Regulation 1
Citation and commencement
This Order may be cited as the Banking (Exemption from Sections 15A and 15B) Order 2004 and shall come into operation on 1st January 2005.
/akn/sg/act/sub_leg/1970/BA-S788-2004
Banking (Exemption from Sections 15A and 15B) Order 2004
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- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 1970
- Sections
- 3
Quick answer
About this subsidiary legislation
Banking (Exemption from Sections 15A and 15B) Order 2004 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation BA-S788-2004 1970, currently marked in force and first recorded in 1970.
Regulation 2
Definitions
In this Order, unless the context otherwise requires —“immediate holding company” has the same meaning as in section 5(4) of the Companies Act (Cap. 50) read with section 5(1)(a) thereof;“specified person” means a person specified in the Schedule;[Deleted by S 716/2016 wef 03/01/2017]“wholly owned subsidiary” has the same meaning as in section 5B of the Companies Act.
Definition
“immediate holding company” has the same meaning as in section 5(4) of the Companies Act (Cap. 50) read with section 5(1)(a) thereof;
Definition
“wholly owned subsidiary” has the same meaning as in section 5B of the Companies Act.
Regulation 3
Exemption
Amended byS 498/2005 wef 01/08/2005S 723/2015 wef 24/11/2015S 716/2016 wef 03/01/2017S 709/2018 wef 01/10/2018S 486/2022 wef 24/06/2022
Subregulation 1
Amended byS 498/2005 wef 01/08/2005S 723/2015 wef 24/11/2015S 716/2016 wef 03/01/2017S 709/2018 wef 01/10/2018
The Minister hereby exempts a specified person —
(a)
from section 15A(1) of the Act, where the specified person is a substantial shareholder of Citibank Singapore Limited; and
(b)
from section 15B(1) of the Act, where the specified person is a 20% controller of Citibank Singapore Limited,subject to the condition that there shall not be any change in the interest or interests, in the voting shares in the specified person, held by the immediate holding company of the specified person as at 1 October 2018.
Subregulation 2
Amended byS 486/2022 wef 24/06/2022
The Minister hereby exempts Citigroup Holding (Singapore) Private Limited —
(a)
from section 15A(1) of the Act, where Citigroup Holding (Singapore) Private Limited is a substantial shareholder of Citibank Singapore Limited; and
(b)
from section 15B(1) of the Act, where Citigroup Holding (Singapore) Private Limited is a 20% controller of Citibank Singapore Limited,subject to the following conditions:
(i)
Citigroup Holding (Singapore) Private Limited must remain a wholly owned subsidiary of Citigroup, Inc.;
(ii)
Citibank Singapore Limited shall remain a wholly owned subsidiary of Citigroup Holding (Singapore) Private Limited; and
(iii)
Citigroup Holding (Singapore) Private Limited shall provide to the Authority such information or documents as the Authority may require by notice in writing, within such time as may be specified in the notice.
Subregulation 3
[Deleted by S 723/2015 wef 24/11/2015]
Subregulation 4
The Minister hereby exempts any shareholder of Citigroup, Inc. —
(a)
from section 15A(1) of the Act, where that shareholder, by virtue of its shareholdings in Citigroup, Inc., becomes a substantial shareholder of Citibank Singapore Limited; or
(b)
from section 15B(1) of the Act, where that shareholder, by virtue of its shareholdings in Citigroup, Inc., becomes a 12% controller, a 20% controller or an indirect controller, as the case may be, of Citibank Singapore Limited.
Common questions
- What is Banking (Exemption from Sections 15A and 15B) Order 2004?
- Banking (Exemption from Sections 15A and 15B) Order 2004 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation BA-S788-2004 1970, currently marked in force and first recorded in 1970.
- Is Banking (Exemption from Sections 15A and 15B) Order 2004 still in force?
- Yes — Banking (Exemption from Sections 15A and 15B) Order 2004 is currently in force.
- When did Banking (Exemption from Sections 15A and 15B) Order 2004 take effect?
- Banking (Exemption from Sections 15A and 15B) Order 2004 was first recorded in 1970.
- How many regulations does Banking (Exemption from Sections 15A and 15B) Order 2004 have?
- Banking (Exemption from Sections 15A and 15B) Order 2004 contains 3 regulations.
- Where can I read the official version of Banking (Exemption from Sections 15A and 15B) Order 2004?
- The official text of Banking (Exemption from Sections 15A and 15B) Order 2004 is published at sso.agc.gov.sg.