Banking (Merchant Banks) Regulations 2021 · As enacted · Part 6 · Limitation of Mutual Shareholdings
27. Grace period for mutual shareholdings
Feedback & supportWhere a qualified major stake entity of a merchant bank would, but for this paragraph, be guilty of an offence under regulation 26(1) because of its shareholding in the merchant bank or a holding company of the merchant bank immediately before 1 July 2021, the qualified major stake entity is not so liable under that regulation on or before 30 June 2022 if it does not do any act that causes an increase in the shareholding.
Where a merchant bank would, but for this paragraph, be guilty of an offence under regulation 26(1) because of its qualified major stake entity’s shareholding in itself or its holding company immediately before 1 July 2021, the merchant bank is not so liable under that regulation on or before 30 June 2022 if it does not cause or permit the qualified major stake entity to do any act that causes an increase in the shareholding.
Subregulation 1
Where a qualified major stake entity of a merchant bank would, but for this paragraph, be guilty of an offence under regulation 26(1) because of its shareholding in the merchant bank or a holding company of the merchant bank immediately before 1 July 2021, the qualified major stake entity is not so liable under that regulation on or before 30 June 2022 if it does not do any act that causes an increase in the shareholding.
Subregulation 2
Where a merchant bank would, but for this paragraph, be guilty of an offence under regulation 26(1) because of its qualified major stake entity’s shareholding in itself or its holding company immediately before 1 July 2021, the merchant bank is not so liable under that regulation on or before 30 June 2022 if it does not cause or permit the qualified major stake entity to do any act that causes an increase in the shareholding.