Regulation 4
Amendment of regulation 4
of Income Tax (Qualifying Debt Securities) (Amendment) Regulations 2026
In the principal Regulations, in regulation 4 —
in paragraph (1)(ba), replace “31 December 2023” with “14 February 2023 (both dates inclusive)”;
in paragraph (1), after sub-paragraph (ba), insert —“(bb)where the debt securities are issued during the period from 15 February 2023 to 31 December 2023 (both dates inclusive) and are not issued under a programme, any one of the following is satisfied:
the lead manager is any, or if there is more than one lead manager, more than half of the lead managers are any or any combination, of the following:
a financial sector incentive (capital market) company;
a financial sector incentive (standard tier) company;
a specified licensed entity;
if the issuer is a Singapore‑based issuer —
more than half of the amount of gross revenue from arranging the issue is attributable to any or any combination of the following: (AA)a financial sector incentive (capital market) company;
(AB)a financial sector incentive (standard tier) company;
(AC)a specified licensed entity; and
more than half of the staff arranging the issue, of the company or cumulatively of the companies mentioned in sub‑paragraph (A), are based in Singapore;
if the issuer is not a Singapore‑based issuer, more than half of the debt securities issued under the issue are distributed by any or any combination of the following:
a financial sector incentive (capital market) company;
a financial sector incentive (standard tier) company;
a specified licensed entity;
(bc)where the debt securities are issued during the period from 1 January 2024 to 31 December 2028 (both dates inclusive) and are not issued under a programme, any one of the following is satisfied:
the lead manager is a specified licensed entity, or if there is more than one lead manager, more than half of the lead managers are specified licensed entities;
if the issuer is a Singapore‑based issuer —
more than half of the amount of gross revenue from arranging the issue is attributable to one or more specified licensed entities; and
more than half of the staff arranging the issue, of the specified licensed entity or entities mentioned in sub‑paragraph (A), are based in Singapore;
if the issuer is not a Singapore‑based issuer, more than half of the debt securities issued under the issue are distributed by one or more specified licensed entities;”;
in paragraph (1)(c), replace “10th May 1999 to 31st December 2023” with “10 May 1999 to 31 December 2028 (both dates inclusive)”;
in paragraph (1)(c)(iv), replace “on or after 1 January 2014” with “during the period from 1 January 2014 to 31 December 2023 (both dates inclusive)”;
in paragraph (1)(c)(iv), delete “or” at the end;
in paragraph (1)(c)(v), after “financial sector incentive (standard tier) company”, insert “, and the arrangement is completed on or before 31 December 2023”;
in paragraph (1)(c), after sub-paragraph (v), insert —“(vi)the programme as a whole is arranged on or after 1 January 2014 by a financial sector incentive (capital market) company or a financial sector incentive (standard tier) company, and the arrangement —
is not completed on or before 14 February 2023 by the financial sector incentive (capital market) company or the financial sector incentive (standard tier) company; and (B)is completed on or after 15 February 2023 by any specified licensed entity; or
the programme as a whole is arranged on or after 15 February 2023 by one or more specified licensed entities, and the arrangement is completed on or after that date by any specified licensed entity;”;
in paragraph (1)(d), replace “10th May 1999 to 31st December 2023” with “10 May 1999 to 31 December 2028 (both dates inclusive)”;
in paragraph (1)(d)(iii), delete “or” at the end;
in paragraph (1)(d)(iv), after “a financial sector incentive (standard tier) company”, insert “and the arrangement of the participation is completed on or before 31 December 2023”;
in paragraph (1)(d)(iv)(B), after “or financial sector incentive (standard tier) company”, insert “, and the arrangement of the programme is completed on or before 31 December 2023”;
in paragraph (1)(d)(iv)(B), insert “or” at the end;
in paragraph (1)(d), after sub-paragraph (iv), insert —“(v)the participation of the new issuer in the programme is arranged on or after 15 February 2023 by one or more specified licensed entities and the arrangement of the participation is completed on or after that date by any specified licensed entity, and that programme as a whole —
was previously arranged by an affiliate of any financial sector incentive (bond market) company, and the arrangement of the programme is completed on or before 31 December 2018;
was previously arranged on or after 1 January 2014 by an affiliate of any financial sector incentive (capital market) company or financial sector incentive (standard tier) company, and the arrangement of the programme is completed on or before 31 December 2023; or
was previously arranged on or after 15 February 2023 by an affiliate of any specified licensed entity, and the arrangement of the programme is completed on or after that date;”;
in paragraph (1)(f), replace “31 December 2023” with “14 February 2023 (both dates inclusive)”;
in paragraph (1)(f)(iii), replace the full‑stop at the end with a semi‑colon;
in paragraph (1), after sub-paragraph (f), insert —“(g)where the debt securities are issued during the period from 15 February 2023 to 31 December 2023 (both dates inclusive) under a tranche of a programme and the programme does not satisfy the requirements in sub‑paragraph (c) or (d), more than half of the debt securities issued under that tranche are distributed by any or any combination of the following:
a financial sector incentive (capital market) company;
a financial sector incentive (standard tier) company;
a specified licensed entity;
where the debt securities are issued during the period from 1 January 2024 to 31 December 2028 (both dates inclusive) under a tranche of a programme and the programme does not satisfy the requirements in sub‑paragraph (c) or (d), more than half of the debt securities issued under that tranche are distributed by one or more specified licensed entities.”;
