“approved securities company” means a company approved under section 43A(1)(c) of the Act;
[S 72/95]
“financial institution” means a financial institution with an Asian Currency Unit in Singapore;
“syndicated guarantee facility” means any syndicated facility whereby any guarantee or letter of credit is made available to any financial institution or any approved securities company where —
(a)
the facility is in currencies other than Singapore dollars;
(b)
the guarantee or letter of credit was issued in favour of an Asian Currency Unit of a financial institution or an approved securities company, as the case may be, for the purpose of providing or participating in a loan in currencies other than Singapore dollars made to a non-resident person (but excluding its permanent establishment in Singapore) and the loan is to be used outside Singapore; and
[S 72/95]
(c)
no interest in respect of the loan referred to in sub-paragraph (b) is borne, directly or indirectly, by any person resident in Singapore (except in respect of any business carried on outside Singapore by a person resident in Singapore through a permanent establishment outside Singapore) or by any permanent establishment in Singapore;
[S 72/95]
“syndicated offshore credit facility” means any syndicated loan or advance or any facility whereby any fund, guarantee or letter of credit is made available to a non-resident person (but excluding its permanent establishment in Singapore) or to a permanent establishment outside Singapore of a person resident in Singapore in respect of any business carried on outside Singapore through that permanent establishment where —
(a)
the credit facility is in currencies other than Singapore dollars;
(b)
in the case of —
(i)
a loan, advance or a facility whereby funds are made available, such loan, advance or facility is to be used outside Singapore;
(ii)
a guarantee or letter of credit, the facility was issued in favour of a non-resident person (but excluding its permanent establishment in Singapore) or of a person resident in Singapore in respect of any business carried on outside Singapore through a permanent establishment outside Singapore; and
(c)
no interest, commission, fee or any other payment in respect of the credit facility is borne, directly or indirectly, by any person resident in Singapore (except in respect of any business carried on outside Singapore by a person resident in Singapore through a permanent establishment outside Singapore) or by any permanent establishment in Singapore;
“syndicated offshore underwriting facility” means any facility for the underwriting of bonds, notes, certificates of deposit or other instruments of indebtedness provided to a non-resident person (but excluding its permanent establishment in Singapore) or to a permanent establishment outside Singapore of a person resident in Singapore in respect of any business carried on outside Singapore through that permanent establishment where —
(a)
the bonds, notes, certificates of deposit or other instruments of indebtedness are in currencies other than Singapore dollars;
(b)
the proceeds from the issue of such bonds, notes, certificates of deposit or other instruments of indebtedness are to be used outside Singapore; and
(c)
no interest, commission, fee payable or any other payment in respect of the underwriting facility is borne, directly or indirectly, by any person resident in Singapore (except in respect of any business carried on outside Singapore by a person resident in Singapore through a permanent establishment outside Singapore) or by any permanent establishment in Singapore.