Singapore legislation
Section 16
Section 16
Additional provisions as to nominee holdings
(1)
Where —
the holder of a security is a nominee and the person for whom he is a nominee is resident outside the scheduled territories; or
the holder of a security is not a nominee and is resident outside the scheduled territories,then, except with the permission of the Authority, no person resident in Singapore shall do any act whereby the holder becomes his nominee in respect of the security.
(2)
Except with the permission of the Authority, a person resident in Singapore for whom the holder of a security is a nominee shall not do any act whereby —
the holder, being a person resident outside the scheduled territories, holds the security otherwise than as his nominee; or
the holder, not being a person resident outside the scheduled territories, holds the security as nominee for a person resident outside the scheduled territories.
(3)
Where the holder of a security is a nominee, then, except with the permission of the Authority, neither he, if he is resident in Singapore, nor any person resident in Singapore through whose agency the exercise of all or any of the holder’s rights in respect of the security are controlled, shall —
do any act whereby he recognises or gives effect to the substitution of another person as the person from whom he directly receives his instructions unless both the person previously instructing him and the person substituted for that person were, immediately before the substitution, resident in the scheduled territories and not elsewhere; or
do any act whereby he ceases to be a person bound to give effect to the instructions of another person in relation to the security, unless the person who instructed him is resident in the scheduled territories and not elsewhere.
(4)
Where the holder of a security is not a nominee and is resident in Singapore, then, except with the permission of the Authority, he shall not do any act whereby he becomes the nominee of another person in respect of the security, unless that other person is resident in the scheduled territories and not elsewhere.
(5)
No person resident in the scheduled territories shall in Singapore do any act which involves, is in association with or is preparatory to any such transaction outside Singapore as is referred to in this section.