Banking (Merchant Banks) Regulations 2021 · As enacted · Part 4 · Exemptions from Obtaining Approvalfor Acquisition or Holding of Major Stakes in Entities
17. Disapplication of section 32 of Act to entity carrying on private equity or venture capital business
Feedback & supportSection 32 of the Act (as applied by section 55ZF(2) of the Act) does not apply to an entity —
that carries on a business prescribed in regulation 14(1), whether or not as its principal business; or
whose principal business is that of investing in any entity mentioned in sub‑paragraph (a).
Paragraph (1) applies only if the entity does not carry on any of the following businesses:
the business of engaging in any property‑related activity;
the business of factoring, leasing equipment or otherwise purchasing debt obligations from another person.
In this regulation, “property‑related activity” has the meaning given by regulation 28.
Subregulation 1
Section 32 of the Act (as applied by section 55ZF(2) of the Act) does not apply to an entity —
that carries on a business prescribed in regulation 14(1), whether or not as its principal business; or
whose principal business is that of investing in any entity mentioned in sub‑paragraph (a).
Subregulation 2
Paragraph (1) applies only if the entity does not carry on any of the following businesses:
the business of engaging in any property‑related activity;
the business of factoring, leasing equipment or otherwise purchasing debt obligations from another person.
Subregulation 3
In this regulation, “property‑related activity” has the meaning given by regulation 28.