Securities and Futures (Prescribed Debentures) Regulations 2018

that is entered into on or after 8 October 2018;

under which —

a person (A) transfers legal title to any amount of any precious metal (called in this regulation the specified precious metal) to another person (B), for consideration given by B;

at a predetermined time or within a predetermined period after the arrangement is entered into —

B is required to transfer legal title to the same amount of the specified precious metal to A, for a predetermined consideration given by A; or

B may exercise an option to require A to acquire the legal title to the same amount of the specified precious metal from B for a predetermined consideration given by A, whether or not B may only exercise the option on the fulfilment of one or more conditions; and

the predetermined consideration to be given by A under —

sub‑paragraph (ii)(A); or (B)sub‑paragraph (ii)(B) upon B’s exercise of the option mentioned in that provision,is greater than the value of consideration given by B under sub‑paragraph (i); and

that is neither entered into in the ordinary course of B’s business, nor solely incidental to that business.