DISCLAIMER: This version of the amendments is in draft form and subject to change. It is also subject to review by the Attorney- General s Chambers.



Similar documents
After section 80B of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2006, namely:

FINANCIAL SERVICES ACT 2008 REGULATED ACTIVITIES ORDER Approved by Tynwald 13 December 2011 Coming into operation 1 January 2012

(2) They shall come into force on the date of their publication in the Official Gazette.

CODE OF ETHICS FOR POINT CAPITAL, INC. STATEMENT OF GENERAL FIDUCIARY

How To Know If You Are A Financial Institution

Code of Ethics Effective June 1, 2015

AMENDMENTS TO DEFINITIONS OF ACCREDITED INVESTOR, INSTITUTIONAL INVESTOR AND EXPERT INVESTOR

IRREVOCABLE LIFE INSURANCE TRUST (FOR SURVIVORSHIP LIFE/SECOND-TO-DIE POLICY)

Insurance (Amendment) Bill

Share Trading Policy. Australian Careers Network Limited ACN Doc ID /v2

Australian Financial Services Licence

JOINT CODE OF ETHICS FOR GOLUB CAPITAL BDC, INC. GOLUB CAPITAL INVESTMENT CORPORATION GC ADVISORS LLC

FAQs on Debenture Trustee

MEMORANDUM OF ASSOCIATION

Instructions for Form 8938 (Rev. December 2014)

INTERNATIONAL COLLECTIVE INVESTMENT SCHEMES LAW

DEBTOR AND CREDITOR USURY ACT 73 OF 1968 [ASSENTED TO 20 JUNE 1968] [DATE OF COMMENCEMENT: 1 APRIL 1969] (Signed by the President) as amended by

chair John Chiang member Betty T. Yee member Ana J. Matosantos

UNIVERSITY OF GUELPH. Pension Plans. Statement of Investment Policies and Procedures

Schneps, Leila; Colmez, Coralie. Math on Trial : How Numbers Get Used and Abused in the Courtroom. New York, NY, USA: Basic Books, p i.

UNOFFICIAL CONSOLIDATION AND TRANSLATION OF LAWS 128(I) OF 2009 AND 52(I) OF 2010 THE PAYMENT SERVICES LAWS OF 2009 TO 2010

Appendix 1. In this appendix underlining indicates new text and striking through indicates deleted text. The DFSA Rulebook. General Module (GEN)

OFFICE OF THE REGISTRAR OF COMPANIES MALAYSIA GUIDELINES FOR USE OF A COMPANY NUMBER UNDER SECTIONS 121 AND 338, COMPANIES ACT (AMENDMENT) 1996

COLLECTIVE INVESTMENT FUNDS (RECOGNIZED FUNDS) (GENERAL PROVISIONS) (JERSEY) ORDER 1988

Non-Deductible/ROTH IRA Disclosure Statement

Application of Accounting Standards to Financial Year Accounts and Consolidated Accounts of Disclosing Entities other than Companies

SECURITIES AND FUTURES ACT (CAP. 289)

STATUTORY INSTRUMENTS SUPPLEMENT No. 1 11th May, 2012.

US Taxpayers Participating in Non US Retirement Plans: When is There an FBAR or FATCA Reporting Obligation?

COLLECTIVE INVESTMENT FUNDS (RESTRICTION OF SCOPE) (JERSEY) ORDER 2000

CHAPTER 386 COMPANIES ACT

Responses to CP8/13 (No. 2)

Collective Investment Schemes

16 BUSINESS ACCOUNTING STANDARD CONSOLIDATED FINANCIAL STATEMENTS AND INVESTMENTS IN SUBSIDIARIES I. GENERAL PROVISIONS

Consultation Paper on the Evidential Requirements under the Securities and Futures (Professional Investor) Rules. October 2010

LOANS ACT. Section 2-Authenticating of Agreements, Securities, Etc. Section 3-Authority to raise External Loans.

DEBT MANAGEMENT OFFICE (ESTABLISHMENT, ETC.) ACT

GUIDE TO COLLECTIVE INVESTMENT SCHEMES AND CLOSED-END FUNDS IN MAURITIUS

Instructions for Form 8938

Supplement No. 1 published with Extraordinary Gazette No. 80 dated 16 th October, THE TAX INFORMATION AUTHORITY LAW (2014 REVISION)

CHAPTER 160 FATAL ACCIDENTS AND PERSONAL INJURIES LAWS OF BRUNEI ARRANGEMENT OF SECTIONS. Section PART I PRELIMINARY

DRAFT INSURANCE (AMENDMENT) BILL 2015

Walchandnagar Industries Limited. Policy on Preservation of the Document. (Effective from December 01, 2015)

1 of 7 31/10/ :34

Financial Monitoring Unit. Frequently Asked Questions (FAQs) on Currency Transaction Reports (CTRs)

THE FINANCIAL SERVICES DEVELOPMENT ACT (Act No. of 2001) ARRANGEMENT OF SECTIONS PART I - PRELIMINARY PART II THE FINANCIAL SERVICES COMMISSION

Portfolio investment is covered by general permission subject to following condition/provisions.

