No. S 554
Banking Act
(Chapter 19)
Banking (Exemption from Section 4A (1) and (2)) Notification 2005
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 Section 4A(1) and (2)) Notification 2005 and shall come into operation on 29th August 2005.
Exemption
2.—(1)  The Authority hereby exempts —
(a)Clariden Bank Zurich from section 4A(1) of the Act in respect of any deposit accepted in Singapore on its behalf by Clariden Bank Singapore branch from any person in Singapore, in connection with the provision of private banking services in Singapore by Clariden Bank Singapore branch on behalf of Clariden Bank Zurich;
(b)Clariden Bank Singapore branch from section 4A(2) of the Act in respect of any offer or invitation to make any deposit, or to enter or offer to enter into any agreement to make any deposit, with Clariden Bank Zurich, made in connection with the provision of private banking services in Singapore by Clariden Bank Singapore branch on behalf of Clariden Bank Zurich;
(c)Credit Suisse from section 4A(1) of the Act in respect of any deposit accepted in Singapore on its behalf by Credit Suisse Singapore branch from any person in Singapore, in connection with the provision of private banking services in Singapore by Credit Suisse Singapore branch on behalf of Credit Suisse;
(d)Credit Suisse Singapore branch from section 4A(2) of the Act in respect of any offer or invitation to make any deposit, or to enter or offer to enter into any agreement to make any deposit, with Credit Suisse, made in connection with the provision of private banking services in Singapore by Credit Suisse Singapore branch on behalf of Credit Suisse;
(e)Nordea Bank S.A. from section 4A(1) of the Act in respect of any deposit accepted in Singapore on its behalf by Nordea Bank Finland, Singapore Branch from any person in Singapore, in connection with the provision of private banking services in Singapore by Nordea Bank Finland, Singapore Branch on behalf of Nordea Bank S.A.;
(f)Nordea Bank Finland, Singapore Branch from section 4A(2) of the Act in respect of any offer or invitation to make any deposit, or to enter or offer to enter into any agreement to make any deposit, with Nordea Bank S.A., made in connection with the provision of private banking services in Singapore by Nordea Bank Finland, Singapore Branch on behalf of Nordea Bank S.A.;
(g)Standard Bank Asia Limited from section 4A(1) of the Act in respect of any deposit accepted on its behalf by Standard Merchant Bank (Asia) Limited from any person in Singapore, in connection with the provision of private banking services in Singapore by Standard Merchant Bank (Asia) Limited on behalf of Standard Bank Asia Limited;
(h)Standard Merchant Bank (Asia) Limited from section 4A(2) of the Act in respect of any offer or invitation to make any deposit, or to enter or offer to enter into any agreement to make any deposit, with Standard Bank Asia Limited, made in connection with the provision of private banking services in Singapore by Standard Merchant Bank (Asia) Limited on behalf of Standard Bank Asia Limited;
(i)Svenska Handelsbanken AB (publ), Luxembourg branch (referred to in this Notification as S.H. Luxembourg) and Svenska Handelsbanken AB (publ), Zurich branch (referred to in this Notification as S.H. Zurich) from section 4A(1) of the Act in respect of any deposit accepted in Singapore on behalf of S.H. Luxembourg or S.H. Zurich by Svenska Handelsbanken AB (publ), Singapore branch (referred to in this Notification as S.H. Singapore) from any person in Singapore, in connection with the provision of private banking services in Singapore by S.H. Singapore on behalf of S.H. Luxembourg or S. H. Zurich; and
(j)S.H. Singapore from section 4A(2) of the Act in respect of any offer or invitation to make any deposit, or to enter or offer to enter into any agreement to make any deposit, with S.H. Luxembourg or S.H. Zurich, made in connection with the provision of private banking services in Singapore by S.H. Singapore on behalf of S.H. Luxembourg or S.H. Zurich.
(2)  Each exemption is subject to such conditions as may be specified in letters issued by the Authority from time to time to the exempted person.
Made this 22nd day of August 2005.
HENG SWEE KEAT
Managing Director,
Monetary Authority of Singapore.
[FSG BK 0147; AG/LEG/SL/19/2003/1 Vol. 4]