Banking Act 1970 · 2020 Revised Edition · Part 7B · Merchant Banks
55ZI. Privacy of customer information
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Subject to section 55R and the modifications to the Third Schedule mentioned in subsection (2), section 47 and the Third Schedule apply to or in relation to a merchant bank in Singapore as they apply to or in relation to a bank in Singapore.
merchant bank in Singapore
“merchant bank in Singapore” means —(a)a merchant bank incorporated in Singapore; or(b)in the case of a merchant bank incorporated outside Singapore, the branches and offices of the merchant bank located in Singapore;
The modifications to the Third Schedule mentioned in subsection (1) are —
the following item applies in place of item 9 of Part 1 of the Third Schedule: “9.Disclosure is in compliance with the provisions of this Act, or any notice or directive issued by the Authority to merchant banks.The Authority or any person authorised or appointed by the Authority. ”; (b)the following item applies in place of item 4 of Part 2 of the Third Schedule: “4.Disclosure is solely in connection with —
the merger or proposed merger of the merchant bank with another company; or
any acquisition or issue, or proposed acquisition or issue, of any part of the share capital of the merchant bank, whether or not the merger or acquisition is subsequently entered into or completed.Any person participating or otherwise involved in the merger, acquisition or issue, or proposed merger, acquisition or issue, including any of the person’s lawyers or other professional advisers (whether or not the merger or acquisition is subsequently entered into or completed). ”; (c)items 6 and 10 of Part 2 of the Third Schedule are omitted; and
the definitions of “deposit insurance and policy owners’ protection fund agency” and “insured depositor” in Part 3 of the Third Schedule are omitted.