Singapore legislation
Regulation 10
of Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016
Regulation 10
Meaning of “non-reporting financial institution”
Subregulation 1
In these Regulations, a “non‑reporting financial institution” has the same meaning as “Non‑Reporting Financial Institution” in sub‑paragraph B(1) of section VIII of the CRS, as modified by this regulation.
Subregulation 2
In paragraph B of section VIII of the CRS —
Definition
“Central Bank” means the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act 1970;
Definition
“Exempt Collective Investment Vehicle” means an investment entity that satisfies all the following conditions:
the investment entity is constituted in Singapore as a collective investment scheme —
that is authorised under section 286(1) of the Securities and Futures Act 2001; or
the units of which are or are to be the subject of an offer or intended offer to which Subdivisions (2) and (3) of Division 2 of Part 13 of that Act do not apply, or apply with modifications by reason of section 304 or 305 of that Act;
all the interests in the investment entity are held by or through —
one or more individuals or entities who are not reportable persons;
one or more entities that are passive NFEs and do not have any controlling person who is a reportable person; or
a combination of individuals and entities mentioned in sub‑paragraphs (i) and (ii);
Definition
“Governmental Entity” includes —
the Government;
every Organ of State;
every entity that is wholly owned (whether directly or indirectly) and wholly controlled by the Minister for Finance (in his corporate capacity), including GIC Private Limited, GIC (Realty) Pte. Ltd., GIC (Ventures) Pte. Ltd., and their wholly owned subsidiaries;
every statutory body; and
every entity that is wholly owned (whether directly or indirectly) and wholly controlled by a statutory body.
Subregulation 3
An investment entity that is a collective investment scheme that has issued any physical shares in bearer form (called in this paragraph bearer shares) qualifies as an Exempt Collective Investment Vehicle under paragraph (2), if, and only if —
the bearer shares were issued before 1 January 2017; and
the investment entity has in place policies and procedures to —
cancel any bearer shares upon surrender of such shares to the investment entity;
perform the due diligence procedures set out in sections II to VII of the CRS with respect to any bearer shares when such shares are presented for redemption or other payment;
report to the Comptroller any information required to be reported by a reporting Singaporean financial institution under regulation 16(1) with respect to any bearer shares when such shares are presented for redemption or other payment; and
ensure that all bearer shares issued by it are redeemed or cancelled as soon as possible, and in any event prior to 1 January 2018.
Subregulation 4
For the purposes of these Regulations, Temasek Holdings (Private) Limited and each special purpose vehicle wholly owned (whether directly or indirectly) by it are non‑reporting financial institutions.
Subregulation 5
In this regulation —
the expressions “collective investment scheme” and “unit” have the same meanings as in section 2(1) of the Securities and Futures Act 2001; and
“statutory body” means any authority established by or under any public Act and whose income is exempt from tax by reason of section 13(1)(e) of the Act, and includes a Town Council established under the Town Councils Act 1988.