Clause 6

by deleting the words “on or before 31 March 2020” in subsection (1)(zh); (b)by deleting the words “during the period from 1 July 2018 to 31 March 2020 (both dates inclusive)” in subsection (1)(zs);

by deleting the words “1 April 2020” in subsections (12A) and (12B)(a) and substituting in each case the words “1 January 2026”; (d)by deleting the words “1st April 2020” in subsection (12C) and substituting the words “1 January 2026”;

by deleting the comma at the end of paragraph (c) of the definition of “qualifying debt securities” in subsection (16) and substituting the word “; or”, and by inserting immediately thereafter the following paragraph:“(d)debt securities whose values are derived from insured loss events underlying them, that are issued by a Special Purpose Reinsurance Vehicle during the period from 20 December 2018 to 31 December 2023 (both dates inclusive), where at least 20% of the issue costs for the issue are required to be paid to persons or partnerships carrying on any trade, business or profession in Singapore,”; and

by inserting, immediately after subsection (16), the following subsection:“(16A) In paragraph (d) of the definition of “qualifying debt securities” in subsection (16) —“issue costs”, in relation to an issue of debt securities, means legal fees, modelling fees, arranger or underwriting fees, rating agency fees, audit fees, claim review fees, indenture trustee fees, listing or trustee fees, loss reserve specialist and administrator fees, and other fees that are connected with or incidental to the issue;“Special Purpose Reinsurance Vehicle” has the meaning given by regulation 2 of the Insurance (General Provisions and Exemptions for Special Purpose Reinsurance Vehicles) Regulations 2018 (G.N. No. S 837/2018).”.