Regulation 1
Citation and commencement
These Regulations are the Companies (Listed Foreign Companies — Exemption from Section 379) Regulations 2023 and come into operation on 28 June 2023.
/akn/sg/act/sub_leg/1967/CoA-S385-2023
Companies (Listed Foreign Companies — Exemption from Section 379) Regulations 2023
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- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 1967
- Sections
- 2
Quick answer
About this subsidiary legislation
Companies (Listed Foreign Companies — Exemption from Section 379) Regulations 2023 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation CoA-S385-2023 1967, currently marked in force and first recorded in 1967.
Regulation 2
Exemption
Subregulation 1
A foreign company is exempt from section 379 of the Act if —
(a)
the control and management of its business is not exercised in Singapore;
(b)
it does not have its head office or headquarters in Singapore;
(c)
it is subject to —
(i)
regulatory disclosure requirements; and
(ii)
requirements relating to adequate transparency in respect of its beneficial owners,imposed through stock exchange rules, law or other enforceable means;
(d)
its shares are listed for quotation on a securities exchange in a country or territory outside Singapore; and
(e)
either —
(i)
where title to some of its shares are not evidenced by any instrument — title to those shares is evidenced by records in a securities settlement system; or
(ii)
where title to some of its shares are evidenced by any instruments —
(A)
the instruments evidencing title to those shares may be deposited in a foreign central securities depository in the name of the depositor; and
(B)
where the instruments evidencing title to those shares are so deposited, the titles to those shares are transferrable by book‑entry in the depository register maintained by the foreign central securities depository, being a depository where —
(BA)the depositor is deemed, by the law governing the depository, to be the holder of the amount of shares entered against the depositor’s name in the depository register; and
(BB)the company is obliged to enter in the company’s register of members the names and particulars of any depositor mentioned in sub‑paragraph (BA).
Subregulation 2
The exemption under paragraph (1) is subject to the condition that the foreign company must provide the following information to any public agency that makes, in the course of administering or enforcing any written law and upon notifying the Authority, a written request to the company for the information within 14 calendar days after the date of request or any later date specified in the request: (a)the names and addresses of persons who had been members of the company within the period of 7 years before the date of the request;
(b)
the date on which any of those persons became a member of the company;
(c)
if any member had ceased to be a member during that period, the date on which that member ceased to be a member.
Subregulation 3
In this regulation —
Definition
“foreign central securities depository” means a central securities depository in another jurisdiction that performs a function corresponding to the Central Depository System established under section 81SH of the Securities and Futures Act 2001;
Definition
“public agency” means —
(a)
a Ministry or department of the Government; or
(b)
a body corporate established by a public Act for the purposes of a public function but excludes a Town Council established under section 4 of the Town Councils Act 1988;
Definition
“securities settlement system” means a computer‑based system that enables titles to shares to be evidenced and transferred without a written instrument, and which may facilitate supplementary and incidental matters.
Common questions
- What is Companies (Listed Foreign Companies — Exemption from Section 379) Regulations 2023?
- Companies (Listed Foreign Companies — Exemption from Section 379) Regulations 2023 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation CoA-S385-2023 1967, currently marked in force and first recorded in 1967.
- Is Companies (Listed Foreign Companies — Exemption from Section 379) Regulations 2023 still in force?
- Yes — Companies (Listed Foreign Companies — Exemption from Section 379) Regulations 2023 is currently in force.
- When did Companies (Listed Foreign Companies — Exemption from Section 379) Regulations 2023 take effect?
- Companies (Listed Foreign Companies — Exemption from Section 379) Regulations 2023 was first recorded in 1967.
- How many regulations does Companies (Listed Foreign Companies — Exemption from Section 379) Regulations 2023 have?
- Companies (Listed Foreign Companies — Exemption from Section 379) Regulations 2023 contains 2 regulations.
- Where can I read the official version of Companies (Listed Foreign Companies — Exemption from Section 379) Regulations 2023?
- The official text of Companies (Listed Foreign Companies — Exemption from Section 379) Regulations 2023 is published at sso.agc.gov.sg.