Singapore legislation
Regulation 4
of Financial Services and Markets (Resolution of Financial Institutions) Regulations 2024
Regulation 4
Definition of “excluded financial institution”
Subregulation 1
Each of the following persons is prescribed as an excluded financial institution for the purposes of Part 8 of the Act except sections 60 and 61 of the Act:
a person who —
is a licensed financial adviser under the Financial Advisers Act 2001; or
is an exempt financial adviser under the Financial Advisers Act 2001, but is not a pertinent financial institution;
a person who is exempt from the requirement to hold a capital markets services licence under the Securities and Futures Act 2001 to carry on business in any regulated activity specified in the Second Schedule to that Act, but is not a pertinent financial institution;
a holder of a capital markets services licence under the Securities and Futures Act 2001 who only carries on business in the regulated activity of providing credit rating services but not any other regulated activity as defined in section 2(1) of that Act;
an authorised reinsurer as defined in section 2 of the Insurance Act 1966;
a member of Lloyd’s that is permitted to carry on any insurance business specified in the First Schedule to the Insurance (Lloyd’s Asia Scheme) Regulations (Rg 9) in accordance with regulation 3 of those Regulations;
an insurance agent or insurance broker that is registered or otherwise regulated under the Insurance Act 1966;
a payment service provider licensed under the Payment Services Act 2019.
Subregulation 2
Each of the following persons is prescribed as an excluded financial institution for the purposes of sections 60 and 61 of the Act:
a person who —
is a licensed financial adviser under the Financial Advisers Act 2001; or
is an exempt financial adviser under the Financial Advisers Act 2001, but who is not a pertinent financial institution;
a person who is exempt from the requirement to hold a capital markets services licence under the Securities and Futures Act 2001 to carry on business in any regulated activity specified in the Second Schedule to that Act, but who is not a pertinent financial institution;
a holder of a capital markets services licence under the Securities and Futures Act 2001 who only carries on business in the regulated activity of providing credit rating services but not any other regulated activity as defined in section 2(1) of that Act;
an authorised reinsurer as defined in section 2 of the Insurance Act 1966;
a member of Lloyd’s that is permitted to carry on any insurance business specified in the First Schedule to the Insurance (Lloyd’s Asia Scheme) Regulations in accordance with regulation 3 of those Regulations;
an insurance agent or insurance broker that is registered or otherwise regulated under the Insurance Act 1966;
a payment service provider licensed under the Payment Services Act 2019;
a trustee‑manager of a business trust that is registered under the Business Trusts Act 2004.
Subregulation 3
In this regulation, “member of Lloyd’s” has the meaning given by regulation 2 of the Insurance (Lloyd’s Asia Scheme) Regulations.