Clause 8

any representative office of a foreign company which is not a bank in Singapore if —

the foreign company is licensed, registered, approved or otherwise regulated as a bank under the law of the foreign country or territory in which it is incorporated, formed or established; and

the following information is provided in every advertisement made by the representative office which is directed at the public or a section of the public in Singapore:

the country or territory in which the foreign company is incorporated, formed or established; and

the fact that the foreign company is licensed, registered, approved or otherwise regulated as a bank in that country or territory;

any central bank of a foreign country or territory;

any association of banks formed for the protection of common interests;

any related corporation of a bank in Singapore which does not carry on banking business in Singapore or elsewhere and which carries on any business referred to in section 30(1)(b), (c) or (d) if the word “bank” or any of its derivatives in any language, or any other word indicating the transaction of banking business —

is used in a manner to indicate or represent that the corporation is a related corporation of the bank; and

is used together with any other word to indicate or represent that the related corporation is not a bank in Singapore;

any person or body of persons that does not transact banking business or the business of a financial institution in Singapore or elsewhere, if the word “bank” or any of its derivatives in any language, or any other word indicating the transaction of banking business, is used together with any other word to indicate or represent that the person or body of persons is not a bank in Singapore;

any merchant bank approved as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap. 186); and

such international financial institution as may be prescribed.(2A) Sections 4A(3) and 4B(1), (2) and (3) shall apply, with the necessary modifications, to an advertisement made by a representative office referred to in subsection (2)(a).(2B) If the Authority is satisfied that a person or body of persons to whom subsection (2) applies has misled or is likely to mislead the public or a section of the public as to whether the person or body of persons is a bank in Singapore, the Authority may, by notice in writing to the person or body of persons, direct the person or body of persons to cease —

using the word “bank” or any of its derivatives in any language, or any other word indicating the transaction of banking business, in the name, description or title under which the person or body of persons is transacting business in Singapore; and

making any representation to that effect in any bill head, letter paper, notice, advertisement or in any other manner,from the date specified by the Authority in the notice, and subsection (1) shall apply to the person or body of persons as from that date.(2C) The Authority shall publish in the Gazette such particulars as it thinks fit in respect of every person or body of persons to whom a notice is issued under subsection (2B).”.