Singapore legislation

Clause 8

Activities of designated financial holding company

(1)

A designated financial holding company shall not carry out any activity without the approval of the Authority, other than the following:

(a)

being a holding company for its subsidiaries;

(b)

acquiring or holding of shares in any company as permitted under section 31;

(c)

for the purposes of providing support to the business conducted by any other company within the FHC group of the designated financial holding company —

(i)

conducting general management, and capital and liquidity management; and (ii)providing advisory, financial, accounting, or information processing services; and

(d)

such other activity as may be specified by notice in writing by the Authority.

(2)

Any designated financial holding company which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.

Read in full context — Financial Holding Companies Bill →