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Formal Consolidation | Amended S 189/2008
Definitions
2. In these Regulations, unless the context otherwise requires —
“approved commodity exchange” means any commodity exchange which is approved for the purposes of these Regulations by the Minister or such person as he may appoint;
“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 such person as he may appoint;
“approved international commodity trading company” means an international commodity trading company which is approved for the purposes of section 43H of the Act by the Minister or such person as he may appoint;
“approved oil trading company” means an oil trading company which is approved for the purposes of section 43F of the Act by the Minister or such person as he may appoint;
“commodity” means any of the commodities specified in the First Schedule;
“commodity futures trading” means trading in commodity futures contracts or options in any commodity on any exchange specified in the Second Schedule or on any approved commodity exchange, carried out by an approved global trading company in accordance with the rules and regulations or customs and practices of that exchange with —
(a)
a person who is neither a resident of nor a permanent establishment in Singapore;
(b)
a branch office outside Singapore of a company resident in Singapore;
(c)
an Asian Currency Unit of a financial institution;
(d)
a futures member of the Singapore Exchange;
(e)
a member of the Singapore Commodity Exchange;
(f)
an approved oil trading company;
(g)
an approved international commodity trading company; or
(h)
another approved global trading company;
“exchange-traded freight derivatives” means derivatives that are transacted on an exchange, the payoffs of which are linked wholly to the payoffs or performance of the underlying freight rates;
[S 189/2008 wef 26/05/2005]
“over the counter freight derivatives” means derivatives that are transacted over the counter, the payoffs of which are linked wholly to the payoffs or performance of the underlying freight rates;
[S 189/2008 wef 26/05/2005]
“over the counter hedging transaction” has the meaning given to it in regulation 4;
“physical trading” means trading in any commodity on a spot or forward basis where 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, and where the commodity is purchased by an approved global trading company from and sold to —
(a)
a person who is neither a resident of nor a permanent establishment in Singapore;
(b)
a branch office outside Singapore of a company resident in Singapore;
(c)
an approved oil trading company;
(d)
an approved international commodity trading company;
(e)
another approved global trading company;
(f)
a person who carries on the business of refining petroleum in Singapore; or
(g)
a petrochemical manufacturing company in Singapore which is approved on or after 1st November 1996 by the Minister or such person as he may appoint,
but does not include —
(i)
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; and
(ii)
any transaction in which the petroleum or petroleum product is both purchased from and sold to any petrochemical manufacturing company in Singapore which is approved on or after 1st November 1996 by the Minister or such person as he may appoint;
“qualifying transaction” means any of the following transactions carried out by an approved global trading company in a currency other than Singapore dollar:
(a)
physical trading;
(b)
commodity futures trading;
(c)
over the counter hedging transaction.
“shipping enterprise” has the same meaning as in section 13A of the Act.
[S 189/2008 wef 26/05/2005]
Informal Consolidation | Amended S 189/2008
Definitions
2. In these Regulations, unless the context otherwise requires —
“approved commodity exchange” means any commodity exchange which is approved for the purposes of these Regulations by the Minister or such person as he may appoint;
“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 such person as he may appoint;
“approved international commodity trading company” means an international commodity trading company which is approved for the purposes of section 43H of the Act by the Minister or such person as he may appoint;
“approved oil trading company” means an oil trading company which is approved for the purposes of section 43F of the Act by the Minister or such person as he may appoint;
“commodity” means any of the commodities specified in the First Schedule;
“commodity futures trading” means trading in commodity futures contracts or options in any commodity on any exchange specified in the Second Schedule or on any approved commodity exchange, carried out by an approved global trading company in accordance with the rules and regulations or customs and practices of that exchange with —
(a)
a person who is neither a resident of nor a permanent establishment in Singapore;
(b)
a branch office outside Singapore of a company resident in Singapore;
(c)
an Asian Currency Unit of a financial institution;
(d)
a futures member of the Singapore Exchange;
(e)
a member of the Singapore Commodity Exchange;
(f)
an approved oil trading company;
(g)
an approved international commodity trading company; or
(h)
another approved global trading company;
“exchange-traded freight derivatives” means derivatives that are transacted on an exchange, the payoffs of which are linked wholly to the payoffs or performance of the underlying freight rates;
[S 189/2008 wef 26/05/2005]
“over the counter freight derivatives” means derivatives that are transacted over the counter, the payoffs of which are linked wholly to the payoffs or performance of the underlying freight rates;
[S 189/2008 wef 26/05/2005]
“over the counter hedging transaction” has the meaning given to it in regulation 4;
“physical trading” means trading in any commodity on a spot or forward basis where 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, and where the commodity is purchased by an approved global trading company from and sold to —
(a)
a person who is neither a resident of nor a permanent establishment in Singapore;
(b)
a branch office outside Singapore of a company resident in Singapore;
(c)
an approved oil trading company;
(d)
an approved international commodity trading company;
(e)
another approved global trading company;
(f)
a person who carries on the business of refining petroleum in Singapore; or
(g)
a petrochemical manufacturing company in Singapore which is approved on or after 1st November 1996 by the Minister or such person as he may appoint,
(i)
a company in Singapore which is approved on or after 1st July 2006 by the Minister or such person as he may appoint,
[S 189/2008 wef 01/07/2006]
[S 26/2011 wef 27/02/2009]
but does not include —
(i)
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; and
(ii)
any transaction in which the petroleum or petroleum product is both purchased from and sold to any petrochemical manufacturing company in Singapore which is approved on or after 1st November 1996 by the Minister or such person as he may appoint;
(iii)
any transaction in which the commodity is both purchased from and sold to any company in Singapore, being a company which is approved on or after 1st July 2006 by the Minister or such person as he may appoint;
[S 189/2008 wef 01/07/2006]
“qualifying transaction” means any of the following transactions carried out by an approved global trading company in a currency other than Singapore dollar:
(a)
physical trading;
(b)
commodity futures trading;
(c)
over the counter hedging transaction.
“shipping enterprise” has the same meaning as in section 13A of the Act.