Singapore legislation
Regulation 7
of Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021
Regulation 7
Exemption for specified licence holders carrying on qualifying businesses in regulated activities through foreign offices under cross‑border arrangements
Subregulation 1
Where all the circumstances mentioned in regulation 10(1) are present —
a specified licence holder is exempt from section 99B(3) and Division 2 of Part 5 of the Act and Parts III and IV (other than regulation 43) of the Securities and Futures (Licensing and Conduct of Business) Regulations in respect of the specified licence holder’s qualifying business that is carried on through its foreign office under a cross‑border arrangement;
a specified licence holder who is exempt under sub‑paragraph (a) and whose qualifying business that is carried on through its foreign office under a cross‑border arrangement, consists of either or both of the following regulated activities, is also exempt from section 82(1) of the Act in respect of those regulated activities:
the regulated activity mentioned in regulation 2(2)(f)(ii) (which is product financing in respect of the relevant capital markets products that are specified products);
the regulated activity mentioned in regulation 2(2)(f)(iii) (which is providing custodial services in respect of the relevant capital markets products that are specified products); and
a specified licence holder who is exempt under paragraph (a) and whose qualifying business that is carried on through its foreign office under a cross‑border arrangement consists of fund management, is also exempt from regulation 13B of the Securities and Futures (Licensing and Conduct of Business) Regulations in respect of that regulated activity.
Subregulation 2
A specified licence holder exempt under paragraph (1)(a), (b) or (c) must lodge with the Authority a notice setting out the details of the cross‑border arrangement in Form FN —
where the specified licence holder had carried on the qualifying business mentioned in paragraph (1)(a), (b) or (c) (as the case may be) immediately before 9 October 2021 — by the 14th day after the day on which the specified licence holder ceases to comply with any of the provisions mentioned in paragraph (1)(a), (b) or (c) in reliance on the exemption mentioned in that paragraph; or
where the specified licence holder commences the qualifying business mentioned in paragraph (1)(a), (b) or (c) (as the case may be) on or after 9 October 2021 — by the 14th day after the day on which the qualifying business commences.
Subregulation 3
A specified licence holder ceases to be exempt under paragraph (1)(a), (b) or (c) —
in the case where the specified licence holder fails to lodge with the Authority a notice setting out the details of the cross‑border arrangement in accordance with paragraph (2) — on the day immediately after the day mentioned in paragraph (2)(a) or (b), as the case may be; or
in any other case — on the day on which any of the circumstances mentioned in regulation 10(1) ceases to be present.