37. Prescribed appointment for branches and offices of merchant bank incorporated outside Singapore

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.

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.

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.

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.