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laws.sgby aturio
In forceUpdated to 9 Mar 2025
Contents

Part IV · Changes in Shareholdings and Control of Designated Financial Holding Company

21. Control 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holding company without bank subsidiary under section 28 of the Insurance Act (Cap. 142), and which approval has not been revoked.

Report

Read on from s 22

Part V

Exposures and Limits on Investments

Read on from Part V

Part VI

Minimum Asset and Capital Requirement

Read on from Part VI

Part VII

Audit, Inspections and Investigations

Read on from Part VII

Part VIII

Powers of Control Over Designated Financial Holding Companies

Read on from Part VIII

Part IX

Assistance to Foreign Regulatory Authorities

Read on from Part IX

Part X

Miscellaneous

Read on from Part X

Schedules