—(1) The Minister, or such person as he may appoint, may approve any syndicated offshore credit facility, syndicated guarantee facility or any syndicated offshore underwriting facility for the purposes of these Regulations where the agreement for the credit, guarantee or underwriting facility is made at any time during the period from 1st April 1983 to 31st March 2003, and where he is satisfied that —
the syndicate providing the credit, guarantee or underwriting facility consists of not less than 3 parties;
the lead manager of the syndicate providing the credit, guarantee or underwriting facility is an approved securities company or a financial institution resident in Singapore or is a permanent establishment in Singapore of a non-resident financial institution, or where there are 2 or more lead managers, at least half of them are approved securities companies or financial institutions resident in Singapore or permanent establishments in Singapore of non-resident financial institutions; and
the syndication work in respect of the credit, guarantee or underwriting facility is carried out substantially in Singapore.
(2) Subject to these Regulations, there shall be exempt from tax the income of a financial institution or of an approved securities company from any such approved syndicated offshore credit or underwriting facility or syndicated guarantee facility.
(3) In the case of an underwriting facility or a syndicated facility referred to in paragraph (b) of the definition of “syndicated offshore credit facility” in regulation 2, where a financial institution or an approved securities company holds any of the notes, bonds or certificates of deposit or other instruments of indebtedness underwritten by the syndicate or issued under the syndicated facility, as the case may be, the income derived from the holding of those notes, bonds or certificates of deposit or other instruments of indebtedness or the profits arising from the sale thereof shall not be exempt from tax under these Regulations.
(4) The Minister may, in any particular case, waive the requirements specified in paragraph (1)(a), (b) and (c) subject to such conditions as he may impose.
(5) A financial institution or an approved securities company which is entitled to any exemption under paragraph (2) may, with the approval of the Comptroller, elect not to have such exemption.