Clause 12

by deleting paragraph (b) of subsection (1) and substituting the following paragraph:“(b)in relation to an approved master‑feeder fund structure —

a person (not being an individual, a body of persons or a Hindu joint family) that is an approved master fund or an approved feeder fund of the structure;

a partner of a partnership (including a limited partnership and a limited liability partnership), where the partnership is the approved master fund or an approved feeder fund of the structure;

a trustee of a trust fund where the trust fund is the approved master fund or an approved feeder fund of the structure; and

a taxable entity in relation to the approved master fund or an approved feeder fund of the structure, where the master fund or feeder fund is not a legal entity,arising from funds of the master fund or any feeder fund of that structure, that are managed in Singapore by a fund manager;”;

by inserting, immediately after sub‑paragraph (i) of subsection (1)(c), the following sub‑paragraphs:“(ia)a person (not being a company, an individual or a Hindu joint family) that is an approved feeder fund of the structure;

a taxable entity in relation to an approved feeder fund of the structure, where the feeder fund is not a legal entity;”;

by deleting the words “company, trustee, partner” in subsections (3) and (4)(a) and (b) and substituting in each case the words “person (including a company), trustee, partner, taxable entity”;

by deleting the words “approved limited partnership” in subsection (4)(c) and substituting the words “approved partnership (including a limited partnership and a limited liability partnership)”;

by deleting the words “the limited partnership” in subsection (4)(c) and substituting the words “the partnership”;

by deleting the words “company, trustee” in subsection (4)(ca) and substituting the words “person (including a company), trustee, taxable entity”;

by deleting the words “limited partnership” in subsection (4)(cb) and substituting the words “partnership (including a limited partnership and a limited liability partnership)”;

by deleting the definition of “approved person” in subsection (5) and substituting the following definition:“ “approved person” means —

any approved person (not being an individual, a body of persons or a Hindu joint family);

any partner of an approved partnership (including a limited partnership and a limited liability partnership);

any trustee of an approved trust fund; or

the taxable entity of an approved investment vehicle that is not a legal entity;”;

by deleting the definition of “feeder fund” in subsection (5) and substituting the following definition:“ “feeder fund” means an investment vehicle (whether or not a legal entity) that invests its funds, or whose funds are invested, substantially and directly through a single master fund;”;

by deleting the definition of “master fund” in subsection (5) and substituting the following definition:“ “master fund” —

in relation to a master fund‑SPV structure or master‑feeder fund‑SPV structure, means a company, a trust fund or a limited partnership; or

in relation to a master‑feeder fund structure, means an investment vehicle (whether or not a legal entity),that enables investors to invest funds in one or more underlying investments that are managed by a fund manager;”;

by inserting, immediately after the definition of “special purpose vehicle” or “SPV” in subsection (5), the following definition:“ “taxable entity”, in relation to an investment vehicle (including a master fund and a feeder fund) that is not a legal entity, means the person to whom income from the investment vehicle accrues;”; and

by inserting, immediately after subsection (5), the following subsection:“(6) The following approvals may only be granted on or after 20 February 2018:

the approval, for the purposes of the definition of “approved person” in subsection (5), of —

a person other than a company;

a partnership, including a limited liability partnership but excluding a limited partnership; or

an investment vehicle that is not a legal entity (other than a trust fund);

the approval, for the purpose of subsection (1)(b), of any of the following as a master fund or feeder fund:

a person that is not a company;

a partnership, including a limited liability partnership but excluding a limited partnership;

an investment vehicle that is not a legal entity (other than a trust fund);

the approval, for the purpose of subsection (1)(c), of any of the following as a feeder fund:

a person that is not a company;

a partnership, including a limited liability partnership but excluding a limited partnership;

an investment vehicle that is not a legal entity (other than a trust fund).”.