2. In these Regulations, unless the context otherwise requires —
“accounting corporation” means a company approved as an accounting corporation under the Accountants Act (Cap. 2);
“advocate and solicitor” means a person who has in force a practising certificate under the Legal Profession Act (Cap. 161) or a foreign lawyer in a Formal Law Alliance or Joint Law Venture;
“charity”, in relation to a private trust company, means any trust, foundation, company or other body established solely for a purpose recognised as charitable by the governing law of the trust in respect of which the private trust company provides trust business services;
“connected person” —
(a)
in relation to an individual, means —
(i)
the persons listed in the Schedule; or
(ii)
a firm or a corporation in which the individual or any of the persons listed in the Schedule has, in aggregate, control of not less than 20% of the voting power in the firm or corporation, whether such control is exercised individually or jointly;
(b)
in relation to a firm, means another firm in which the first-mentioned firm has control of not less than 20% of the voting power in that other firm; and
(c)
in relation to a corporation, means —
(i)
an employee or a former employee of the corporation;
(ii)
a director or former director of the corporation; or
(iii)
another corporation in which the first-mentioned corporation or any of the persons mentioned in sub-paragraph (i) or (ii) has, in aggregate, control of not less than 20% of the voting power in that other corporation,
and a reference in these Regulations to a person connected to another person shall be construed accordingly;
“debenture” has the same meaning as in section 2 of the Securities and Futures Act (Cap. 289);
“introducing activities” means —
(a)
introducing any client to any person in relation to the provision of any trust business services provided by the person; or
(b)
recording the particulars of any client and forwarding such particulars to any person providing trust business services with the client’s consent;
“law firm” means a firm of advocates and solicitors and includes a sole proprietorship and partnership of 2 or more advocates and solicitors;
“overseas person” means a person —
(a)
who is not resident, established or incorporated in Singapore; and
(b)
who has no place of business in Singapore in or from which that person carries on trust business;
“private trust company” means a corporation —
(a)
the purpose of which is solely to provide trust business services in respect of a specific trust or of specific trusts where —
(i)
each settlor of such a trust is a connected person in relation to any other settlor of any other trust to which the corporation provides trust business services; and
(ii)
each beneficiary of such a trust is a connected person in relation to the settlor of that trust or a charity; and
(b)
that does not solicit trust business from, or provide trust business services to, the public;
“public accountant” has the same meaning as in the Accountants Act (Cap. 2).