Singapore legislation

Regulation 17

of Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Bank Subsidiary) Regulations 2022

Regulation 17

Approval of Authority for certain appointments

Subregulation 1

The following positions in a DFHC (Bank) are prescribed for the purposes of section 63(2) of the Act:

(a)

the chairperson of the Board;

(b)

the members of the Nominating Committee;

(c)

the deputy chief executive;

(d)

the chief financial officer;

(e)

the chief risk officer.

Subregulation 2

A person —

(a)

whose appointment as director or chief executive, or a position mentioned paragraph (1), has been approved by the Authority under regulation 35 of the Banking (Corporate Governance) Regulations 2005 (G.N. No. S 583/2005) in force immediately before 30 June 2022; and

(b)

whose approval of appointment has not expired or been revoked before that date,is taken to be so appointed with the approval of the Authority under section 63 of the Act, for a term expiring on the date when the person’s term of appointment would have expired if these Regulations had not been enacted.

Subregulation 3

Any condition to which the approval of the Authority under paragraph (2)(a) was subject and that was in force immediately before 30 June 2022, continues to have effect as a condition of the approval of the Authority under section 63 of the Act mentioned in paragraph (2).

Read in full context — Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Bank Subsidiary) Regulations 2022 →