Section 357 Investments and Securities Act

Section 357 of the Investments and Securities Act 2025 is about Interpretation. It is under Part XVIII (Miscellaneous Provisions) of the Act. It provides as follows:

In this Act —
“agent” means a person authorised by another to act for or in place of him and in relation to a securities dealer, includes a person who is, or has been a banker of the dealer at any given time;

“appropriate officer” means the chief executive or any other officer authorised by the council of a state government, local government, or board of a statutory or government agency;
“approving authority” in the case of the Federal Government means the Federal Executive Council, in the case of a state government means the executive council of the State, in the case of a local government means the local government council and in the case of a government agency or statutory body means the board or the supervisory ministry of that body;

“asset” includes any real or personal property, whether tangible or intangible, intellectual property, goodwill, choses in action, right, license, cause of action or claim and any other asset having a commercial value;
“associated person” means a subsidiary, affiliate or agent of a member of any regulated entity;

“auditor” means a member of a body of accountants, recognised by an Act or any other enactment and appointed as auditor of a company or collective investment scheme by managers with the approval of the trustees;
“bid” means an invitation or an offer;

“board of trustees” refers to the board of trustees of an investor protection fund;
“bond” means an instrument of indebtedness issued by a body to secure the repayment of money borrowed by such body;
“bond holder” means a person holding a bond and whose name is entered as the owner in the register;
“book” includes any register, document or other record of information and any account or accounting record, however compiled, recorded or stored, whether in written or printed form or micro-film, electronic process or otherwise;

“breach” means a failure to comply with directives of the Commission, observe or give effect to the provisions of this Act or any rules made under this Act, in circumstances where there is an obligation to do so;

“capital market” means a financial market that brings buyers and sellers together to trade securities, commodities, and other financial assets;
“capital market operator” means any persons, individual or corporate, duly registered by the Commission to perform specific functions in the capital
market;
“capital market participant” means an investor, issuer, capital market operator, securities exchange, financial market infrastructure or any other person or entity participating in the capital market;
“cash” means any cash equivalent other than physical cash;
“central clearing house” means an entity responsible for settling trading accounts, clearing trades, regulating delivery, and reporting trading data, and
it is a central location or central processing mechanism through which payment system participants agree to exchange payments;

“central counterparty” means a central clearing house that interposes itself
between counterparties to contracts traded in one or more financial markets, becoming the buyer to every seller and the seller to every buyer and thereby ensuring the performance of open contracts;

“central securities depository” means an entity that enables securities transactions to be processed and settled by book entry, provides securities
accounts, central safekeeping services, asset services, which may include, among other things, the administration of corporate actions and redemptions, and plays an important role in helping to ensure the integrity of securities issues;

“certificate of registration” means any certificate or license issued by the Commission as a part of its registration functions under this Act;
“cleared contract” means a clearing member contract or a clearing member client contract;
“clearing house” in relation to a commodity exchange, means a body corporate that clears and settles commodity contracts, and ensures that parties honour contractual obligations arising out of those commodity contracts;

“clearing member” means a user of a central counter party or central clearing house authorised to perform clearing services, which has entered into an agreement with the central counter party or central clearing house, or in relation to a commodities exchange means an institution that is licensed by a commodities exchange to clear and settle deals resulting from trading on the
exchange on its own account as well as on accounts of its clients;

“clearing member client contract” means a contract between a financial market infrastructure and one or more clearing members’ clients or indirect clients which is recorded in the accounts of the financial market infrastructure as a position held for the account of a client, an indirect client or a group of
clients or group of indirect clients;

“clearing member contract” means a contract between a financial market
infrastructure and a clearing member recorded in the accounts of the financial market infrastructure as a position held for the account of a clearing member itself;

“clearing and settlement company” means any corporate body which acts as an intermediary in making payments or deliveries or both in connection with transactions in securities and provides facilities for comparison of data regarding the terms of settlement of securities transaction or for the allocation of securities settlement responsibilities;