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]
(i)
a financial sector incentive (debt capital market) company;
[S 54/2010 wef 01/04/2008]
(j)
a financial sector incentive (Islamic finance) company;
[S 54/2010 wef 01/04/2008]
[S 835/2010 wef 27/02/2009]
(k)
a financial sector incentive (derivatives market) (exchange-traded commodity derivatives) company;
[S 835/2010 wef 27/02/2009]
(l)
a financial sector incentive (derivatives market) (financial) company;
[S 835/2010 wef 27/02/2009]
(m)
a financial sector incentive (derivatives market) (financial, over-the-counter and exchange-traded commodity derivatives) company;
[S 835/2010 wef 27/02/2009]
(n)
a financial sector incentive (derivatives market) (over-the-counter commodity derivatives) company;
[S 835/2010 wef 27/02/2009]
(o)
a financial sector incentive (derivatives market) (over-the-counter and exchange-traded commodity derivatives) company;
[S 212/2016 wef 01/01/2014]
(p)
a financial sector incentive (capital market) company;
[S 212/2016 wef 01/01/2014]
[S 835/2010 wef 27/02/2009]
[S 772/2017 wef 01/04/2016]
(q)
a financial sector incentive (trustee companies) company.
[S 772/2017 wef 01/04/2016]
(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]
(2A) Notwithstanding paragraph (2) but subject to paragraph (6), a company may, on or after 22nd January 2009, be approved as a financial sector incentive (headquarter services) company for the purposes of these Regulations if —
(a)
the company provides treasury, investment or financial services in Singapore for any of its offices or its associated companies; and
(b)
the company —
(i)
directly or indirectly wholly owns, or is directly or indirectly wholly-owned by, another company in Singapore that is licensed or approved by the Monetary Authority of Singapore under any written law administered by the Monetary Authority of Singapore; or
(ii)
directly or indirectly wholly owns, or is directly or indirectly wholly-owned by, another company outside Singapore that is licensed or approved under any written law administered by the financial supervisory authority of the other company.
[S 835/2010 wef 22/01/2009]
(3) Subject to paragraphs (4), (5A) and (5B), 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.
[S 772/2017 wef 01/04/2016]
(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 paragraphs (5A), (5B) and (6), the Minister or approving authority may, at the end of any period specified in paragraph (3), (4) or this paragraph, as the case may be, approve the company as a financial sector incentive company —
(a)
in the case of a financial sector incentive (headquarter services) company, for such further period not exceeding 10 years; and
(b)
in any other case, for such further period not exceeding 5 years,
at any one time as he may specify, subject to such terms and conditions as he may impose.
[S 54/2010 wef 01/04/2008]
[S 772/2017 wef 01/04/2016]
(5A) No company shall be approved as a financial sector incentive (Islamic finance) company for any period exceeding 5 years.
[S 54/2010 wef 01/04/2008]
(5B) The period of approval of a company as a financial sector incentive (trustee companies) company is 5 years.
[S 772/2017 wef 01/04/2016]
(6) No company shall be approved as —
(a)
any of the following on or after 1st January 2014:
(i)
a financial sector incentive (bond market) company;
(ii)
[Deleted by S 212/2016 wef 01/01/2014]
(iii)
a financial sector incentive (debt capital market) company;
(iv)
a financial sector incentive (derivatives market) (exchange-traded commodity derivatives) company;
(v)
a financial sector incentive (derivatives market) (financial) company;
(vi)
a financial sector incentive (derivatives market) (financial, over-the-counter and exchange-traded commodity derivatives) company;
(vii)
a financial sector incentive (derivatives market) (over-the-counter commodity derivatives) company;
(viii)
a financial sector incentive (derivatives market) (over-the-counter and exchange-traded commodity derivatives) company;
(ix)
a financial sector incentive (equity market) company;
(x)
[Deleted by S 212/2016 wef 01/01/2014]
(xi)
[Deleted by S 212/2016 wef 01/01/2014]
(xii)
[Deleted by S 212/2016 wef 01/01/2014]
[S 835/2010 wef 27/02/2009]
(b)
a financial sector incentive (project finance) company on or after 1st January 2012;
(c)
a financial sector incentive (Islamic finance) company on or after 1st April 2013;
[S 212/2016 wef 01/01/2014]
(d)
a financial sector incentive (derivatives market) company between 27 February 2009 and 31 December 2013 (both dates inclusive) and on or after 1 June 2017; or
[S 212/2016 wef 01/01/2014]
[S 835/2010 wef 27/02/2009]
[S 54/2010 wef 03/02/2010]
[S 772/2017 wef 01/06/2017]
(e)
any of the following on or after 1 June 2017:
(i)
a financial sector incentive (capital market) company;
(ii)
a financial sector incentive (credit facilities syndication) company;
(iii)
a financial sector incentive (fund management) company;
(iv)
a financial sector incentive (headquarter services) company;
[S 487/2021 wef 01/07/2021]
(v)
a financial sector incentive (standard tier) company;
[S 212/2016 wef 01/01/2014]
[S 772/2017 wef 01/04/2016]
(vi)
a financial sector incentive (trustee companies) company.