On 21/05/2013,
you requested for the version in force on 21/05/2013
incorporating all amendments published on or before 21/05/2013.
The closest version currently available is that of 14/02/2011.
PART IX
PRESCRIBED BUSINESSES
20. In this Part —
“asset” includes any commodity as defined in section 2 of the Commodity Trading Act (Cap. 48A);
“building” means any immovable property that has undergone development as defined in section 3 of the Planning Act (Cap. 232);
“foreclosed property”, in relation to a bank in Singapore or major stake company, means the whole or any part of any residential, commercial or industrial land or building that has been acquired by the bank or company, as the case may be, acting in its capacity as the mortgagee of the whole or that part of the land or building, as the case may be, pursuant to an action for foreclosure;
“investment property”, in relation to a bank in Singapore or major stake company, means the whole or any part of any residential, commercial or industrial land or building that has been acquired or is held by the bank or company, as the case may be, as an investment;
“land” means any immovable property that has not undergone development as defined in section 3 of the Planning Act (Cap. 232);
“major stake company”, in relation to a bank in Singapore, means a company in which the bank has acquired or holds a major stake with the prior approval of the Authority under section 32(1) of the Act;
“property enhancement” means —
(a)
in relation to a building, the carrying out of any works for the refurbishment, improvement or alteration of, or addition to, the building which —
(i)
do not amount to demolition or reconstruction of the building; and
(ii)
do not vary the gross floor area of the building by more than 20%; and
(b)
in relation to any part of a building, the carrying out of any works for the refurbishment, improvement or alteration of, or addition to, that part of the building which —
(i)
do not amount to demolition or reconstruction of that part of the building; and
(ii)
do not vary the gross floor area of that part of the building by more than 20%;
“property management”, in relation to the whole or any part of any land or building, means the maintenance and management of the whole or that part of the land or building, as the case may be, and includes the procurement of security services and lease and tenancy administration in relation to the whole or that part of the land or building, as the case may be, but does not include property enhancement.
21. For the purposes of section 30(1)(d) of the Act, the Authority hereby prescribes the following property-related businesses as businesses that any bank in Singapore may carry on, or enter into any partnership, joint venture or other arrangement with any person to carry on:
(a)
the business of providing property management services in relation to —
(i)
any investment property that has been acquired or is held by the bank or any major stake company of the bank;
(ii)
any foreclosed property that has been acquired by the bank or any major stake company of the bank; or
(iii)
the whole or any part of any building that is occupied and used —
(A)
by the bank for the carrying on of any business or class of business referred to in section 30(1) of the Act; or
(B)
by any major stake company of the bank for the carrying on of that company’s business;
(b)
the business of managing and coordinating property enhancement works in relation to —
(i)
any property referred to in paragraph (a)(i) or (ii) that is a building; or
(ii)
any building referred to in paragraph (a)(iii).
22.
—(1) For the purposes of section 30(1)(d) of the Act, and subject to paragraph (2), the business of purchasing and selling assets is prescribed as a business that any bank in Singapore may carry on, or enter into any partnership, joint venture or other arrangement with any person to carry on, if such business is carried on under the following arrangement:
(a)
the bank, at the request of and for the purpose of financing the purchase of each of those assets by a customer, purchases the asset from the seller in circumstances where the asset is existing at the time of the purchase;
(b)
the bank sells the asset to the customer;
(c)
the customer is under a legal obligation to the bank to take delivery of the asset;
(d)
the amount payable by the customer for the asset (the marked-up price) is greater than the amount paid by the bank for the asset (the original price), and the difference between the marked-up price and original price is the profit or return to the bank for providing such financing to the customer;
(e)
the bank does not derive any gain or suffer any loss from any movement in the market value of the asset other than as part of the profit or return referred to in sub-paragraph (d); and
(f)
the marked-up price or any part thereof is not required to be paid until after the date of the sale.
