Singapore legislation
Regulation 23H
Regulation 23H
Prescribed related or complementary business that is non-revenue generating, etc.
Subregulation 1
For the purposes of section 30(1)(d) and subject to paragraph (2), any business that is related or complementary to a core financial business of a bank in Singapore is prescribed as a business that the bank may carry on, or enter into any partnership, joint venture or other arrangement with any person to carry on, if —
the business is one from which the bank in Singapore does not receive or intend to receive any revenue;
the business is one that has no asset value recorded on the balance sheet of the bank in Singapore; and
the business is one that does not result in any exposure for the bank in Singapore.
Subregulation 2
A bank in Singapore that carries on any business prescribed in paragraph (1) must comply with any other conditions or restrictions that the Authority may impose, from time to time, by written notice in relation to its carrying on of such business.
Subregulation 3
In this regulation, “core financial business” has the meaning given by regulation 23G(7).