Central Provident Fund (Investment Schemes) (Amendment No. 3) Regulations 1999

No. S 201

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Investment Schemes) (Amendment No. 3) Regulations 1999

In exercise of the powers conferred by section 77(1)(m) of the Central Provident Fund Act, the Minister for Manpower, after consultation with the Central Provident Fund Board, hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Central Provident Fund (Investment Schemes) (Amendment No. 3) Regulations 1999 and shall come into operation on 27th April 1999.

Amendment of regulation 2

2. Regulation 2 of the Central Provident Fund (Investment Schemes) Regulations (Rg 9) (referred to in these Regulations as the principal Regulations) is amended —

(a)

by inserting, immediately after the definition of “approved fund manager”, the following definition:

“ “approved insurer” means an insurer appointed by the Board, with the approval of the Minister, for the purposes of these Regulations;”;

(b)

by deleting the definition of “endowment insurance policy”;

(c)

by inserting, immediately after the definition of “gold”, the following definition:

“ “insurance policy” means an endowment insurance policy or any other insurance policy or class of insurance policies approved by the Board;”;

(d)

by inserting, immediately after the definition of “insurer”, the following definition:

“ “investment-linked insurance policy” means any individual insurance policy that provides life insurance where the policy value at any time varies according to the value of the underlying assets at the time;”;

(e)

by deleting paragraph (c) of the definition of “securities” and substituting the following paragraphs:

“(c)	units in any unit trust scheme approved by the Board for the purposes of these Regulations;
(ca)	investments in any collective investment scheme, or investment-linked insurance policy, approved by the Board for the purposes of these Regulations;”;

(f)

by deleting the word “endowment” in paragraph (g) of the definition of “securities”; and

(g)

by deleting the definition of “shares” and substituting the following definition:

“ “shares” means any securities but excludes units in a unit trust scheme, investments in any collective investment scheme or investment-linked insurance policy, fixed deposit accounts, insurance policies, fund management accounts, loan stocks or bonds;”.

Amendment of regulation 2A

3. Regulation 2A of the principal Regulations is amended by deleting paragraph (3) and substituting the following paragraph:

“(3) Subject to regulation 32 (2) and (4), no member shall —

(a)	purchase any unit in any unit trust scheme or invest in any collective investment scheme unless the unit trust scheme or collective investment scheme is managed by an approved fund manager; or
(b)	invest in any investment-linked insurance policy unless the investment-linked insurance policy is managed by an approved insurer approved by the Board to manage investment-linked insurance policies or an approved fund manager.”.

Amendment of regulation 11

4. Regulation 11 of the principal Regulations is amended —

(a)

by deleting the word “endowment” wherever it appears in paragraphs (1), (2), (4) and (5);

(b)

by inserting, immediately after paragraph (3), the following paragraph:

“(3A) No application made by a member under paragraph (1) shall be approved unless the insurer is an approved insurer.”; and

(c)

by deleting the regulation heading and substituting the following regulation heading:

“Insurance policies”.

Amendment of regulation 28

5. Regulation 28 (3) of the principal Regulations is amended by deleting the word “endowment” in the 3rd line.

Amendment of regulation 30

6. Regulation 30 (2) of the principal Regulations is amended by deleting the word “endowment” in the 3rd line.

Amendment of regulation 30A

7. Regulation 30A of the principal Regulations is amended by deleting the word “endowment” in the 7th line.

Amendment of regulation 32

8. Regulation 32 of the principal Regulations is amended by inserting, immediately after paragraph (3), the following paragraph:

“(4) A member may invest in any investment-linked insurance policy which, immediately before 27th April 1999, was approved by the Board for the purposes of these Regulations notwithstanding that the insurer or fund manager of the investment-linked insurance policy is not approved to manage the investment-linked insurance policy.”.

[G.N. Nos. S 432/98; S 521/98; S 548/98; S 43/99; S 86/99]

Made this 24th day of April 1999.

TAN CHIN NAM

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MM S 2.4.3/80 V3; AG/LEG/SL/36/97/8 Vol. 1]

(To be presented to Parliament under section 78(2) of the Central Provident Fund Act).

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