§ 202 — Amendment of Income Tax Act 1947

202.—(1) Subject to subsection (2), section 10I(2) of the Income Tax Act 1947 is amended —(a)

by deleting the word “either —” in paragraph (b) of the definition of “AT1 instrument” and substituting the words “satisfies any of the following:”;

(b)

by deleting the word “or” at the end of paragraph (b)(i) of the definition of “AT1 instrument”;

(c)

by deleting sub-paragraph (ii) of paragraph (b) of the definition of “AT1 instrument” and substituting the following sub‑paragraphs:“(ii)

according to a direction issued under section 28(3) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of the Financial Holding Companies Act 2013 and to MAS Notice 637, may be used to satisfy the capital adequacy requirement of any other financial institution within the meaning of section 27A(6) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of the Financial Holding Companies Act 2013;

(iii)

according to MAS Notice FHC‑N637, may be used to satisfy the capital adequacy requirement of a financial holding company designated under section 4 of the Financial Holding Companies Act 2013;”; and

(d)

by inserting, immediately after the definition of “full banking licence”, the following definition:“ “MAS Notice FHC-N637” means the notice commonly known as MAS Notice FHC‑N637 that is issued by the Monetary Authority of Singapore under section 36(1) of the Financial Holding Companies Act 2013, and includes any notice that replaces it;”.

(2) Subsection (1) only applies if the Financial Holding Companies Act 2013 is brought into operation before Part 2 of this Act is brought into operation.

(3) Subject to subsection (5), section 10I(2) of the Income Tax Act 1947 is amended —(a)

by deleting the word “either —” in paragraph (b) of the definition of “AT1 instrument” and substituting the words “satisfies any of the following:”;

(b)

by deleting the word “or” at the end of paragraph (b)(i) of the definition of “AT1 instrument”; and

(c)

by deleting sub-paragraph (ii) of paragraph (b) of the definition of “AT1 instrument” and substituting the following sub‑paragraphs:“(ii)

according to a direction issued under section 28(3) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of Part 2 of the Financial Services and Markets Act 2022 and to MAS Notice 637, may be used to satisfy the capital adequacy requirement of any other financial institution within the meaning of section 27A(6) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of Part 2 of the Financial Services and Markets Act 2022;

(iii)

according to a direction issued under section 4(3) of the Financial Services and Markets Act 2022 and to MAS Notice 637, may be used to satisfy the capital adequacy requirement of any other financial institution within the meaning of section 2 of the Financial Services and Markets Act 2022;”.

(4) Subject to subsection (5), section 10I(2) of the Income Tax Act 1947, as amended by subsection (3), is further amended —(a)

by deleting sub-paragraph (iii) of paragraph (b) of the definition of “AT1 instrument” and substituting the following sub‑paragraphs:“(iii)

according to a direction issued under section 4(3) of the Financial Services and Markets Act 2022 as in force immediately before the date of commencement of the Financial Holding Companies Act 2013 and to MAS Notice 637, may be used to satisfy the capital adequacy requirement of any other financial institution within the meaning of section 2 of the Financial Services and Markets Act 2022 as in force immediately before the date of commencement of the Financial Holding Companies Act 2013;

(iv)

according to MAS Notice FHC‑N637, may be used to satisfy the capital adequacy requirement of a financial holding company designated under section 4 of the Financial Holding Companies Act 2013;”; and

(b)

by inserting, immediately after the definition of “full banking licence”, the following definition:“ “MAS Notice FHC-N637” means the notice commonly known as MAS Notice FHC‑N637 that is issued by the Monetary Authority of Singapore under section 36(1) of the Financial Holding Companies Act 2013, and includes any notice that replaces it;”.

(5) Subsections (3) and (4) only apply if the Financial Holding Companies Act 2013 is brought into operation on or after the date Part 2 of this Act is brought into operation.

—(1) Subject to subsection (2), section 10I(2) of the Income Tax Act 1947 is amended —(a)

by deleting the word “either —” in paragraph (b) of the definition of “AT1 instrument” and substituting the words “satisfies any of the following:”;

(b)

by deleting the word “or” at the end of paragraph (b)(i) of the definition of “AT1 instrument”;

(c)

by deleting sub-paragraph (ii) of paragraph (b) of the definition of “AT1 instrument” and substituting the following sub‑paragraphs:“(ii)

according to a direction issued under section 28(3) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of the Financial Holding Companies Act 2013 and to MAS Notice 637, may be used to satisfy the capital adequacy requirement of any other financial institution within the meaning of section 27A(6) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of the Financial Holding Companies Act 2013;

(iii)

according to MAS Notice FHC‑N637, may be used to satisfy the capital adequacy requirement of a financial holding company designated under section 4 of the Financial Holding Companies Act 2013;”; and

(d)

by inserting, immediately after the definition of “full banking licence”, the following definition:“ “MAS Notice FHC-N637” means the notice commonly known as MAS Notice FHC‑N637 that is issued by the Monetary Authority of Singapore under section 36(1) of the Financial Holding Companies Act 2013, and includes any notice that replaces it;”.

(2) Subsection (1) only applies if the Financial Holding Companies Act 2013 is brought into operation before Part 2 of this Act is brought into operation.

(3) Subject to subsection (5), section 10I(2) of the Income Tax Act 1947 is amended —(a)

by deleting the word “either —” in paragraph (b) of the definition of “AT1 instrument” and substituting the words “satisfies any of the following:”;

(b)

by deleting the word “or” at the end of paragraph (b)(i) of the definition of “AT1 instrument”; and

(c)

by deleting sub-paragraph (ii) of paragraph (b) of the definition of “AT1 instrument” and substituting the following sub‑paragraphs:“(ii)

according to a direction issued under section 28(3) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of Part 2 of the Financial Services and Markets Act 2022 and to MAS Notice 637, may be used to satisfy the capital adequacy requirement of any other financial institution within the meaning of section 27A(6) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of Part 2 of the Financial Services and Markets Act 2022;

(iii)

according to a direction issued under section 4(3) of the Financial Services and Markets Act 2022 and to MAS Notice 637, may be used to satisfy the capital adequacy requirement of any other financial institution within the meaning of section 2 of the Financial Services and Markets Act 2022;”.

(4) Subject to subsection (5), section 10I(2) of the Income Tax Act 1947, as amended by subsection (3), is further amended —(a)

by deleting sub-paragraph (iii) of paragraph (b) of the definition of “AT1 instrument” and substituting the following sub‑paragraphs:“(iii)

according to a direction issued under section 4(3) of the Financial Services and Markets Act 2022 as in force immediately before the date of commencement of the Financial Holding Companies Act 2013 and to MAS Notice 637, may be used to satisfy the capital adequacy requirement of any other financial institution within the meaning of section 2 of the Financial Services and Markets Act 2022 as in force immediately before the date of commencement of the Financial Holding Companies Act 2013;

(iv)

according to MAS Notice FHC‑N637, may be used to satisfy the capital adequacy requirement of a financial holding company designated under section 4 of the Financial Holding Companies Act 2013;”; and

(b)

by inserting, immediately after the definition of “full banking licence”, the following definition:“ “MAS Notice FHC-N637” means the notice commonly known as MAS Notice FHC‑N637 that is issued by the Monetary Authority of Singapore under section 36(1) of the Financial Holding Companies Act 2013, and includes any notice that replaces it;”.

(5) Subsections (3) and (4) only apply if the Financial Holding Companies Act 2013 is brought into operation on or after the date Part 2 of this Act is brought into operation.