No. S 810
Banking Act
Banking (Amendment) Regulations 2020
In exercise of the powers conferred by section 78 of the Banking Act, the Monetary Authority of Singapore makes the following Regulations:
Citation and commencement
1.  These Regulations are the Banking (Amendment) Regulations 2020 and come into operation on 1 October 2020 at 12.01 a.m.
Amendment of regulation 6A
2.  Regulation 6A of the Banking Regulations (Rg 5) is amended by deleting paragraph (1) and substituting the following paragraph:
(1)  For the purposes of section 9(1)(a) of the Act, a company that intends to carry on banking business in Singapore as a bank incorporated in Singapore must not be granted a wholesale banking licence unless its paid-up capital is not less than $100 million.”.
Amendment of regulation 24
3.  Regulation 24 of the Banking Regulations is amended —
(a)by deleting paragraph (1) and substituting the following paragraph:
(1)  For the purposes of section 29(1)(d) of the Act, the Authority may, by notice in writing to a bank or a class of banks, impose requirements for the purpose of limiting the exposure of the bank or the class of banks to the following:
(a)any officer (other than a director) or employee of the bank, or other person who receives remuneration from the bank other than for services rendered to the bank or any company connected with the bank;
(b)a group of persons —
(i)who are financially dependent on one another; or
(ii)where one person (called in this regulation the controlling person) controls every other person in that group,
and where at least one of the persons is a counterparty to the bank.”;
(b)by deleting the words “paragraph (1)(d)” in paragraph (3) and substituting the words “paragraph (1)(b)(i)”;
(c)by deleting the words “paragraph (1)(c)” in paragraph (4) and substituting the words “paragraph (1)(b)(ii)”; and
(d)by deleting paragraph (6).
Deletion of regulations 26, 27 and 28
4.  Regulations 26, 27 and 28 of the Banking Regulations are deleted.
[G.N. Nos. S 622/2005; S 170/2006; S 325/2006; S 238/2007; S 401/2008; S 18/2009; S 203/2009; S 360/2009; S 214/2010; S 370/2010; S 56/2011; S 661/2013; S 741/2013; S 393/2015; S 444/2016; S 511/2019; S 840/2019]
Made on 9 September 2020.
Managing Director,
Monetary Authority of Singapore.
[PPD 09/2006; AG/LEGIS/SL/19/2020/4 Vol. 1]