Clause 7

in subsections (1)(a)(i) and (ii), (aa), (ab) and (ba) and (2), replace “2023” with “2028”;

in subsection (1)(b)(ii), (ba) and (bc)(i), replace “prepayment fee, redemption premium and break cost” with “early redemption fee and redemption premium”; (c)in subsections (1)(zk), (2C)(b), (2D)(b), (2F), (2H) and (2HA)(a), replace “prepayment fee, redemption premium or break cost” with “early redemption fee or redemption premium”;

in subsection (1)(zs), delete “and” at the end;

in subsection (1)(zt)(iv), replace the full‑stop at the end with “; and”;

in subsection (1), after paragraph (zt), insert —“(zu)any gains from the sale or disposal of an asset that are treated as income under section 10L and are assessable as the income of an individual under the provisions of this Act.”;

in subsection (16), delete the definitions of “break cost” and “prepayment fee”; (h)in subsection (16), after the definition of “deposit”, insert —“ “early redemption fee”, in relation to debt securities, qualifying debt securities or qualifying project debt securities, means any fee payable by the issuer of the securities on the early redemption of the securities;”;

in subsection (16), in the definition of “qualifying debt securities”, in paragraphs (a) and (b)(ii)(A), replace “2023” with “2028”;

in subsection (16), in the definition of “qualifying debt securities”, in paragraph (b)(iii), delete “or” at the end; (k)in subsection (16), in the definition of “qualifying debt securities”, in paragraph (b)(iv), insert “or” at the end; (l)in subsection (16), in the definition of “qualifying debt securities”, in paragraph (b), after sub‑paragraph (iv), insert —“(v)by any of the following persons and issued during the period from 15 February 2023 to 31 December 2028 (both dates inclusive):

a bank or merchant bank licensed under the Banking Act 1970;

a finance company licensed under the Finance Companies Act 1967; (C)a person who holds a capital markets services licence under the Securities and Futures Act 2001 to carry on a business in any of the following regulated activities: (CA)advising on corporate finance;

such other person as may be prescribed by rules made under section 7;”;

in subsection (16), in the definition of “qualifying debt securities”, in paragraph (c)(ii), delete “or” at the end; (n)in subsection (16), in the definition of “qualifying debt securities”, in paragraph (c), after sub‑paragraph (iii), insert —“(iv)by any of the following persons and issued during the period from 15 February 2023 to 31 December 2028 (both dates inclusive):

a bank or merchant bank licensed under the Banking Act 1970;

a finance company licensed under the Finance Companies Act 1967;

a person who holds a capital markets services licence under the Securities and Futures Act 2001 to carry on a business in any of the following regulated activities:

such other person as may be prescribed by rules made under section 7; or”;

in subsection (16), in the definition of “qualifying debt securities”, replace paragraph (d) with —“(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 between 20 December 2018 and 31 December 2028 (both dates inclusive), where —

if the date of issue is between 20 December 2018 and 31 December 2023 (both dates inclusive) — 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; or

if the date of issue is between 1 January 2024 and 31 December 2028 (both dates inclusive) — at least 30% 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,”;

in subsection (16), in the definition of “qualifying project debt securities”, in paragraph (a)(ii) and (iii), replace “2025” with “2023”; (q)in subsection (16), in the definition of “qualifying project debt securities”, in paragraph (a)(ii), delete “or” at the end; (r)in subsection (16), in the definition of “qualifying project debt securities”, in paragraph (a)(iii), insert “or” at the end; (s)in subsection (16), in the definition of “qualifying project debt securities”, in paragraph (a), after sub‑paragraph (iii), insert —“(iv)by any of the following persons and issued during the period from 15 February 2023 to 31 December 2025 (both dates inclusive):

a bank or merchant bank licensed under the Banking Act 1970;

a finance company licensed under the Finance Companies Act 1967;

a person who holds a capital markets services licence under the Securities and Futures Act 2001 to carry on a business in any of the following regulated activities: (CA)advising on corporate finance;

such other person as may be prescribed by rules made under section 7;”;

in subsection (16), in the definition of “redemption premium”, after the words “upon their maturity”, insert “or on the early redemption of the securities”; and

after subsection (16A), insert —“(16B) In paragraphs (b)(v) and (c)(iv) of the definition of “qualifying debt securities” and paragraph (a)(iv) of the definition of “qualifying project debt securities” in subsection (16), “advising on corporate finance” and “dealing in capital markets products” have the meanings given by the Second Schedule to the Securities and Futures Act 2001.”.