AIFMD means Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers, as amended.

Chapter 10 EQUITY SECURITIES RESTRICTIONS ON PURCHASE AND SUBSCRIPTION

Act 5 Foreign Exchange Act 2004

Share Trading Policy December 2010

Chapter 339. (House Bill 392) Commercial Law Debt Settlement Services Study

Definitions for chapter. When used in this chapter, unless the context otherwise requires: (1) "Agent" means any individual other than a

SHARE TRADING POLICY

GROUP RETIREMENT SAVINGS PLAN

CHAPTER 403 INSURANCE BUSINESS ACT

An Act to empower the President to establish Public Corporations and to provide for matters incidental thereto and connected therewith

THE INVESTMENT FUNDS AND MANAGEMENT COMPANIES ACT - 1. Ljubljana, 2003

Nomination & Remuneration Policy

Circular No April 2016

09 FINANCIAL SERVICES ARTICLE 1. Definitions and Scope

Labuan Limited Partnerships and Limited Liability Partnerships

33 BUSINESS ACCOUNTING STANDARD FINANCIAL STATEMENTS OF FINANCIAL BROKERAGE FIRMS AND MANAGEMENT COMPANIES I. GENERAL PROVISIONS

Property Management Services Bill. Contents

FOREIGN INVESTMENT IN SHARES

Retirement Fund (Amendment) 1 A BILL. i n t i t u l e d. An Act to amend the Retirement Fund Act 2007.

ARTICLE I WD-40 COMPANY ARTICLE II

Statement of Investment Policies and Goals. Saskatchewan Pension Plan Annuity Fund. As of January 1, APPROVED on this 9 th day of December, 2014

INDIA THE INCOME TAX ACT Income from property held for charitable or religious purposes.

BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2003 SHOWING THE SUBSTANTIVE LAWS AS AT 31ST MAY, 2003

CHAPTER 13:01 PUBLIC TRUSTEE ACT ARRANGEMENT OF SECTIONS. 3. Office. 4. Official Receiver to be Public Trustee till other appointment made.

REVISED PROPOSED AMENDMENTS CONCERNING MORTGAGE INVESTMENT CORPORATIONS AND INVESTMENT CORPORATIONS MORTGAGE INVESTMENT CORPORATIONS

THE GAZETTE OF PAKISTAN EXTRAORDINARY PUBLISHED BY AUTHORITY SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN NOTIFICATION

(28 February 2014 to date) PENSION FUNDS ACT 24 OF 1956

SUBSIDIARY LEGISLATION INTEREST RATE (EXEMPTION) REGULATIONS

LITHUANIA LAW ON COMPANIES

G R O U P T R A D I N G P O L I C Y

19 federal funds, nongovernmental grants, or other State funds such as special

BOARD NOTICE 106 OF 2008

This Trust form is designed for use to hold the lump sum death benefits payable under the following plan types in trust:

3 BUSINESS ACCOUNTING STANDARD,,INCOME STATEMENT I. GENERAL PROVISIONS

Share Trading Policy. China Dairy Corporation Limited ARBN Hong Kong Registration Number Ref GWH:US: Doc ID /v2

ARTICLES OF ASSOCIATION OF

HSBC Bank plc. Programme for the issue of Notes and Warrants

Official Receiver's Office Companies (Fees and Percentages) Order Chapter 32 Fees and Charges in Compulsory Winding-up of Companies

Insurance (General Insurance Business Solvency) Rules 2007 (Consolidated version with amendments as at 31 December 2010)

ANNEX XI REFERRED TO IN ARTICLE 3.19 FINANCIAL SERVICES

BELIZE LIMITED LIABILITY PARTNERSHIP ACT CHAPTER 258 REVISED EDITION 2000 SHOWING THE LAW AS AT 31ST DECEMBER, 2000

ZLL ESOP AMENDED 2015

LS No ACT. Sierra Leone. No. Public Debt Management Act SIGNED this 14th day of March, DR. ERNEST BAI KOROMA, President.

Law on the Takeover of Joint Stock Companies

Section 14 Money Settlement

Financial Services and Markets - Regulation No 397/2000 on electronic registration of securities in a central securities depository.