[S 325/2006 wef 17/06/2006]
[S 622/2005 wef 29/09/2005]
(2) The bank shall notify the Authority of its —
(a)
intention to commence the business referred to in paragraph (1); or
(b)
commencement of such business within 14 days after the commencement of such business.
[S 622/2005 wef 29/09/2005]
23.
—(1) For the purposes of section 30(1)(d) of the Act, and subject to paragraph (2), the business of purchasing and selling assets is prescribed as a business that any bank in Singapore may carry on, or enter into any partnership, joint venture or other arrangement with any person to carry on, if such business is carried on under the following arrangement:
(a)
for the purpose of making funds of a customer available to a bank, the customer appoints the bank or any other person as agent, to purchase on his behalf, an asset for an amount of money (the original price), in circumstances where the asset is existing at the time of the purchase;
(b)
[Deleted by S 18/2009 wef 19/01/2009]
(c)
the bank purchases the asset from the customer at a price (the marked-up price) that is greater than the original price, and sells the asset or appoints the customer, or any other person as an agent of the bank, to sell the asset on its behalf;
(d)
the bank and customer, respectively, do not derive any gain or suffer any loss from any movement in the market value of the asset other than the difference between the marked-up price and the original price (which represents the profit or return to the customer for making funds available to the bank); and
(e)
the marked-up price or any part thereof is not required to be paid by the bank to the customer until after the date of sale of the asset by the bank.
[S 18/2009 wef 19/01/2009]
[S 325/2006 wef 17/06/2006]
(2) The bank shall notify the Authority of its —
(a)
intention to commence the business referred to in paragraph (1); or
(b)
commencement of such business within 14 days after the commencement of such business.
[S 325/2006 wef 17/06/2006]
23A.
—(1) For the purposes of section 30(1)(d) of the Act, and subject to paragraph (3), the business of purchasing and selling assets is prescribed as a business that any bank in Singapore may carry on, or enter into any partnership, joint venture or other arrangement with any person to carry on, if such business is carried on under the following arrangement:
(a)
for the purpose of making funds of the bank (“A”) available to another bank or merchant bank (“B”), A purchases, or appoints B or any other person as an agent of A to purchase on its behalf, an asset for an amount of money (the original price), in circumstances where the asset is existing at the time of the purchase;
(b)
B purchases the asset from A at a price (the marked-up price) that is greater than the original price, and sells the asset, or appoints A, or any other person as an agent of B, to sell the asset on its behalf;
(c)
A and B, respectively, do not derive any gain or suffer any loss from any movement in the market value of the asset other than the difference between the marked-up price and the original price (which represents the profit or return to A for making funds available to B); and
(d)
the marked-up price or any part thereof is not required to be paid by B to A until after the date of sale of the asset by B.
[S 18/2009 wef 19/01/2009]
(2) For the purposes of section 30(1)(d) of the Act, and subject to paragraph (3), the arrangement set out in paragraph (1), in circumstances where the roles of A and B are reversed, is prescribed as a business that any bank in Singapore may carry on or enter into any partnership, joint venture or other arrangement with any person to carry on.
[S 18/2009 wef 19/01/2009]
(3) The bank shall notify the Authority of its —
(a)
intention to commence the business referred to in paragraph (1); or
(b)
commencement of such business within 14 days after the commencement of such business.
[S 18/2009 wef 19/01/2009]
23B.
