Non‑reporting Singaporean financial institutions and exempt beneficial owners
12.—(1)  Sections I to IV of Annex II to the Agreement (which define “non‑reporting Singaporean financial institution” and “exempt beneficial owners”) are to be read subject to paragraph (2).
(2)  In Sections I to IV of Annex II to the Agreement —
“central bank” means the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act;
“financial institution with a local client base” means a financial institution that satisfies both of the following:
(a)it is approved as a financial institution under the Monetary Authority of Singapore Act or licensed or otherwise regulated under any other written law specified in the Schedule to that Act;
(b)it satisfies all of the requirements set out in paragraph A(2) to (10) of Section III of Annex II to the Agreement;
“governmental entity” includes —
(a)the Government;
(b)every Organ of State;
(c)every entity that is wholly owned (whether directly or indirectly) and wholly controlled by the Government, including GIC Private Limited, GIC (Realty) Private Limited, GIC (Ventures) Pte. Ltd. and Eurovest Pte. Ltd.;
(d)every entity that is wholly owned (whether directly or indirectly) by any entity mentioned in paragraph (c);
(e)every statutory body; and
(f)every entity that is wholly owned (whether directly or indirectly) and wholly controlled by a statutory body;
“investment entity established in Singapore that is regulated as a collective investment vehicle” means a qualifying collective investment scheme (if it is a person) or the distributor, manager or trustee of a qualifying collective investment scheme (if it is not a person);
“local bank” means a financial institution (within the meaning of regulation 4(1)) that satisfies both of the following:
(a)it is either —
(i)a bank regulated under the Banking Act; or
(ii)a credit society registered under the Co‑operative Societies Act (Cap. 62);
(b)it satisfies all of the requirements set out in paragraph B(2) to (5) of Section III of Annex II to the Agreement.
(3)  In paragraph (2), “statutory body” means any authority established by or under any public Act whose income is exempt from tax by reason of section 13(1)(e) of the Act, and includes a Town Council established under the Town Councils Act (Cap. 329A).
(4)  For the purposes of these Regulations, the reference in paragraph 1(q) of Article 1 of the Agreement (definition of “non‑reporting Singaporean financial institution”) to an exempt beneficial owner under relevant U.S. Treasury Regulations in effect on the date of signature of the Agreement includes Temasek Holdings Pte Ltd and special purpose vehicles wholly owned (whether directly or indirectly) by it.