Regulation 2

In these Regulations, unless the context otherwise requires —“appointed day” means the date of commencement of these Regulations;“bank in Singapore” has the same meaning as in section 2(1) of the Banking Act (Cap. 19);“deposit” has the same meaning as in section 4B of the Banking Act;“existing product” means any financial instrument offered before the appointed day, that has been classified by any bank as a deposit, but which does not fall within the definition of “deposit” in section 4B of the Banking Act (Cap. 19);“liabilities base”, in relation to a bank in Singapore, means the liabilities against which minimum liquid assets and minimum cash balances are required to be maintained as reserves under sections 38 and 39 of the Banking Act;“merchant bank” means any merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act;“new product” means any financial instrument offered on or after the appointed day, that was classified, or intended to be offered, by any bank as a deposit before that day, but which does not fall within the definition of “deposit” in section 4B of the Banking Act.