Securities and Futures Act 2001 · 2020 Revised Edition · Part 6B · Clearing of Derivatives Contracts
129B. Interpretation of this Part
Feedback & supportLast amended by an amending law of 2020. 4 amendments in all.
In this Part, unless the context otherwise requires —“clearing” means any arrangement, process, mechanism or service provided by a person in respect of transactions, by which parties to those transactions substitute, through novation or otherwise, the credit of such person for the credit of the parties;“specified derivatives contract” means any derivatives contract that is, or that belongs to a class of derivatives contracts that is, prescribed by the Authority by regulations made under section 129G for the purposes of this definition;“specified person” means —
derivatives contract
“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;
any bank that is licensed under the Banking Act 1970;
any merchant bank licensed under the Banking Act 1970;
any finance company licensed under the Finance Companies Act 1967;
company
“company” has the meaning given by section 4(1) of the Companies Act 1967;
any insurer licensed under the Insurance Act 1966;
[Deleted by Act 4 of 2017]
any holder of a capital markets services licence; or
capital markets services licence
“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;
any other person who is, or who belongs to a class of persons which is, prescribed by the Authority by regulations made under section 129G for the purposes of this definition.
“clearing” means any arrangement, process, mechanism or service provided by a person in respect of transactions, by which parties to those transactions substitute, through novation or otherwise, the credit of such person for the credit of the parties;
“specified derivatives contract” means any derivatives contract that is, or that belongs to a class of derivatives contracts that is, prescribed by the Authority by regulations made under section 129G for the purposes of this definition;
“specified person” means —
any bank that is licensed under the Banking Act 1970;
any merchant bank licensed under the Banking Act 1970;
any finance company licensed under the Finance Companies Act 1967;
any insurer licensed under the Insurance Act 1966;
[Deleted by Act 4 of 2017]
any holder of a capital markets services licence; or
any other person who is, or who belongs to a class of persons which is, prescribed by the Authority by regulations made under section 129G for the purposes of this definition.