Financial Holding Companies Act 2013 · s 21

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

—(1) No person shall become —(a)a 20% controller; or(b)an indirect controller,of a designated financial holding company without bank subsidiary without first obtaining the approval of the Authority.(2) Subject to section 22(5), a person who is —(a)a 20% controller; or(b)an indirect controller,of a financial holding company without bank subsidiary immediately before the designation date shall, unless he is an excepted person, cease to be such a controller before the expiry of 6 months after the designation date, or such longer period as the Authority may allow in any particular case, unless he has applied in writing to the Authority for approval before such date.(3) In subsection (2), “excepted person” means a person who has obtained, or is deemed to have obtained, approval to obtain effective control of a licensed insurer incorporated in Singapore which is a subsidiary of the relevant designated financial holding company without bank subsidiary under section 28 of the Insurance Act (Cap. 142), and which approval has not been revoked.
No person shall become —(a)a 20% controller; or(b)an indirect controller,of a designated financial holding company without bank subsidiary without first obtaining the approval of the Authority.
Subject to section 22(5), a person who is —(a)a 20% controller; or(b)an indirect controller,of a financial holding company without bank subsidiary immediately before the designation date shall, unless he is an excepted person, cease to be such a controller before the expiry of 6 months after the designation date, or such longer period as the Authority may allow in any particular case, unless he has applied in writing to the Authority for approval before such date.
In subsection (2), “excepted person” means a person who has obtained, or is deemed to have obtained, approval to obtain effective control of a licensed insurer incorporated in Singapore which is a subsidiary of the relevant designated financial holding company without bank subsidiary under section 28 of the Insurance Act (Cap. 142), and which approval has not been revoked.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 21Control of shareholdings and voting power of designated financial holding company without bank subsidiary

(1)

No person shall become —

(a)

a 20% controller; or

(b)

an indirect controller,of a designated financial holding company without bank subsidiary without first obtaining the approval of the Authority.

(2)

Subject to section 22(5), a person who is —

(a)

a 20% controller; or

(b)

an indirect controller,of a financial holding company without bank subsidiary immediately before the designation date shall, unless he is an excepted person, cease to be such a controller before the expiry of 6 months after the designation date, or such longer period as the Authority may allow in any particular case, unless he has applied in writing to the Authority for approval before such date.

(3)

In subsection (2), “excepted person” means a person who has obtained, or is deemed to have obtained, approval to obtain effective control of a licensed insurer incorporated in Singapore which is a subsidiary of the relevant designated financial holding company without bank subsidiary under section 28 of the Insurance Act (Cap. 142), and which approval has not been revoked.