Singapore legislation
Regulation 7
of Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations 2016
Regulation 7
Meaning of “investment entity”
Subregulation 1
In these Regulations, “investment entity” has the same meaning as “Investment Entity” in sub‑paragraph A(6) of section VIII of the CRS, and includes —
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 741/2024 wef 27/09/2024](iii)[Deleted by S 741/2024 wef 27/09/2024](iv)fund management;
real estate investment trust management;
[Deleted by S 741/2024 wef 01/08/2024](c)a person (other than an individual) that is exempt 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 mentioned in sub‑paragraph (a); and
a licensed trust company under the Trust Companies Act 2005.
Subregulation 2
In paragraph (1), the expressions “dealing in capital markets products”, “fund management” and “real estate investment trust management” have the same meanings as in Part 2 of the Second Schedule to the Securities and Futures Act 2001.
Subregulation 3
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;
the person is an active NFE that meets the criteria in sub‑paragraph D(9)(d) to (g) of section VIII of the CRS; or (c)the person’s only business assets are immovable properties in which the person has a non‑debt, direct interest, namely, a direct interest that does not arise from any debt owed to the person.