Singapore legislation
Regulation 7
Regulation 7
Exclusion of certain entities from operation of section 32 of Act
Subregulation 1
The Authority hereby excludes, from the operation of section 32 of the Act —
any entity which carries on a business prescribed in regulation 23F(1) (whether as its principal business or otherwise); or
any other entity whose principal business is that of investing in any entity referred to in sub-paragraph (a).
Subregulation 2
The exclusion in paragraph (1) shall not apply to an entity which is —
not carrying on any substantial business or not in operation;
carrying on the business of engaging in property-related activities;
carrying on the business of factoring, leasing equipment or otherwise purchasing debt obligations from others; or
an entity, or an entity within a class of entities, specified by the Authority by notice in writing by reference to a bank or a class of banks.