19. The Futures Trading Act (Cap. 116) is amended —
(a)
by deleting the definition of “business rules” in section 2 and substituting the following definition:
“ “business rules”, in relation to a body corporate that maintains or proposes to maintain a futures market or a clearing house, means the rules, regulations and by-laws, by whatever name called, governing the activities and conduct of —
(a)
the body corporate and its members; and
(b)
other persons in relation to the futures market or clearing house, as the case may be,
whether those rules, regulations or by-laws are made by the body corporate or are contained in the memorandum and articles of association of the body corporate or altered or supplemented by the Authority under section 6(4);”;
(b)
by deleting the words “, or an association or organisation forming part of a Futures Exchange,” in the definition of “clearing house” in section 2;
(c)
by deleting sub-paragraph (iv) of section 4(2)(a) and substituting the following sub-paragraph:
“(iv)
with respect to the clearing and other arrangements made and the financial condition of the proposed Futures Exchange, the clearing house for futures contracts to be entered into on the Futures Exchange, and the members of the clearing house, such as to provide reasonable assurance that all obligations arising out of those contracts will be met;”; and
(d)
by deleting the words “No person” in the 1st line of section 65(1) and substituting the words “Except with the approval of the Authority, no person”.