Singapore legislation

Regulation 6

of Banking (Merchant Banks) Regulations 2021

Regulation 6

Prescribed business relating to property management and property enhancement

Each of the following businesses is a prescribed business for a merchant bank in Singapore:

(a)

the business of providing property management services in relation to —

(i)

any investment property that has been acquired or is held by —

(A)

in the case of a merchant bank incorporated in Singapore — an entity in its merchant bank group; or

(B)

in the case of the branches and offices located in Singapore of a merchant bank incorporated outside Singapore — the merchant bank incorporated outside Singapore, where the investment property is reflected as an asset in the balance‑sheet of the branches and offices located in Singapore;

(ii)

any foreclosed property that has been acquired or is held by —

(A)

in the case of a merchant bank incorporated in Singapore — an entity in its merchant bank group; or

(B)

in the case of the branches and offices located in Singapore of a merchant bank incorporated outside Singapore — the merchant bank incorporated outside Singapore, where the foreclosed property is reflected as an asset in the balance‑sheet of the branches and offices located in Singapore; or

(iii)

the whole or any part of any building that is occupied and used —

(A)

by the merchant bank in Singapore for the carrying on of any business or class of business mentioned in section 55V(1) of the Act; or

(B)

in the case of a merchant bank incorporated in Singapore — by an entity in its merchant bank group for the carrying on of that entity’s business;

(b)

the business of managing and coordinating property enhancement works in relation to —

(i)

any property mentioned in paragraph (a)(i) or (ii) that is a building; or

(ii)

any building mentioned in paragraph (a)(iii).

Read in full context — Banking (Merchant Banks) Regulations 2021 →