Singapore legislation
Regulation 37
of Financial Services and Markets (Resolution of Financial Institutions) Regulations 2024
Regulation 37
Valuation principles
Subregulation 1
For the purposes of section 125(1) of the Act, a valuer for a Division 11 FI under resolution must conduct the valuation of the Division 11 FI in accordance with the principles specified in paragraph (2).
Subregulation 2
For the purposes of section 125(2)(a) of the Act, the principles are —
in determining, for the purpose of section 122(1) of the Act, the treatment that the pre‑resolution creditor or pre‑resolution shareholder would have received had winding up proceedings been commenced against the Division 11 FI immediately before the resolution date, the valuer is to assess what the pre‑resolution creditor or pre‑resolution shareholder would have received had proceedings been commenced under Part 8 of the Insolvency, Restructuring and Dissolution Act 2018, or had any action under section 250 of that Act been taken by a liquidator appointed under that section, before the resolution date; and
the valuer must not take into account any financial support or assistance provided to the Division 11 FI by a public sector body, other than any financial support that is provided in the ordinary course of business.