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” has the same meaning as in section 10N(12) of the Act; [S 591/2005 wef 27/02/2004] |
“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 any approved bank as defined in section 13(16) 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, or an Approved Securities Company, before 1st January 2004; | | (ii) | a financial sector incentive company which is —| (A) | a bank licensed under the Banking Act (Cap. 19); | | (B) | a merchant bank approved under section 28 of the Monetary Authority of Singapore Act (Cap. 186); or | | (C) | a holder of a capital markets services licence under the Securities and Futures Act (Cap. 289) to deal in securities or a company exempted under that Act from holding such a licence, |
| on or after 1st January 2004; |
| | (iii) | a person who is neither a resident of nor a permanent establishment in Singapore; or | | (iv) | a branch office outside Singapore of a company resident in Singapore; [S 591/2005 wef 01/01/2004] |
| | (m) | units in any unit trust which invests wholly in designated investments; | | (n) | qualifying debt securities that are discount securities which mature within one year from the date of issue of those securities and are issued during the period from 27th February 2004 to 31st December 2008 (both dates inclusive); and [S 591/2005 wef 27/02/2004] | | (o) | securities (including bonds, notes, certificates of deposits and treasury bills, but excluding stocks and shares) issued by supranational bodies; [S 591/2005 wef 27/02/2004] |
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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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| “financial sector incentive company” has the same meaning as in section 43Q of the Act; [S 591/2005 wef 01/01/2004] |
“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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| “qualifying debt securities” has the same meaning as in section 13(16) of the Act; [S 591/2005 wef 27/02/2004] |
| “securities lending or repurchase arrangement” has the same meaning as in section 10N(12) of the Act; [S 591/2005 wef 27/02/2004] |
“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 any approved bank as defined in section 13(16) 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”; | | (e) | fees and compensatory payments derived on or after 27th February 2004 from securities lending or repurchase arrangements with —| (i) | a person who is neither a resident of nor a permanent establishment in Singapore; | | (ii) | the Monetary Authority of Singapore; | | (iii) | a bank licensed under the Banking Act (Cap. 19); | | (iv) | a merchant bank approved under section 28 of the Monetary Authority of Singapore Act (Cap. 186); | | (v) | a finance company licensed under the Finance Companies Act (Cap. 108); | | (vi) | a holder of a capital markets services licence licensed to carry on business in the following regulated activities under the Securities and Futures Act (Cap. 289) or a company exempted under that Act from holding such a licence:| (A) | dealing in securities (other than any person licensed under the Financial Advisers Act (Cap. 110)); | | (B) | fund management; | | (C) | securities financing; or | | (D) | providing custodial services for securities; |
| | (vii) | a collective investment scheme or closed-end fund as defined in the Securities and Futures Act (Cap. 289) that is constituted as a corporation; | | (viii) | the Central Depository (Pte) Limited; | | (ix) | an insurer registered or regulated under the Insurance Act (Cap. 142) or exempted under that Act from being registered or regulated; or | | (x) | a trust company registered under the Trust Companies Act (Cap. 336); [S 591/2005 wef 27/02/2004] |
| | (f) | rents and any other income derived from any immovable property situated outside Singapore and received in Singapore on or after 27th February 2004; [S 591/2005 wef 27/02/2004] | | (g) | discounts derived from outside Singapore and received in Singapore on or after 27th February 2004; [S 591/2005 wef 27/02/2004] | | (h) | discounts from qualifying debt securities which —| (i) | mature within one year from the date of issue of those securities; and | | (ii) | are issued during the period from 27th February 2004 to 31st December 2008 (both dates inclusive); [S 591/2005 wef 27/02/2004] |
| | (i) | interest derived on or after 27th February 2004 from qualifying debt securities; and [S 591/2005 wef 27/02/2004] | | (j) | distributions from foreign unit trusts derived from outside Singapore and received in Singapore on or after 27th February 2004; [S 591/2005 wef 27/02/2004] |
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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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