2. In these Regulations, unless the context otherwise requires —
“12% controller” —
(a)
in relation to a bank incorporated in Singapore or a financial holding company, has the meaning given by section 15B(3) of the Banking Act (Cap. 19);
(b)
in relation to an operator of a designated payment system under the Payment Services Act 2019 (Act 2 of 2019), has the meaning given by section 2(1) of that Act;
[S 843/2019 wef 28/01/2020]
(c)
in relation to an approved exchange under the Securities and Futures Act (Cap. 289), has the meaning given by section 27(3) of that Act;
(d)
in relation to a licensed trade repository under the Securities and Futures Act, has the meaning given by section 46U(3) of that Act;
(e)
in relation to an approved clearing house under the Securities and Futures Act, has the meaning given by section 70(3) of that Act; or
(f)
in relation to an approved holding company under the Securities and Futures Act, has the meaning given by section 81ZE(3) of that Act;
“20% controller” —
(a)
in relation to a bank incorporated in Singapore or a financial holding company, has the meaning given by section 15B(3) of the Banking Act;
(b)
in relation to an operator of a designated payment system under the Payment Services Act 2019, has the meaning given by section 2(1) of that Act;
[S 843/2019 wef 28/01/2020]
(c)
in relation to an approved exchange under the Securities and Futures Act, has the meaning given by section 27(3) of that Act;
(d)
in relation to a licensed trade repository under the Securities and Futures Act, has the meaning given by section 46U(3) of that Act;
(e)
in relation to an approved clearing house under the Securities and Futures Act, has the meaning given by section 70(3) of that Act;
(f)
in relation to an approved holding company under the Securities and Futures Act, has the meaning given by section 81ZE(3) of that Act; or
(g)
in relation to a licensed trust company under the Trust Companies Act (Cap. 336), has the meaning given by section 16(3) of that Act;
“50% controller”, in relation to a licensed trust company under the Trust Companies Act, has the meaning given by section 16(3) of that Act;
“Accounting Standards” has the meaning given by section 4 of the Companies Act (Cap. 50);
“business rules”, in relation to a market infrastructure, means the rules, regulations, by‑laws or such similar body of statements, by whatever name called, that govern the activities and conduct of —
(a)
the market infrastructure; and
(b)
other persons in relation to it,
whether or not those rules, regulations, by‑laws or similar body of statements are made by the market infrastructure or are contained in its constituent documents;
“designated system” has the meaning given by section 2(1) of the Payment and Settlement Systems (Finality and Netting) Act (Cap. 231);
“designated system rules” means rules, regulations, by‑laws or such similar body of written statements (by whatever name called) of a designated system, whether or not contained in the constituent documents of the designated system, that govern the activities and conduct of ––
(a)
the designated system; and
(b)
any other persons in relation to the designated system;
“Division 5C FI under resolution” means a financial institution mentioned in regulation 28 that is the subject of a resolution action;
“financial holding company” means a company belonging to a class of financial institutions approved by the Authority as financial holding companies under section 28 of the Act;
“indirect controller” —
(a)
in relation to a bank incorporated in Singapore or a financial holding company, has the meaning given by section 15B(5) of the Banking Act; or
(b)
in relation to a licensed trust company under the Trust Companies Act, has the meaning given by section 16(3) of that Act;
“market infrastructure” means a pertinent financial institution that performs the functions of a market, a central clearing counterparty, a trade repository, a central securities depository or a securities settlement system;
“merchant bank” has the meaning given by section 2(1) of the Banking Act;
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“parent” has the meaning given by the Accounting Standards;
“pre‑resolution creditor” has the meaning given by section 112 of the Act;
“pre‑resolution shareholder” has the meaning given by section 112 of the Act;
“prescribed written law” has the meaning given by section 86 of the Act;
“public sector body” means a Ministry, a department of the Government or a body established or constituted by or under a public Act to perform or discharge a public function;
“relevant financial institution” has the meaning given by section 31 of the Act;
“resolution action” has the meaning given by section 112 of the Act;
“resolution date” has the meaning given by section 112 of the Act;
“significant business” has the meaning given by section 49 of the Act;
“specified financial institution” has the meaning given by section 49 of the Act;
“subsidiary” has the meaning given by the Accounting Standards;
“substantial shareholder” —
(a)
in relation to a bank incorporated in Singapore or a financial holding company, means a person who has substantial shareholding in the bank within the meaning of section 81 of the Companies Act;
(b)
in relation to an operator of a designated payment system under the Payment Services Act 2019, means a person who has a substantial shareholding in the operator within the meaning of section 2(2)(d) or (e) of that Act;
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(c)
in relation to an approved exchange, a licensed trade repository, an approved clearing house or an approved holding company under the Securities and Futures Act, has the meaning given by section 2(6) of that Act; or
(d)
in relation to an insurer incorporated under the Companies Act and licensed under the Insurance Act (Cap. 142), means a person who has substantial shareholding in the insurer within the meaning of section 81 of the Companies Act;
“title transfer arrangement” means an arrangement under which a person transfers assets to another person on terms providing for the other person to transfer those assets back to the first person if the specified obligations are discharged;
“transfer order” has the meaning given by section 2(1) of the Payment and Settlement Systems (Finality and Netting) Act;
“valuation report” has the meaning given by section 112 of the Act;
“valuer” has the meaning given by section 112 of the Act.