8. Exclusion of certain interests from section 31 of Act under section 31(7)(c) of Act

Section 31 of the Act does not apply to any major stake in any company that is acquired or held indirectly through a subsidiary of a DFHC if —

in the case where the subsidiary is a bank incorporated in Singapore —

the bank has obtained the approval of the Authority under section 32 of the Banking Act 1970 to acquire or hold a major stake in the company; or

the acquisition or holding of a major stake by the bank in the company has been excluded from the operation of section 32 of the Banking Act 1970; and

in the case where the subsidiary is a licensed insurer incorporated, formed or established in Singapore —

the licensed insurer has obtained the approval of the Authority under section 34 of the Insurance Act 1966 to acquire or hold a major stake in the company; or

the acquisition or holding of a major stake by the licensed insurer in the company has been excluded from the operation of section 34 of the Insurance Act 1966.