Singapore legislation
Section 71
Section 71
Interpretation of this Division
(1)
In this Division, unless the context otherwise requires —
Definition
“appointed date”, in relation to a bail-in certificate, means the date appointed for it to take effect, as specified in the notification under section 75(2);
Definition
“bail-in certificate” means a bail-in certificate issued under section 75(1);
Definition
“determination” means a determination made by the Authority under section 73(1);
Definition
“Division 4A FI” or “Division 4A financial institution”, means a pertinent financial institution that belongs to a class of pertinent financial institutions prescribed by regulations made under section 126 as Division 4A financial institutions;
Definition
“eligible instrument” means an instrument or a liability within a class of instruments or liabilities that are prescribed by regulations made under section 126 as eligible instruments;
Definition
“pre-resolution creditor” means any person who was a creditor of a Division 4A FI immediately before the date of publication in the Gazette of the bail‑in certificate;
Definition
“pre-resolution shareholder” means any person who, immediately before the date of publication in the Gazette of the bail‑in certificate, held shares or other instrument conferring or representing a legal or beneficial ownership interest in a Division 4A FI;
Definition
“resulting FI” or “resulting financial institution”, in relation to a Division 4A FI, means an entity established or incorporated to do one or both of the following:
temporarily hold and manage the assets and liabilities of the Division 4A FI;
do any act for the orderly resolution of the Division 4A FI,and which issued or must issue a share or other similar instrument representing a legal or beneficial ownership interest, pursuant to a provision of a bail‑in certificate issued for that Division 4A FI;
Definition
“significant shareholder”, in relation to a Division 4A FI or resulting FI, means any person falling within a description of shareholders of the Division 4A FI or resulting FI prescribed by regulations made under section 126 as its significant shareholders;
Definition
“significant shareholder provision” means a provision of any written law that is prescribed by regulations made under section 126 as a significant shareholder provision.
(2)
For the purposes of this Division, a reference to cancelling an eligible instrument includes cancelling it in whole or in part.
(3)
For the purposes of this Division, a reference to modifying, converting, or changing the form of an eligible instrument is a reference to —
converting the whole or a part of the eligible instrument from one form or class to another;
replacing the whole or a part of the eligible instrument with another instrument or liability of a different form or class;
creating a new instrument (of any form or class) or liability in connection with the modification of the eligible instrument; or
converting the whole or a part of the eligible instrument into shares or other similar instrument issued by a resulting FI.