2. In these Regulations, unless the context otherwise requires —
“accounts” means profit and loss accounts and balance-sheets and includes notes (other than auditor’s reports) attached to or intended to be read with those profit and loss accounts or balance-sheets;
“connected persons”, in relation to a director, includes —
(a)
his spouse, son, adopted son, step-son, daughter, adopted daughter, step-daughter, father, mother, brother or sister; and
(b)
a firm, corporation or company in which any of the persons mentioned in paragraph (a) or the director is in a position to control not less than 20% of the voting power in the firm, corporation or company, whether such control is exercised individually or jointly;
“contract confirmation note” means a statement sent by a futures broker to a customer when there is a change in the customer’s futures positions, showing the number of contracts involved, the price at which the contracts were transacted, commission charges and the net profits or losses on the transactions;
“customer’s account” means a current or deposit account at a bank, merchant bank, clearing house, another commodity futures broken or any other person approved by the Board, in the name of the commodity futures broker or commodity futures pool operator in the title of which the word “customer” appears;
“bank” means any body corporate licensed to carry on banking business under the Banking Act;
“business day” means any day which the respective Commodity Futures Exchange or market is open for trading or deliveries;
“long” means one who has purchased a futures contract to establish a position;
“margin” means an amount of money or collateral deposited by the buyer or the seller of a commodity futures contract to ensure performance of the terms of the commodity futures contract;
“margin call” means a request from a Commodity Futures Exchange, clearing house or commodity futures broker to a customer to deposit additional margins to meet a required minimum margin level;
“mark-to-market” means the process whereby daily closing price of the commodity futures contract is used to value all outstanding positions of that particular futures contract at the end of the day and to establish the resulting gains and losses;
“merchant bank” means a merchant bank that is approved under the Monetary Authority of Singapore Act;
“net asset value” means the total assets minus total liabilities determined in accordance with generally accepted accounting principles with each commodity futures position valued at the prevailing market price;
“participant” means a person who has a direct financial interest in a commodity futures pool;
“position” means a commodity futures contract which is still outstanding and has not been liquidated by an offsetting transaction or by delivery of the commodity underlying the commodity futures contract or through settlement of the commodity futures contract in accordance with the rules of a Commodity Futures Exchange or the practices of a commodity futures market;
“property” includes movable and immovable property, and any estate, share and interest in any property, movable or immovable, and any debt, and anything in action, and any other right or interest, whether in possession or not;
“short” means one who has sold a commodity futures contract to establish a position;
“securities” has the same meaning as in the Securities Industry Act;
“senior creditor” means those creditors who for the time being hold or are entitled to the senior debt;
“senior debt” means the unpaid claims of all the creditors for the time being of the commodity futures broker however incurred;
“stock market” has the same meaning as in the Securities Industry Act;
“trading programme” means a system, method or programme pursuant to which a commodity futures trading adviser intends to use to direct or guide a customer’s commodity futures contract account.