Clause 2

by inserting, immediately before the definition of “accounting records”, the following definitions:“ “accounting corporation” —

has the meaning given by section 2(1) of the Accountants Act 2004; and

includes a company deemed to be an accounting corporation under that Act;“accounting entity” means a public accountant, an accounting corporation, an accounting firm or an accounting limited liability partnership;“accounting firm” —

has the meaning given by section 2(1) of the Accountants Act 2004; and

includes a firm deemed to be an accounting firm under that Act;“accounting limited liability partnership” has the meaning given by section 2(1) of the Accountants Act 2004;”;

by inserting, immediately after the definition of “accounting records”, the following definition:“ “Accounting Standards”, in relation to business trusts, means the accounting standards made or formulated by the Accounting Standards Council under Part 3 of the Accounting Standards Act 2007 as prescribed in regulations, with such modifications as may be prescribed in those regulations;”;

by deleting the word “Schedule” in the definition of “business trust” and substituting the words “First Schedule”;

by inserting, immediately after the definition of “business trust”, the following definition:“ “chief executive officer”, in relation to the trustee‑manager of a registered business trust, means any one or more persons, by whatever name described, who —

is in the direct employment of, or acting for or by arrangement with, the trustee‑manager of the registered business trust; and

is principally responsible for the management and conduct of the business of the trustee‑manager of the registered business trust, or part of the business of the trustee‑manager, as the case may be;”;

by deleting the definition of “financial year” and substituting the following definitions:“ “financial statements”, in relation to a registered business trust, means the financial statements of the registered business trust required to be prepared in accordance with the Accounting Standards;“financial year”, in relation to a registered business trust, means the period —

in respect of which the financial statements of the registered business trust is made up, whether that period is a year or not; and

which is to be determined in accordance with section 74A;“foreign company” has the meaning given by section 4(1) of the Companies Act 1967;”;

by inserting, immediately after the definition of “licensed insolvency practitioner”, the following definition:“ “limited liability partnership” has the meaning given by section 4(1) of the Limited Liability Partnerships Act 2005;”;

by inserting, immediately after the definition of “liquidator”, the following definition:“ “listed”, in relation to a registered business trust, means a registered business trust that has been admitted to the official list of an approved exchange in Singapore and has not been removed from that official list;”;

by inserting, immediately after the definition of “substantial shareholder”, the following definition:“ “summary financial statement” means a summary financial statement mentioned in section 79;”;

by deleting the words “referred to” in paragraph (f) of the definition of “trust property” and substituting the word “mentioned”; and

by deleting the full‑stop at the end of the definition of “unitholder” and substituting a semi‑colon, and by inserting immediately thereafter the following definitions:“ “unlisted registered business trust”, for the purposes of sections 63A to 63G, means a registered business trust the units of which are not listed for quotation or quoted on an approved exchange in Singapore or any securities exchange outside Singapore;“VCC” or variable capital company has the meaning given by section 2(1) of the Variable Capital Companies Act 2018.”.