Singapore legislation
Regulation 10
of Variable Capital Companies (Sanctions and Freezing of Assets of Persons) Regulations 2020
Regulation 10
Application of provisions of Libya Regulations
Subregulation 1
Regulations 4, 5, 6, 7, 8 and 9 of, and the Schedule to, the Libya 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:
[Deleted by S 241/2023 wef 28/04/2023](b)a reference in regulation 5(4)(b) of the Libya Regulations to section 189 of the Financial Services and Markets Act 2022 is to section 95 of the Act;
the following provision applies in place of regulation 5(4) of the Libya Regulations: “Where any fund, financial asset or other economic resource owned or controlled (directly or indirectly) by any designated person has been frozen or made unavailable to or for the benefit of a designated person by a VCC under this regulation —
any interest or other earning due on the fund, financial asset or economic resource; or (b)any payment that becomes due before 14 January 2020 under any contract, agreement or obligation in relation to the fund, financial asset or economic resource, is also subject to this regulation.”;
the words “(including but not limited to the granting of export credits, guarantees or insurance)” in regulation 7(1)(a) of the Libya Regulations are omitted.(e)[Deleted by S 241/2023 wef 28/04/2023]
Subregulation 2
In this regulation, “designated person” has the meaning given by regulation 4(1) of the Libya Regulations.