Singapore legislation
Regulation 6
of Securities and Futures (Disclosure of Interests) Regulations 2012
Regulation 6
Exemption from Part VII of Act for participants in collective investment schemes and employee benefit schemes
Subregulation 1
Part VII of the Act shall not apply to a participant in —
a collective investment scheme that is —
authorised under section 286 of the Act (excluding a real estate investment trust);
recognised under section 287 of the Act (excluding a real estate investment trust); or
authorised, recognised, approved or regulated under the laws, codes or other requirements of any foreign jurisdiction; or
an employee benefit scheme,in respect of his interest in any listed securities that form part or all of the assets managed under the collective investment scheme or employee benefit scheme, as the case may be, or any change in such interest, where his interest in those listed securities arises solely by virtue of section 4(3) of the Act.
Subregulation 2
In this regulation —
Definition
“employee benefit scheme” means an arrangement, fund or scheme set up solely for the purpose of providing any benefit to employees, former employees, directors or former directors of an entity or entities through the acquisition and management of assets, where the participants do not have control over —
the disposal of, or exercise of voting rights attached to, any of the assets managed under the arrangement, fund or scheme; and
any acquisition of assets to be managed under the arrangement, fund or scheme;
Definition
“participant” means —
in respect of a collective investment scheme, a person who owns one or more units in the collective investment scheme; and
in respect of an employee benefit scheme, a person who owns one or more units in the employee benefit scheme, or is a beneficiary under the employee benefit scheme.