124. Interpretation of this Part

Terms defined in this Act

• approved clearing house

  approved clearing house

  Defined · s 2

  “approved clearing house” means a corporation that is approved by the Authority under section 51(1)(a) as an approved clearing house;

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• 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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• business

  business

  Defined · s 46AAA

  “business” includes affairs and property;

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• capital markets services licence

  capital markets services licence

  Defined · s 2

  “capital markets services licence” means a licence that is granted by the Authority under section 86 to a person to carry on a business in any regulated activity;

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• clearing facility

  clearing facility

  Defined · s 2

  “clearing facility” has the meaning given in Part 2 of the First Schedule;

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• clearing or settlement

  clearing or settlement

  Defined · s 2

  “clearing or settlement” has the meaning given in Part 2 of the First Schedule;

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• company

  company

  Defined · s 2

  “company” has the meaning given by section 4(1) of the Companies Act 1967;

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• default proceedings

  default proceedings

  Defined · s 48

  “default proceedings” means any proceedings or other action taken by an approved clearing house or a recognised clearing house under its default rules;

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• derivatives contract

  derivatives contract

  Defined · s 2

  “derivatives contract” means —(a)any contract or arrangement under which —(i)a party to the contract or arrangement is required to, or may be required to, discharge all or any of its obligations under the contract or arrangement at some future time; and(ii)the value of the contract or arrangement is determined (whether directly or indirectly, or whether wholly or in part) by reference to, is derived from, or varies by reference to, either of the following:(A)the value or amount of one or more underlying things;(B)fluctuations in the values or amounts of one or more underlying things; or(b)any contract or arrangement that is, or that belongs to a class of contracts or arrangements that is, prescribed to be a derivatives contract,but does not include —(c)securities;(d)any unit in a collective investment scheme;(e)a spot contract;(f)a deposit as defined in section 4B of the Banking Act 1970, where the deposit is accepted by a bank or merchant bank licensed under that Act;(g)a deposit as defined in section 2 of the Finance Companies Act 1967, where the deposit is accepted by a finance company as defined in that section of that Act;(h)any contract of insurance in relation to any class of insurance business specified in section 3(1) of the Insurance Act 1966; or(i)any contract or arrangement that is, or that belongs to a class of contracts or arrangements that is, prescribed not to be a derivatives contract;

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• market contract

  market contract

  Defined · s 48

  “market contract” means —(a)a contract subject to the business rules of an approved clearing house or a recognised clearing house, that is entered into between the approved clearing house or recognised clearing house and a participant pursuant to a novation (however described), whether before or after default proceedings have commenced, which is in accordance with those business rules and for the purposes of the clearing or settlement of transactions using the clearing facility of the approved clearing house or recognised clearing house; or(b)a transaction which is being cleared or settled using the clearing facility of an approved clearing house or a recognised clearing house, and in accordance with the business rules of the approved clearing house or recognised clearing house, whether or not a novation referred to in paragraph (a) is to take place;

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• participant

  participant

  Defined · s 2

  “participant” means —(a)for the purposes of Part 2, a person who may participate in one or more of the services provided by an approved exchange or a recognised market operator, in its capacity as an approved exchange or a recognised market operator, as the case may be;(aa)for the purposes of Part 2A, a person who may participate in one or more of the services provided by a licensed trade repository or licensed foreign trade repository, in its capacity as a licensed trade repository or licensed foreign trade repository, as the case may be;(b)for the purposes of Part 3, a person who, under the business rules of an approved clearing house or a recognised clearing house, may participate in one or more of the services provided by the approved clearing house or recognised clearing house, in its capacity as an approved clearing house or a recognised clearing house, as the case may be; or(c)for the purposes of any other provision of this Act, a person who participates in a collective investment scheme by way of owning one or more units in a collective investment scheme;

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• recognised clearing house

  recognised clearing house

  Defined · s 2

  “recognised clearing house” means a corporation that is recognised by the Authority under section 51(1)(b) or (2) as a recognised clearing house;

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• subsidiary

  subsidiary

  Defined · s 2

  “subsidiary” has the meaning given by section 5 of the Companies Act 1967;

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