Higher Education Loan Authority of the State of Missouri. Student Loan Asset-Backed Notes, Series

CONSULTATION PAPER P Sepember Draft Amendments to Credit Cards and Unsecured Credit Rules

By-Laws. of the. Friends of Libraries and Archives of Texas. ARTICLE I. Purpose

Law No. 59/1934 on cheque, with subsequent amendments and supplements ( Law No. 59/1934 );

Financial Services (Investment and Fiduciary Services) FINANCIAL SERVICES (FEES) REGULATIONS 2011 FINANCIAL SERVICES (FEES) REGULATIONS 2011

SECURITY TRADING POLICY ACN

SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2009

Transcription:

Annex 1 DRAFT LEGISLATIVE AMENDMENTS TO THE SECURITIES AND FUTURES ACT (CAP. 289) AMENDMENTS TO DEFINITION OF DEBENTURES AND COLLECTIVE INVESTMENT SCHEMES DISCLAIMER: This version of the amendments is in draft form and subject to change. It is also subject to review by the Attorney- General s Chambers.

2 Short title SECURITIES AND FUTURES ACT (CHAPTER 289) PART I PRELIMINARY 1. This Act may be cited as the Securities and Futures Act Interpretation 2. (1) In this Act, unless the context otherwise requires debenture, except for the purposes of Part XIII, includes (a) any debenture stock, bond, note and any other debt securities issued by a corporation or any other entity, whether constituting a charge or not, on the assets of the issuer, ; or such other product or class of products as the Authority may prescribe; but does not include (a) (i) a cheque, letter of credit, order for the payment of money or bill of exchange; or for the purposes of the application of this definition to a provision of this Act in respect of which any regulations made thereunder provide that the word debenture does not include a prescribed document or a document included in a prescribed class of documents, that document or a document included in that class of documents, as the case may be; collective investment scheme means (a) an arrangement in respect of any property (i) under which the participants do not have day-to-day control over the management of the property, whether or not they have the right to be consulted or to give directions in respect of such management; and the property is managed as a whole by or on behalf of a manager;

3 under which the contributions of the participants and the profits or income from which payments are to be made to them are pooled; and under which any of the following characteristics are present (iii) the property is managed as a whole by or on behalf of a manager; or the contributions of the participants and the profits or income out of which payments are to be made to them are pooled; the purpose or effect, or purported purpose or effect, of which is to enable the participants (whether by acquiring any right, interest, title or benefit in the property or any part of the property or otherwise) to participate in or receive profits, income, or other payments or returns arising from the acquisition, holding, management or disposal of, the exercise of, the redemption of, or the expiry of, any right, interest, title or benefit in the property or any part of the property; or to receive sums paid out of such profits, income, or other payments or returns; or an arrangement which is an arrangement, or is a of a class or description of arrangements, specified by the Authority as a collective investment scheme by notice published in the Gazette, but does not include (i) (iii) (iv) an arrangement operated by a person otherwise than by way of business; an arrangement under which each of the participants carries on a business other than investment business and enters into the arrangement solely incidental to that other business; an arrangement under which each of the participants is a related corporation of the manager; an arrangement made by or on behalf of an entity solely for the benefit of persons, each of whom is a bona fide director or equivalent person, a former director or equivalent person, a consultant, an adviser, an employee or a former employee of that entity or, where that entity is a corporation, a related corporation of that entity; or

4 a spouse, widow or widower, or a child, adopted child or step-child below the age of 18 years, of such director or equivalent person, former director or equivalent person, employee or former employee; (iva) an arrangement made by or on behalf of 2 or more entities solely for the benefit of persons, each of whom is (v) (vi) a franchise; a bona fide director or equivalent person, a former director or equivalent person, a consultant, an adviser, an employee or a former employee of any of those entities or, where any of those entities is a corporation, a related corporation of the entity which is a corporation; or a spouse, widow or widower, or a child, adopted child or step-child below the age of 18 years, of such director or equivalent person, former director or equivalent person, employee or former employee; an arrangement under which money received by an advocate and solicitor from his client, whether as a stakeholder or otherwise, acting in his professional capacity in the ordinary course of his practice, or under which money is received by a statutory body as a stakeholder in the carrying out of its statutory functions; (vii) an arrangement made by any co-operative society registered under the Co-operative Societies Act (Cap. 62) in accordance with the objects thereof solely for the benefit of its members; (viii) an arrangement made for the purposes of any chit fund permitted to operate under the Chit Funds Act (Cap. 39); (ix) an arrangement arising out of a life policy within the meaning of the Insurance Act (Cap. 142); (ixa) arrangements in which the whole amount of each participant s contribution is a deposit as defined in the Banking Act (Cap. 19); (x) a closed-end fund constituted either as an entity or a trust; (xia) arrangements under which - the predominant purpose is to enable the participants to share in the use or enjoyment of property or to make its use or enjoyment available gratuitously to others; and the property to which the arrangements relate: (i) does not consist of the currency of any country or territory, and

5 does not consist of or include any: (C) (D) capital markets product; policy as defined in the Insurance Act (Cap. 142); deposit as defined in the Banking Act (Cap. 19); credit facilities as defined in the Banking Act (Cap. 19); (xii) an arrangement which is an arrangement, or is of a class or description of arrangements, specified by the Authority as not constituting a collective investment scheme by notice published in the Gazette; [ ]