Singapore legislation

Clause 6

Repeal and re-enactment of section 49A and new section 49AA

Section 49A of the principal Act is repealed and the following sections substituted therefor:“Interpretation of this Part 49A. In this Part, “member”, in relation to a Futures Exchange, means a person who —

(a)

holds membership of any class or description of a Futures Exchange whether or not he holds any share in the share capital of the Exchange; and

(b)

is licensed by the Authority to carry on the business of a futures broker.Establishment of fidelity fund49AA.—

(1)

A Futures Exchange shall establish and keep a fidelity fund (referred to in this Part as a fidelity fund or fund) which shall be administered by the Exchange.(2) The assets of the fidelity fund of a Futures Exchange shall be the property of the Exchange but shall be kept separate from all other property of the Exchange and shall be held in trust for the purposes set out in this Part.”.

Read in full context — Futures Trading (Amendment) Bill →