4.—(1) The arrangements referred to in paragraph (b) of the definition of “qualifying debt securities” in section 13(16) of the Act are as follows:
(a)
where the debt securities are issued during the period from 28th February 1998 to 9th May 1999 —
(i)
the securities are substantially arranged by a financial institution in Singapore; and
(ii)
at least half of the following functions in connection with the issue of the securities are performed by financial institutions in Singapore:
(A)
securing the mandate;
(B)
originating and structuring the debt issue;
(C)
documentation and preparation of the offering circular;
(D)
distribution of the issue of the securities;
(b)
where the debt securities are issued during the period from 10th May 1999 to 31st December 2013 and where such securities are not issued under a programme —
(i)
the lead manager is —
(A)
in the case of an arrangement made before 1st January 2004, an approved bond intermediary;
(B)
in the case of an arrangement made on or after 1st January 2004, a financial sector incentive (bond market) company; or
[S 350/2005 wef 03/12/2003]
(ii)
the staff of the financial institution arranging the issue who are based in Singapore have a leading and substantial role in originating and structuring the issue and its distribution;
[S 350/2005 wef 03/12/2003]
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(ba)
where the debt securities are issued during the period from 1 January 2014 to 31 December 2023 and are not issued under a programme, any one of the following is satisfied:
(i)
the lead manager is any, or if there is more than one lead manager, more than half of the lead managers are any or any combination, of the following:
(A)
a financial sector incentive (bond market) company;
(B)
a financial sector incentive (capital market) company;
(C)
a financial sector incentive (standard tier) company;
(ii)
if the issuer is a Singapore-based issuer —
(A)
more than half of the amount of gross revenue from arranging the issue is attributable to any or any combination of the following:
(AA)
a financial sector incentive (bond market) company;
(AB)
a financial sector incentive (capital market) company;
(AC)
a financial sector incentive (standard tier) company; and
(B)
more than half of the staff arranging the issue, of the company or cumulatively of the companies mentioned in sub-paragraph (A), are based in Singapore;
(iii)
if the issuer is not a Singapore-based issuer, more than half of the debt securities issued under the issue are distributed by any or any combination of the following:
(A)
a financial sector incentive (bond market) company;
(B)
a financial sector incentive (capital market) company;
(C)
a financial sector incentive (standard tier) company;
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(c)
where the debt securities are issued during the period from 10th May 1999 to 31st December 2023 under a programme —
(i)
the programme as a whole is arranged by an approved bond intermediary, the arrangement of which is completed on or before 31st December 2003;
(ii)
the programme as a whole is arranged by an approved bond intermediary, the arrangement of which is not completed on or before 31st December 2003 by the approved bond intermediary and the arrangement is completed by a financial sector incentive (bond market) company;
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(iii)
the programme as a whole is arranged by a financial sector incentive (bond market) company;
(iv)
the programme as a whole is arranged by a financial sector incentive (bond market) company, the arrangement of which is not completed on or before 31 December 2013 by the financial sector incentive (bond market) company, and the arrangement is completed on or after 1 January 2014 by a financial sector incentive (capital market) company or a financial sector incentive (standard tier) company; or
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(v)
the programme as a whole is arranged on or after 1 January 2014 by a financial sector incentive (capital market) company or a financial sector incentive (standard tier) company;
[S 350/2005 wef 03/12/2003]
[S 268/2009 wef 01/01/2009]
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(d)
where the debt securities are issued during the period from 10th May 1999 to 31st December 2023 by a new issuer who joins an existing programme which does not satisfy the requirement in sub-paragraph (c) —
(i)
the participation of the new issuer in the programme is arranged by an approved bond intermediary, the arrangement of which is completed on or before 31st December 2003, and that programme as a whole was previously arranged by an affiliate of any approved bond intermediary, the arrangement of which is completed on or before 31st December 2003;
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(ii)
the participation of the new issuer in the programme is arranged by a financial sector incentive (bond market) company, and that programme as a whole was previously arranged by an affiliate of any approved bond intermediary, the arrangement of which is completed on or before 31st December 2003;
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(iii)
the participation of the new issuer in the programme is arranged by a financial sector incentive (bond market) company, and that programme as a whole was previously arranged by an affiliate of any financial sector incentive (bond market) company; or
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(iv)
the participation of the new issuer in the programme is arranged on or after 1 January 2014 by a financial sector incentive (capital market) company or a financial sector incentive (standard tier) company, and that programme as a whole —
(A)
was previously arranged by an affiliate of any financial sector incentive (bond market) company; or
(B)
was previously arranged on or after 1 January 2014 by an affiliate of any financial sector incentive (capital market) company or financial sector incentive (standard tier) company;
[S 350/2005 wef 03/12/2003]
[S 268/2009 wef 01/01/2009]
[S 240/2016 wef 01/01/2014]
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(e)
where the debt securities are issued during the period from 10th May 1999 to 31st December 2013 under a tranche of a programme which does not satisfy the requirement in sub-paragraph (c) or (d), the dealers for more than half of the debt securities issued under that tranche are —
(i)
financial institutions in Singapore where their staff based in Singapore have a leading and substantial role in the distribution of the debt securities;
where the debt securities are issued during the period from 1 January 2014 to 31 December 2023 under a tranche of a programme and the programme does not satisfy the requirements in sub-paragraph (c) or (d), more than half of the debt securities issued under that tranche are distributed by any or any combination of the following:
(i)
a financial sector incentive (bond market) company;
(ii)
a financial sector incentive (capital market) company;
(iii)
a financial sector incentive (standard tier) company.
