Singapore legislation
Regulation 12
of Variable Capital Companies (Sanctions and Freezing of Assets of Persons) Regulations 2020
Regulation 12
Application of provisions of South Sudan Regulations
Subregulation 1
Regulations 4, 5 and 6 of the South Sudan 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)the following provision applies in place of regulation 5(4) of the South Sudan 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 due under any contract, agreement or obligation that arose before 14 January 2020, in relation to the fund, financial asset or economic resource, is also subject to this regulation.”.
Subregulation 2
In this regulation, “designated person” has the meaning given by regulation 4(1) of the South Sudan Regulations.