Singapore legislation
Regulation 28
of Financial Services and Markets (Resolution of Financial Institutions) Regulations 2024
Regulation 28
Definition of “eligible instrument”
Subregulation 1
For the purposes of the definition of “eligible instrument” in section 80(1) of the Act, subject to paragraph (2), each of the following is an eligible instrument in relation to a Division 6 FI mentioned in regulation 27(a) or (b):
any equity instrument or other instrument that confers or represents a legal or beneficial ownership in the Division 6 FI concerned, except an ordinary share;
any unsecured liability or other unsecured debt instrument that is subordinated to unsecured creditors’ claims of the Division 6 FI concerned, that are not so subordinated;
any instrument that provides for a right for the instrument to be written down, cancelled, modified, changed in form or converted into shares or another instrument of ownership, when a specified event occurs.
Subregulation 1A
For the purposes of the definition of “eligible instrument” in section 80(1) of the Act, subject to paragraph (2), each of the following is an eligible instrument in relation to a Division 6 FI mentioned in regulation 27(c) or (d):
any equity instrument or other instrument that confers or represents a legal or beneficial ownership in the Division 6 FI concerned, except an ordinary share;
any unsecured liability or other unsecured debt instrument, excluding any liability mentioned in section 123(3) of the Insurance Act 1966 or section 203(1) of the Insolvency, Restructuring and Dissolution Act 2018;
any instrument that provides for a right for the instrument to be written down, cancelled, modified, changed in form or converted into shares or another instrument of ownership when a specified event occurs.
Subregulation 2
However, an “eligible instrument” does not include —
any instrument that is issued by a Division 6 FI mentioned in regulation 27(a) or (b) before 29 November 2018;
any instrument that is issued by a Division 6 FI mentioned in regulation 27(c) or (d) before 31 December 2024; or
a derivatives contract as defined in regulation 9(2).