Singapore legislation
Regulation 13H
of Securities and Futures (Licensing and Conduct of Business) Regulations
Regulation 13H
Independence from substantial shareholder of holder and substantial unitholder of REIT
Subregulation 1
For the purposes of regulations 13D(7)(b)(iii) and 13E(a)(iii) and (b)(i)(C), a director of a holder of a capital markets services licence for real estate investment trust management is independent from every substantial shareholder of the holder, and every substantial unitholder of the REIT that is managed or operated by the holder if the director is not connected to any of the following persons (each called in this regulation a relevant person):
a substantial shareholder of the holder;
a substantial unitholder of the REIT.
Subregulation 2
For the purposes of paragraph (1), a director is connected to a relevant person if —
where the relevant person is an individual, the director is —
a member of the immediate family of the relevant person;
employed by the relevant person;
a partner of a firm or a limited liability partnership of which the relevant person is also a partner; or
accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the relevant person; and
where the relevant person is a corporation, the director is —
employed by the relevant person;
employed by a related corporation or an associated corporation of the relevant person;
a director of the relevant person;
a director of a related corporation or an associated corporation of the relevant person;
a partner of a firm or a limited liability partnership of which the relevant person is also a partner; or
accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the relevant person.