Singapore legislation

Regulation 18

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

Regulation 18

Executive officers

Subregulation 1

A DFHC (Bank) (A) must not appoint any person as its executive officer while that person is concurrently —

(a)

employed by a substantial shareholder of A (other than, in the case where A is a subsidiary of another DFHC (B), B);

(b)

an executive officer of an affiliate of a substantial shareholder of A; or

(c)

where A is a subsidiary of B — employed by a substantial shareholder of B or an affiliate of a substantial shareholder of B.

Subregulation 2

A DFHC (Bank) that contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction —

(a)

to a fine not exceeding $25,000; and

(b)

in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.

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