—(1) For the purposes of section 30(1)(d) of the Act, and subject to paragraph (2), the business of leasing assets (whether in the form of movable or immovable property) is prescribed as a business that any bank in Singapore may carry on, or enter into any partnership, joint venture or other arrangement with any person to carry on, if such business is carried on under the following arrangement:
(a)
the bank, or the bank’s agent, purchases an asset at the request of a customer for an amount of money (the original price) for the purposes of financing the use or purchase, or both, of the asset by the customer;
(b)
the bank, or the bank’s agent, leases the asset to the customer;
(c)
in a case where the asset is not in existence at the time the bank, or the bank’s agent, leases the asset to the customer, an amount of money (the advance payment) may be paid by the customer to the bank, or the bank’s agent, for the subsequent use of the asset;
(d)
an amount of money (the rental) is paid by the customer to the bank, or the bank’s agent, for the lease of the asset;
(e)
the bank, or the bank’s agent, appoints the customer, or a third party, to take on the obligations in connection with the use of the asset, including its maintenance and insurance;
(f)
in the event of an early termination of the lease, the customer, or a third party, shall purchase the asset from the bank, or the bank’s agent, at a price determined at the start of the lease (the early termination price);
(g)
upon expiry of the lease —
(i)
where the aggregate of all rental and advance payments made under the lease is greater than the original price, the bank, or the bank’s agent, shall, whether with or without consideration, transfer the ownership of the asset to the customer or a third party;
(ii)
where the aggregate of all rental and advance payments made under the lease is equal to or less than the original price, the customer or a third party shall purchase the asset from the bank, or the bank’s agent, at a sale price determined at the start of the lease (the sale price), which amount shall be consideration for the transfer of the asset;
(h)
the total amount payable by the customer and such third party referred to in either sub-paragraph (f) or (g), if any, for the asset comprising —
(i)
the advance payment;
(ii)
the rental; and
(iii)
the sale price or early termination price,
is greater than the original price, and the difference between the total amount payable and original price is the profit or return to the bank for providing such financing to the customer;
(i)
the bank, or the bank’s agent, does not derive any gain or suffer any loss from any movement in the market value of the asset, including total loss of the asset, other than as part of the profit or return referred to in sub-paragraph (h).
[S 18/2009 wef 19/01/2009]
(2) The bank shall notify the Authority of its —
(a)
intention to commence the business referred to in paragraph (1); or
(b)
commencement of such business within 14 days after the commencement of such business.
[S 18/2009 wef 19/01/2009]
23C.
—(1) For the purposes of section 30(1)(d) of the Act, and subject to paragraph (2), the business of jointly purchasing and selling (on a periodic basis) assets (whether in the form of movable or immovable property) is prescribed as a business that any bank in Singapore may carry on, or enter into any partnership, joint venture or other arrangement with any person, if such business is carried on under the following arrangement:
(a)
the bank, or the bank’s agent, jointly purchases an asset with the customer at the request of the customer and contributes an amount of money towards the purchase price (the contribution) for the purposes of financing the use or purchase, or both, of the asset by the customer;
(b)
the bank, or the bank’s agent —
(i)
sells a portion of its share of the asset on a periodic basis to the customer for an amount of money determined at the start of the arrangement (the redemption); and
(ii)
leases the unsold portion of its share of the asset to the customer for an amount of money determined at the start of the arrangement (the rental);
(c)
in a case where the asset is not in existence at the time of the joint purchase and the bank, or the bank’s agent, leases the unsold portion of its share of the asset to the customer, an amount of money (the advance payment) may be paid by the customer to the bank, or the bank’s agent, for the subsequent use of that portion of the asset;
(d)
the bank, or the bank’s agent, appoints the customer, or a third party, to take on the obligations in connection with the use of the asset, including its maintenance and insurance;
(e)
in the event of an early termination of the arrangement, the customer shall purchase from the bank, or the bank’s agent, the remainder of the unsold portion of the bank’s, or the bank’s agent’s, share of the asset at a price determined at the start of the arrangement (the early termination price);
(f)
upon expiry of the arrangement, the customer shall have purchased from the bank, or the bank’s agent, the whole of the bank’s, or the bank’s agent’s, share of the asset and obtained full ownership of the asset;
(g)
the total amount payable by the customer for the asset comprising —
(i)
the advance payment;
(ii)
the redemption;
(iii)
the rental; and
(iv)
the early termination price,
is greater than the contribution, and the difference between the total amount payable and the contribution is the profit or return to the bank for providing such financing to the customer;
(h)
the bank, or the bank’s agent, does not derive any gain or suffer any loss from any movement in the market value of the asset, including total loss of the asset, other than as part of the profit or return referred to in sub-paragraph (g), except in circumstances provided in sub-paragraph (i); and
(i)
in a case where the customer is unable to pay the bank, or the bank’s agent, the early termination price, the bank, or the bank’s agent, may sell the asset to a third party at a price lower than the outstanding amount payable by the customer.
