Singapore legislation
Regulation 5
of Income Tax (International Tax Compliance Agreements) (United States of America) Regulations 2015
Regulation 5
Meaning of “custodial institution”
Subregulation 1
In these Regulations, “custodial institution” means —
the holder of a capital markets services licence under the Securities and Futures Act 2001 for carrying out the regulated activity of providing custodial services for securities;
a person who is exempted under section 99(1)(a) to (d), (g) and (h) of the Securities and Futures Act 2001 read with paragraph 6 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations (Rg 10), from the requirement to hold a capital markets services licence to carry out the regulated activity of providing custodial services for securities;
a licensed trust company under the Trust Companies Act 2005; or
any other person that holds, as a substantial portion of the person’s business (within the meaning of paragraph 1(h) of Article 1 of the Agreement), financial assets for the account of others.
Subregulation 2
A person is not a custodial institution for the purposes of paragraph (1) if it is an NFFE that meets the criteria in paragraph B(4)(e) of Section VI of Annex I to the Agreement.