On 22/05/2013,
you requested for the version in force on 22/05/2013
incorporating all amendments published on or before 22/05/2013.
The closest version currently available is that of 11/08/2008.
24.
—(1) For the purposes of section 29(1)(d) of the Act, the Authority may, by notice in writing to a bank or a class of banks, impose requirements for the purpose of limiting the exposure of the bank or the class of banks to the following:
(a)
any officer (other than a director) or employee of the bank or other person who receives remuneration from the bank other than for services rendered to the bank or any company connected with the bank; and
(b)
a group of persons —
(i)
who are financially dependent on one another; or
(ii)
where one person (referred to in this regulation as the controlling person) controls every other person in that group,
and where at least one of the persons is a counterparty to the bank.
[S 238/2007 wef 11/06/2007]
(2) For the purposes of paragraph (1)(a), a company is connected with a bank if —
(a)
it is treated as part of the bank’s group of companies for accounting purposes according to Accounting Standards; and
(b)
in the case of a bank incorporated outside Singapore, it is also reflected as an investment in the books of the bank in Singapore in relation to its operations in Singapore.
[S 238/2007 wef 11/06/2007]
(3) For the purposes of paragraph (1)(b)(i), a person A is financially dependent on another person B if by virtue of a contractual or other relationship between them, A will or is likely to be unable to meet A’s financial obligations if B is unable to meet B’s financial obligations.
[S 238/2007 wef 11/06/2007]
(4) For the purposes of paragraph (1)(b)(ii), a person is controlled by the controlling person if the person is —
(a)
a person in which the controlling person holds more than half of the total number of issued shares, whether legally or beneficially;
(b)
a person in which the controlling person controls more than half of the voting power;
(c)
a person in which the controlling person controls the composition of the board of directors;
(d)
(e)
a person the policies of which the controlling person is in a position to determine.
[S 238/2007 wef 11/06/2007]
(5) Any reference in this regulation to the controlling person shall, if he is an individual, include a reference to his family member.
[S 238/2007 wef 11/06/2007]