Regulation 11

in paragraph (1)(a), replace sub-paragraph (i) with —“(i)to any interest derived by any person who is not resident in Singapore and who carries on any operation in Singapore through a permanent establishment in Singapore where the funds used by that person to acquire the qualifying debt securities are obtained from its Singapore operations;”;

in paragraph (1)(a)(ii), after “acquires such securities using funds from”, insert “its”;

in paragraph (1)(c), replace “a resident of or a permanent establishment in Singapore and where such securities are issued to any person who is not a resident of Singapore” with “resident in Singapore, or a person who is not resident in Singapore and who carries on any operation in Singapore through a permanent establishment in Singapore, and where such securities are issued to any person who is not resident in Singapore”;

in paragraph (1)(c)(i), insert “and” at the end;

in paragraph (1)(c), replace sub‑paragraphs (ii) and (iii) with —“(ii)the relevant securities contain restrictions against the acquisition of those securities by any investor who is resident in Singapore, or any investor who is not resident in Singapore and who carries on any operation in Singapore through a permanent establishment in Singapore where the funds used by that investor to acquire those securities are obtained from its Singapore operations.”;

in paragraph (2), replace sub-paragraph (a) with —“(a)from funds managed by a fund manager in Singapore, by a foreign investor who is not resident in Singapore and is —

a prescribed person as defined in regulation 2(1) of the Income Tax (Exemption of Income of Prescribed Persons Arising from Funds Managed by Fund Manager in Singapore) Regulations 2010 (G.N. No. S 6/2010); or

an approved person as defined in section 13U(5) of the Act;”;

in paragraph (2), replace “that Asian Currency Unit of the financial institution, fund manager” with “that fund manager”; and

delete paragraph (3).