Banking (Amendment No. 3) Regulations 2009

Status:

Published in Subsidiary Legislation Supplement
on 03 Aug 2009

No. S 360

Banking Act

(Chapter 19)

Banking (Amendment No. 3) Regulations 2009

In exercise of the powers conferred by sections 9(1)(a) and 78(1) of the Banking Act, the Monetary Authority of Singapore hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Banking (Amendment No. 3) Regulations 2009 and shall come into operation on 3rd August 2009.

New Part IIA

2. The Banking Regulations (Rg 5) are amended by inserting, immediately after regulation 6, the following Part:

“PART IIA

MINIMUM CAPITAL REQUIREMENTS

Minimum capital requirements for wholesale banks

6A.—(1) For the purposes of section 9(1)(a) of the Act, the paid-up capital of a bank holding a wholesale banking licence which is incorporated in Singapore shall be not less than $100 million.

(2) In this regulation, “wholesale banking licence” means a licence to transact banking business, the conditions of which require the holder of that licence to comply with such guidelines as may be issued by the Authority in relation to the operation of wholesale banks; and includes a “restricted banking licence” granted by the Authority before 29th June 2001.”.

Renumbering of Part IIA and regulation 6A

3. The Banking Regulations are amended —

(a)	by renumbering the existing Part IIA as Part IIB; and
(b)	by renumbering the existing regulation 6A as regulation 6B. [G.N. Nos. S 622/2005; S 170/2006; S 325/2006; S 238/2007; S 401/2008; S 18/2009; S 203/2009]

Made this 23rd day of July 2009.

HENG SWEE KEAT

Managing Director,
Monetary Authority of Singapore.

[PPD 09/2006; AG/LEG/SL/19/2003/1 Vol. 8]

Search within Legislation