Variable Capital Companies Act 2018 · 2020 Revised Edition · Part 7 · International Obligations and Prevention of Money Laundering, Terrorism Financing and Proliferation Financing and Other Offences
86. Interpretation of this Division
Feedback & supportLast amended by an amending law of 2022.
In this Division —
“AML/CFT authority”, “supervision” and “supervisory action” have the meanings given by section 17 of the FSMA 2022, except that a reference to a foreign financial institution in the definitions of those terms in that section is to a foreign financial institution as defined in this subsection;
“AML/CFT requirement”, “applicable offence”, “domestic authority”, “employee”, “enforcement action”, “foreign country”, “information”, “investigation” and “public authority”, have the meanings given by section 17 of the FSMA 2022;
“corresponding authority” means a public authority of a foreign country that exercises a function that corresponds to a regulatory function of —
ACRA under this Act;
ACRA
“ACRA” means the Accounting and Corporate Regulatory Authority established under section 3 of the Accounting and Corporate Regulatory Authority Act 2004;
MAS under this Part; or
MAS
“MAS” means the Monetary Authority of Singapore established under section 3 of the MAS Act;
MAS under a prescribed written law as defined in section 17 of the FSMA 2022;
“director”, in relation to a VCC, includes —
director
“director” has the meaning given by section 4(1) of the Companies Act 1967;
any person, by whatever name described, occupying the position of a director of the VCC;
VCC
“VCC” or “variable capital company” means a body corporate incorporated as such under this Act;
a person in accordance with whose directions or instructions the directors of the VCC are accustomed to act; and
an alternate director, or a substitute director, of the VCC;
“executive officer”, in relation to a VCC, means any person, by whatever name described, who —
officer
“officer”, in relation to a VCC or other corporation, includes —(a)any director or secretary of the corporation or a person employed in an executive capacity by the corporation;(b)a receiver and manager of any part of the undertaking of the corporation appointed under a power contained in any instrument; and(c)any liquidator of the corporation (being a VCC or company) appointed in a voluntary winding up,but does not include —(d)any receiver who is not also a manager;(e)any receiver and manager appointed by the Court;(f)any liquidator appointed by the Court or by the creditors; or(g)a judicial manager appointed by the Court under Part 8A of the Companies Act 1967 (if applicable);
is in the direct employment of, or acting for or by arrangement with, the VCC; and
is concerned with or takes part in the management of the VCC on a day‑to‑day basis;
“foreign financial institution” has the meaning given by section 17 of the FSMA 2022, except that the reference in the definition of that term in that section to a corresponding authority is to a corresponding authority as defined in this subsection;
“office holder”, in relation to a VCC, means any person acting as the liquidator or provisional liquidator of the VCC or any of its sub‑funds (if applicable), the receiver or the receiver and manager of the property of the VCC or any of its sub‑funds (if applicable), or acting in an equivalent capacity in relation to the VCC or any of its sub-funds (if applicable).
liquidator
“liquidator” includes the Official Receiver when acting as the liquidator of a VCC or a sub‑fund;
In this Division, an AML/CFT authority exercises consolidated supervision authority over a VCC if —
the VCC is a subsidiary of a foreign financial institution established or incorporated in the foreign country of the AML/CFT authority; and
the AML/CFT authority carries out consolidated supervision of the foreign financial institution, and its subsidiaries, branches, agencies and offices outside that foreign country, for compliance with the AML/CFT requirements of that foreign country that are applicable to the foreign financial institution.
To avoid doubt, the definition of “agent” in section 17 of the FSMA 2022 does not apply for the purposes of this Division.