Singapore legislation
Regulation 11
Regulation 11
Affiliated company over which DFHC has no effective control
Subregulation 1
Where a company falls within the definition of “affiliated company” under regulation 9(1)(a), (b), (c) or (e), but not regulation 9(1)(d), and the Authority is satisfied that —
the affiliated company is not under the effective control of the DFHC; and
the DFHC is not exposed to any material risk because of —
the affiliated company’s beneficial interest in the share capital, accumulated funds or contributed capital of any other company;
the affiliated company’s control of voting power in any other company; or
the affiliated company’s interest in any other company,the Authority may issue a declaration by written notice to the DFHC that regulation 10(1) does not apply to any beneficial interest in the share capital, accumulated funds or contributed capital of any company, any control of voting power in any company, or any interest in any company, held by that affiliated company.
Subregulation 2
Where a declaration is made under paragraph (1), regulation 10(1) does not apply starting on the date specified in the declaration, until such time as the declaration is revoked.
Subregulation 3
The Authority may, at any time on or after making a declaration under paragraph (1), impose any condition, and if any condition is not complied with at any time, the Authority may revoke the declaration by written notice to the DFHC.
Subregulation 4
The Authority may add to, vary or revoke any condition imposed under paragraph (3).
Subregulation 5
Without affecting paragraph (2), the Authority may, by written notice, to a DFHC, revoke a declaration made under paragraph (1) if the Authority is satisfied that —
the affiliated company has come under the effective control of the DFHC; or
the DFHC has become exposed to any material risk because of —
the affiliated company’s beneficial interest in the share capital, accumulated funds or contributed capital of any other company;
the affiliated company’s control of voting power in any other company; or
the affiliated company’s interest in any other company,and in such event, regulation 10(1) applies to that affiliated company starting on the date specified in the notice of revocation.
Subregulation 6
Without affecting paragraph (5), a declaration under paragraph (1) is automatically revoked if the affiliated company falls within the definition of “affiliated company” under regulation 9(1)(d), whether or not that affiliated company continues to fall within the definition of “affiliated company” under regulation 9(1)(a), (b), (c) or (e).