Singapore legislation
Regulation 7
of Income Tax (International Tax Compliance Agreements) (United States of America) Regulations 2015
Regulation 7
Meaning of “investment entity”
Subregulation 1
In these Regulations, “investment entity” means —
the holder of a capital markets services licence under the Securities and Futures Act 2001 to carry out one or more of the following regulated activities:
dealing in capital markets products;
[Deleted by S 742/2024 wef 27/09/2024](iii)[Deleted by S 742/2024 wef 27/09/2024](iv)fund management;
real estate investment trust management;
[Deleted by S 742/2024 wef 01/08/2024](c)a person who is exempted under section 99(1)(a) to (d) and (h) of the Securities and Futures Act 2001 read with paragraph 2, 3, 4 or 5 of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations, from the requirement to hold a capital markets services licence to carry out one or more of the regulated activities under sub‑paragraph (a);
a licensed trust company under the Trust Companies Act 2005;
a qualifying collective investment scheme (if it is a person) or the distributor, manager or trustee of a qualifying collective investment scheme (if it is not a person); or
any other person that conducts as a business (or is managed by a person that conducts as a business) one or more of the activities set out in paragraph 1(j)(1) to (3) of Article 1 of the Agreement, for or on behalf of a customer.
Subregulation 2
In paragraph (1), “dealing in capital markets products”, “fund management” and “real estate investment trust management” have the meanings given to those expressions in Part 2 of the Second Schedule to the Securities and Futures Act 2001.
Subregulation 3
Paragraph (1)(e) does not apply to a qualifying collective investment scheme whose only assets are immovable properties legally or beneficially owned, or legally and beneficially owned, by the qualifying collective investment scheme or by its distributor, manager or trustee (as the case may be).
Subregulation 4
Paragraph (1)(f) does not apply to a person whose only business assets are immovable properties legally or beneficially owned, or legally and beneficially owned, by the person.
Subregulation 5
A person is not an investment entity for the purposes of paragraph (1) if —
the person is exempt under section 99(1)(h) of the Securities and Futures Act 2001 read with paragraph 2(a) or (e) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations, from the requirement to hold a capital markets services licence and carries on business in dealing in capital markets products for the person’s own account; or (b)the person is an NFFE that meets the criteria in paragraph B(4)(e) of Section VI of Annex I to the Agreement.