Singapore legislation
Regulation 4
of Finance Companies (Exemption from sections 23(1) and 25(2)) Regulations 2017
Regulation 4
Specific exemptions
Subregulation 1
Subject to paragraphs (2) and (3), Hong Leong Finance Limited is exempt from —
section 23(1)(c) of the Act in respect of the acquisition of foreign currency denominated stocks, shares, debts or convertible securities pledged by a customer as security for a loan, advance or credit facility; and
section 25(2) of the Act in respect of the business of —
providing corporate financial advisory services; (ii)underwriting the issue or sale of shares for any company that is currently listed, or which intends to be listed, on an approved exchange; (iii)underwriting the issue or sale of shares for any VCC that is currently listed, or which intends to be listed, on an approved exchange;
marketing any relevant service —
provided by NIUM Pte. Ltd. by itself; or
provided by NIUM Pte. Ltd. under a co‑branding arrangement with Hong Leong Finance Limited under which the logo of Hong Leong Finance Limited is used in connection with the provision of any relevant service; and
facilitating payments to be made between the users of the relevant services and NIUM Pte. Ltd., in connection with the relevant services provided by NIUM Pte. Ltd. by itself or under the co‑branding arrangement with Hong Leong Finance Limited mentioned in sub‑paragraph (iv)(B).
Subregulation 2
The exemption in paragraph (1)(a) is subject to the condition that the amount of foreign currency exposure of Hong Leong Finance Limited must not exceed 10% of its capital funds.
Subregulation 3
The exemption in paragraph (1)(b)(ii) is subject to the condition that the aggregate value of the shares underwritten by Hong Leong Finance Limited must not exceed 5% of its capital funds.
Subregulation 4
In this regulation, “relevant service” means any of the following services as defined in Part 3 of the First Schedule to the Payment Services Act 2019:
an account issuance service;
a cross‑border money transfer service;
a domestic money transfer service;
an e‑money issuance service.