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No. S 235

Monetary Authority of Singapore Act

(CHAPTER 186)

Monetary Authority of Singapore
(Control and Resolution of
Financial Institutions)
Regulations 2013

In exercise of the powers conferred by sections 30AAJ and 30AAZN of the Monetary Authority of Singapore Act, the Monetary Authority of Singapore hereby makes the following Regulations:

PART I

PRELIMINARY

Citation and commencement

1. These Regulations may be cited as the Monetary Authority of Singapore (Control and Resolution of Financial Institutions) Regulations 2013 and shall come into operation on 18th April 2013.

Definitions

2. In these Regulations, unless the context otherwise requires —

“12% controller” —

(a)	in relation to a bank incorporated in Singapore or a financial holding company, has the same meaning as in section 15B(3) of the Banking Act (Cap. 19);
(b)	in relation to an operator of a designated payment system under the Payment Systems (Oversight) Act (Cap. 222A), has the same meaning as in section 23(3) of that Act;
(c)	in relation to an approved exchange under the Securities and Futures Act (Cap. 289), has the same meaning as in section 27(3) of that Act; or
(d)	in relation to an approved holding company under the Securities and Futures Act, has the same meaning as in section 81ZE(3) of that Act;

“20% controller” —

(a)	in relation to a bank incorporated in Singapore or a financial holding company, has the same meaning as in section 15B(3) of the Banking Act;
(b)	in relation to an operator of a designated payment system under the Payment Systems (Oversight) Act, has the same meaning as in section 23(3) of that Act;
(c)	in relation to an approved exchange under the Securities and Futures Act, has the same meaning as in section 27(3) of that Act;
(d)	in relation to an approved holding company under the Securities and Futures Act, has the same meaning as in section 81ZE(3) of that Act; or
(e)	in relation to a licensed trust company under the Trust Companies Act (Cap. 336), has the same meaning as in section 16(3) of that Act;

“50% controller”, in relation to a licensed trust company under the Trust Companies Act, has the same meaning as in section 16(3) of that Act;

“financial holding company” means a company belonging to a class of financial institutions approved by the Authority as financial holding companies under section 28 of the Act;

“indirect controller” —

(a)	in relation to a bank incorporated in Singapore or a financial holding company, has the same meaning as in section 15B(5) of the Banking Act; or
(b)	in relation to a licensed trust company under the Trust Companies Act, has the same meaning as in section 16(3) of that Act;

“merchant bank” means a financial institution belonging to a class of financial institutions approved by the Authority as merchant banks under section 28 of the Act;

“pertinent financial institution” has the same meaning as in section 30AAK of the Act;

“relevant financial institution” has the same meaning as in section 30AA(2) of the Act;

“significant business” has the same meaning as in section 30AAK of the Act;

“specified financial institution” has the same meaning as in section 30AAK of the Act;

“substantial shareholder” —

(a)	in relation to a bank incorporated in Singapore or a financial holding company, has the same meaning as in section 81 of the Companies Act (Cap. 50);
(b)	in relation to an operator of a designated payment system under the Payment Systems (Oversight) Act, has the same meaning as in section 2(1) of that Act; or
(c)	in relation to an approved exchange or an approved holding company under the Securities and Futures Act, has the same meaning as in section 2(6) of that Act.

Made this 15th day of April 2013.

RAVI MENON

Managing Director,
Monetary Authority of Singapore.

[GCO 017/2012; AG/LLRD/SL/186/2010/9 Vol. 1]