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Making of unsecured loan or advance, payment of dividend or director’s fees or increase in director’s remuneration

Securities and Futures (Financial and Margin Requirements for Holders of Capital Markets Services Licences) Regulations

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The holder of a licence to deal in capital markets products which is a member of an approved exchange or approved clearing house shall not, without the prior written approval of the Authority, and the approved exchange or approved clearing house of which the holder is a member, make any unsecured loan or advance, pay any dividend or director’s fees or increase any director’s remuneration if —(a)in the case where the holder is incorporated in Singapore —(i)the base capital of the holder is less than the base capital requirement applicable to the holder under regulation 3;(ii)the financial resources of the holder is less than 120% of the total risk requirement of the holder; or(iii)in a case of a holder to which regulation 17 applies, the aggregate indebtedness of the holder exceeds 600% of the aggregate resources of the holder; or(iv)[Deleted by S 192/2013 wef 03/04/2013](b)in the case where the holder is a foreign company —(i)the net head office funds of the holder is below the base capital requirement applicable to the holder under regulation 3;(ii)the adjusted net head office funds of the holder is less than 120% of the total risk requirement of the holder; or (iii)if regulation 17 applies to the holder, the aggregate indebtedness of the holder exceeds 600% of the aggregate resources of the holder.(iv)[Deleted by S 192/2013 wef 03/04/2013]

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