Singapore legislation
Regulation 2
of Finance Companies (Exemption from sections 23(1) and 25(2)) Regulations 2017
Regulation 2
Definitions
In these Regulations —“approved exchange” has the meaning given by section 2(1) of the Securities and Futures Act 2001;“business customer”, in relation to an exempt finance company mentioned in regulation 3(1), means a customer that is —
a company; or
any other person (including a trustee of a trust) or body of persons, corporate or unincorporate, carrying on any trade, commerce or profession, or any other activity for the purpose of gain, but does not include a person acting in the capacity of an employee or of a holder of an office;“cheque” has the meaning given by section 73 of the Bills of Exchange Act 1949;“corporate purchasing card” means a credit card or charge card issued for the purpose of purchasing goods or services, other than services for entertainment purposes, on behalf of a body corporate, a partnership or a sole proprietor, where the body corporate, partnership or sole proprietor bears sole liability for all amounts charged to the credit card or charge card;“credit card” or “charge card” has the meaning given by section 56 of the Banking Act 1970;“foreign exchange trading” means the act of entering into or offering to enter into, or inducing or attempting to induce a person to enter into or offer to enter into, a contract or an arrangement the effect of which is that —
a party agrees to exchange currency at an agreed rate of exchange with another party —
whether the currency exchange is effected at the same time or at a specified future time; and
whether by way of delivery of an amount of currency for another currency, by way of crediting the account of the other party with an amount of another currency, by way of settlement or set‑off between 2 or more persons or otherwise; or
a party agrees to settle in any manner with another party the difference between the value of any currency index agreed —
at the time of the making of the contract or arrangement; and
at a specified future time.
Definition
“approved exchange” has the meaning given by section 2(1) of the Securities and Futures Act 2001;
Definition
“business customer”, in relation to an exempt finance company mentioned in regulation 3(1), means a customer that is —
a company; or
any other person (including a trustee of a trust) or body of persons, corporate or unincorporate, carrying on any trade, commerce or profession, or any other activity for the purpose of gain, but does not include a person acting in the capacity of an employee or of a holder of an office;
Definition
“cheque” has the meaning given by section 73 of the Bills of Exchange Act 1949;
Definition
“corporate purchasing card” means a credit card or charge card issued for the purpose of purchasing goods or services, other than services for entertainment purposes, on behalf of a body corporate, a partnership or a sole proprietor, where the body corporate, partnership or sole proprietor bears sole liability for all amounts charged to the credit card or charge card;
Definition
“credit card” or “charge card” has the meaning given by section 56 of the Banking Act 1970;
Definition
“foreign exchange trading” means the act of entering into or offering to enter into, or inducing or attempting to induce a person to enter into or offer to enter into, a contract or an arrangement the effect of which is that —
a party agrees to exchange currency at an agreed rate of exchange with another party —
whether the currency exchange is effected at the same time or at a specified future time; and
whether by way of delivery of an amount of currency for another currency, by way of crediting the account of the other party with an amount of another currency, by way of settlement or set‑off between 2 or more persons or otherwise; or
a party agrees to settle in any manner with another party the difference between the value of any currency index agreed —
at the time of the making of the contract or arrangement; and
at a specified future time.