(2) The bank shall notify the Authority of its —
(a)
intention to commence the business referred to in paragraph (1); or
(b)
commencement of such business within 14 days after the commencement of such arrangement.
23D.
—(1) For the purposes of section 30(1)(d) of the Act, and subject to paragraph (2), the business of purchasing and selling assets at spot price is prescribed as a business that any bank in Singapore may carry on, or enter into any partnership, joint venture or other arrangement with any person to carry on, if such business is carried on under the following arrangement:
(a)
for the purposes of effecting payment resulting from the carrying on of any business by the bank under section 30(1)(a), (b) or (c) of the Act —
(i)
the bank undertakes to purchase an asset from a customer (bank purchase undertaking);
(ii)
the customer undertakes to purchase an asset from the bank (customer purchase undertaking);
(iii)
the bank undertakes to sell an asset to a customer (bank sale undertaking); or
(iv)
the customer undertakes to sell an asset to the bank (customer sale undertaking),
for an amount of money determined at the time the undertaking is given by the bank or the customer, as the case may be (the agreed price);
(b)
where the bank purchase undertaking is exercised by the customer, or the customer sale undertaking is exercised by the bank, the bank will purchase the asset from the customer at the agreed price in circumstances where the asset is existing at the time of the purchase, and immediately sells the asset to a third party at spot price;
(c)
where the customer purchase undertaking is exercised by the bank, or the bank sale undertaking is exercised by the customer, the bank will purchase the asset from a third party at spot price in circumstances where the asset is existing at the time of the purchase, and immediately sells the asset to the customer at the agreed price;
(d)
the bank does not take physical delivery of the asset; and
(e)
the bank does not derive any gain or suffer any loss from any movement in the market value of the asset other than the difference between the spot price and the agreed price.
(2) The bank shall notify the Authority of its —
(a)
intention to commence the business referred to in paragraph (1); or
(b)
commencement of such business within 14 days after the commencement of such business.
23E.
—(1) For the purposes of section 30(1)(d) of the Act, and subject to paragraph (2), the business of procuring and selling assets (whether in the form of movable or immovable property) is prescribed as a business that any bank in Singapore may carry on, or enter into any partnership, joint venture or other arrangement with any person to carry on, if such business is carried on under the following arrangement:
(a)
the bank, or the bank’s agent, at the request of the customer and for the purposes of financing the procurement and the use or purchase, or both, of an asset by the customer, commissions the customer to construct the asset in accordance with the customer’s specifications for an amount of money (the purchase price);
(b)
contemporaneously with the commissioning referred to in sub-paragraph (a) —
(i)
the bank, or the bank’s agent, and the customer enter into an arrangement prescribed under regulation 23B where the asset is not in existence at the time the asset is leased to the customer (the lease arrangement); or
(ii)
the customer gives an undertaking to the bank, or the bank’s agent, to purchase the asset from the bank, or the bank’s agent, immediately after the transfer of the ownership of the asset to the bank, or the bank’s agent, by the customer under sub-paragraph (e)(i) (the purchase undertaking);
(c)
the customer procures the construction of the asset by a third party;
(d)
the bank, or the bank’s agent, makes payment of the purchase price to the customer on a periodic basis (the progress payment);
(e)
one of the following takes place:
(i)
the customer transfers the ownership of the asset to the bank, or the bank’s agent, on a mutually agreed date on or after the completion of the construction of the asset by the third party;
(ii)
the customer refunds all progress payments to the bank, or the bank’s agent, and the lease arrangement or the purchase undertaking, as the case may be, is cancelled; or
(iii)
the bank, or the bank’s agent, agrees to the substitution of the asset that is the subject of the lease arrangement or the purchase undertaking with a comparable asset, and the customer transfers the ownership of the comparable asset to the bank, or the bank’s agent, on a mutually agreed date;
(f)
the bank, or the bank’s agent, does not take physical delivery of the asset or the comparable asset;
(g)
at the end of the arrangement, the bank, or the bank’s agent, transfers ownership of the asset, or of the comparable asset, to the customer pursuant to the lease arrangement or the purchase undertaking, except in the circumstances referred to in sub-paragraph (e)(ii);
(h)
the amount payable by the customer for the asset, or the comparable asset, is greater than the purchase price, and the difference between the total amount payable and the purchase price is the profit or return to the bank for providing such financing to the customer; and
(i)
the bank, or the bank’s agent, does not derive any gain or suffer any loss from any movement in the market value of the asset, including from the total loss of the asset, other than the profit or return referred to in sub-paragraph (h).
