40. Exempt dealers

Terms defined in s 2

• Authority

  Authority

  Defined · s 2

  “Authority” means the Monetary Authority of Singapore;

  Open s 2
• dealer

  dealer

  Defined · s 2

  “dealer” means a person who carries on a business of dealing in securities as a body corporate whether or not he carries on any other business, but does not include an exempt dealer;

  Open s 2
• dealing in securities

  dealing in securities

  Defined · s 2

  “dealing in securities” means (whether as principal or agent) making or offering to make with any person, or inducing or attempting to induce any person to enter into or to offer to enter into —(a)any agreement for or with a view to acquiring, disposing of, subscribing for, or underwriting securities; or(b)any agreement the purpose or pretended purpose of which is to secure a profit to any of the parties from the yield of securities or by reference to fluctuations in the price of securities;

  Open s 2
• investment adviser

  investment adviser

  Defined · s 2

  “investment adviser” means a person who —(a)carries on a business of advising others concerning securities;(b)as part of a regular business issues or promulgates analyses or reports concerning securities; or(c)pursuant to a contract or arrangement with a client, undertakes on behalf of the client (whether on a discretionary authority granted by the client or otherwise) the management of a portfolio of securities for the purpose of investment,but that expression does not include —(i)a bank as defined in section 2 of the Banking Act; (ii)a company or society registered under the Insurance Act; (iii)an advocate and solicitor or accountant in practice whose carrying on of that business is solely incidental to the practice of his profession;(iv)a company registered under the Trust Companies Act; (v)a dealer or his employee or a dealer’s representative or an exempt dealer whose carrying on of that business is solely incidental to the conduct of his business of dealing in securities; or(vi)a person who is the proprietor of a newspaper and holder of a permit issued under the Newspaper and Printing Presses Act, where —(A)insofar as the newspaper is distributed generally to the public it is distributed only to subscribers to, and purchasers of, the newspaper for value;(B)the advice is given or the analyses or reports are issued or promulgated only through that newspaper;(C)that person receives no commission or other consideration for giving the advice or for issuing or promulgating the analyses or reports; and(D)the advice is given and the analyses and reports are issued or promulgated solely as incidental to the conduct of that person’s business as a newspaper proprietor;

  Open s 2
• licence

  licence

  Defined · s 2

  “licence” means —(a)a dealer’s licence;(b)an investment adviser’s licence; or(c)a representative’s licence,under Part IV;

  Open s 2
• securities

  securities

  Defined · s 2

  “securities” means —(a)debentures, stocks or bonds issued or proposed to be issued by a government;(b)debentures, stocks, shares, bonds or notes issued or proposed to be issued by a body corporate or unincorporate;(c)any right or option in respect of any such debentures, stocks, shares, bonds or notes; or(d)any interest as defined in section 107 of the Companies Act, but does not include —(e)futures contracts that are governed by any written law regulating trading in futures contracts;(f)bills of exchange;(g)promissory notes; or(h)certificates of deposit issued by a bank;

  Open s 2
• unit trust scheme

  unit trust scheme

  Defined · s 2

  “unit trust scheme” means any arrangement made for the purpose, or having the effect, of providing facilities for the participation by persons as beneficiaries under a trust, in profits or income arising from the acquisition, holding, management or disposal of securities or any other property.

  Open s 2