STAMP DUTY (EXEMPTION) (No. 12) ORDER 2001

STAMP DUTY (EXEMPTION) (No. 12) ORDER 2001

P.U. (A) 226 [Warta No. 15 - 30 hb Julai 2001]

 

IN exercise of the powers conferred by subsection 80(1) of the Stamp Act 1949 [Act 378], the Minister makes the following order:

 

Citation and commencement

 

1. (1) This order may be cited as the Stamp Duty (Exemption) (No. 12) Order 2001.

 

(2) This Order shall be deemed to have come into operation on 1 January 2001.

 

Interpretation

 

2. For the purposes of this Order-

 

"assets" means such assets which are the subject of a securitization transaction and which satisfy all criteria as stipulated by the Securities Commission on the offering of asset-backed debt securities;

 

"credit enhancement" means any arrangement in form or substance which requires the credit enhancement provider to compensate a special purpose vehicle for a pre-determined amount of loss incurred as a means of insuring against the credit risks of the assets;

 

"special purpose vehicle" means any entity which issues asset-backed debt securities and which satisfies all criteria as stipulated by the Securities Commission on the offering of asset-backed debt securities.

 

"securitization transaction" means an arrangement which involves the transfer of assets or risks to a third party where such transfer is funded by the issuance of debt securities to investors and approved by the Securities Commission pursuant to section 32 of the Securities Commission Act 1993 [Act 498];

 

Exemption

 

3. The instruments specified in the Schedule executed on or after 1 January 2001 for the purpose of a securitization transaction are exempted from stamp duty.

 

Revocation

 

4. The Stamp Duty (Exemption) (No. 6) Order 2000 [P.U. (A) 46/2000] published in the Gazette on 17 February 2000 is revoked.

 

 

SCHEDULE

 

 

(1) Any instrument that operates to transfer, convey, assign, vest, effect or complete a disposition of any legal or equitable right or interest in or title to any asset or change or mortgage which in this Schedule is referred to as "the rights" to or in favour of a special purpose vehicle.

 

(2) Any instrument that operates to create or effect any charge, assignment, trust deed or letter of guarantee or any other instrument or document for the purposes of credit enhancement.

 

(3) Any instrument that operates to transfer, convey, assign, vest, effect or complete a disposition of any of the rights in connection with the repurchase of the rights from a special purpose vehicle to or in favour of the person from whom the rights were acquired.

 

(4) Any other instrument or document in which a special purpose vehicle is a party to.

 

Made 24 July 2001.

[Perb. CR (8.09) 248/40/7-299 Vol. 3(4); LHDN. 01/34/42/68-180-1 (20/2000);

PN(PU2)159/XXIV]

 

On behalf and in the name of the Minister of Finance,

 

CHAN KONG CHOY

Deputy Minister of Finance.