Singapore legislation

Schedule “SIXTH SCHEDULE

of Limited Liability Partnerships (Amendment) Bill

Schedule “SIXTH SCHEDULE

Limited liability partnerships to which part via does not apply

Sections 32A(1), 32C and 32P(1)Limited liability partnerships to which part via does not apply

1. Part VIA does not apply to any of the following limited liability partnerships:

(a)

a limited liability partnership that is a Singapore financial institution;

(b)

a limited liability partnership which partners consist only of —

(i)

a public company which shares are listed for quotation on an approved exchange in Singapore;

(ii)

a company or foreign company that is a Singapore financial institution;

(iii)

a company that is wholly owned by the Government;

(iv)

a company that is wholly owned by a statutory body established by or under a public Act for a public purpose;

(v)

a company that is a wholly‑owned subsidiary of a company mentioned in sub‑paragraph (i), (ii), (iii) or (iv);

(vi)

a foreign company that is a wholly‑owned subsidiary of a foreign company that is a Singapore financial institution mentioned in sub‑paragraph (ii); or

(vii)

a company or foreign company which shares are listed on a securities exchange in a country or territory outside Singapore and which is subject to —

(A)

regulatory disclosure requirements; and

(B)

requirements relating to adequate transparency in respect of its beneficial owners,imposed through stock exchange rules, law or other enforceable means.

2. For the purposes of paragraph 1, a Singapore financial institution is —

(a)

any financial institution that is licensed, approved, registered (including a fund management company registered under paragraph 5(1)(i) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (Cap. 289, Rg 10)) or regulated by the Monetary Authority of Singapore but does not include —

(i)

any holder of a stored value facility as defined in section 2(1) of the Payment Systems (Oversight) Act (Cap. 222A); and

(ii)

a person (other than a person mentioned in sub‑paragraphs (b) and (c)) who is exempted from licensing, approval or regulation by the Monetary Authority of Singapore under any Act administered by the Monetary Authority of Singapore, including a private trust company exempted from licensing under section 15 of the Trust Companies Act (Cap. 336) read with regulation 4 of the Trust Companies (Exemption) Regulations (Cap. 336, Rg 1);

(b)

any person exempted under section 23(1)(f) of the Financial Advisers Act (Cap. 110) read with regulation 27(1)(d) of the Financial Advisers Regulations (Cap. 110, Rg 2); or

(c)

any person exempted under section 99(1)(h) of the Securities and Futures Act (Cap. 289) read with paragraph 7(1)(b) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations.

Read in full context — Limited Liability Partnerships (Amendment) Bill →