2. In these Regulations —| “Approved Securities Company” has the same meaning as in the Income Tax (Concessionary Rate of Tax for Derivatives Activities) Regulations 2003 (G.N. No. S 637/2003); |
| “compensatory payment” means a payment in lieu of any interest, dividend or right to purchase warrants, options or additional securities which a lender in a securities lending arrangement would have received in respect of the designated securities relating to such arrangement had it not been for such arrangement; |
“designated investments” means —| (a) | stocks and shares denominated in any foreign currency of companies which are neither incorporated in Singapore nor resident in Singapore, excluding stocks and shares of companies incorporated in Malaysia which are listed on the Singapore Exchange or on the Kuala Lumpur Stock Exchange; | | (b) | securities (other than stocks and shares) denominated in any foreign currency (including bonds, notes, certificates of deposit and treasury bills) issued by foreign governments, foreign banks outside Singapore and companies which are neither incorporated in Singapore nor resident in Singapore; | | (c) | futures contracts held in any futures exchange; | | (d) | any immovable property situated outside Singapore; | | (e) | certificates of deposit, notes and bonds issued by Asian Currency Units in Singapore; | | (f) | Asian Dollar Bonds approved under section 13(1)(v) of the Act; | | (g) | deposits in Singapore with banks approved under section 13(13) of the Act; | | (h) | foreign currency deposits with financial institutions outside Singapore; | | (i) | stocks, shares, bonds and other securities listed on the Singapore Exchange or on the Kuala Lumpur Stock Exchange and other stocks, shares, bonds and securities issued by companies which are incorporated in Singapore and resident in Singapore; | | (j) | Singapore Government securities; | | (k) | foreign exchange transactions; | | (l) | interest rate or currency contracts on a forward basis, interest rate or currency options, interest rate or currency swaps, and swaps, forwards and option contracts relating to any designated investment or financial index, with —| (i) | an Asian Currency Unit of a financial institution; | | (ii) | an Approved Securities Company; | | (iii) | a person who is neither resident in Singapore nor a permanent establishment in Singapore; or | | (iv) | a branch office outside Singapore of a company resident in Singapore; and |
| | (m) | units in any unit trust which invests wholly in designated investments; |
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“designated person” means —| (a) | the Government of Singapore Investment Corporation Pte. Ltd.; | | (b) | any statutory board; or | | (c) | any company which is wholly owned, directly or indirectly, by the Minister (in his capacity as a corporation established under the Minister for Finance (Incorporation) Act (Cap. 183)) and which is approved by the Minister or such person as he may appoint; |
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“designated securities” means —| (a) | stocks, shares, bonds and other securities, denominated in any foreign currency, issued by a company which is neither incorporated in Singapore nor resident in Singapore; or | | (b) | bonds denominated in any foreign currency issued by any foreign government; |
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| “Equity Capital Market Intermediary” has the same meaning as in the Income Tax (Concessionary Rate of Tax for Equity Capital Market Intermediary) Regulations 2003 (G.N. No. S 638/2003); |
“foreign investor” —| (a) | in relation to an individual, means an individual who is neither a citizen of Singapore nor resident in Singapore and who is the beneficial owner of the funds managed by any fund manager in Singapore; | | (b) | in relation to a company, means a company not resident in Singapore where not more than 20% (excluding the total percentage owned directly by designated persons) of its issued share capital is beneficially owned, directly or indirectly, by persons who are citizens of Singapore or resident in Singapore; and | | (c) | in relation to a trust fund, means a trust fund where not more than 20% (excluding the total percentage held directly by designated persons) of the value of the fund is beneficially held, directly or indirectly, by persons who are not foreign investors referred to in paragraph (a) or (b); |
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“specified income” means —| (a) | interest and dividends derived from outside Singapore and received in Singapore in respect of any designated investments; | | (b) | interest derived from deposits with and certificates of deposit issued by banks approved under section 13(13) of the Act and from Asian Dollar Bonds approved under section 13(1)(v) of the Act; | | (c) | gains or profits realised from the sale of any designated investments; | | (d) | gains or profits arising from transactions in paragraphs (c), (k) and (l) of the definition of “designated investments”; and | | (e) | for the purposes of regulation 3, any fee or compensatory payment received in respect of any loan to an Equity Capital Market Intermediary approved for securities trading or securities lending activities, of designated securities under a securities lending arrangement in writing; |
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| “unit” means a right or interest (whether described as a unit, a sub-unit or otherwise) which may be acquired under a unit trust; |
| “unit trust” means any trust established for the purpose, or having the effect, of providing facilities for the participation by persons as beneficiaries under a trust, in profits or income arising from the acquisition, management or disposal of securities or any other property. |
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