No. S 1065
Financial Services and Markets Act 2022
Financial Services and Markets
(Resolution of Financial Institutions)
(Amendment) Regulations 2024
In exercise of the powers conferred by section 135 of the Financial Services and Markets Act 2022, the Deputy Prime Minister and Minister for Trade and Industry, Gan Kim Yong, the Minister charged with the responsibility for the Financial Services and Markets Act 2022, makes the following Regulations:
Citation and commencement
1.  These Regulations are the Financial Services and Markets (Resolution of Financial Institutions) (Amendment) Regulations 2024 and come into operation on 31 December 2024.
Amendment of regulation 27
2.  In the Financial Services and Markets (Resolution of Financial Institutions) Regulations 2024 (G.N. No. S 403/2024) (called in these Regulations the principal Regulations), in regulation 27 —
(a)in paragraph (b), replace the full‑stop at the end with a semi‑colon; and
(b)after paragraph (b), insert —
(c)a licensed insurer that is incorporated in Singapore;
(d)a designated financial holding company which has at least one subsidiary that is a licensed insurer incorporated, formed or established in Singapore.”.
Amendment of regulation 28
3.  In the principal Regulations, in regulation 28 —
(a)in paragraph (1), after “an eligible instrument”, insert “in relation to a Division 6 FI mentioned in regulation 27(a) or (b)”;
(b)after paragraph (1), insert —
(1A)  For the purposes of the definition of “eligible instrument” in section 80(1) of the Act, subject to paragraph (2), each of the following is an eligible instrument in relation to a Division 6 FI mentioned in regulation 27(c) or (d):
(a)any equity instrument or other instrument that confers or represents a legal or beneficial ownership in the Division 6 FI concerned, except an ordinary share;
(b)any unsecured liability or other unsecured debt instrument, excluding any liability mentioned in section 123(3) of the Insurance Act 1966 or section 203(1) of the Insolvency, Restructuring and Dissolution Act 2018;
(c)any instrument that provides for a right for the instrument to be written down, cancelled, modified, changed in form or converted into shares or another instrument of ownership when a specified event occurs.”; and
(c)replace paragraph (2) with —
(2)  However, an “eligible instrument” does not include —
(a)any instrument that is issued by a Division 6 FI mentioned in regulation 27(a) or (b) before 29 November 2018;
(b)any instrument that is issued by a Division 6 FI mentioned in regulation 27(c) or (d) before 31 December 2024; or
(c)a derivatives contract as defined in regulation 9(2).”.
New regulation 33A
4.  In the principal Regulations, after regulation 33, insert —
Expiry of suspension by notice under section 93 of Act in respect of reinsurance contract
33A.—(1)  For the purposes of section 94(1)(b) of the Act, the prescribed time is the same time as —
(a)the time of publication of the notice under section 93 of the Act; or
(b)the time on another date specified in the notice,
as the case may be.
(2)  For the purposes of section 94(1)(b) of the Act, the prescribed date is the second business day after —
(a)the date of publication of the notice under section 93 of the Act; or
(b)the other date specified in the notice,
as the case may be.”.
Made on 29 November 2024.
LEO YIP
Permanent Secretary,
Prime Minister’s Office,
Singapore.
[ID01_2024_PT16 - Resolution Legislation; AG/LEGIS/SL/110B/2020/15]
(To be presented to Parliament under section 135(5) of the Financial Services and Markets Act 2022).