Regulation 13

in paragraph (1)(a), replace sub‑paragraph (i) with —“(i)to any amount that is payable from Islamic debt securities which are qualifying debt securities to 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)(b), replace “a resident of or a permanent establishment in Singapore and where such securities are issued to a 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)(b)(i), insert “and” at the end;

in paragraph (1)(b), 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.”; and

in paragraph (2), replace sub‑paragraph (a) with —“(a)where a fund manager has invested the funds of 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; or

an approved person as defined in section 13U(5) of the Act,as part of the management of those funds on behalf of the foreign investor, and the amount from the Islamic debt securities is payable to the foreign investor through the fund manager;”.