Central Provident Fund (Investment Schemes) (Amendment) Regulations 1998

Status:

Published in Subsidiary Legislation Supplement
on 21 Aug 1998

No. S 432

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Investment Schemes) (Amendment) Regulations 1998

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) Regulations 1998 and shall come into operation on 21st August 1998.

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 corporation”, the following definition:

“ “approved fund manager” means any fund management company appointed by the Board, with the approval of the Minister, for the purposes of these Regulations;”;

(b)

by deleting the definition of “fund management account” and substituting the following definition:

“ “fund management account” means an account maintained by a member under regulation 12;”;

(c)

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

“(c)	units in any unit trust scheme or investments in any collective investment scheme which the Board may approve for the purposes of these Regulations;”; and

(d)

by inserting, immediately after the word “scheme” in the definition of “shares”, the words “or investments in a collective investment scheme approved under paragraph (c) of the definition of “securities” ”.

Amendment of regulation 2A

3. Regulation 2A of the principal Regulations is amended by inserting, immediately after paragraph (2), the following paragraph:

“(3) Subject to regulation 32(2), no member shall purchase any unit in any unit trust scheme or investment in any collective investment scheme unless that unit trust scheme or collective investment scheme, as the case may be, is managed by an approved fund manager.”.

Amendment of regulation 12

4. Regulation 12(3) of the principal Regulations is amended by deleting the word “All” in the first line and substituting the words “Subject to regulation 32(3), all”.

Amendment of regulation 32

5. The principal Regulations are amended by renumbering regulation 32 as paragraph (1) of that regulation, and by inserting immediately thereafter the following paragraphs:

“(2) A member may purchase any unit in any unit trust scheme which, immediately before 21st August 1998, was approved by the Minister for the purposes of these Regulations notwithstanding that the fund manager of the unit trust scheme is not an approved fund manager.

(3) Where a member has deposited an amount in a fund management account before 21st August 1998, he may continue to maintain that fund management account with the same fund manager notwithstanding that that fund manager ceases to be an approved fund manager on or after that date.”.

Made this 7th day of August 1998.

TAN CHIN NAM

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MM C 8.1/97 V3; AG/LEG/SL/36/97/1 Vol. 1]

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

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