3. Definitions of this Part

In this Part —“banking business” has the meaning given by section 2(1) of the Banking Act 1970;“banking group” —

in relation to a bank, means the bank, its subsidiaries and any other company treated as part of the bank’s group of companies according to Accounting Standards; or

in relation to an overseas bank, means the overseas bank, its subsidiaries and any other company treated as part of the overseas bank’s group of companies according to Accounting Standards;“eligible total capital”, in relation to the FHC group of a predominantly banking DFHC, means the amount of capital adequacy maintained by the predominantly banking DFHC of the FHC group for the purposes of section 36 of the Act;“foreign country” means any country or territory other than Singapore;“overseas bank” means any entity that is —

established, formed or incorporated in a foreign country;

approved, licensed, registered or otherwise regulated by a regulatory authority of the foreign country to carry on banking business under the laws of the foreign country; and

not licensed under the Banking Act 1970 to carry on banking business in Singapore;“predominantly banking DFHC” means a DFHC that has at least one subsidiary that is a bank, an overseas bank, or a company that is a part of any banking group (each called in this definition a relevant subsidiary) —

whose relevant subsidiary accounts, or whose relevant subsidiaries in the aggregate account, for more than 50% of the assets, capital funds, liabilities or revenue of the FHC group of the designated FHC; or

to which the Authority has notified in writing that the Authority considers the business of the relevant subsidiary to be significant to the FHC group of the DFHC;“regulatory authority”, in relation to a foreign country, means an authority of the foreign country exercising any function that corresponds to a regulatory function of the Authority under the Banking Act 1970.