Regulation 23I

by a bank in Singapore; or

by a partnership, joint venture or other arrangement that a bank in Singapore has entered into with another person,is prescribed as a business that that bank may —

carry on; or

enter into a partnership, joint venture or other arrangement with another person to carry on.

the business is related or complementary to any of the core financial business which is carried on by the bank;

the bank puts in place risk management and governance policies and procedures that are commensurate with the risks posed by the business;

the policies and procedures mentioned in sub-paragraph (b) have been approved by —

in the case of a bank incorporated in Singapore — the board of directors of the bank;

in the case of the branches and offices located within Singapore of a bank incorporated outside Singapore, the head office of which has never carried on a materially similar business before — the board of directors of the bank; or

in the case of the branches and offices located within Singapore of a bank incorporated outside Singapore, the head office of which has carried on or is carrying on a materially similar business — by an authorised person of the bank;

the bank notifies the Authority of any change to the business or the partnership, joint venture or arrangement under which the bank carries on the business, before making the change;

the bank obtains prior approval from the Authority for the issuance of any guarantee, indemnity, letter of comfort or any other letter that imposes similar obligations on the bank as a guarantee or indemnity, or similar expectations on the bank as a letter of comfort, in respect of the business; and

in the case of a bank that enters into any partnership, joint venture or other arrangement with a related corporation of the bank to carry on a business prescribed in paragraph (1), the related corporation of the bank does not use the bank’s name, logo or trade mark in the course of the business.

in the case of a bank incorporated in Singapore —

10% of its capital funds; and

10% of the capital funds of its bank group; or

in the case of the branches and offices located within Singapore of a bank incorporated outside Singapore — 1.5% of the assets that are reflected as assets in the balance sheet of those branches and offices (less net inter-bank lending).

submit a report to the Authority within 30 days after the end of every quarter or any other time as may be approved in writing by the Authority, containing the information specified in the Second Schedule; and

provide any other information that the Authority may require in relation to any business prescribed in paragraph (1) that is carried on by the bank.