Subsidiary Legislation · As enacted
Banking (Exemption from Sections 15A and 15B) (No. 2) Order 2018
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reg 1Citation and commencement
This Order is the Banking (Exemption from Sections 15A and 15B) (No. 2) Order 2018 and comes into operation on 20 November 2018.
reg 2Exemption from section 15A(1) of Act
The Minister exempts any shareholder of HSBC Holdings plc from section 15A(1) of the Act, in relation to the shareholder becoming a substantial shareholder of HSBC Bank (Singapore) Limited by virtue of the shareholder’s interest or interests in one or more voting shares in HSBC Holdings plc.
The Minister exempts The Hongkong and Shanghai Banking Corporation Limited from section 15A(1) of the Act, in relation to it becoming a substantial shareholder of HSBC Bank (Singapore) Limited.
The Minister exempts HSBC Asia Holdings Limited from section 15A(1) of the Act, in relation to it becoming a substantial shareholder of HSBC Bank (Singapore) Limited.
Subregulation 1
The Minister exempts any shareholder of HSBC Holdings plc from section 15A(1) of the Act, in relation to the shareholder becoming a substantial shareholder of HSBC Bank (Singapore) Limited by virtue of the shareholder’s interest or interests in one or more voting shares in HSBC Holdings plc.
Subregulation 2
The Minister exempts The Hongkong and Shanghai Banking Corporation Limited from section 15A(1) of the Act, in relation to it becoming a substantial shareholder of HSBC Bank (Singapore) Limited.
Subregulation 3
The Minister exempts HSBC Asia Holdings Limited from section 15A(1) of the Act, in relation to it becoming a substantial shareholder of HSBC Bank (Singapore) Limited.
reg 3Exemption from section 15B(1) of Act
The Minister exempts any shareholder of HSBC Holdings plc from section 15B(1) of the Act, in relation to the shareholder becoming a 12% controller, a 20% controller or an indirect controller (as the case may be) of HSBC Bank (Singapore) Limited by virtue of the shareholder’s interest or interests in one or more voting shares in HSBC Holdings plc.
The Minister exempts The Hongkong and Shanghai Banking Corporation Limited from section 15B(1) of the Act, in relation to it becoming a 12% controller, a 20% controller or an indirect controller (as the case may be) of HSBC Bank (Singapore) Limited.
The Minister exempts HSBC Asia Holdings Limited from section 15B(1) of the Act, in relation to it becoming a 12% controller, a 20% controller or an indirect controller (as the case may be) of HSBC Bank (Singapore) Limited.
Subregulation 1
The Minister exempts any shareholder of HSBC Holdings plc from section 15B(1) of the Act, in relation to the shareholder becoming a 12% controller, a 20% controller or an indirect controller (as the case may be) of HSBC Bank (Singapore) Limited by virtue of the shareholder’s interest or interests in one or more voting shares in HSBC Holdings plc.
Subregulation 2
The Minister exempts The Hongkong and Shanghai Banking Corporation Limited from section 15B(1) of the Act, in relation to it becoming a 12% controller, a 20% controller or an indirect controller (as the case may be) of HSBC Bank (Singapore) Limited.
Subregulation 3
The Minister exempts HSBC Asia Holdings Limited from section 15B(1) of the Act, in relation to it becoming a 12% controller, a 20% controller or an indirect controller (as the case may be) of HSBC Bank (Singapore) Limited.
reg 4Revocation
The Banking (Exemption from Sections 15A and 15B) Order 2016 (G.N. No. S 166/2016) is revoked.