4. Section 3 of the principal Act is repealed and the following section substituted therefor:
3. This Act shall not apply to ––
the Singapore Exchange Derivatives Clearing Ltd;
a person operating a clearing facility within the meaning of the Securities and Futures Act (Cap. 289) who ––
has notified the Monetary Authority of Singapore of his intent to operate the clearing facility under section 49 of that Act; or
is exempted under section 53 of that Act;
the holder of a capital markets services licence under the Securities and Futures Act in respect of leveraged foreign exchange trading, when acting lawfully under that Act,
but only to the extent that the activities carried out by such person are regulated under the Securities and Futures Act.”.