37D. Dealings by directors, officers or employees of licences

Terms defined in s 2

• connected person

  connected person

  Defined · s 2

  “connected person”, in relation to —(a)an individual, means —(i)the individual’s spouse, son, adopted son, step-son, daughter, adopted daughter, step-daughter, father, mother, brother or sister; and(ii)a firm or a corporation in which the individual or any of the persons mentioned in sub-paragraph (i) has control of not less than 20% of the voting power in the firm or corporation, whether such control is exercised individually or jointly;(b)a firm or a corporation, means another firm or corporation in which the first-mentioned firm or corporation has control of not less than 20% of the voting power in that other firm or corporation;

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• director

  director

  Defined · s 2

  “director” has the same meaning as in the Companies Act;

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• foreign exchange trading

  foreign exchange trading

  Defined · s 2

  “foreign exchange trading” has the meaning given to it in section 2A;

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• futures broker

  futures broker

  Defined · s 2

  “futures broker” means any person, whether as principal or agent, who —(a)carries on the business of soliciting or accepting orders, for the purchase or sale of any commodity under a futures contract on any Futures Exchange or futures market whether or not that person accepts any money, securities or property (or extends credit in lieu thereof) to margin, guarantee or secure any contract or transaction that may result therefrom; or(b)carries on the business of leveraged foreign exchange trading,whether the business is part of, or is carried on in conjunction with, any other business;

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• futures pool operator

  futures pool operator

  Defined · s 2

  “futures pool operator” means any person who carries on a business, in the nature of a unit trust or other interest to which Division 6 of Part IV of the Companies Act applies, and who in connection therewith accepts or receives from other persons funds, security or property, either directly or through capital contributions, the sale of shares or other forms of security or otherwise for the purpose of trading in futures contracts, foreign exchange trading or leveraged foreign exchange trading but does not include such persons as the Authority may by regulations prescribe;

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• futures trading adviser

  futures trading adviser

  Defined · s 2

  “futures trading adviser” means any person who —(a)carries on the business of advising other persons (directly or indirectly, through any publication or writing, or by whatever means or media) concerning futures contracts, foreign exchange trading or leveraged foreign exchange trading, including advice on whether to engage in trading in futures contracts, foreign exchange trading or leveraged foreign exchange trading;(b)as part of a regular business, issues or promulgates any analysis or report concerning futures markets or foreign exchange markets; or(c)pursuant to a contract or an arrangement with a client, undertakes on behalf of the client (whether on a discretionary authority granted by the client or otherwise) trading in futures contracts, foreign exchange trading or leveraged foreign exchange trading for the purposes of managing the client’s funds,but does not include —(i)a bank that is licensed under the Banking Act or a merchant bank approved under the Monetary Authority of Singapore Act;(ii)an accountant or advocate and solicitor in practice whose carrying on of that business is solely incidental to the practice of his profession;(iii)a futures broker or futures pool operator (referred to in this sub-paragraph as the licensee) so long as any activity referred to in paragraph (a), (b) or (c) carried out by the licensee is wholly incidental to the carrying on of the business for which he is so licensed;(iv)a person who carries on the business of printing or publishing a newspaper and is the holder of a permit therefor issued under the Newspaper and Printing Presses Act (referred to in this definition as the proprietor) and the author of any advice, analysis or report published in that newspaper (referred to in this definition as the author) where —(A)insofar as the newspaper is distributed generally to the public, it is distributed only to subscribers to, and purchasers of, the newspaper for value;(B)the advice is given or the analysis or report is issued or promulgated only through that newspaper;(C)the proprietor receives no commission or other consideration for giving the advice or for issuing or promulgating the analysis or report other than the consideration received from the sale of the newspaper and advertisements placed in the newspaper;(D)the author of the advice, analysis or report receives no commission or other consideration in respect of the advice, analysis or report other than the consideration received from the proprietor of the newspaper; and(E)the proprietor and the author of the advice, analysis or report has no interest, directly or indirectly, in any futures contract referred to in the advice, analysis or report; and(v)such other person carrying on such business as the Authority may by regulations prescribe, so long as any activity referred to in paragraph (a), (b) or (c) carried out by that person is wholly incidental to the carrying on of such prescribed business;

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• leveraged foreign exchange trading

  leveraged foreign exchange trading

  Defined · s 2

  “leveraged foreign exchange trading” has the meaning given to it in section 2A;

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• officer

  officer

  Defined · s 2

  “officer” has the same meaning as in the Companies Act;

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• trading in futures contracts

  trading in futures contracts

  Defined · s 2

  “trading in futures contracts”, in relation to any person, whether acting as principal or agent, means —(a)making or offering to make an agreement with any other person or inducing or attempting to induce any other person to enter into an agreement for the purchase or sale of a futures contract; or(b)soliciting or accepting any order for, or otherwise dealing in, a futures contract.

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