Singapore legislation
Regulation 2
of Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013
Regulation 2
Definitions
Subregulation 1
In these Regulations, unless the context otherwise requires —[Deleted by S 410/2024 wef 21/10/2024][Deleted by S 410/2024 wef 21/10/2024](2) Any word or expression used in these Regulations which is defined in section 124 of the Act shall, unless the context otherwise requires, have the same meaning as in that section.
Definition
“booked in Singapore”, in relation to a derivatives contract, means the entry of the derivatives contract on the balance sheet or the profit and loss accounts of a person where —
the person is a party to the derivatives contract;
the person’s place of business is in Singapore; and
the balance sheet or the profit and loss accounts relates to the person’s business in Singapore;
Definition
“business day” means any day other than a Saturday, Sunday or public holiday;
Definition
“commodity derivatives contract” means a derivatives contract the value of which 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:
the value or amount of one or more commodities;
fluctuations in the values or amounts of one or more commodities,but does not include any of the following:
a debenture;
an exchange‑traded derivatives contract;
a unit in a collective investment scheme;
a derivatives contract with all of the following characteristics:
the contract is for the sale and purchase of one or more commodities (called in this definition underlying commodities) for the purpose of fulfilling the needs of the day‑to‑day operations of the business of one or more of the parties to the contract, whether or not the contract contains a settlement option;
subject to any settlement option that may be agreed amongst the parties to the contract, the seller of the underlying commodities is required to deliver the underlying commodities;
subject to any settlement option that may be agreed amongst the parties to the contract, the buyer of the underlying commodities is required to take delivery of the underlying commodities;
Definition
“credit derivatives contract” means a derivatives contract the value of which 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:
the value of a credit instrument or a credit‑linked instrument;
fluctuations in the value of a credit instrument or a credit‑linked instrument, but does not include a debenture, an exchange‑traded derivatives contract or a unit in a collective investment scheme;
Definition
“equity derivatives contract” means a derivatives contract the value of which 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:
the value of any of the following:
any stock or share; (ii)a group of stocks or shares;
an index of any stocks or shares;
a unit in a business trust; (v)a unit in a collective investment scheme; (b)fluctuations in the value of any item mentioned in paragraph (a)(i) to (v),but does not include a debenture, an exchange‑traded derivatives contract or a unit in a collective investment scheme;
Definition
“exchange‑traded derivatives contract” means a derivatives contract —
that is executed on an organised market and is or will be cleared or settled by a clearing facility under an arrangement, process, mechanism or service by which the parties to the derivatives contract substitute or will substitute, through novation or otherwise, the credit of the clearing facility for the credit of the parties to the derivatives contract; and
the contractual terms (other than price) of which —
are in the same form as the contractual terms of other derivatives contracts of the same type that are executed on the organised market on which the derivatives contract is executed; and
conform to a standard that is provided under the business rules or practices of the organised market on which the derivatives contract is executed,but does not include any contract under which every contractual term can be negotiated;
Definition
“excluded currency contract” means —
a forward contract for the sale or purchase of a currency (referred to in this definition as target currency) using another currency (referred to in this definition as the consideration currency) which is intended to be settled by the actual delivery of the target currency and consideration currency —
in a case where the target currency and the consideration currency are specified in the Sixth Schedule, within 2 business days after the date of the execution of the forward contract; or
in a case where either the target currency or the consideration currency is not, or both the target currency and the consideration currency are not, specified in the Sixth Schedule, by the earlier of the following:
the last day of the customary spot settlement period for the target currency or for the consideration currency, whichever is the later;
the seventh business day after the date of the execution of the forward contract; or
a forward contract for the sale or purchase of a currency —
which is entered into for the purpose of settling a sale or purchase of securities denominated in that currency; and
which is intended to be settled by the actual delivery of the currency, by the earlier of the following:
the last day of the customary settlement period for the securities referred to in sub‑paragraph (i);
the seventh business day after the date of the execution of the forward contract;
Definition
“foreign exchange derivatives contract” means a derivatives contract the value of which 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:
the value of one or more currencies or currency indices;
fluctuations in the value of one or more currencies or currency indices,but does not include a debenture, an excluded currency contract, an exchange‑traded derivatives contract or a unit in a collective investment scheme;
Definition
“interest rate derivatives contract” means a derivatives contract the value of which 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:
the value of an interest‑bearing financial instrument or an interest rate contract (such as an option on an interest rate futures contract), or interest rates;
fluctuations in the value of an interest‑bearing financial instrument or an interest rate contract (such as an option on an interest rate futures contract), or interest rates,but does not include a debenture, an exchange‑traded derivatives contract or a unit in a collective investment scheme;
Definition
“maturity”, in relation to a derivatives contract, means the period remaining until the termination of the derivatives contract;
Definition
“old Regulations” means the Securities and Futures (Reporting of Derivatives Contracts) Regulations 2013 as in force immediately before 21 October 2024;
Definition
“place of business”, in relation to a party to a specified derivatives contract, means a head or main office, a branch, a representative office or any other office of the party;
Definition
“quarter” means a period of 3 months beginning on 1 January, 1 April, 1 July or 1 October of any year;
Definition
“reporting threshold amount” means $8 billion;
Definition
“resident in Singapore” has the same meaning as in section 2 of the Income Tax Act 1947;
Definition
“settlement option”, in relation to a derivatives contract that is a contract for the sale and purchase of one or more commodities, means an option under which the parties to the contract may settle part or all of the amounts owing by one party to the other party by payment of cash instead of delivery of the commodity or commodities, as the case may be;
Definition
“significant derivatives holder” means a person who is a significant derivatives holder by virtue of regulation 6;
Definition
“traded in Singapore”, in relation to a derivatives contract, means the execution of the derivatives contract by a trader —
whose place of employment is located in Singapore and who conducts, on behalf of a specified person, activities relating to the execution of derivatives contracts in Singapore; or
who —
for a period of not less than 30 days immediately before the date of the execution of the derivatives contract, conducts or is authorised to conduct, on behalf of a specified person, activities relating to the execution of derivatives contracts in Singapore; and
is physically in Singapore at the time of the execution of the derivatives contract.