Singapore legislation
Clause 86
Clause 86
Interpretation of this Division
(1)
In this Division —
Definition
“AML/CFT authority”, “supervision” and “supervisory action” have the meanings given by section 152 of the MAS Act, except that a reference to a foreign financial institution in the definitions of those terms in that section is to a foreign financial institution as defined in this subsection;
Definition
“AML/CFT requirement”, “applicable offence”, “domestic authority”, “employee”, “enforcement action”, “foreign country”, “information”, “investigation” and “public authority”, have the meanings given by section 152 of the MAS Act;
Definition
“corresponding authority” means a public authority of a foreign country that exercises a function that corresponds to a regulatory function of —
ACRA under this Act;
MAS under this Part; or
MAS under a prescribed written law as defined in section 152 of the MAS Act;
Definition
“director”, in relation to a VCC, includes —
any person, by whatever name described, occupying the position of a director of the VCC;
a person in accordance with whose directions or instructions the directors of the VCC are accustomed to act; and
an alternate director, or a substitute director, of the VCC;
Definition
“executive officer”, in relation to a VCC, means any person, by whatever name described, who —
is in the direct employment of, or acting for or by arrangement with, the VCC; and
is concerned with or takes part in the management of the VCC on a day‑to‑day basis;
Definition
“foreign financial institution” has the meaning given by section 152 of the MAS Act, except that the reference in the definition of that term in that section to a corresponding authority is to a corresponding authority as defined in this subsection;
Definition
“office holder”, in relation to a VCC, means any person acting as the liquidator or provisional liquidator of the VCC or any of its sub‑funds (if applicable), the receiver or the receiver and manager of the property of the VCC or any of its sub‑funds (if applicable), or acting in an equivalent capacity in relation to the VCC or any of its sub-funds (if applicable).
(2)
In this Division, an AML/CFT authority exercises consolidated supervision authority over a VCC if —
the VCC is a subsidiary of a foreign financial institution established or incorporated in the foreign country of the AML/CFT authority; and
the AML/CFT authority carries out consolidated supervision of the foreign financial institution, and its subsidiaries, branches, agencies and offices outside that foreign country, for compliance with the AML/CFT requirements of that foreign country that are applicable to the foreign financial institution.
(3)
To avoid doubt, the definition of “agent” in section 152 of the MAS Act does not apply for the purposes of this Division.