On 21/05/2013,
you requested for the version in force on 21/05/2013
incorporating all amendments published on or before 21/05/2013.
The closest version currently available is that of 14/05/2010.
2.
—(1) In these Regulations —
“corporate futures member” means a futures member of the Singapore Exchange whose membership is of the class or description known as “corporate membership” ;
“designated person” means —
(a)
the Government of Singapore Investment Corporation Pte. Ltd.;
(b)
any statutory board; or
(c)
any company which is wholly owned, directly or indirectly, by the Minister (in his capacity as a corporation established under the Minister for Finance (Incorporation) Act (Cap. 183)) and which is approved by the Minister or such person as he may appoint;
“foreign investor” means —
(a)
an individual who is neither a citizen of Singapore nor resident in Singapore, and who beneficially owns funds which are managed in Singapore by the financial sector incentive company through which the relevant transaction is carried out;
(b)
a company not resident in Singapore where not more than 20% of the total number of its issued shares are beneficially owned, directly or indirectly, by persons who are citizens of Singapore or resident in Singapore; and
(c)
the trustee of a trust fund where not more than 20% of the value of the fund is beneficially owned, directly or indirectly, by persons who are not foreign investors referred to in paragraph (a) or (b);
“petroleum product” means any of the products specified in the First Schedule;
“relevant currency” means —
(a)
in respect of any transaction carried out before 27th February 2004, any currency other than the Singapore dollar; and
(b)
in respect of any transaction carried out on or after 27th February 2004, any currency;
“relevant transaction” means —
(a)
any transaction, denominated in any relevant currency, in financial futures carried out in or after the basis period for the year of assessment 1985 on any exchange specified in the Second Schedule, or on any exchange specified in the first column of the Fifth Schedule on or after the corresponding date specified in the second column of the Fifth Schedule, or in gold bullion or gold futures carried out in or after that basis period on any gold exchange or in any gold market with —
(i)
a bank licensed under the Banking Act (Cap. 19), or a merchant bank approved by the Monetary Authority of Singapore, which is a financial sector incentive company;
(ii)
another futures member of the Singapore Exchange;
(iii)
a person who is neither a resident of nor a permanent establishment in Singapore;
(iv)
a branch office outside Singapore of a company resident in Singapore; or
(v)
a foreign investor where such transaction is carried out through a financial sector incentive company;
(b)
any transaction, denominated in any relevant currency, in petroleum futures including futures in petroleum products made or carried out on any exchange specified in the Third Schedule on or after 1st January 1989, or on ICE Futures Europe on or after the date trading is first carried out on it, with —
(i)
a bank licensed under the Banking Act (Cap. 19), or a merchant bank approved by the Monetary Authority of Singapore, which is a financial sector incentive company;
(ii)
another futures member of the Singapore Exchange;
(iii)
a person who is neither a resident of nor a permanent establishment in Singapore;
(iv)
a branch office outside Singapore of a company resident in Singapore;
(v)
an oil trading company approved under section 43F of the Act; or
(vi)
a foreign investor where such transaction is carried out through a financial sector incentive company;
(c)
any transaction on a spot basis in any currency specified in the Fourth Schedule where the transaction is carried out in or after the basis period for the year of assessment 1993 with any of the persons referred to in paragraph (a)(i) to (v); or
(d)
any transaction on a spot basis in any relevant currency where the transaction is carried out in or after the basis period for the year of assessment 1996 with any of the persons referred to in paragraph (a)(i) to (v),
in accordance with the rules and regulations or customs and practices of the respective exchange or market;
“SGX futures contract” means a contract traded on the futures market maintained by the Singapore Exchange Limited or any of its subsidiaries.
(2) In paragraph (b) of the definition of “foreign investor” in paragraph (1), the issued shares of a company that are owned directly by designated persons shall not be considered issued shares of the company that are beneficially owned, directly or indirectly, by persons who are citizens of Singapore or resident in Singapore.
(3) In paragraph (c) of the definition of “foreign investor” in paragraph (1), the value of a trust fund that is held directly by designated persons shall not form part of the value of the fund that is beneficially owned, directly or indirectly, by persons who are not foreign investors referred to in paragraph (a) or (b) of that definition.