Singapore legislation
Clause 16
Clause 16
Meanings of “Level A controller”, “Level B controller”, “Level C controller”, “Level D controller”, “Level Y controller” and “Level Z controller”
(1)
In this Part —
Definition
“Level A controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —
holds Level A% or more, but less than Level B% (if Level A% is less than Level B%), of the total equity interests in the designated entity; or
is in a position to control Level A% or more, but less than Level B% (if Level A% is less than Level B%), of the voting power in the designated entity;
Definition
“Level B controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —
holds Level B% or more, but less than Level C% (if Level B% is less than Level C%), of the total equity interests in the designated entity; or
is in a position to control Level B% or more, but less than Level C% (if Level B% is less than Level C%), of the voting power in the designated entity;
Definition
“Level C controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —
holds Level C% or more, but less than Level D% (if Level C% is less than Level D%), of the total equity interests in the designated entity; or
is in a position to control Level C% or more, but less than Level D% (if Level C% is less than Level D%), of the voting power in, the designated entity;
Definition
“Level D controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —
holds Level D% or more of the total equity interests in the designated entity; or
is in a position to control Level D% or more of the voting power in the designated entity;
Definition
“Level Y controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —
holds Level Y% or more, but less than Level Z% (if Level Y% is less than Level Z%), of the total equity interests in the designated entity; or
is in a position to control Level Y% or more, but less than Level Z% (if Level Y% is less than Level Z%), of the voting power in the designated entity;
Definition
“Level Z controller”, in relation to a designated entity, means a person who, alone or together with the person’s associates —
holds Level Z% or more of the total equity interests in the designated entity; or
is in a position to control Level Z% or more of the voting power in the designated entity.
(2)
For the purposes of subsection (1) and section 18(2) —
Definition
“Level A%” means —
unless paragraph (b) applies, 5%; or
such other percentage (less than or equal to Level B%) as may be prescribed from time to time;
Definition
“Level B%” means —
unless paragraph (b) applies, 12%; or
such other percentage (less than or equal to Level C%) as may be prescribed from time to time;
Definition
“Level C%” means —
unless paragraph (b) applies, 25%; or
such other percentage (less than or equal to Level D%) as may be prescribed from time to time;
Definition
“Level D%” means —
unless paragraph (b) applies, 50%; or
such other percentage as may be prescribed from time to time;
Definition
“Level Y%” means —
unless paragraph (b) applies, 50%; or
such other percentage (less than or equal to Level Z%) as may be prescribed from time to time;
Definition
“Level Z%” means —
unless paragraph (b) applies, 75%; or
such other percentage as may be prescribed from time to time.
(3)
The Minister may, for the purpose of paragraph (b) of the definitions of “Level A%”, “Level B%”, “Level C%”, “Level D%”, “Level Y%” and “Level Z%” mentioned in subsection (2), prescribe —
different percentages in respect of —
different designated entities;
different classes of designated entities; or
different designated entities within a class of designated entities; and
the same percentage for all or any of the definitions.