5. Application of this Act

Terms defined in s 2

• Authority

  Authority

  Defined · s 2

  “Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970;

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• collateral holder

  collateral holder

  Defined · s 2

  “collateral holder”, in relation to a designated system, means any person who has possession, control or ownership of any collateral security of the designated system under an arrangement with the operator of the designated system relating to that collateral security;

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• designated system

  designated system

  Defined · s 2

  “designated system” means a system that is designated by the Authority under section 3 to be a designated system for the purposes of this Act;

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• operator

  operator

  Defined · s 2

  “operator”, in relation to a designated system, means the person specified in the order referred to in section 3(1) as the operator of the designated system;

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• participant

  participant

  Defined · s 2

  “participant” means a party to an arrangement that establishes a system;

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• settlement institution

  settlement institution

  Defined · s 2

  “settlement institution”, in relation to a designated system, means any body corporate that —(a)provides accounts for the participants of the designated system, or facilitates the settlement of transfer orders between the participants in the designated system; and(b)is specified in an order under section 3(1) to be the settlement institution of the designated system;

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