Skip to content
laws.sgby aturio
In forceAs enacted
Contents

Subsidiary Legislation

Banking (Exemption from Sections 15A and 15B) Order 2020

Feedback & support

Official textFrom Singapore Statutes Online, unchanged

reg 1Citation and commencement

This Order is the Banking (Exemption from Sections 15A and 15B) Order 2020 and comes into operation on 30 December 2020.

reg 2Exemption from section 15A(1) of Act

(1)

The Minister exempts any shareholder of Standard Chartered PLC from section 15A(1) of the Act, in relation to the shareholder becoming a substantial shareholder of SC Bank Solutions (Singapore) Limited because of the shareholder’s interest or interests in one or more voting shares in Standard Chartered PLC.

(2)

The Minister exempts each of the following entities from section 15A(1) of the Act, in relation to the entity becoming a substantial shareholder of SC Bank Solutions (Singapore) Limited:

(a)

Standard Chartered Holdings Limited;

(b)

Standard Chartered Bank;

(c)

Standard Chartered Holdings (Singapore) Private Limited;

(d)

Standard Chartered Bank (Singapore) Limited.

Subregulation 1

The Minister exempts any shareholder of Standard Chartered PLC from section 15A(1) of the Act, in relation to the shareholder becoming a substantial shareholder of SC Bank Solutions (Singapore) Limited because of the shareholder’s interest or interests in one or more voting shares in Standard Chartered PLC.

Subregulation 2

The Minister exempts each of the following entities from section 15A(1) of the Act, in relation to the entity becoming a substantial shareholder of SC Bank Solutions (Singapore) Limited:

(a)

Standard Chartered Holdings Limited;

(b)

Standard Chartered Bank;

(c)

Standard Chartered Holdings (Singapore) Private Limited;

(d)

Standard Chartered Bank (Singapore) Limited.

reg 3Exemption from section 15B(1) of Act

(1)

The Minister exempts any shareholder of Standard Chartered PLC from section 15B(1) of the Act, in relation to the shareholder becoming a 12% controller, a 20% controller or an indirect controller (as the case may be) of SC Bank Solutions (Singapore) Limited because of the shareholder’s interest or interests in one or more voting shares in Standard Chartered PLC.

(2)

The Minister exempts each of the following entities from section 15B(1) of the Act, in relation to the entity becoming a 12% controller, a 20% controller or an indirect controller (as the case may be) of SC Bank Solutions (Singapore) Limited:

(a)

Standard Chartered Holdings Limited;

(b)

Standard Chartered Bank;

(c)

Standard Chartered Holdings (Singapore) Private Limited;

(d)

Standard Chartered Bank (Singapore) Limited.

Subregulation 1

The Minister exempts any shareholder of Standard Chartered PLC from section 15B(1) of the Act, in relation to the shareholder becoming a 12% controller, a 20% controller or an indirect controller (as the case may be) of SC Bank Solutions (Singapore) Limited because of the shareholder’s interest or interests in one or more voting shares in Standard Chartered PLC.

Subregulation 2

The Minister exempts each of the following entities from section 15B(1) of the Act, in relation to the entity becoming a 12% controller, a 20% controller or an indirect controller (as the case may be) of SC Bank Solutions (Singapore) Limited:

(a)

Standard Chartered Holdings Limited;

(b)

Standard Chartered Bank;

(c)

Standard Chartered Holdings (Singapore) Private Limited;

(d)

Standard Chartered Bank (Singapore) Limited.