Singapore legislation
Regulation 2
of Banking (Exemption from section 29(4) and (5)) Regulations 2009
Regulation 2
Exemption
Section 29(4) and (5) of the Act shall not apply to the directors of a bank in Singapore in respect of a loss suffered by the bank on or after 31st March 2007 arising from —
(a)
any unsecured credit facility granted to;
(b)
any credit facility granted, which subsequently becomes an unsecured credit facility, to; or
(c)
any exposure to,a person who is a person in the director group of the bank by virtue only of paragraph (d)(i) of the definition of “director group” in the Fifth Schedule to the Act.