Clause 10

an umbrella VCC that holds securities for one sub‑fund is treated as a different person from the same umbrella VCC that holds securities for another sub‑fund;

an umbrella VCC that holds securities for one sub‑fund is considered a company that satisfies subsection (2D)(ii) and (iii) if —

the umbrella VCC is resident in Singapore; and

the sub-fund is listed on the Singapore Exchange on the date of issue of the securities or within 6 months from that date;

income that is received by an umbrella VCC from securities held by it for one sub‑fund satisfies subsection (2D)(iv) if the income is declared to be distributable to holders of its shares in respect of that sub‑fund within 6 months from the end of the basis period in which the income is received.(19) In paragraph (AA) of the definition of “qualifying debt securities” and paragraph (A) of the definition of “qualifying project debt securities” in subsection (16), an umbrella VCC to which securities are issued during their primary launch for the purpose of one sub‑fund, is treated as a different person from the same umbrella VCC to which securities are issued during their primary launch for the purpose of another sub‑fund.(20) A reference in this section to a related party of the issuer of qualifying debt securities or qualifying project debt securities is, if the securities are issued by or to an umbrella VCC in relation to any of its sub‑funds, a reference to a person that is related to the sub‑fund in such manner as may be prescribed by rules under section 7, and rules made for this purpose may make different provisions for different circumstances.”.