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Application of provisions of DPRK Regulations

Variable Capital Companies (Sanctions and Freezing of Assets of Persons) Regulations 2020

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—(1) Regulations 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 17 and 18 of the DPRK Regulations apply to or in relation to a VCC as they apply to or in relation to a financial institution, subject to the following modifications:(a)[Deleted by S 241/2023 wef 28/04/2023](b)[Deleted by S 241/2023 wef 28/04/2023](c)[Deleted by S 241/2023 wef 28/04/2023](d)the words “(including but not limited to the granting of export credits, guarantees, insurance, re‑insurance, or the clearing or settlement of any transactions)” in regulation 5(1)(a) of the DPRK Regulations are omitted;(e)regulation 11(2)(d) of the DPRK Regulations is omitted;(f)the words “(including but not limited to the granting of export credits, guarantees, insurance or re‑insurance)” in regulations 6(1)(a), 7(1)(b), 8(1)(b), 9(1)(b) and 10(1)(b) of the DPRK Regulations are omitted;(g)the reference in regulations 17 and 18 of the DPRK Regulations to regulation 16 is omitted.(2) Except with the prior written approval of the Authority, a VCC must not on or after 28 April 2023 establish or maintain business relations —(a)with any Democratic People’s Republic of Korea’s diplomatic or consular officer or any of the officer’s family members, or any person acting on behalf of any such persons; or(b)for the carrying out of any activity of the Democratic People’s Republic of Korea’s diplomatic and consular missions.(3) A VCC must not knowingly do anything that —(a)causes, assists or promotes; or(b)is intended to cause, assist or promote,any act or thing prohibited by paragraph (2).(4) Every VCC that —(a)has any fact or information about any transaction, proposed transaction, act or thing prohibited by paragraph (2);(b)has possession, custody or control in Singapore of any funds, other financial assets or economic resources owned or controlled, directly or indirectly, by any designated person or prohibited entity; or(c)has information about any transaction or proposed transaction in respect of any funds, other financial assets or economic resources owned or controlled, directly or indirectly, by any designated person or prohibited entity,must immediately inform the Authority of that fact or information, and provide any further information relating to the funds, financial assets, economic resources, transaction, proposed transaction, act or thing, that the Authority may require.(5) In this regulation, “designated person” and “prohibited entity” have the meanings given by regulation 4(1) of the DPRK Regulations.

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