Singapore legislation
Regulation 2
Regulation 2
Exemption
The Minister hereby exempts any shareholder of Oversea-Chinese Banking Corporation Limited —
(a)
from section 15A(1) of the Act, where that shareholder, by virtue of its shareholdings in Oversea-Chinese Banking Corporation Limited, is or becomes a substantial shareholder of ING Asia Private Bank Limited; and
(b)
from section 15B(1) of the Act, where that shareholder, by virtue of its shareholdings in Oversea-Chinese Banking Corporation Limited, is or becomes a 12% controller, a 20% controller or an indirect controller, as the case may be, of ING Asia Private Bank Limited.