NON‑REPORTING SINGAPOREAN FINANCIAL INSTITUTIONS, EXEMPT BENEFICIAL OWNERS AND EXCLUDED ACCOUNTS
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.
Accounts that are not U.S. reportable accounts
13.—(1) Without limiting the generality of paragraph A of Section V of Annex II to the Agreement, the following are excluded from the definition of “financial accounts” and are accordingly not “U.S. reportable accounts”:
(a)
any account maintained by a financial institution in which is deposited money withdrawn from an ordinary or special account of the Fund under any scheme in accordance with the CPF Investment Regulations, or an investment made under such scheme, the proceeds or benefits of which are required to be repaid into the Fund or a CPF Investment Account;
(b)
any insurance policy or investment‑linked insurance policy which is an investment made under any scheme in accordance with the CPF Investment Regulations, the proceeds or benefits of which are required to be repaid into the Fund or a CPF Investment Account;
(c)
any other investment made under any scheme in accordance with the CPF Investment Regulations, the proceeds or benefits of which are required to be repaid into the Fund or a CPF Investment Account;
(d)
any approved annuity purchased under section 15(6C)(b)(ii) of the CPF Act as in force immediately before 1 January 2017, the surrender or residual value of which is required to be paid into the Fund;
(e)
any approved annuity purchased under section 15(6C)(b) of the CPF Act, where any part of the moneys used to purchase the approved annuity is required by regulations made under section 77(1)(o)(vi) of the CPF Act to be transferred into a retirement account of the Fund;
(f)
any pension, annuity or other benefit approved by the Board for the purposes of section 15(8)(e) of the CPF Act —
(i)
the surrender or residual value of which is required to be paid into the Fund; or
(ii)
in respect of which certain sums are required by regulations made under section 77(1)(o)(vii) of the CPF Act to be transferred into a retirement account of the Fund;
(g)
any account maintained by a bank approved by the Board for the purposes of section 15 of the CPF Act, in which is deposited moneys under section 15(6C)(a) of that Act, or section 15(6C)(b)(i) of that Act as in force immediately before 1 January 2017, and any interest on those moneys;
(h)
a Child Development Account as defined in regulation 2 of the Child Development Co‑Savings Regulations (Cap. 38A, Rg 2);
(i)
an Edusave account as defined in section 2(1) of the Education Endowment and Savings Schemes Act (Cap. 87A);
(j)
a PSE account as defined in section 2(1) of the Education Endowment and Savings Schemes Act.
(2) In paragraph (1) —
“Board” means the Central Provident Fund Board constituted under section 3 of the CPF Act;
“CPF Act” means the Central Provident Fund Act (Cap. 36);
“CPF Investment Account” has the meaning given to it by regulation 2 of the CPF Investment Regulations;
“CPF Investment Regulations” means the Central Provident Fund (Investment Schemes) Regulations (Cap. 36, Rg 9);
“Fund” means the Central Provident Fund established under section 6 of the CPF Act.
(3) In paragraph B of Section V of Annex II to the Agreement, “certain term life insurance contracts” means life policies (as defined in section 2 of the Insurance Act read with paragraph 5 of the First Schedule to that Act), each of which has a coverage period that will end before the insured individual attains the age of 90, and which satisfies all of the requirements in paragraph B(1) to (4) of Section V of Annex II to the Agreement.
(4) Any account maintained by a financial institution for an exempt beneficial owner is not a U.S. reportable account.
(5) The reference in paragraph (4) to an account maintained for an exempt beneficial owner, in a case where the exempt beneficial owner is a governmental entity mentioned in paragraph A of Section I of Annex II to the Agreement read with the definition of that term in regulation 12(2), includes an account maintained for any Government fund, statutory fund, or other fund administered by a governmental entity, and includes (to avoid doubt) the Financial Sector Development Fund established under section 127 of the Monetary Authority of Singapore Act, or section 30A of that Act as in force immediately before 4 June 2018.