Clause 4

replace subsection (1) with —“(1) Any distribution by —

a bank incorporated in Singapore with a full banking licence; or

a designated financial holding company that has a subsidiary that is a bank mentioned in paragraph (a),that is liable to be made in respect of an AT1 instrument in the basis period for the year of assessment 2015 or a subsequent year of assessment is deemed for the purposes of this Act, and for that year of assessment, as interest derived from a debt security.(1A) Any distribution by —

a local licensed insurer; or

a designated financial holding company that has a subsidiary that is a local licensed insurer,that is liable to be made in respect of an AT1 instrument issued on or after 1 January 2025, is deemed, for the purposes of this Act, as interest derived from a debt security.”;

in subsection (2), in the definition of “AT1 instrument”, in paragraph (b), replace sub‑paragraph (iii) with —“(iii)according to MAS Notice FHC‑N637 and MAS Notice FHC‑N133, may be used to satisfy the capital adequacy requirement of a designated financial holding company;

according to MAS Notice 133, may be included as Tier 1 Capital of a local licensed insurer for the purpose of section 17 of the Insurance Act 1966;”;

in subsection (2), after the definition of “AT1 instrument”, insert —“ “designated financial holding company” means a financial holding company that is designated under section 4 of the Financial Holding Companies Act 2013;”;

in subsection (2), after the definition of “full banking licence”, insert —“ “local licensed insurer” means an insurer that is for the time being licensed under section 11 of the Insurance Act 1966, and that is incorporated, formed or established in Singapore;“MAS Notice FHC‑N133” means the notice commonly known as MAS Notice FHC‑N133 that is issued by the Monetary Authority of Singapore under section 36(1) of the Financial Holding Companies Act 2013, and includes any notice that replaces it;”;

in subsection (2), in the definition of “MAS Notice FHC‑N637”, replace “section 36(1)” with “sections 3(1), 36(1), 37(1), 38(2) and 60(1)”;

in subsection (2), after the definition of “MAS Notice FHC‑N637”, insert —“ “MAS Notice 133” means the notice commonly known as MAS Notice 133 that is issued by the Monetary Authority of Singapore under sections 17 and 154(4) of the Insurance Act 1966, and includes any notice that replaces it;”;

in subsection (2), in the definition of “MAS Notice 637”, replace the full‑stop at the end with a semi‑colon; and

in subsection (2), after the definition of “MAS Notice 637”, insert —“ “subsidiary”, in relation to a designated financial holding company, has the meaning given by section 5 of the Companies Act 1967, except that any reference to “corporation” in that provision is to be construed as if the term did not exclude a co-operative society.”.