Singapore legislation
Clause 7
Clause 7
Use of financial holding company name, etc.
(1)
No person, other than an excepted person, shall, without the prior approval of the Authority, in the course of any profession, vocation, trade or business, use any name, logo or trade mark in a manner which indicates or represents that the person or his trade or business is related to or associated with a designated financial holding company.
(2)
A designated financial holding company shall not cause or knowingly permit any person (other than an excepted person) to use its name, logo or trade mark in the course of the person’s profession, vocation, trade or business without the prior approval of the Authority.
(3)
Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction —
in the case of an individual, to a fine not exceeding $125,000 and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; or
in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.
(4)
In subsections (1) and (2), “excepted person” means —
a financial institution that is a related corporation of the designated financial holding company;
any officer or agent of the designated financial holding company or any of its subsidiaries which is a financial institution, in the conduct of any duty or function in or for the designated financial holding company or the subsidiary, as the case may be;
any person which, pursuant to any agreement or arrangement with the designated financial holding company or any of the financial institutions within the FHC group, carries on any business the conduct of which is regulated or authorised, or subject to oversight, by the Authority or, if carried on in Singapore, would be regulated or authorised, or subject to oversight, by the Authority under any written law;
any person which, pursuant to any agreement or arrangement with the designated financial holding company or any of the financial institutions within the FHC group, carries on any business that is incidental to the business of any of the financial institutions within the FHC group;
any person which, pursuant to any agreement or arrangement with a bank which is a subsidiary of the designated financial holding company, carries on any business that is prescribed under section 30(1)(d) of the Banking Act (Cap. 19); and
such other person or class of persons as may be prescribed by regulations made under section 59.
(5)
Nothing in this section shall prevent a person who, immediately before the designation date of a financial holding company, is lawfully using any name, logo or trade mark in the manner referred to in subsection (1) from continuing to use the name, logo or trade mark in such manner for a period of 3 years from the designation date.