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principal

      1. 5(1) in relation to a person :
        1. (a) a person acting on his own account;
        1. (b) (if the person is an appointed representative) the authorised person who is party to a contract with the appointed representative resulting in him being exempt under section 39 of the Act (Exemption of appointed representatives ).
      1. (2) in relation to an option , future or forward contract:
        1. (a) (except in the case of an option on a future ) the amount of property or the value of the property which must be delivered in order to satisfy settlement of the option , future or forward contract;
        1. (b) (in relation to an option on a future ) the amount of property or the value of the property which must be delivered in order to satisfy settlement of the future .