Clause 38

by inserting, immediately after the words “bank incorporated outside Singapore” in subsection (1), the words “or a foreign-owned bank incorporated in Singapore”;

by deleting the words “, accounts and transactions” in subsection (1);

by deleting the words “, accounts and documents” wherever they appear in subsection (3);

by deleting subsection (4) and substituting the following subsection:“(4) A parent supervisory authority may, with the prior written approval of the Authority —

in the case of the bank incorporated outside Singapore, request the auditors of its head office or appoint any person; or

in the case of a foreign-owned bank incorporated in Singapore, request the auditors of its parent bank or appoint any person,to conduct the inspection under subsection (1) and in such event, this section (other than this subsection) shall apply to the auditors or the person, as the case may be, as if a reference to the parent supervisory authority or any official of the parent supervisory authority in this section includes a reference to the auditors or the person.”;

by deleting the words “, account or document” in subsection (6); and

by inserting, immediately after subsection (6), the following subsection:“(7) In this section, “parent bank”, in relation to a foreign-owned bank incorporated in Singapore, means a bank incorporated outside Singapore of which the foreign-owned bank is a subsidiary.”.