derivatives contracts of a corporation that is formed or carrying on business in Singapore;

(ii)

securities or securities-based derivatives contracts of a business trust, the trustee of which is formed in Singapore or carries on business on behalf of the business trust in Singapore;

(iii)

securities or securities-based derivatives contracts listed for quotation or quoted on an organised market in Singapore;

(iv)

units in a collective investment scheme listed for quotation or quoted on an organised market in Singapore;

(v)

derivatives contracts traded in Singapore;

(vi)

spot foreign exchange contracts for purposes of leveraged foreign exchange trading that are traded in or accessible from Singapore; or

(vii)

any other capital markets products that are traded in Singapore.Interpretation of this Division196A. In this Division —

(a)

“debenture” has the same meaning as in section 2(1) and, in relation to a business trust, means any debenture issued by the trustee-manager of the business trust in its capacity as trustee-manager of the business trust;

(b)

a reference to a securities-based derivatives contract of a corporation in sections 196(a)(i) and (b)(i), 198, 202 and 203 is to be read as a reference to a securities‑based derivatives contract of which the underlying thing or any of the underlying things are securities of the corporation; and

(c)

a reference to a securities-based derivatives contract of a business trust in sections 196(a)(ii) and (b)(ii), 198, 202 and 203 is to be read as a reference to a securities‑based derivatives contract of which the underlying thing or any of the underlying things, are securities of the business trust.”.

Read in full context — Securities and Futures (Amendment) Bill →