Banking (Exemption from Restrictions on Deposit-Taking) Notification 2002

Status:

Published in Subsidiary Legislation Supplement
on 20 Nov 2002

No. S 583

Banking Act

(Chapter 19)

Banking (Exemption from Restrictions on Deposit-taking) Notification 2002

In exercise of the powers conferred by section 4A(8) of the Banking Act, the Monetary Authority of Singapore hereby makes the following Notification:

Citation and commencement

1. This Notification may be cited as the Banking (Exemption from Restrictions on Deposit-Taking) Notification 2002 and shall come into operation on 20th November 2002.

Exemption

2.—(1) The Authority hereby exempts —

(a)

SEB Private Bank S.A. from section 4A(1) of the Act in respect of any deposit accepted in Singapore on its behalf by Skandinaviska Enskilda Banken AB (publ) from any person in Singapore, in connection with the provision of private banking services in Singapore by Skandinaviska Enskilda Banken AB (publ) on behalf of SEB Private Bank S.A.; and

(b)

Skandinaviska Enskilda Banken AB (publ) from section 4A(2) of the Act in respect of any offer or invitation —

(i)	to make any deposit; or
(ii)	to enter or offer to enter into any agreement to make any deposit,

with SEB Private Bank S.A., if the offer or invitation is made in connection with the provision of private banking services in Singapore by Skandinaviska Enskilda Banken AB (publ) on behalf of SEB Private Bank S.A.

(2) The exemption in sub-paragraph (1) is subject to such conditions as may be specified in writing by the Authority to those banks.

Made this 18th day of November 2002.

KOH YONG GUAN

Managing Director,
Monetary Authority of
Singapore.

[FSG.BK.0149; AG/LEG/SL/19/1999/1 Vol. 3]

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