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No. S 810

Banking Act

(CHAPTER 19)

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.

RAVI MENON

Managing Director,
Monetary Authority of Singapore.

[PPD 09/2006; AG/LEGIS/SL/19/2020/4 Vol. 1]