Clause 45

by inserting, immediately after “29,” in the Schedule heading, “29A”;

by inserting, immediately after the definition of “associate” in paragraph 1, the following definition:“ “bank group”, in relation to a bank in Singapore, means a group comprising —

in the case of a bank incorporated in Singapore —

every subsidiary of the bank;

every branch of the bank located outside Singapore; and

every other entity that is treated as part of the bank’s group of entities for accounting purposes according to Accounting Standards; or

in the case of branches and offices located within Singapore of a bank incorporated outside Singapore —

every subsidiary of the bank that is reflected as an investment in the balance‑sheet of a branch of the bank located within Singapore; and

every other entity that —

is treated as part of the bank’s group of entities for accounting purposes according to Accounting Standards; and

is reflected as an investment in the balance‑sheet of a branch of the bank located within Singapore;”;

by deleting the definition of “financial group” in paragraph 1 and substituting the following definitions:“ “key credit approver”, in relation to a bank in Singapore, means —

in the case of a bank incorporated in Singapore, any person who, whether alone or jointly with any other person or persons, has the highest level of authority to approve credit facilities that will be reflected in the balance‑sheet or profit and loss accounts of the bank incorporated in Singapore or any branch or entity in its bank group; and

in the case of branches and offices located within Singapore of a bank incorporated outside Singapore, any person who —

whether alone or jointly with any other person or persons, has the highest level of authority to approve credit facilities that will be reflected in the balance‑sheet or profit and loss accounts of any branch of the bank located within Singapore or any branch or entity in the bank group of the branches and offices located within Singapore of the bank incorporated outside Singapore; and

takes part in the operations of the branches located within Singapore of the bank on a day to day basis;“key credit approver group”, in relation to a bank in Singapore, means a group comprising —

any key credit approver of the bank;

any family member of a key credit approver of the bank;

any firm or limited liability partnership in or for which a key credit approver of the bank, or a family member of a key credit approver of the bank, is a partner, a manager, an agent, a guarantor or a surety;

any individual for whom a key credit approver of the bank, or a family member of a key credit approver of the bank, is a guarantor or a surety;

any company for which a key credit approver of the bank, or a family member of a key credit approver of the bank, is a guarantor or a surety;

any company of which a key credit approver of the bank, or a family member of a key credit approver of the bank, is an executive officer;

any company in which a key credit approver of the bank, or a family member of a key credit approver of the bank, owns more than half of the total number of issued shares, whether legally or beneficially;

any company in which a key credit approver of the bank, or a family member of a key credit approver of the bank, controls more than half of the voting power; or

any company the composition of the board of directors of which is controlled by a key credit approver of the bank, or a family member of a key credit approver of the bank;“major stake” has the same meaning as in section 32(7);“major stake entity group”, in relation to a bank in Singapore, means a group comprising —

in the case of a bank incorporated in Singapore, any entity in which the bank holds, directly or indirectly, a major stake; and

in the case of branches and offices located within Singapore of a bank incorporated outside Singapore, any entity in which the bank incorporated outside Singapore holds, directly or indirectly, a major stake that is reflected as an investment in the balance‑sheet in Singapore of the bank;”;

by inserting, immediately after the definition of “parent bank” in paragraph 1, the following definitions:“ “related corporation group”, in relation to a bank in Singapore, means a group comprising —

any related corporation of the bank;

any branch of the bank located outside Singapore; and

in the case of a bank incorporated outside Singapore, the head office of the bank incorporated outside Singapore;“senior management group”, in relation to a bank in Singapore, means a group comprising —

any executive officer of the bank;

any family member of an executive officer of the bank;

any firm or limited liability partnership in or for which an executive officer of the bank, or a family member of an executive officer of the bank, is a partner, a manager, an agent, a guarantor or a surety;

any individual for whom an executive officer of the bank, or a family member of an executive officer of the bank, is a guarantor or a surety;

any company for which an executive officer of the bank, or a family member of an executive officer of the bank, is a guarantor or a surety;

any company of which an executive officer of the bank, or a family member of an executive officer of the bank, is an executive officer;

any company in which an executive officer of the bank, or a family member of an executive officer of the bank, owns more than half of the total number of issued shares, whether legally or beneficially;

any company in which an executive officer of the bank, or a family member of an executive officer of the bank, controls more than half of the voting power; or

any company the composition of the board of directors of which is controlled by an executive officer of the bank, or a family member of an executive officer of the bank;”; and

by deleting paragraph 5 and substituting the following paragraphs:“5. For the purposes of the definition of “key credit approver group”, a key credit approver of a bank is deemed to control the composition of the board of directors of a company if he has any power, exercisable by him without the consent or concurrence of any other person, to appoint or remove all or a majority of the directors of the company.5A. For the purposes of the definition of “senior management group”, an executive officer of a bank is deemed to control the composition of the board of directors of a company if he has any power, exercisable by him without the consent or concurrence of any other person, to appoint or remove all or a majority of the directors of the company.”.