FIRST SCHEDULESections 2(1) and 340(1)Part 1MarketDefinition of organised market1.—
In this Act, “organised market” means —
organised market
“organised market” has the meaning given in the First Schedule;
a place at which, or a facility (whether electronic or otherwise) by means of which, offers or invitations to exchange, sell or purchase derivatives contracts, issued securities or issued units in collective investment schemes, are regularly made on a centralised basis, being offers or invitations that are intended or may reasonably be expected to result, whether directly or indirectly, in the acceptance or making, respectively, of offers to exchange, sell or purchase derivatives contracts, issued securities or issued units in collective investment schemes (whether through that place or facility or otherwise); or[Act 12 of 2024 wef 24/01/2025]
securities
“securities” means —(a)shares, units in a business trust or any instrument conferring or representing a legal or beneficial ownership interest in a corporation, partnership or limited liability partnership;(b)debentures; or(c)any other product or class of products as may be prescribed,but does not include —(d)any unit of a collective investment scheme;(e)any bill of exchange;(f)any certificate of deposit issued by a bank or finance company, whether situated in Singapore or elsewhere; or(g)such other product or class of products as may be prescribed;
such other place or class of places, or facility or class of facilities, as the Authority may, by order, prescribe.[Act 12 of 2024 wef 24/01/2025]
Despite sub‑paragraph (1), “organised market” does not include a place or facility used by only one person —
to regularly make offers or invitations to sell, purchase or exchange derivatives contracts, issued securities or issued units in collective investment schemes; or[Act 12 of 2024 wef 24/01/2025]
to regularly accept offers to sell, purchase or exchange derivatives contracts, issued securities or issued units in collective investment schemes.[Act 12 of 2024 wef 24/01/2025]
In this paragraph —“issued securities”, in relation to an offer or invitation to exchange, sell or purchase those securities, means securities that have already been issued when the offer or invitation is made;“issued units in collective investment schemes”, in relation to an offer or invitation to exchange, sell or purchase those units, means units in collective investment schemes that have already been issued when the offer or invitation is made.[Act 12 of 2024 wef 24/01/2025]2. [Deleted by Act 4 of 2017]3. [Deleted by Act 4 of 2017]Part 2Clearing FacilityDefinition of clearing facility4.—
In this Act —“clearing facility” means —
clearing facility
“clearing facility” has the meaning given in Part 2 of the First Schedule;
a facility for the clearing or settlement of transactions in derivatives contracts, securities or units in collective investment schemes; or
clearing or settlement
“clearing or settlement” has the meaning given in Part 2 of the First Schedule;
such other facility or class of facilities for the clearing or settlement of transactions as the Authority may, by order, prescribe;“clearing or settlement”, in relation to a clearing facility, means any arrangement, process, mechanism or service provided by a person in respect of transactions, by which —
information relating to the terms of those transactions are verified by such person with a view to confirming the transactions;
parties to those transactions substitute, through novation or otherwise, the credit of such person for the credit of the parties;
the obligations of parties under those transactions are calculated, whether or not such calculations include multilateral netting arrangements; or
parties to those transactions meet their obligations under such transactions, including the obligation to deliver, the transfer of funds, the transfer of title to securities between the parties, or the transfer of interest in or title to derivatives contracts or units in a collective investment scheme between the parties.[Act 12 of 2024 wef 24/01/2025]
collective investment scheme
“collective investment scheme” means —(a)an arrangement in respect of any property —(i)under which the participants do not have day‑to‑day control over the management of the property, whether or not the participants have the right to be consulted or to give directions in respect of such management;(ii)under which either or both of the following characteristics are present:(A)the property is managed as a whole by or on behalf of a manager;(B)the contributions of the participants, and the profits or income out of which payments are to be made to the participants, are pooled; and(iii)under which either or both of the following characteristics are present:(A)the effect of the arrangement is to enable the participants (whether by acquiring any right, interest, title or benefit in the property or any part of the property or otherwise) —(AA)to participate in or receive profits, income, or other payments or returns arising from the acquisition, holding, management, disposal, exercise, redemption or expiry of, any right, interest, title or benefit in the property or any part of the property; or(AB)to receive sums paid out of such profits, income, or other payments or returns;(B)the purpose, purported purpose or purported effect of the arrangement is to enable the participants (whether by acquiring any right, interest, title or benefit in the property or any part of the property or otherwise) —(BA)to participate in or receive profits, income, or other payments or returns arising from the acquisition, holding, management, disposal, exercise, redemption or expiry of, any right, interest, title or