Central Provident Fund Act
(Chapter 36, Section 77(1)(m))
Central Provident Fund (Investment Schemes) Regulations
Rg 9
G.N. No. S 543/1996

REVISED EDITION 1998
(1st January 1998)
[1st January 1997]
PART I
PRELIMINARY
Citation
1.  These Regulations may be cited as the Central Provident Fund (Investment Schemes) Regulations.
Definitions
2.—(1)  In these Regulations, unless the context otherwise requires —
“accounting year” means a period of 12 months commencing on 1st October of each year and ending on 30th September of the succeeding year or such other period as the Board may determine;
“approved bank” means any bank appointed by the Board under regulation 3;
“approved corporation” means any corporation approved by the Minister for the purposes of these Regulations;
“approved fund manager” means any fund management company appointed by the Board, with the approval of the Minister, for the purposes of these Regulations;
[S 432/98 wef 21/08/1998]
“approved insurer” means an insurer appointed by the Board, with the approval of the Minister, for the purposes of these Regulations;
[S 201/99 wef 27/04/1999]
“available amount” means such amount of the moneys standing to the credit of a member in the Fund, including any balance in his CPF Investment Account, which the Board may, in accordance with any direction by the Minister, permit the member to withdraw for the purchase of gold or securities under Part II or III;
“bank” has the same meaning as in the Banking Act (Cap. 19);
“company” means a company incorporated under the Companies Act (Cap. 50) or any previous corresponding law;
“corporation” means —
(a)any company which is incorporated in Singapore and wholly or partly owned by the Government, or any subsidiary of such a company which is incorporated in Singapore; and
(b)any subsidiary of a statutory board which is incorporated in Singapore;
“CPF contributions” means the moneys standing to the credit of a member in the Fund;
“CPF Investment Account” means an account opened by a member with an approved bank from which money may be withdrawn for the purchase of gold or securities;
[Deleted by S 201/99 wef 27/04/1999]
“fixed deposit account” means a fixed deposit account maintained by a member with an approved bank;
“fund management account” means an account maintained by a member under regulation 12;
[S 432/98 wef 21/08/1998]
“gold” includes gold bars, gold coins, gold certificates, gold savings accounts and gold of at least 999 fineness held by an approved bank on behalf of its customers;
“insurance policy” means an endowment insurance policy or any other insurance policy or class of insurance policies approved by the Board;
[S 201/99 wef 27/04/1999]
“insurer” means any person registered under the Insurance Act (Cap. 142) to carry on insurance business in Singapore;
“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;
[S 201/99 wef 27/04/1999]
“net realised profit” means the net realised profit a member may withdraw in accordance with regulation 24;
“securities” means —
(a)fully paid-up ordinary or preference shares and loan stocks or bonds of companies incorporated in Singapore which are quoted on the Stock Exchange of Singapore and are denominated in Singapore currency;
[S 517/99 wef 01/12/1999]
(c)units in any unit trust scheme approved by the Board for the purposes of these Regulations;
[S 201/99 wef 27/04/1999]
(ca)investments in any collective investment scheme, or investment-linked insurance policy, approved by the Board for the purposes of these Regulations;
[S 201/99 wef 27/04/1999]
(d)bonds issued by the Government;
(e)receipts of fixed deposit accounts;
(f)deposits in fund management accounts;
(g)insurance policies;
(h)shares in an approved corporation;
(j)bonds, denominated in Singapore currency, issued by any statutory body established by or constituted under any written law;
[S 548/98 wef 12/11/1998]
[S 351/99 wef 06/08/1999]
(k)bonds issued by a corporation that are guaranteed by the Government and are approved by the Minister for the purposes of these Regulations; and
[S 43/99 wef 04/02/1999]
(l)bonds issued by the government of a country, or an inter-governmental organisation, that are approved by the Minister for the purposes of these Regulations;
[S 351/99 wef 06/08/1999]
“SESDAQ” means the Stock Exchange of Singapore Dealing and Automated Quotation System;
“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;
[S 201/99 wef 27/04/1999]
“shares in an approved corporation” means such shares in an approved corporation as may be approved by the Minister for the purposes of Part III;
“Share Profit Account” means a Share Profit Account maintained by the Board for a member for the purposes of these Regulations;
“Stock Exchange of Singapore” includes SESDAQ;
“subsidiary”, in relation to a company, shall have the same meaning as in section 5 of the Companies Act (Cap. 50), whether or not, in the case of a statutory board, it is a corporation for the purposes of that Act;
“unit”, in relation to a unit trust scheme, means a right or interest, whether described as a unit, a sub-unit or otherwise, which may be acquired under the scheme;
“unit trust scheme” has the same meaning as in the Securities Industry Act (Cap. 289).
[S 104/2000 wef 01/03/2000]
(2)  A reference in these Regulations to an application made by a member shall include an application made on the member’s behalf by an approved bank with which the member has opened a CPF Investment Account.
[S 104/2000 wef 01/03/2000]
Transaction through specified person only
2A.—(1)  No member shall purchase or sell any shares under these Regulations except through the Stock Exchange of Singapore or through such person as the Board thinks fit.
(2)  No member shall purchase or sell any unit in any unit trust scheme under these Regulations except through the manager of the unit trust scheme.
(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.
[S 201/99 wef 27/04/1999]
Appointment of banks
3.  The Board may, from time to time, appoint any bank for the purpose of any investment scheme introduced by the Board under these Regulations to allow members to use their CPF contributions to invest in gold or securities in accordance with these Regulations.
4.  [Deleted by S 517/99 wef 01/12/1999]
No withdrawal by member below age of 21 years
5.  No member who is below the age of 21 years shall be permitted to make any withdrawal under these Regulations.
Undischarged bankrupts
6.  Subject to regulation 30, no member who is an undischarged bankrupt shall be permitted to make any withdrawal for the purpose of investment or for any other purpose under these Regulations.
Members who receive loan from Government, etc.
6A.  Subject to regulation 30A, no member who has applied for a loan from the Government under any approved loan scheme under section 14A of the Act or who is receiving moneys under such an approved loan scheme, shall be permitted to make any withdrawal for the purpose of investment or for any other purpose under these Regulations.
[S 86/99 wef 01/03/1999]
Procedure prior to application under Part II
7.—(1)  Before a member makes an application for the withdrawal of moneys under Part II, he shall first open a CPF Investment Account with an approved bank.
(2)  Moneys in the CPF Investment Account shall bear interest at such rate as may be determined from time to time by the approved bank in which the account is opened.
(3)  No member shall be entitled to operate more than one CPF Investment Account at any one time.