Singapore legislation
Regulation 10
of Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021
Regulation 10
Circumstances for exemption
Subregulation 1
For the purposes of regulations 4(1) and (3)(b), 5(4)(b), 7(1) and (3)(b) and 8(3)(b), the circumstances are —
the specified exempt person or specified licence holder (as the case may be) (called in this regulation A) is subject to regulatory oversight, in respect of any activity that is carried out by the foreign office, by a foreign regulatory authority in the foreign jurisdiction where the foreign office is established;
A is subject to AML/CFT requirements of the foreign jurisdiction mentioned in sub‑paragraph (a) that are consistent with the standards set by the FATF and supervised by a foreign regulatory authority in that foreign jurisdiction as to whether A complies with the AML/CFT requirements;
both A and the foreign jurisdiction mentioned in sub‑paragraph (a) are not subject to any sanction imposed pursuant to a Resolution of the Security Council of the United Nations; and
every customer of A for the specified business —
is an accredited investor, institutional investor or expert investor; and
either —
belongs to a class of persons that the Authority has specified under any condition or restriction imposed under section 88(1) or 99(4) of the Act (as the case may be) as being a class of persons whom A may accept as A’s customers for the specified business; or
does not belong to a class of persons that the Authority has specified under any condition or restriction imposed under section 88(1) or 99(4) of the Act (as the case may be) as being a class of persons whom A may not accept as A’s customers for the specified business.
Subregulation 2
In this regulation —
Definition
“foreign office” means the foreign office mentioned in regulation 4(1)(a), (b), (c), (d) or (e), 5(1) or (2), 7(1)(a), (b) or (c) or 8(1), as the case may be;
Definition
“specified business” means the qualifying business in respect of which A is exempt under regulation 4(1)(a), (b), (c), (d) or (e), 5(1) or (2), 7(1)(a), (b) or (c) or 8(1), as the case may be.