in paragraph (1A)(aa), replace “31 December 2023” with “14 February 2023 (both dates inclusive)”;
in paragraph (1A), after sub-paragraph (aa), insert —“(ab)where the Islamic debt securities are issued during the period from 15 February 2023 to 31 December 2023 (both dates inclusive) and are not issued under a programme, any one of the following is satisfied:
the lead manager is any, or if there is more than one lead manager, more than half of the lead managers are any or any combination, of the following:
a financial sector incentive (capital market) company;
a financial sector incentive (standard tier) company;
a specified licensed entity;
if the issuer is a Singapore‑based issuer —
more than half of the amount of gross revenue from arranging the issue is attributable to any or any combination of the following:
(AA)a financial sector incentive (capital market) company;
(AB)a financial sector incentive (standard tier) company;
(AC)a specified licensed entity; and
more than half of the staff arranging the issue, of the company or cumulatively of the companies mentioned in sub‑paragraph (A), are based in Singapore;
if the issuer is not a Singapore‑based issuer, more than half of the debt securities issued under the issue are distributed by any or any combination of the following:
a financial sector incentive (capital market) company;
a financial sector incentive (standard tier) company;
a specified licensed entity;
(ac)where the Islamic debt securities are issued during the period from 1 January 2024 to 31 December 2028 (both dates inclusive) and are not issued under a programme, any one of the following is satisfied:
the lead manager is a specified licensed entity, or if there is more than one lead manager, more than half of the lead managers are specified licensed entities;
if the issuer is a Singapore‑based issuer —
more than half of the amount of gross revenue from arranging the issue is attributable to one or more specified licensed entities; and
more than half of the staff arranging the issue, of the specified licensed entity or entities mentioned in sub‑paragraph (A), are based in Singapore;
if the issuer is not a Singapore‑based issuer, more than half of the debt securities issued under the issue are distributed by one or more specified licensed entities;”;
in paragraph (1A)(b), replace “31 December 2023” with “31 December 2028 (both dates inclusive)”;
in paragraph (1A)(b)(iv), replace “on or after 1 January 2014” with “during the period from 1 January 2014 to 31 December 2023 (both dates inclusive)”;
in paragraph (1A)(b)(iv), delete “or” at the end;
in paragraph (1A)(b)(v), after “financial sector incentive (standard tier) company”, insert “, and the arrangement is completed on or before 31 December 2023”;
in paragraph (1A)(b), after sub-paragraph (v), insert —“(vi)the programme as a whole is arranged on or after 1 January 2014 by a financial sector incentive (capital market) company or a financial sector incentive (standard tier) company, and the arrangement —
is not completed on or before 14 February 2023 by the financial sector incentive (capital market) company or the financial sector incentive (standard tier) company; and
is completed on or after 15 February 2023 by any specified licensed entity; or
the programme as a whole is arranged on or after 15 February 2023 by one or more specified licensed entities, and the arrangement is completed on or after that date by any specified licensed entity;”;
in paragraph (1A)(c), replace “31 December 2023” with “31 December 2028 (both dates inclusive)”;
in paragraph (1A)(c)(ii), delete “or” at the end;
in paragraph (1A)(c)(iii), after “a financial sector incentive (standard tier) company”, insert “and the arrangement of the participation is completed on or before 31 December 2023”;
(za)in paragraph (1A)(c)(iii)(B), replace “financial sector incentive (standard tier) company;” with “financial sector incentive (standard tier) company, and the arrangement of the programme is completed on or before 31 December 2023; or”;
(zb)in paragraph (1A)(c), after sub-paragraph (iii), insert —“(iv)the participation of the new issuer in the programme is arranged on or after 15 February 2023 by one or more specified licensed entities and the arrangement of the participation is completed on or after that date by any specified licensed entity, and that programme as a whole —
was previously arranged by an affiliate of any financial sector incentive (bond market) company, and the arrangement of the programme is completed on or before 31 December 2018;
was previously arranged on or after 1 January 2014 by an affiliate of any financial sector incentive (capital market) company or financial sector incentive (standard tier) company, and the arrangement of the programme is completed on or before 31 December 2023; or
was previously arranged on or after 15 February 2023 by an affiliate of any specified licensed entity, and the arrangement of the programme is completed on or after that date;”;
(zc)in paragraph (1A)(d)(ii), delete “and” at the end;
(zd)in paragraph (1A)(e), replace “31 December 2023” with “14 February 2023 (both dates inclusive)”;
(ze)in paragraph (1A)(e)(iii), replace the full‑stop at the end with a semi‑colon; and
(zf)in paragraph (1A), after sub-paragraph (e), insert —“(f)where the Islamic debt securities are issued during the period from 15 February 2023 to 31 December 2023 (both dates inclusive) under a tranche of a programme and the programme does not satisfy the requirements in sub‑paragraph (b) or (c), more than half of the Islamic debt securities issued under that tranche are distributed by any or any combination of the following:
a financial sector incentive (capital market) company;
a financial sector incentive (standard tier) company;
a specified licensed entity; and
where the Islamic debt securities are issued during the period from 1 January 2024 to 31 December 2028 (both dates inclusive) under a tranche of a programme and the programme does not satisfy the requirements in sub‑paragraph (b) or (c), more than half of the Islamic debt securities issued under that tranche are distributed by one or more specified licensed entities.”.