Clause 3

by deleting the words “calculating its capital adequacy ratio” in paragraph (a)(i) of the definition of “capital funds” and substituting the words “complying with the capital adequacy requirements imposed”;

by inserting, immediately after the word “established” in the definition of “company”, the words “in or”;

by inserting, immediately after the definition of “foreign‑owned bank incorporated in Singapore”, the following definition:“ “Guidelines on Fit and Proper Criteria” means the document by that title issued by the Authority and published on its website, as revised from time to time;”;

by inserting, immediately after the definition of “limited liability partnership”, the following definition:“ “merchant bank” means a merchant bank approved as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap. 186);”;

by deleting the words “the supervisory authority” in paragraphs (a) and (b) of the definition of “parent supervisory authority” and substituting in each case the words “a supervisory authority”;

by deleting the definition of “place of business” and substituting the following definition:“ “place of business”, in relation to a bank, includes a head or main office, a branch, an agency, a mobile branch of the bank, any office established and maintained for a limited period only, and any other place used by the bank for the conduct of any business of the bank;”; and

by inserting, immediately after the definition of “related corporation”, the following definition:“ “representative office” means an office established by a person to carry out liaison work, market research or feasibility studies, in relation to banking business, for use by the person;”.