3.—(1) For the purposes of section 43Q of the Act and these Regulations, a company is approved as a financial sector incentive company if it is approved by the Minister or approving authority as any of the following:
(a)
a financial sector incentive (bond market) company;
(b)
a financial sector incentive (credit facilities syndication) company;
(c)
a financial sector incentive (derivatives market) company;
(d)
a financial sector incentive (equity market) company;
(e)
a financial sector incentive (fund management) company;
(f)
a financial sector incentive (headquarter services) company;
(g)
a financial sector incentive (standard tier) company;
(h)
a financial sector incentive (project finance) company.
[S 586/2008 wef 01/11/2006]
[S 54/2010 wef 01/04/2008]
(2) A company shall not be approved as a financial sector incentive company if the company —
(a)
is not licensed or approved by the Monetary Authority of Singapore, or is exempted from such licensing or approval, under any Act; and
(b)
provides treasury, investment or financial services in Singapore for any of its offices or its associated companies.
(2AA) Despite paragraph (2) but subject to paragraph (6), a company may, on or after 1 January 2004, be approved as a financial sector incentive (fund management) company for the purposes of these Regulations if —
(a)
the company is exempted from holding a capital markets services licence for fund management under the Securities and Futures Act (Cap. 289); and
(b)
the company provides treasury, investment or financial services in Singapore for any of its offices or its associated companies.
[S 212/2016 wef 01/01/2004]
(3) Subject to paragraph (4), the Minister or approving authority may approve a company as a financial sector incentive company —
(a)
for such period not exceeding 10 years as he may specify; and
(b)
subject to such terms and conditions as he may impose.
(4) Where the initial qualifying base percentage in respect of a company determined under regulation 10 is 0%, the period specified under paragraph (3) shall not exceed 5 years, unless otherwise permitted by the Minister, but in any case shall not exceed 10 years.
(5) Subject to paragraph (6), the Minister or approving authority may, at the end of any period specified in paragraph (3) or (4) or this paragraph, as the case may be, approve the company as a financial sector incentive company —
(a)
for such further period not exceeding 10 years at any one time as he may specify; and
(b)
subject to such terms and conditions as he may impose.
(6) No company shall be approved as a financial sector incentive (bond market) company, financial sector incentive (credit facilities syndication) company, financial sector incentive (derivatives market) company, financial sector incentive (equity market) company or financial sector incentive (project finance) company on or after 1st January 2009.