Banking (Merchant Banks) Regulations 2021
Table of Contents
Enacting Formula
Part 1 PRELIMINARY
1 Citation and commencement
2 Definitions
Part 2 RESTRICTIONS ON ACCEPTANCE OF DEPOSIT OR BORROWING MONEY IN SINGAPORE DOLLARS
3 Prescribed person under section 55U(1)(a)(i) of Act
Part 3 PRESCRIBED BUSINESSES UNDER SECTION 55V(1)(d) OF ACT
4 Purpose of this Part
5 Definitions of this Part
6 Prescribed business relating to property management and property enhancement
7 Prescribed alternative financing business
8 Prescribed purchase and sale business
9 Prescribed inter‑bank purchase and sale business
10 Prescribed leasing business
11 Prescribed joint purchase and periodic sale business
12 Prescribed purchase and sale business at spot price
13 Prescribed procurement business
14 Prescribed private equity or venture capital business
15 Prescribed related or complementary business
16 Prescribed related or complementary business that is non‑revenue generating, etc.
Part 4 EXEMPTIONS FROM OBTAINING APPROVAL FOR ACQUISITION OR HOLDING OF MAJOR STAKES IN ENTITIES
17 Disapplication of section 32 of Act to entity carrying on private equity or venture capital business
18 Disapplication of section 32 of Act to entity carrying on business under section 55V(1)(a), (b) or (c) of Act, etc.
19 Disapplication of section 32 of Act to subsidiary acquired or held to segregate risks from carrying on business in regulation 15
Part 5 COMPUTATION OF MAJOR STAKES
20 Meaning of "affiliated entity"
21 Holding by affiliated entity treated as holding by merchant bank
22 Affiliated entity over which the merchant bank has no effective control
Part 6 LIMITATION OF MUTUAL SHAREHOLDINGS
23 Definitions of this Part
24 Limitation of mutual shareholdings
25 Qualified major stake entity over which merchant bank has no effective control
26 Offences, penalties and defences
27 Grace period for mutual shareholdings
Part 7 EXPOSURE TO IMMOVABLE PROPERTY SECTOR
28 Definitions of this Part
29 Meaning of "property sector exposure"
30 Property sector exposure limit
31 Submission of returns
Part 8 TRANSFER OF BUSINESS AND SHARES AND RESTRUCTURING OF MERCHANT BANK
32 Particulars to be published
Part 9 DEPOSIT LIABILITIES OF MERCHANT BANK
33 Liabilities included in deposit liabilities of merchant bank
34 Liabilities not included in deposit liabilities of merchant bank
Part 10 MISCELLANEOUS
35 Definition of subsidiary in section 48AA of Act
36 Prescribed appointment for merchant bank incorporated in Singapore
37 Prescribed appointment for branches and offices of merchant bank incorporated outside Singapore
38 Maximum term of chairman of merchant bank incorporated in Singapore
39 Risk management of merchant bank