Banking (Corporate Governance) (Amendment) Regulations 2019

No. S 512

Banking Act

(CHAPTER 19)

Banking (Corporate Governance)
(Amendment) Regulations 2019

In exercise of the powers conferred by section 78(1) of the Banking Act, the Monetary Authority of Singapore makes the following Regulations:

Citation and commencement

1. These Regulations are the Banking (Corporate Governance) (Amendment) Regulations 2019 and come into operation on 1 August 2019.

Amendment of regulation 2

2. Regulation 2(1) of the Banking (Corporate Governance) Regulations 2005 (G.N. No. S 583/2005) (called in these Regulations the principal Regulations) is amended —

(a)

by deleting the word “company” in paragraph (a)(i) and (ii) of the definition of “affiliate” and substituting in each case the word “entity”; and

(b)

by deleting the definition of “major stake financial company” and substituting the following definition:

“ “major stake financial entity” means any entity in which a bank incorporated in Singapore acquires or holds a major stake and which is a financial institution approved, licensed, registered or otherwise regulated by the Authority;”.

Amendment of regulation 3

3. Regulation 3 of the principal Regulations is amended by deleting the words “a company” wherever they appear in paragraph (a) and substituting in each case the words “an entity”.

Amendment of regulation 8

4. Regulation 8 of the principal Regulations is amended by deleting the words “financial company” wherever they appear in paragraphs (1), (2) and (4) and substituting in each case the words “financial entity”.

Deletion of regulations 18 and 18A

5. Regulations 18 and 18A of the principal Regulations are deleted.

Amendment of regulation 21

6. Regulation 21 of the principal Regulations is amended —

(a)	by deleting the words “financial company” wherever they appear in paragraphs (1), (2), (3), (4) and (5) and substituting in each case the words “financial entity”;
(b)	by deleting the words “the company” wherever they appear in paragraphs (3) and (4) and substituting in each case the words “the entity”; and
(c)	by deleting the word “company” in the regulation heading and substituting the word “entity”.

Amendment of regulation 39

7. Regulation 39(1) of the principal Regulations is amended by deleting the words “financial company” and substituting the words “financial entity”.

[G.N. Nos. S 239/2007; S 754/2010]

Made on 26 July 2019.

RAVI MENON

Managing Director,
Monetary Authority of Singapore.

[PPD 09/2006; AG/LEGIS/SL/19/2015/4 Vol. 1]

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