(a) | where the financial sector incentive (standard tier) company is a bank licensed under the Banking Act (Cap. 19) or a merchant bank approved under section 28 of the Monetary Authority of Singapore Act (Cap. 186) —(i) | granting loans, other than by way of bonds or debentures, in any foreign currency, the repayment of which is not in Singapore currency; | (ii) | trading in secondary loans in any foreign currency, the repayment of which is not in Singapore currency; | (iii) | transactions in any foreign currency with any bank or branch office in respect of any of the following:(A) | placement of funds; | (B) | bankers’ acceptances on bills relating to trade transactions; | (C) | bills relating to trade transactions; | (D) | negotiable certificates of deposit; |
| (iv) | opening, advising or confirming of letters of credit denominated in any foreign currency relating to trade transactions; | (v) | financing or re-financing of trade transactions with or without letters of credit denominated in any foreign currency; | (vi) | providing guarantees, performance bonds, standby letters of credit and services relating to remittances denominated in foreign currencies; and | (vii) | providing services to any non-resident holder of a credit or charge card, in connection with the use of the card, where —(A) | the billing for the transactions for which the card is used is denominated in any foreign currency; | (B) | the card is used outside Singapore for the purposes of making payments to a person outside Singapore who is neither resident in Singapore nor a permanent establishment in Singapore; and | (C) | the payments for such services to the financial sector incentive (standard tier) company are not borne, directly or indirectly, by a person resident in Singapore or a permanent establishment in Singapore, except in respect of any business carried on outside Singapore through a permanent establishment outside Singapore; |
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(b) | trading in any debt securities; |
(c) | arranging, managing, underwriting, selling, investing in or providing services (including services as a broker, nominee or custodian) in respect of qualifying debt securities; |
(d) | arranging, managing, underwriting, selling, investing in or providing services (including services as a broker, nominee or custodian) in respect of foreign debt securities; |
(e) | granting loans of foreign debt securities under securities lending arrangements in writing; |
(f) | arranging, managing, underwriting, selling or providing other services (including services as a broker, nominee or custodian) in respect of foreign equity securities; |
(g) | granting loans of foreign equity securities under securities lending arrangements in writing; |
(h) | arranging, managing, underwriting, selling or providing services (including services as a broker, nominee or custodian) in respect of units in a foreign collective investment scheme and units in a foreign business trust; |
(i) | foreign exchange transactions; |
(j) | providing services as an intermediary in connection with transactions relating to derivatives; |
(k) | trading in derivatives; |
(l) | transactions in gold bullion, silver bullion or platinum bullion; |
(m) | managing the funds of a foreign investor for the purpose of any designated investments, or providing investment advisory services to a foreign investor in respect of designated investments, where the payments for the services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore; |
(n) | managing the funds of a prescribed person for the purpose of any designated investments, provided the prescribed person has no non-qualifying investor as at the last day of the basis period of the prescribed person for the relevant year of assessment; |
(o) | managing the funds of an approved company for the purpose of any designated investments, provided the approved company has no non-qualifying investor as at the last day of the basis period of the approved company for the relevant year of assessment; |
(p) | managing the funds of a trustee of a prescribed trust fund for the purpose of any designated investments, where the payments for those services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore (other than a fund manager of, or a trustee in its capacity as the trustee of the prescribed trust fund); |
(q) | managing the funds of an approved person for the purpose of any designated investments; |
(r) | arranging, on behalf of a foreign investor, any loan of designated securities under a securities lending arrangement in writing to another financial sector incentive (standard tier) company or a financial sector incentive (fund management) company, where the payments for the services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore; |
(s) | arranging on behalf of a trustee of a prescribed trust fund, any loan of designated securities under a securities lending arrangement in writing to another financial sector incentive (standard tier) company or a financial sector incentive (fund management) company, where the payments for the services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore; |
(t) | providing advisory services relating to financial matters (other than investment advisory services in respect of fund management); |
(u) | providing investment advisory services to a prescribed person in respect of any designated investments, provided the prescribed person has no non-qualifying investor as at the last day of the basis period of the prescribed person for the relevant year of assessment; |
(v) | providing investment advisory services to an approved company in respect of any designated investments, provided the approved company has no non-qualifying investor as at the last day of the basis period of the approved company for the relevant year of assessment; |
(w) | providing investment advisory services to a trustee of a prescribed trust fund in respect of any designated investments, where the payments for those services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore (other than a fund manager of, or a trustee in its capacity as the trustee of, the prescribed trust fund); |
(x) | providing investment advisory services to an approved person in respect of any designated investments; |
(y) | providing investment advisory services to a foreign investor through a fund manager outside Singapore in respect of designated investments, where the payments for those services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore; |
(z) | providing investment advisory services to a trustee of a prescribed trust fund through a fund manager outside Singapore in respect of designated investments, where the payments for those services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore; |
(za) | providing trustee or custodian services in its capacity as a trustee of a relevant foreign trust, where the payments for the services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore; |
(zb) | providing trustee or custodian services for or on behalf of any unit trust the trust fund of which is a foreign investor and the funds of which are invested in designated investments, where the payments for the trustee or custodian services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore; |
(zc) | providing custodian services for or on behalf of any foreign mutual fund corporation, the funds of which are invested in designated investments, where the payments for the custodian services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore; |
(zd) | providing trustee services in respect of foreign bond or loan stock issues, including services for monitoring loan covenants and administering loan repayments, where the payments for the services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore; |
(ze) | providing trustee services in respect of the issue of units of —(i) | a foreign collective investment scheme; or | (ii) | a foreign business trust, |
where the proceeds of the issue of units are used outside Singapore and where the payment for the trustee services is not borne directly or indirectly by a person resident in Singapore or by a permanent establishment in Singapore (excluding a trustee in Singapore in its capacity as a trustee of that collective investment scheme or foreign business trust); |
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(zf) | providing trust management or administration services to any trustee of a relevant foreign trust, where the payments for the services are not borne, directly or indirectly, by a person resident in Singapore or by a permanent establishment in Singapore; |
(zg) | trading in secondary loans in any foreign currency, the repayment of which is not in Singapore currency.”. |