Clause 43

by deleting subsection (3) and substituting the following subsection:“(3) Without affecting subsection (1), regulations may be made for or with respect to —

the corporate governance, and the appointment and removal of principal officers, of banks in Singapore or merchant banks in Singapore, their related corporations or other entities in which the banks or merchant banks acquire or hold (directly or indirectly) a major stake as defined in section 32(7) or section 55ZF(2)(a), as the case may be;

the prohibition or restriction on mutual holding of shares or other interests between the banks and their related corporations or other entities mentioned in paragraph (a), or between the merchant banks and their related corporations or other entities mentioned in paragraph (a); and

the risk management —

of banks, whether or not relating to banking business; and

of merchant banks, whether or not relating to a permitted business.”;

by deleting the words “or banks” wherever they appear in subsection (4) and substituting in each case the words “, banks or merchant banks”; and

by deleting the words “or bank” in subsection (4) and substituting the words “, bank or merchant bank”.