Singapore legislation
Regulation 13F
of Securities and Futures (Licensing and Conduct of Business) Regulations
Regulation 13F
Independence from management of holder and REIT managed or operated by holder
Subregulation 1
For the purposes of regulations 13D(7)(b)(i) and 13E(a)(i) and (b)(i)(A), a director of a holder of a capital markets services licence for real estate investment trust management is independent from the management of the holder and the REIT that is managed or operated by the holder if the director does not have a management relationship with any of the following persons:
the holder of the capital markets services licence;
a related corporation of the holder;
the trustee of the REIT that is managed or operated by the holder.
Subregulation 2
For the purposes of paragraph (1)(a), a director has a management relationship with the holder if —
the director —
is currently employed by the holder; or
has been employed by the holder at any time during the current financial year of the holder, or any of the 3 financial years of the holder that immediately precedes that financial year;
the director is accustomed or under an obligation (whether formal or informal) to act in accordance with the directions, instructions or wishes of the holder; or
any member of the director’s immediate family —
is currently employed by the holder as an executive officer of the holder; or
has been employed by the holder as an executive officer of the holder at any time during the current financial year of the holder, or any of the 3 financial years of the holder that immediately precedes that financial year.
Subregulation 3
For the purposes of paragraph (1)(b), a director has a management relationship with a related corporation of the holder (called in this paragraph the related corporation) if —
the director —
is currently employed by the related corporation; or
has been employed by the related corporation at any time during the current financial year of the related corporation, or any of the 3 financial years of the related corporation that immediately precedes that financial year;
the director is accustomed or under an obligation (whether formal or informal) to act in accordance with the directions, instructions or wishes of the related corporation; or
any member of the director’s immediate family —
is currently employed by a related corporation as an executive officer of the related corporation; or
has been employed by a related corporation as an executive officer of the related corporation at any time during the current financial year of the related corporation, or any of the 3 financial years of the related corporation that immediately precedes that financial year.
Subregulation 4
For the purposes of paragraph (1)(c), a director has a management relationship with the trustee of the REIT that is managed or operated by the holder (called in this paragraph the trustee) if —
the director —
is currently employed by the trustee; or
has been employed by the trustee at any time during the current financial year of the trustee, or any of the 3 financial years of the trustee that immediately precedes that financial year;
the director is accustomed or under an obligation (whether formal or informal) to act in accordance with the directions, instructions or wishes of the trustee; or
any member of the director’s immediate family —
is currently employed by the trustee as an executive officer of the trustee; or
has been employed by the trustee as an executive officer of the trustee at any time during the current financial year of the trustee, or any of the 3 financial years of the trustee that immediately precedes that financial year.