Singapore legislation
Regulation 3
Regulation 3
Exemption
Subregulation 1
The Minister hereby exempts a Scheduled company —
from section 15A(1) of the Act, where the Scheduled company is a substantial shareholder of Standard Chartered Bank (Singapore) Limited; and
from section 15B(1) of the Act, where the Scheduled company is a 12% controller, a 20% controller or an indirect controller, as the case may be, of Standard Chartered Bank (Singapore) Limited.
Subregulation 2
The Minister hereby exempts Standard Chartered Holdings (Singapore) Private Limited —
from section 15A(1) of the Act, where Standard Chartered Holdings (Singapore) Private Limited is a substantial shareholder of Standard Chartered Bank (Singapore) Limited; and
from section 15B(1) of the Act, where Standard Chartered Holdings (Singapore) Private Limited is a 12% controller, a 20% controller or an indirect controller, as the case may be, of Standard Chartered Bank (Singapore) Limited.
[Deleted by S 830/2021 wef 01/11/2021](ii)[Deleted by S 830/2021 wef 01/11/2021]
Subregulation 3
The Minister hereby exempts a body corporate from section 15A(1) of the Act with respect to its becoming a substantial shareholder of Standard Chartered Bank (Singapore) Limited on the following basis:
the body corporate is an associate of a second body corporate within the meaning of section 7(5) of the Companies Act (Cap. 50) by virtue of its being a subsidiary of that second body corporate;
the second body corporate is a substantial shareholder of Standard Chartered Bank (Singapore) Limited other than by virtue of section 7(4A) of the Companies Act;
as a result of sub-paragraphs (a) and (b), the first mentioned body corporate becomes a substantial shareholder of Standard Chartered Bank (Singapore) Limited by virtue of section 7(4A)(b) of the Companies Act.
Subregulation 4
The Minister hereby exempts a body corporate from section 15A(1) of the Act with respect to its becoming a substantial shareholder of Standard Chartered Bank (Singapore) Limited on the following basis:
the body corporate is an associate of a second body corporate within the meaning of section 7(5) of the Companies Act by virtue of its being a subsidiary of the second body corporate;
the second body corporate is entitled to exercise or control the exercise of not less than 20% of the votes attached to the voting shares of a third body corporate which is a substantial shareholder of Standard Chartered Bank (Singapore) Limited other than by virtue of section 7(4A) of the Companies Act;
as a result of sub-paragraphs (a) and (b), the first mentioned body corporate becomes a substantial shareholder of Standard Chartered Bank (Singapore) Limited by virtue of section 7(4A)(b) of the Companies Act.
Subregulation 5
The Minister hereby exempts any shareholder of Standard Chartered PLC —
from section 15A(1) of the Act, where the shareholder, by virtue of its shareholding in Standard Chartered PLC, becomes a substantial shareholder of Standard Chartered Bank (Singapore) Limited; and
from section 15B(1) of the Act, where the shareholder, by virtue of its shareholding in Standard Chartered PLC, becomes a 12% controller, a 20% controller or an indirect controller, as the case may be, of Standard Chartered Bank (Singapore) Limited.