—(1) Subject to these Regulations, there shall be exempt from tax the income of a specified financial institution from any syndicated offshore facility.
(2) Where a specified financial institution holds any bonds, notes, certificates of deposit or other instruments of indebtedness issued under a facility referred to in paragraph (d) or (e) of the definition of “offshore credit facility” in regulation 2, the exemption referred to in paragraph (1) shall not apply to any income derived from the holding of those bonds, notes, certificates of deposit or other instruments of indebtedness or the profits arising from the sale thereof.
(3) The exemption referred to in paragraph (1) shall not apply in relation to a syndicated offshore facility unless the agent bank of the facility has submitted to the Comptroller within such time as may be specified by the Comptroller —
a return on the facility and a declaration from the arrangers of the facility that the facility is a syndicated offshore facility;
a declaration from the specified person to whom the facility is provided and who has any related party in Singapore, that the funds from the facility have not been, and are not intended to be, transferred to that related party in Singapore; and
such other particulars as may be required by the Comptroller.