Regulation 8

arranging, underwriting, or granting loans under, a syndicated facility that is a credit facility or a guarantee facility, if —

the agreement for the facility is made on or after 1 January 2004; and

the syndication work in respect of the facility is carried out substantially in Singapore;

if the financial sector incentive (credit facilities syndication) company is a bank that holds a licence under section 7 or 79 of the Banking Act 1970 or a merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under that Act, trading in secondary loans under a syndicated facility that is a credit facility or a guarantee facility, if —

the agreement for the facility is made on or after 1 January 2004; and

the syndication work in respect of the facility is carried out substantially in Singapore;

arranging, underwriting or granting a loan, after the loan has become a syndicated facility, if —

at the time of signing of the initial loan agreement, there exists a clear intention by the arranger, underwriter or agent bank of the loan to syndicate the loan as a syndicated facility within 6 months after the date of the signing of that agreement;

the arranger, underwriter or agent bank of the loan syndicates the loan as a syndicated facility within 6 months after the date of the signing of the initial loan agreement;

the loan agreement becomes an agreement for a syndicated facility on or after 1 May 2009;

all the lenders in the syndicated facility are reflected as lenders of records in the records of the arranger or agent bank of the loan; and

the syndication work in respect of the facility is carried out substantially in Singapore;

providing project finance advisory services in connection with a syndicated facility relating to any prescribed asset or project.

a return on the facility and a declaration from the arranger of the facility that the facility is a syndicated facility; and

any other information or particulars that the Monetary Authority of Singapore may require.

where the effective date of the company’s approval or the effective date of the extension of its approval as a financial sector incentive (credit facilities syndication) company falls within the period between 1 June 2017 and 31 December 2023 (both dates inclusive) — 5%; and

where the effective date of the company’s approval or the effective date of the extension of its approval as a financial sector incentive (credit facilities syndication) company is on or after 1 January 2024 — 10%.

during the period between 1 June 2017 and 31 December 2023 (both dates inclusive), from the following activities:

trading or investing in, or providing services (including services as a broker, nominee or custodian, and the grant of a loan of the securities under a securities lending or repurchase arrangement) in respect of —

debt securities;

structured products; or

stocks, shares or other equity securities issued by a company, a collective investment scheme or a business trust;

providing services for the purpose of a listing on the Singapore Exchange to a company;

during the period between 15 February 2023 and 31 December 2023 (both dates inclusive), from the following additional activities:

offering structured products;

trading in an equity interest in a limited partnership, where the limited partnership is not an excluded limited partnership;

providing services (including advisory services and services as a broker, nominee or custodian) in relation to an equity interest in a limited partnership; and

on or after 1 January 2024, from the following activities:

trading or investing in —

qualifying debt securities;

structured products; or

other debt securities, excluding any debt securities issued by an excluded entity;

offering structured products;

trading or investing in stocks, shares or other equity securities issued by a company, a collective investment scheme or a business trust, excluding any stocks, shares or other equity securities issued by an excluded entity;

providing services (including services as a broker, nominee or custodian, and the grant of a loan of the securities under a securities lending or repurchase arrangement) in respect of —

debt securities;

structured products; or

stocks, shares or other equity securities issued by a company, a collective investment scheme or a business trust;

trading in an equity interest in a limited partnership, where the limited partnership is not an excluded limited partnership;

providing services (including advisory services and services as a broker, nominee or custodian) in relation to an equity interest in a limited partnership;

providing services for the purpose of a listing on the Singapore Exchange to a company.

includes any gain or loss from changes in the mark-to-market values of its equity interest in the limited partnership before a sale of that equity interest occurs; and

excludes any income of the limited partnership to which it is entitled as a partner of the limited partnership.

where the effective date of the company’s approval or the effective date of the extension of its approval as a financial sector incentive (capital market) company falls within the period between 1 June 2017 and 31 December 2023 (both dates inclusive) — 5%; and

where the effective date of the company’s approval or the effective date of the extension of its approval as a financial sector incentive (capital market) company is on or after 1 January 2024 — 10%.

trading in, or providing services as an intermediary in connection with transactions relating to financial derivatives, commodity derivatives, emission derivatives or freight derivatives;

incidental physical trading, but subject to paragraph (6).

where the effective date of the company’s approval or the effective date of the extension of its approval as a financial sector incentive (derivatives market) company falls within the period between 1 June 2017 and 31 December 2023 (both dates inclusive) — 5%; and

where the effective date of the company’s approval or the effective date of the extension of its approval as a financial sector incentive (derivatives market) company is on or after 1 January 2024 — 10%.

the holding of any bonds, notes, certificates of deposit or other instruments of indebtedness (not being an agreement for a loan or advance, guarantee or letter of credit) as a result of arranging, underwriting, or granting loans under, a syndicated facility; or

the sale of such bonds, notes, certificates of deposit or other instruments of indebtedness (not being an agreement for a loan or advance, guarantee or letter of credit).

A is 15% of the total volume of incidental physical trading and trading in commodity derivatives (whether transacted over‑the‑counter or on an exchange) in that year of assessment;

B is the total volume of all incidental physical trading in that year of assessment; and

C is the total income derived from all incidental physical trading in that year of assessment.

the total amount of the facility is at least US$20 million or the equivalent in another currency;

the facility is documented as one agreement;

either —

the facility has at least 3 lenders and, where there are fewer than 5 lenders, each lender has a share of at least 10% of the total amount of the facility; or

in the case of a facility that provides a guarantee or letter of credit in addition to the provision of loans, advances or funds —

the facility complies with sub-paragraph (i); or

there are at least 3 issuers of the guarantee or letter of credit and, where there are fewer than 5 issuers, each issuer’s undertaking represents at least 10% of the total amount of the facility; and

the funds of the facility have not been, and are not intended to be used to finance or refinance any previous borrowing used to finance immovable properties, other than a prescribed asset or project.

originating and structuring of the facility;

running the book;

facility documentation;

facility agency.