Singapore legislation
Regulation 94
Regulation 94
Formula for determining top-up amounts of entities
Subregulation 1
This regulation sets out the formula for determining the top-up amounts in respect of each of the constituent entities referred to in section 16(3) for the financial year referred to in that provision, if either —
those constituent entities have an additional current top-up amount under section 21(1) (C) and also an additional current top-up amount under section 21(4) (D) for that financial year; or
those constituent entities have an additional current top-up amount under section 21(4) (D) but not an additional current top-up amount under section 21(1) (C) for that financial year, and D results from a recalculation under section 21(4) for more than one previous financial year.
Subregulation 2
The top-up amount is the sum of —
the amount determined by the formula in section 16(3)(a), with the reference to A in the formula replaced by an amount computed by the formula —
the amount for each previous financial year for which the recalculation in section 21(4) was made, as determined by the formula in section 16(3)(b), with the reference to A in the formula replaced by an amount computed by the formula —where —
K has the meaning given by section 16(4)(d), as modified (in the case of Part 3 of the Act) by section 30(2)(b); and
D1 is the amount computed under section 21(4) for that previous financial year.
Subregulation 3
Paragraphs (1) and (2) apply to constituent entities referred to in section 24(4) that are investment entities or insurance investment entities as they apply to constituent entities referred to in section 16(3), with the following modifications:
a reference to the formula in section 16(3)(a) and to A in that formula is to the formula in section 24(4)(a) and to A in that formula;
a reference to the formula in section 16(3)(b) and to A in that formula is to the formula in section 24(4)(b) and to A in that formula;
a reference to section 21(1) or section 21(4) is to that provision as applied by section 24(13);
a reference to K is to K as defined in section 24(5)(d).
Subregulation 4
Paragraphs (1), (2) and (3) apply to a standalone JV or an entity of a JV group for the purpose of section 25(2) as if a reference to a constituent entity were to the standalone JV or the entity.