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(1A) The arrangements referred to in paragraph (c) of the definition of “qualifying debt securities” in section 13(16) of the Act are —
(a)
where the Islamic debt securities are issued during the period from 1 January 2005 to 31 December 2013 and are not issued under a programme —
(i)
the lead manager is a financial sector incentive (bond market) company; or
(ii)
the staff of the financial institution arranging the issue who are based in Singapore have a leading and substantial role in originating and structuring the issue and its distribution;
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(aa)
where the Islamic debt securities are issued during the period from 1 January 2014 to 31 December 2023 and are not issued under a programme, any one of the following is satisfied:
(i)
the lead manager is any, or if there is more than one lead manager, more than half of the lead managers are any or any combination, of the following:
(A)
a financial sector incentive (bond market) company;
(B)
a financial sector incentive (capital market) company;
(C)
a financial sector incentive (standard tier) company;
(ii)
if the issuer is a Singapore-based issuer —
(A)
more than half of the amount of gross revenue from arranging the issue is attributable to any or any combination of the following:
(AA)
a financial sector incentive (bond market) company;
(AB)
a financial sector incentive (capital market) company;
(AC)
a financial sector incentive (standard tier) company; and
(B)
more than half of the staff arranging the issue, of the company or cumulatively of the companies mentioned in sub-paragraph (A), are based in Singapore;
(iii)
if the issuer is not a Singapore-based issuer, more than half of the debt securities issued under the issue are distributed by any or any combination of the following:
(A)
a financial sector incentive (bond market) company;
(B)
a financial sector incentive (capital market) company;
(C)
a financial sector incentive (standard tier) company;
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(b)
where the Islamic debt securities are issued during the period from 1 January 2005 to 31 December 2023 under a programme —
(i)
the programme as a whole is arranged by an approved bond intermediary, the arrangement of which is completed on or before 31st December 2003;
(ii)
the programme as a whole is arranged by an approved bond intermediary, the arrangement of which is not completed on or before 31st December 2003 by the approved bond intermediary and the arrangement is completed by a financial sector incentive (bond market) company;
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(iii)
the programme as a whole is arranged by a financial sector incentive (bond market) company;
(iv)
the programme as a whole is arranged by a financial sector incentive (bond market) company, the arrangement of which is not completed on or before 31 December 2013 by the financial sector incentive (bond market) company, and the arrangement is completed on or after 1 January 2014 by a financial sector incentive (capital market) company or a financial sector incentive (standard tier) company; or
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(v)
the programme as a whole is arranged on or after 1 January 2014 by a financial sector incentive (capital market) company or a financial sector incentive (standard tier) company;
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(c)
where the Islamic debt securities are issued during the period from 1 January 2005 to 31 December 2023 by a new issuer who joins an existing programme which does not satisfy the requirement in sub-paragraph (b) —
(i)
the participation of the new issuer in the programme is arranged by a financial sector incentive (bond market) company, and that programme as a whole was previously arranged by an affiliate of any approved bond intermediary, the arrangement of which is completed on or before 31st December 2003;
[S 240/2016 wef 01/01/2014]
(ii)
the participation of the new issuer in the programme is arranged by a financial sector incentive (bond market) company, and that programme as a whole was previously arranged by an affiliate of any financial sector incentive (bond market) company; or
[S 240/2016 wef 01/01/2014]
(iii)
the participation of the new issuer in the programme is arranged on or after 1 January 2014 by a financial sector incentive (capital market) company or a financial sector incentive (standard tier) company, and that programme as a whole —
(A)
was previously arranged by an affiliate of any financial sector incentive (bond market) company; or
(B)
was previously arranged on or after 1 January 2014 by an affiliate of any financial sector incentive (capital market) company or financial sector incentive (standard tier) company;
[S 240/2016 wef 01/01/2014]
[S 869/2018 wef 27/12/2018]
(d)
where the Islamic debt securities are issued during the period from 1 January 2005 to 31 December 2013 under a tranche of a programme which does not satisfy the requirement in sub-paragraph (b) or (c), the dealers for more than half of the Islamic debt securities issued under that tranche are —
(i)
financial institutions in Singapore where their staff based in Singapore have a leading and substantial role in the distribution of the Islamic debt securities; or
(ii)
financial sector incentive (bond market) companies; and
[S 52/2006 wef 01/01/2005]
[S 240/2016 wef 01/01/2014]
(e)
where the Islamic debt securities are issued during the period from 1 January 2014 to 31 December 2023 under a tranche of a programme and the programme does not satisfy the requirements in sub-paragraph (b) or (c), more than half of the Islamic debt securities issued under that tranche are distributed by any or any combination of the following:
(i)
a financial sector incentive (bond market) company;
(ii)
a financial sector incentive (capital market) company;
(iii)
a financial sector incentive (standard tier) company.
[S 240/2016 wef 01/01/2014]
[S 869/2018 wef 27/12/2018]
(2) For the purposes of paragraphs (1)(b)(ii) and (e) and (1A)(a)(ii) and (d), the Singapore-based staff of a financial institution (other than an approved bond intermediary or a financial sector incentive (bond market) company) arranging an issue of debt securities shall be deemed not to have a leading and substantial role in originating and structuring of the issue and its distribution if a major role in the origination, structuring or distribution of the issue was played by staff (whether of that financial institution, its affiliate or otherwise) based outside Singapore.
