Singapore legislation
Section 35
Section 35
Exposure to immovable property sector
(1)
The Authority may make such regulations as may be necessary or expedient for the purposes of limiting, in relation to a bank in Singapore, exposure to risks associated, directly or indirectly, with such immovable property as may be prescribed.
(2)
Without limiting subsection (1), the regulations may —
prescribe a limit (called in this section the property sector exposure limit) —
on the credit facilities that may be granted or issued by a bank in Singapore to such person or class of persons as may be prescribed; or
on the notes, bonds, debentures, derivatives or other financial instruments that may be held by a bank in Singapore;
provide for the manner of computation for the purpose of determining whether the property sector exposure limit has been complied with;
provide for the Authority to vary the property sector exposure limit in the circumstances of any particular case;
provide for such transitional and consequential provisions as may be necessary or expedient; and
provide that a contravention of the regulations shall be an offence punishable, on conviction, with a fine not exceeding $100,000 and, in the case of a continuing offence, with a further fine of $10,000 for every day or part of a day during which the offence continues after conviction.