Singapore legislation
Regulation 2
Regulation 2
Definitions
Subregulation 1
In these Regulations, unless the context otherwise requires —
Definition
“affiliate”, in relation to a substantial shareholder of a DFHC, means any company that is an associate of the substantial shareholder, other than —
the DFHC and any company in which the DFHC acquires or holds, directly or indirectly, a major stake; or
where the DFHC is a subsidiary of another FHC — the second‑mentioned FHC and any company in which the second‑mentioned FHC acquires or holds, directly or indirectly, a major stake;
Definition
“associate” has the meaning given by paragraph 1 of the Schedule to the Act;
Definition
“Audit Committee” means an Audit Committee mentioned in regulation 15;
Definition
“Board” —
in relation to a DFHC (Bank) — means the board of directors of the DFHC (Bank); or
in relation to a major stake financial company — means the board of directors of the major stake financial company;
Definition
“designated FHC” or “DFHC” means a designated financial holding company;
Definition
“designated FHC with bank subsidiary” or “DFHC (Bank)” means a DFHC that has a subsidiary that is a bank incorporated in Singapore;
Definition
“executive director”, in relation to a corporation, means a director who is concurrently an executive officer of that corporation, and “non‑executive director” is to be construed accordingly;
Definition
“FHC” means a financial holding company;
Definition
“financial year” has the meaning given by section 4(1) of the Companies Act 1967;
Definition
“foreign‑owned designated FHC with bank subsidiary” or “foreign‑owned DFHC (Bank)” means a DFHC (Bank) that is a subsidiary of another corporation incorporated or otherwise established outside Singapore;
Definition
“immediate family”, in relation to an individual, means the individual’s spouse, child, adopted child, stepchild, parent, step‑parents, brother, stepbrother, sister or stepsister;
Definition
“independent director”, in relation to a DFHC, means a director who —
is independent from any management and business relationship with the DFHC;
is independent from any substantial shareholder of the DFHC; and
has not served on the Board for a continuous period of 9 years or longer;
Definition
“major stake” has the meaning given by section 31(10) of the Act;
Definition
“major stake financial company” means any company in which a DFHC (Bank) acquires or holds a major stake and that is a financial institution approved, licensed, registered or otherwise regulated by the Authority;
Definition
“Nominating Committee” means a Nominating Committee mentioned in regulation 9;
Definition
“Remuneration Committee” means a Remuneration Committee mentioned in regulation 14;
Definition
“Risk Management Committee” means a Risk Management Committee mentioned in regulation 16.
Subregulation 2
In these Regulations, in relation to a company that has dispensed with the holding of annual general meetings under section 175A of the Companies Act 1967 —
a reference to the doing of anything at an annual general meeting is a reference to the doing of that thing by way of a resolution by written means in accordance with the Companies Act 1967; and
a reference to the date of an annual general meeting of such a company is, unless the meeting is held, a reference to the date of expiry of the period within which the meeting is required by law to be held.