Singapore legislation

Regulation 3

of Banking Regulations

Regulation 3

Exemption from section 4A(1) of Act

Amended byS 444/2016 wef 30/09/2016S 444/2016 wef 30/09/2016S 473/2021 wef 01/07/2021S 444/2016 wef 30/09/2016

Subregulation 1

Amended byS 444/2016 wef 30/09/2016S 444/2016 wef 30/09/2016S 473/2021 wef 01/07/2021

Section 4A (1) of the Act shall not apply to —

(a)

any holder of a capital markets services licence under the Securities and Futures Act (Cap. 289) if, and only if, the acceptance of the deposit is solely incidental to the carrying on of the business for which the licence was granted;

(b)

any advocate and solicitor, foreign lawyer who is registered under the Legal Profession Act (Cap. 161), Singapore law practice, Joint Law Venture, Formal Law Alliance, Qualifying Foreign Law Practice or licensed foreign law practice, if, and only if, the acceptance of the deposit is solely incidental to the practice of his or its legal practice; and

(c)

any insurer licensed under the Insurance Act (Cap. 142) if, and only if, the acceptance of the deposit is solely incidental to the carrying on of the business for which the insurer was licensed.

Subregulation 2

Amended byS 444/2016 wef 30/09/2016

In this regulation, “Formal Law Alliance”, “Joint Law Venture”, “licensed foreign law practice”, “Qualifying Foreign Law Practice” and “Singapore law practice” have the same meanings as in section 2(1) of the Legal Profession Act.

Read in full context — Banking Regulations →