[S 214/2010 wef 13/04/2010]
(2) The bank shall notify the Authority of its —
(a)
intention to commence the business referred to in paragraph (1); or
(b)
commencement of such business within 14 days after the commencement of such business.
[S 214/2010 wef 13/04/2010]
23F.
—(1) For the purposes of section 30(1)(d) of the Act and subject to paragraphs (3) and (4), a business (not being a business referred to in section 30(1)(a), (b) or (c) of the Act) which —
(a)
is carried on by a company or the trustee of a trust; and
(b)
satisfies the requirement in paragraph (2),
is prescribed as a business that any bank in Singapore may carry on, or with whom a bank in Singapore may enter into any partnership, joint venture or any other arrangement to carry on, whether in Singapore or elsewhere.
(2) The business referred to in paragraph (1) is one which the bank in Singapore has determined to have potential for high growth or value creation.
(3) The reference to a company or trustee of a trust in paragraph (1) excludes a company or trustee which —
(a)
is not carrying on any substantial business or not in operation;
(b)
is carrying on the business of engaging in property-related activities; or
(c)
is carrying on the business of factoring, leasing equipment or otherwise purchasing debt obligations from others.
(4) Subject to paragraph (5), the bank in Singapore shall, when carrying on a business prescribed in paragraph (1), limit its total net book value of all such businesses —
(a)
where the bank is incorporated in Singapore, to —
(i)
10% of its capital funds or such other percentage as the Authority may approve in any particular case; and
(ii)
10% of the capital funds of its banking group or such other percentage as the Authority may approve in any particular case (where applicable); and
(b)
where the bank is incorporated outside Singapore, to 10% of its capital funds or such other percentage as the Authority may approve in any particular case.
(5) The limits prescribed in paragraph (4)(b) shall not apply to any business prescribed in paragraph (1) and carried on in the operation of an Asian Currency Unit by a bank incorporated outside Singapore.
(6) In this regulation, unless the context otherwise requires —
“Asian Currency Unit” has the same meaning as in section 77(5) of the Act;
“banking group”, in relation to a bank incorporated in Singapore, means the bank incorporated in Singapore, its subsidiaries, and all other entities treated as part of the bank’s group of companies for accounting purposes according to Accounting Standards;
“capital funds” —
(a)
in relation to a bank incorporated in Singapore, means the capital of the bank that is used for the purposes of calculating the bank’s capital adequacy ratio under section 10 of the Act;
(b)
in relation to the banking group of a bank incorporated in Singapore, means the capital of the banking group that is used for the purposes of calculating the banking group’s capital adequacy ratio under section 10 of the Act; or
(c)
in relation to a bank incorporated outside Singapore, means such net head office funds and such other liabilities as the Authority may, by notice in writing, specify.
23G.
