Singapore legislation
Regulation 14
of Financial Services and Markets (Resolution of Financial Institutions) Regulations 2024
Regulation 14
Secured liabilities
Subregulation 1
This regulation applies where, under a contract to which a transferor is a party, one party owes to the other a liability that is secured against any property or rights.
Subregulation 2
A transfer of a part (but not the whole) of the business of the transferor under section 66 of the Act must not provide for —
the transfer of the liability without the benefit of the security;
the transfer of the benefit of the security without the liability; or
the transfer of the property or rights without the liability and benefit of the security.
Subregulation 3
For the purposes of paragraph (1), it is immaterial —
whether or not the liability is secured against all, or substantially all, of the properties and rights of the transferor;
whether or not the liability is secured against specified properties or rights; and
whether or not the property or rights against which the liability is secured is or are owned by the person who owes the liability.