Regulation 9
Excluded persons
Subregulation 1
In this Part, “excluded person” means —
an entity the stock of which is regularly traded on one or more established securities markets or an entity that is a related entity of the firstmentioned entity;
a governmental entity;
the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act 1970;
a financial institution other than an Investment Entity described in subparagraph E(5)(b) of Section IV of the CARF; or
an international organisation.
Subregulation 2
For the purposes of paragraph (1)(a), “related entity” has the same meaning as “Related Entity” in subparagraph F(4) of Section IV of the CARF.
Subregulation 3
For the purposes of paragraph (1)(b), “governmental entity” has the same meaning as “Governmental Entity” in subparagraph E(7) of Section IV of the CARF, and includes —
the Government; (b)every Organ of State;
every entity that is wholly‑owned (whether directly or indirectly) and wholly‑controlled by the Minister for Finance (in his or her corporate capacity), including GIC Private Limited, GIC (Realty) Pte. Ltd., GIC (Ventures) Pte. Ltd., and their wholly‑owned subsidiaries;
every authority established by or under any public Act and whose income is exempt from tax by reason of section 13(1)(e) of the Act, and includes a Town Council established under the Town Councils Act 1988; and
every entity that is wholly‑owned (whether directly or indirectly) and wholly‑controlled by an authority mentioned in sub‑paragraph (d).
Subregulation 4
For the purpose of paragraph (1)(d), “financial institution” means —
a custodial institution;
a depository institution;
an investment entity; or
a specified insurance company.
Subregulation 5
For the purpose of paragraph (4)(a), “custodial institution” has the same meaning as “Custodial Institution” in subparagraph E(3) of Section IV of the CARF, 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), (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 6
An entity is not a custodial institution for the purposes of paragraph (5) if it is an active entity that meets the criteria in subparagraph D(11)(b) of Section IV of the CARF.
Subregulation 7
For the purpose of paragraph (4)(b), “depository institution” has the same meaning as “Depository Institution” in subparagraph E(4) of Section IV of the CARF, and includes —
a bank that holds a licence under section 7 or 79 of the Banking Act 1970;
a finance company licensed under the Finance Companies Act 1967; and
a merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act 1970.
Subregulation 8
For the purpose of paragraph (4)(c), “investment entity” has the same meaning as “Investment Entity” in subparagraph E(5) of Section IV of the CARF, and includes —
the holder of a capital markets services licence under the Securities and Futures Act 2001 to carry out one or more of the following regulated activities:
dealing in capital markets products;
fund management;
real estate investment trust management;
a person (other than an individual) that is exempt under section 99(1)(a) to (d) and (h) of the Securities and Futures Act 2001 (read with paragraph 2, 3, 4 or 5 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations), from the requirement to hold a capital markets services licence to carry out one or more of the regulated activities mentioned in sub‑paragraph (a); and
a licensed trust company under the Trust Companies Act 2005, but excludes —
an active entity that meets the criteria in subparagraph D(11)(b) to (e) of Section IV of the CARF; and (e)a person whose only business assets are immovable properties in which the person has a non‑debt, direct interest, namely, a direct interest that does not arise from any debt owed to the person.
Subregulation 9
In paragraph (8)(a), the expressions “dealing in capital markets products”, “fund management” and “real estate investment trust management” have the same meanings as in Part 2 of the Second Schedule to the Securities and Futures Act 2001.
Subregulation 10
Paragraph (8)(b) excludes a person who is exempt under section 99(1)(h) of the Securities and Futures Act 2001 (read with paragraph 2(1)(a) or (e) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations), from the requirement to hold a capital markets services licence to carry on business in dealing in capital markets products, and carries on business in dealing in capital markets products for the person’s own account.
Subregulation 11
For the purpose of paragraph (4)(d), “specified insurance company” has the same meaning as “Specified Insurance Company” in subparagraph E(6) of Section IV of the CARF, and includes a licensed insurer under the Insurance Act 1966 that issues, or is obligated to make payments with respect to, one or more cash value insurance contracts or annuity contracts.