In forceAs enacted

Contents

Banking (Merchant Banks) Regulations 2021 · As enacted · Part 3 · Prescribed Businesses Under Section 55V(1)(d) of Act

16. Prescribed related or complementary business that is non‑revenue generating, etc.

(1)

Subject to paragraph (2), any business carried on that is related or complementary to a core financial business of a merchant bank in Singapore is a prescribed business for the merchant bank if —

(a)

the business is one from which the merchant bank in Singapore does not receive or intend to receive any revenue;

(b)

the business is one that has no asset value recorded on the balance-sheet of the merchant bank in Singapore; and

(c)

the business is one that does not result in any exposure for the merchant bank in Singapore.

(2)

A merchant bank in Singapore that carries on any business prescribed in paragraph (1) must comply with any other conditions or restrictions that the Authority may impose, from time to time, by written notice in relation to its carrying on of such business.

(3)

In this regulation, “core financial business” has the meaning given by regulation 15(7).

Subregulation 1

Subject to paragraph (2), any business carried on that is related or complementary to a core financial business of a merchant bank in Singapore is a prescribed business for the merchant bank if —

(a)

the business is one from which the merchant bank in Singapore does not receive or intend to receive any revenue;

(b)

the business is one that has no asset value recorded on the balance-sheet of the merchant bank in Singapore; and

(c)

the business is one that does not result in any exposure for the merchant bank in Singapore.