Singapore legislation
Regulation 11
of Financial Services and Markets (Resolution of Financial Institutions) Regulations 2024
Regulation 11
Setting-off and netting rights
Subregulation 1
A transfer of a part (but not the whole) of the business of a transferor under section 66 of the Act must not provide for the transfer of some, and not all, of the protected rights and liabilities between a particular person (P) and the transferor.
Subregulation 2
In this regulation, rights and liabilities between P and the transferor are protected if —
they are rights and liabilities that arise from one or more financial contracts between them; and
they are rights and liabilities which either P or the transferor is entitled to set‑off or net under a set‑off arrangement, netting arrangement or title transfer arrangement.
Subregulation 3
For the purposes of paragraph (2), it is immaterial whether —
the set‑off arrangement or netting arrangement also permits P or the transferor to set‑off or net rights and liabilities with another person; or
the right to set‑off or net is exercisable only on the occurrence of a particular event.