Singapore legislation
Regulation 37
Regulation 37
Prescribed appointment for branches and offices of merchant bank incorporated outside Singapore
Subregulation 1
For the purpose of section 53A(2)(b) of the Act as applied by section 55ZJ(1) of the Act, the branches and offices located in Singapore of a merchant bank incorporated outside Singapore must obtain the prior approval of the Authority for the appointment of its head of treasury.
Subregulation 2
In this regulation, “head of treasury”, in relation to the branches and offices located in Singapore of a merchant bank incorporated outside Singapore, means any person, by whatever name described, who —
is in the direct employment of, or acting for or by arrangement with, those branches and offices; and
is principally responsible for the management and conduct of the treasury operations of those branches and offices.