Clause 58

granted under section 32 of the Banking Act before the commencement date; and

in force immediately before that date,is treated as an approval granted under the amended section 32 of the Banking Act, and is subject to all the conditions which it was subject to immediately before that date.

a bank in Singapore held, directly or indirectly, a major stake in an entity other than a company; and

the entity only carried on, whether in Singapore or elsewhere, one or more of the businesses mentioned in section 30(1)(a) to (d) of the Banking Act,then, so long as the entity only carries on one or more of those businesses on or after that date, the amended section 32 of the Banking Act does not apply to the continued holding of such major stake in the entity, or the acquisition or holding, directly or indirectly, of any other major stake in the entity, by the bank in Singapore on or after that date.

a bank in Singapore held, directly or indirectly, a major stake in an entity other than a company; and

the entity carried on, whether in Singapore or elsewhere (and whether as its principal business or otherwise), any business other than the businesses mentioned in section 30(1)(a) to (d) of the Banking Act,then the amended section 32 of the Banking Act does not apply to the continued holding of such major stake by the bank in Singapore on or after that date for the period mentioned in subsection (4).

3 months after the commencement date; or

if, before the expiry of the period in paragraph (a), the bank in Singapore applies for approval under the amended section 32 of the Banking Act for the holding of that major stake —

until the date the approval is given; or

if the application is refused, 12 months, or such longer period as the Authority may specially allow, after the date the application is refused.