Terms and conditions of exemption
3.  The exemption under paragraph 2 shall apply only if the following terms and conditions are satisfied:
(a)the issuer has been approved by the Monetary Authority of Singapore (the Authority) to issue Singapore dollar debt securities under the Authority’s guidelines on internationalisation of the Singapore dollar (the Internationalisation Guidelines);
(b)the Singapore swap counterparty is a licensed bank or merchant bank or any other institution specifically approved by the Authority to enter into the cross currency swap transaction; and
(c)the cross currency swap transaction is entered into pursuant to the requirements of the Internationalisation Guidelines to convert the proceeds from the Singapore-dollar denominated debt securities into foreign currency.
[G.N. No. S 206/99]