Definitions
2.—(1)  In these Regulations, unless the context otherwise requires —
“appointed person” means a person appointed by the Minister for the purposes of section 43P of the Act;
“approved global trading company” means a global trading company which is approved for the purposes of section 43P of the Act by the Minister or the appointed person, and includes a global trading company which is treated under regulation 6(3) as an approved global trading company;
“carbon credit” means the right to emit an amount of any greenhouse gas that has the same global warming potential as one tonne of carbon dioxide;
“commodity” means any of the commodities specified in the Schedule;
“commodity futures trading” means trading in commodity futures contracts, or options, in any commodity on an exchange in accordance with the rules and regulations, or customs and practices, of the exchange;
“exchange-traded freight derivatives” means derivatives the payoffs of which are linked wholly to the payoffs or performance of the underlying freight rates, and that are traded on any exchange in accordance with the rules and regulations, or customs and practices, of the exchange;
“exchange-traded specified derivative instrument” means any specified derivative instrument that is traded on any exchange in accordance with the rules and regulations, or customs and practices, of the exchange;
“financial sector incentive company” has the same meaning as in section 43Q of the Act;
“financial sector incentive (derivatives market) company” means —
(a)any company which is approved before 1 January 2014 under section 43Q of the Act as —
(i)a financial sector incentive (derivatives market) (exchange‑traded commodity derivatives) company;
(ii)a financial sector incentive (derivatives market) (financial, over‑the‑counter and exchange‑traded commodity derivatives) company;
(iii)a financial sector incentive (derivatives market) (over‑the‑counter commodity derivatives) company; or
(iv)a financial sector incentive (derivatives market) (over‑the‑counter and exchange‑traded commodity derivatives) company; or
(b)any company which is approved on or after 1 January 2014 under section 43Q of the Act as a financial sector incentive (derivatives market) company;
“over-the-counter commodity derivatives” means commodity swaps or options (including caps, collars, floors and swap options) that are traded over the counter, where the consideration or other payment in the transaction is calculated on the basis of the price of any commodity;
“over-the-counter freight derivatives” means derivatives that are traded over the counter, the payoffs of which are linked wholly to the payoffs or performance of the underlying freight rates;
“over-the-counter specified derivative instrument” means any specified derivative instrument that is traded over the counter;
“physical trading” means trading in any commodity on a spot or forward basis, where —
(a)the commodity is purchased by the approved global trading company in question from any of the following entities and sold to any of the following entities:
(i)a specified entity;
(ii)a person who carries on the business of refining petroleum in Singapore;
(iii)a petrochemical manufacturing company in Singapore which is approved for the purposes of this definition by the Minister or such person as the Minister may appoint;
(iv)any other company in Singapore which is approved for the purposes of this definition by the Minister or such person as the Minister may appoint; and
(b)the intention of the parties at the time of the transaction is that actual delivery of the commodity is required, whether or not it is actually made,
but excludes —
(A)any transaction in which the commodity is purchased for the purposes of consumption in Singapore or for the supply of fuel to aircraft or vessels within Singapore;
(B)any transaction in which any petroleum or petroleum product is purchased from, and sold to, any petrochemical manufacturing company mentioned in paragraph (a)(iii); and
(C)any transaction in which the commodity is purchased from, and sold to, any company mentioned in paragraph (a)(iv);
“shipping enterprise” has the same meaning as in section 13A of the Act;
“specified derivative instrument” means any derivative instrument other than one the payoffs of which are linked wholly to the payoffs or performance of —
(a)the freight rates underlying the instrument; or
(b)any commodity underlying the instrument;
“specified entity” means any of the following entities:
(a)a person who —
(i)is not a resident of Singapore; and
(ii)does not have a permanent establishment in Singapore through which the trade or transaction in question is carried out;
(b)a branch office outside Singapore of a company resident in Singapore;
(c)an approved global trading company;
(d)a financial sector incentive (derivatives market) company.
(2)  In these Regulations, a commodity is specified for an approved global trading company if it is specified under regulation 3(1)(b) for the company.