Financial Holding Companies Act 2013(No. 13 of 2013)
Table of Contents
Long Title
Enacting Formula
Part I PRELIMINARY
1 Short title and commencement
2 Interpretation
Part II INFORMATION GATHERING POWERS OVER FINANCIAL HOLDING COMPANIES
3 Provision of information to Authority
Part III DESIGNATION OF FINANCIAL HOLDING COMPANIES
4 Power of Authority to designate financial holding companies
5 Withdrawal of designation of financial holding company
6 Prohibition on holding out as designated financial holding company
7 Use of financial holding company name, etc.
8 Activities of designated financial holding company
9 Annual levy
10 Amendment of designated financial holding company’s constitution
Part IV CHANGES IN SHAREHOLDINGS AND CONTROL OF DESIGNATED FINANCIAL HOLDING COMPANY
11 Application and interpretation of this Part
12 Mergers involving designated financial holding company with bank subsidiary
13 Control of substantial shareholdings of designated financial holding company with bank subsidiary
14 Control of shareholdings and voting power of designated financial holding company with bank subsidiary
15 Approval of applications in case of designated financial holding company with bank subsidiary
16 Power to exempt and make further transitional provisions
17 Objection to existing control of designated financial holding company with bank subsidiary
18 Power to make directions in relation to designated financial holding company with bank subsidiary
19 Mergers involving designated financial holding company without bank subsidiary
20 Control of substantial shareholdings of designated financial holding company without bank subsidiary
21 Control of shareholdings and voting power of designated financial holding company without bank subsidiary
22 Approval of applications in case of designated financial holding company without bank subsidiary
23 Objection to existing control of designated financial holding company without bank subsidiary
24 Power to make directions in relation to designated financial holding company without bank subsidiary
25 Appeals
26 Offences, penalties and defences under this Part
27 Power of Authority to obtain information
Part V EXPOSURES AND LIMITS ON INVESTMENTS
28 Exposures
29 Disclosure of interests by directors
30 Limit on equity investments
31 Investments in companies
32 Immovable property
33 Power of Authority to secure compliance with provisions of this Part
Part VI MINIMUM ASSET AND CAPITAL REQUIREMENT
34 Minimum liquid assets
35 Minimum capital requirements
36 Capital adequacy requirements
37 Leverage ratio requirement
38 Power of Authority to secure compliance with any provision in this Part
Part VII AUDIT, INSPECTIONS AND INVESTIGATIONS
39 Annual account and audit
40 Inspection of designated financial holding companies and other companies within FHC group
41 Special investigation of designated financial holding companies
42 Provisions supplementary to sections 40 and 41
43 Inspection in Singapore by foreign supervisory authority
44 Confidentiality of inspection and investigation reports
Part VIII POWERS OF CONTROL OVER DESIGNATED FINANCIAL HOLDING COMPANIES
45 Interpretation of this Part
46 Information of insolvency, etc.
47 Action by Authority if designated financial holding company is unable to meet obligations, etc.
48 Effect of assumption of control under section 47
49 Duration of control
50 Responsibilities of officers, member, etc., of designated financial holding company
51 Remuneration and expenses of Authority and others in certain cases
52 Winding up where designated financial holding company is co‑operative society
Part IX ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
53 Interpretation of this Part
54 Conditions for provision of assistance
55 Other factors to consider for provision of assistance
56 Assistance that may be rendered
57 Offences under this Part
58 Immunities
Part X MISCELLANEOUS
59 Regulations
60 Notices to designated financial holding company
61 Appointment of assistants
62 Disqualification of directors and executive officers
63 Appointment and removal of chief executive and other persons
64 Offences by directors and executive officers of designated financial holding companies and false or misleading information, etc.
65 Offences by directors, employees and agents
66 Composition of offences
67 General penalty
68 Jurisdiction of court
69 Consent of Public Prosecutor
70 Recovery of fees, expenses, etc.
71 Operation of this Act not to affect Companies Act
72 Service of documents, etc.
73 Electronic service
74 General powers of exemption
75 Opportunity to be heard
76 Amendment of Schedule
77 Transitional provision
78 Consequential amendments to Banking Act
79 Consequential amendment to Monetary Authority of Singapore Act