Singapore legislation
Regulation 19
Regulation 19
Grace period for mutual shareholdings
Subregulation 1
Where a qualified major stake company of a bank would, but for this paragraph, be guilty of an offence under regulation 18(1) by virtue of its shareholding in the bank or any of the bank’s holding companies immediately before 5th May 2004, it shall not be so liable under that regulation until 17th July 2006 provided that it does not do any act that causes an increase in such shareholding.
Subregulation 2
Where a bank would, but for this paragraph, be guilty of an offence under regulation 18(1) by virtue of its qualified major stake company’s shareholding in itself or any of its holding companies immediately before 5th May 2004, it shall not be so liable under that regulation until 17th July 2006 provided that it does not cause or permit its qualified major stake company to do any act that causes an increase in such shareholding.