benefit in the property or any part of the property; or(BB)to receive sums paid out of such profits, income, or other payments or returns,whether or not —(BC)the arrangement provides for the participants to receive any benefit other than those set out in sub‑paragraph (BA) or (BB) in the event that the purpose, purported purpose or purported effect is not realised; or(BD)the purpose, purported purpose or purported effect is realised; or(b)an arrangement which is an arrangement, or is of a class or description of arrangements, specified by the Authority as a collective investment scheme by notice in the Gazette,but does not include —(c)an arrangement operated by a person otherwise than by way of business;(d)an arrangement under which each of the participants carries on a business other than investment business and enters into the arrangement solely incidental to that other business;(e)an arrangement under which each of the participants is a related corporation of the manager;(f)an arrangement made by or on behalf of an entity solely for the benefit of persons, each of whom is —(i)a bona fide director or equivalent person, a former director or equivalent person, a consultant, an adviser, an employee or a former employee of that entity or, where that entity is a corporation, a related corporation of that entity; or(ii)a spouse, widow or widower, or a child, adopted child or stepchild below 18 years of age, of such director or equivalent person, former director or equivalent person, employee or former employee;(g)an arrangement made by or on behalf of 2 or more entities solely for the benefit of persons, each of whom is —(i)a bona fide director or equivalent person, a former director or equivalent person, a consultant, an adviser, an employee or a former employee of any of those entities or, where any of those entities is a corporation, a related corporation of the entity which is a corporation; or(ii)a spouse, widow or widower, or a child, adopted child or stepchild below 18 years of age, of such director or equivalent person, former director or equivalent person, employee or former employee;(h)a franchise;(i)an arrangement under which money received by an advocate and solicitor from his or her client, whether as a stakeholder or otherwise, acting in his or her professional capacity in the ordinary course of his or her practice, or under which money is received by a statutory body as a stakeholder in the carrying out of its statutory functions;(j)an arrangement made by any co‑operative society registered under the Co‑operative Societies Act 1979 in accordance with the objects thereof solely for the benefit of its members;(k)an arrangement made for the purposes of any chit fund permitted to operate under the Chit Funds Act 1971;(l)an arrangement arising out of a life policy within the meaning of the Insurance Act 1966;(m)a closed‑end fund constituted either as an entity, a sub‑fund or a trust;(n)an arrangement under which the whole amount of each participant’s contribution is a deposit as defined in section 4B of the Banking Act 1970;(o)an arrangement of which —(i)the predominant purpose is to enable the participants to share in the use or enjoyment of the property or to make its use or enjoyment available gratuitously to others; and(ii)the property does not consist of any of the following:(A)any currency of any country or territory;(B)any capital markets products;(C)any policy as defined in the First Schedule to the Insurance Act 1966;(D)any deposit as defined in section 4B of the Banking Act 1970;(E)any credit facilities as defined in section 2(1) of the Banking Act 1970;(p)an arrangement which is an arrangement, or is of a class or description of arrangements, specified by the Authority as not constituting a collective investment scheme by notice in the Gazette;
For the purposes of this Act, “clearing or settlement” does not include —
the back office operations of a party to the transactions referred to in sub‑paragraph (1);
the services provided by a person who has, under an arrangement with another person (called in this sub‑paragraph the customer), possession or control of securities, derivatives contracts or units in a collective investment scheme of the customer, where those services are solely incidental to the settlement of transactions relating to the securities; or[Act 12 of 2024 wef 24/01/2025]
customer
“customer” means —(a)in relation to a holder of a capital markets services licence —(i)for the purposes of Parts 4, 6, 7 and 15, a person on whose behalf the holder carries on or will carry on any regulated activity; or(ii)for the purposes of Part 5 —(A)a person on whose behalf the holder carries on or will carry on any regulated activity; or(B)any other person with whom the holder, as principal, enters or will enter into transactions for the sale or purchase of capital markets products,but does not include such person or class of persons as may be prescribed for the purposes of this sub‑paragraph; or(b)for the purposes of Part 3 and the definition of “user”, a person on whose behalf a member of an approved exchange, an approved clearing house, a recognised clearing house or a recognised market operator (as the case may be) carries on any activity regulated under this Act, but does not include —(i)the member, with respect to dealings for the member’s own account;(ii)any officer, director, employee or representative of the member; or(iii)a related corporation of the member, with respect to accepted instructions to deal for an account belonging to, and maintained wholly for the benefit of, that related corporation;
any other arrangement, process, mechanism or service which the Authority may prescribe.[2/2009; 34/2012; 4/2017]