Singapore legislation
Regulation 2
Regulation 2
Exclusion of certain advances under section 14G(6AB)(a)(v) of Act
Subregulation 1
For the purposes of section 14G(5) and (6) of the Act, a reference to a loan does not include an advance made on the discounting or purchase of any bill of exchange by a bank or qualifying finance company which —
is denominated in Singapore dollars and accepted or endorsed by any bank in Singapore;
arises from a genuine trade transaction and is payable within 3 months of acceptance or endorsement; and (c)qualifies as a liquid asset —
for banks licensed in Singapore —– under paragraph 8 of the notice commonly known as MAS Notice 649, issued by the Monetary Authority of Singapore, as amended from time to time;
for merchant banks licensed in Singapore —– under paragraph 8 of the notice commonly known as MAS Notice 1015, issued by the Monetary Authority of Singapore, as amended from time to time; and
for qualifying finance companies —– under paragraph 2 of the notice commonly known as MAS Notice 806, issued by the Monetary Authority of Singapore, as amended from time to time.
Subregulation 2
For the purpose of this rule, “bank”, “Monetary Authority of Singapore” and “qualifying finance company” have the meanings given by section 14G(7) of the Act.