Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016 · As enacted · Part 1 · Preliminary
5. Meaning of “custodial institution”
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In these Regulations, “custodial institution” has the same meaning as “Custodial Institution” in sub‑paragraph A(4) of section VIII of the CRS, and includes —
the holder of a capital markets services licence under the Securities and Futures Act 2001 for carrying out the regulated activity of providing custodial services for securities;
a person (other than an individual) that is exempt under section 99(1)(a) to (d) and (g) and (h) of that Act, read with paragraph 6 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10), from the requirement to hold a capital markets services licence to carry out the regulated activity of providing custodial services for securities; and
a licensed trust company under the Trust Companies Act 2005.
An entity is not a custodial institution for the purposes of paragraph (1) if it is an active NFE that meets the criteria in sub‑paragraph D(9)(d) of section VIII of the CRS.
Subregulation 1
In these Regulations, “custodial institution” has the same meaning as “Custodial Institution” in sub‑paragraph A(4) of section VIII of the CRS, and includes —
the holder of a capital markets services licence under the Securities and Futures Act 2001 for carrying out the regulated activity of providing custodial services for securities;
a person (other than an individual) that is exempt under section 99(1)(a) to (d) and (g) and (h) of that Act, read with paragraph 6 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10), from the requirement to hold a capital markets services licence to carry out the regulated activity of providing custodial services for securities; and
a licensed trust company under the Trust Companies Act 2005.
Subregulation 2
An entity is not a custodial institution for the purposes of paragraph (1) if it is an active NFE that meets the criteria in sub‑paragraph D(9)(d) of section VIII of the CRS.