Securities and Futures Act 2001 - Singapore Statutes Online

FIRST SCHEDULE

Sections 2(1) and 340(1)

Part 1

Market

Definition of organised market

1.—(1) In this Act, “organised market” means —

(a)

a place at which, or a facility (whether electronic or otherwise) by means of which, offers or invitations to exchange, sell or purchase derivatives contracts, securities or units in collective investment schemes, are regularly made on a centralised basis, being offers or invitations that are intended or may reasonably be expected to result, whether directly or indirectly, in the acceptance or making, respectively, of offers to exchange, sell or purchase derivatives contracts, securities or units in collective investment schemes (whether through that place or facility or otherwise); or

(b)

such other facility or class of facilities as the Authority may, by order, prescribe.

(2) Despite sub‑paragraph (1), “organised market” does not include a place or facility used by only one person —

(a)	to regularly make offers or invitations to sell, purchase or exchange derivatives contracts, securities or units in collective investment schemes; or
(b)	to regularly accept offers to sell, purchase or exchange derivatives contracts, securities or units in collective investment schemes.

2. [Deleted by Act 4 of 2017]

3. [Deleted by Act 4 of 2017]

Part 2

Clearing Facility

Definition of clearing facility

4.—(1) In this Act —

“clearing facility” means —

(a)	a facility for the clearing or settlement of transactions in derivatives contracts, securities or units in collective investment schemes; or
(b)	such other facility or class of facilities for the clearing or settlement of transactions as the Authority may, by order, prescribe;

“clearing or settlement”, in relation to a clearing facility, means any arrangement, process, mechanism or service provided by a person in respect of transactions, by which —

(a)	information relating to the terms of those transactions are verified by such person with a view to confirming the transactions;
(b)	parties to those transactions substitute, through novation or otherwise, the credit of such person for the credit of the parties;
(c)	the obligations of parties under those transactions are calculated, whether or not such calculations include multilateral netting arrangements; or
(d)	parties to those transactions meet their obligations under such transactions, including the obligation to deliver, the transfer of funds or the transfer of title to securities between the parties.

(2) For the purposes of this Act, “clearing or settlement” does not include —

(a)	the back office operations of a party to the transactions referred to in sub‑paragraph (1);
(b)	the services provided by a person who has, under an arrangement with another person (called in this sub‑paragraph the customer), possession or control of securities of the customer, where those services are solely incidental to the settlement of transactions relating to the securities; or
(c)	any other arrangement, process, mechanism or service which the Authority may prescribe. [2/2009; 34/2012; 4/2017]

Search within Legislation