Singapore legislation

Regulation 17

Disapplication of section 32 of Act to entity carrying on private equity or venture capital business

Subregulation 1

Section 32 of the Act (as applied by section 55ZF(2) of the Act) does not apply to an entity —

(a)

that carries on a business prescribed in regulation 14(1), whether or not as its principal business; or

(b)

whose principal business is that of investing in any entity mentioned in sub‑paragraph (a).

Paragraph (1) applies only if the entity does not carry on any of the following businesses:

(a)

the business of engaging in any property‑related activity;

(b)

the business of factoring, leasing equipment or otherwise purchasing debt obligations from another person.

In this regulation, “property‑related activity” has the meaning given by regulation 28.