Singapore legislation
Clause 27
Clause 27
Amendment of section 43
Section 43 of the Banking Act is amended —
(a)
by deleting subsection (2) and substituting the following subsection:“(2) The Authority may, from time to time, inspect under conditions of secrecy, the books of each subsidiary incorporated in Singapore of a bank incorporated in Singapore, not being a subsidiary that is regulated or licensed by the Authority under any other Act.”; and
(b)
by inserting, immediately after the word “banks” in the section heading, the words “and their local subsidiaries”.