Banking (Merchant Banks) Regulations 2021

These Regulations are the Banking (Merchant Banks) Regulations 2021 and come into operation on 1 July 2021.

In these Regulations, unless the context otherwise requires —

“Accounting Standards” has the meaning given by section 4(1) of the Companies Act (Cap. 50);

“group”, in relation to a corporation, means a group within the meaning of the Accounting Standards, of which the corporation is a part;

“liabilities”, in relation to the policies of an insurance fund maintained by an insurer, means the liabilities and expenses of the insurer that are attributable to the business to which the insurance fund relates, but excludes any levy payable by that insurer under section 37 of the Deposit Insurance and Policy Owners’ Protection Schemes Act (Cap. 77B);

“major stake” has the meaning given by section 55ZF(2) of the Act;

“merchant bank group”, in relation to a merchant bank incorporated in Singapore, means a group of entities comprising —

the merchant bank;

every subsidiary of the merchant bank;

every branch of the merchant bank; and

every other entity that is treated as part of the merchant bank’s group of entities for accounting purposes in accordance with the Accounting Standards.

For the purposes of these Regulations, a company is a wholly‑owned subsidiary of a merchant bank in Singapore if the sole member of the company, or the only person holding any ownership interest in the company, is the merchant bank.