Singapore legislation
Section 55W
Section 55W
Duty to inform Authority of change in shareholding
(1)
A merchant bank in Singapore must give written notice to the Authority within 7 days of the merchant bank becoming aware of —
any transfer, sale or purchase, or any proposed transfer, sale or purchase, of any shares in the merchant bank to or by any person; or
any other agreement or arrangement that results in a person becoming or ceasing to be a substantial shareholder or an indirect controller of the merchant bank.
(2)
A merchant bank commits an offence if it fails to comply with subsection (1) and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.
(3)
In this section, “indirect controller”, in relation to a merchant bank —
means any person whether acting alone or together with any other person, and whether with or without holding shares or controlling voting power in a merchant bank —
in accordance with whose directions, instructions or wishes the directors of the merchant bank are accustomed or under an obligation (whether formal or informal) to act; or
that is in a position to determine the policy of the merchant bank; but(b)does not include any person —
who is a director or other officer of the merchant bank and whose appointment has been approved by the Authority; or
in accordance with whose directions, instructions or wishes the directors of the merchant bank are accustomed to act only because the directors act on advice given by the person in the person’s professional capacity.