Singapore legislation
Regulation 3A
Regulation 3A
Exemption from section 4A(1) and (2) of Act
Subregulation 1
Subject to paragraph (3), section 4A(1) of the Act shall not apply to any foreign entity in respect of any deposit accepted in Singapore, on behalf of the foreign entity by its agent bank, from any qualifying depositor in Singapore.
Subregulation 2
Subject to paragraph (3), section 4A(2) of the Act shall not apply to any agent bank of a foreign entity in respect of —
any offer or invitation to make any deposit, or to enter or offer to enter into any agreement to make any deposit, with the foreign entity; or
any advertisement containing such offer or invitation,where such offer, invitation or advertisement is made or issued to qualifying depositors in Singapore by the agent bank on behalf of the foreign entity.
Subregulation 3
An agent bank which accepts or solicits deposits from a qualifying depositor on behalf of a foreign entity in the circumstances specified in paragraph (1) or (2) shall provide the following information to the qualifying depositor, in writing, when soliciting or accepting any deposit from the qualifying depositor:
the name of the foreign entity;
the jurisdiction where the deposit account would be opened;
the class of licence or registration, or the type of approval or other instrument of regulation, that the foreign entity holds or has obtained in the jurisdiction where the deposit account would be opened;
a statement to the effect that the class of licence or registration, or the type of approval or other instrument of regulation, permits the foreign entity to accept deposits in the jurisdiction where the deposit account would be opened; and
a statement to the effect that the deposit account would not be subject to the supervisory oversight of the Authority but that of the relevant supervisory authority in the jurisdiction where the deposit account would be opened and maintained.
Subregulation 4
In this regulation, unless the context otherwise requires —
Definition
“agent bank”, in relation to a foreign entity, means a bank in Singapore or merchant bank which is a branch or subsidiary of the foreign entity;
Definition
“foreign entity” means any corporation established or incorporated outside Singapore that is licensed, registered, approved or otherwise regulated to carry on banking business under the laws of the jurisdiction in which it is established or incorporated;
Definition
“qualifying depositor” means —
an individual, a trustee or a person within the meaning of section 4A(1)(a)(i), (iii) or (iv) (as the case may be) of the Securities and Futures Act (Cap. 289);
a corporation with net assets or net group assets exceeding $10 million in value (or its equivalent in a foreign currency) or such other amount as the Authority may prescribe under section 4A(1)(a)(ii) of the Securities and Futures Act in place of the first amount, as determined by —
the most recent audited balance‑sheet of the corporation (whether on an individual or on a group basis); or
where the corporation is not required to prepare audited financial statements regularly under the Companies Act (Cap. 50), a balance‑sheet of the corporation (whether on an individual or on a group basis) certified by the corporation as giving a true and fair view of the state of affairs of the corporation and its group (where applicable) as of the date of the balance‑sheet, which date must be within the preceding 12 months; or
a corporation which acts as a trustee for the customers of a person carrying on the business of fund management with total assets under management exceeding $10 million in value (or its equivalent in a foreign currency).