—(1) For the purposes of section 30(1)(d) of the Act and subject to paragraphs (2) to (8), a business which fulfils the following criteria is prescribed as a business that any bank in Singapore may carry on, or enter into any partnership, joint venture or any other arrangement with any person to carry on:
(a)
the business is related or complementary to any of the core financial business which is carried on by the bank;
(b)
the business is being carried on by a regulated financial institution in any jurisdiction and is permitted —
(i)
under the laws of that jurisdiction; and
(ii)
by the supervisory authority of that regulated financial institution;
(c)
the business is permitted to be carried on by the bank —
(i)
under the laws of the home jurisdiction of the bank; and
(ii)
by the parent supervisory authority of the bank;
(d)
the business is not any other business prescribed for the purposes of section 30(1)(d) of the Act or approved under section 30(1)(e) of the Act; and
(e)
the business is not any of the following types of business:
(i)
property development, not including the property-related businesses prescribed in regulation 21;
(ii)
manufacturing or selling of consumer goods;
(iii)
provision of hotel and resort facilities;
(iv)
property management of properties not held by the bank or any of its major stake companies;
(v)
owning, operating or investing in facilities for the extraction, transportation, storage or distribution of commodities; and
(vi)
owning, operating or investing in facilities for processing, refining or otherwise altering commodities.
[S 56/2011 wef 14/02/2011]
(2) A bank in Singapore may carry on any business prescribed in paragraph (1) if, and only if —
(a)
the bank has appropriate policies and procedures, including well-defined risk management policies on financial and non-financial exposures and risk concentrations, and staff with the expertise to manage the business;
(b)
where the bank is a bank incorporated outside Singapore or is a foreign-owned bank incorporated in Singapore with no experience in carrying on the business in its head office or parent bank, it has obtained the prior written approval of its head office or parent bank (as the case may be), and its parent supervisory authority, to carry on the business; and
(c)
any equity investment in a company acquired or held by the bank arising from the business —
(i)
is not intended to be held by the bank for more than 7 years; or
(ii)
is not intended to be held by the bank for the purpose of allowing the bank to participate in or make any management decisions for the company,
unless the company is a wholly-owned subsidiary of the bank acquired or held primarily for the purpose of segregating risks that arises from the carrying on of the business so as to prevent such risks from affecting the financial soundness and stability of the bank.
[S 56/2011 wef 14/02/2011]
(3) A bank in Singapore shall, when carrying on any business prescribed in paragraph (1), limit the Aggregate Size of all such businesses —
(a)
where the bank is incorporated in Singapore, to —
(i)
15% of its capital funds or such other percentage as the Authority may approve in any particular case (where applicable); and
(ii)
15% of the capital funds of its banking group or such other percentage as the Authority may approve in any particular case (where applicable); and
(b)
where the bank is incorporated outside Singapore, to 15% of its capital funds or such other percentage as the Authority may approve in any particular case (where applicable).
[S 56/2011 wef 14/02/2011]
(4) A bank in Singapore shall, when carrying on any business prescribed in paragraph (1) as well as any business prescribed in regulation 23F(1), limit the Aggregate Size of all such businesses —
(a)
where the bank is incorporated in Singapore, to —
(i)
20% of its capital funds or such other percentage as the Authority may approve in any particular case (where applicable); and
(ii)
20% of the capital funds of its banking group or such other percentage as the Authority may approve in any particular case (where applicable); and
(b)
where the bank is incorporated outside Singapore, to 20% of its capital funds or such other percentage as the Authority may approve in any particular case (where applicable).
[S 56/2011 wef 14/02/2011]
(5) A bank in Singapore shall provide reports to the Authority in accordance with the requirements specified in the Fourth Schedule, and provide such other information as the Authority may require in relation to any business prescribed in paragraph (1) that is carried on by the bank.
[S 56/2011 wef 14/02/2011]
(6) A bank in Singapore that carries on any business prescribed in paragraph (1) shall comply with such other conditions or restrictions that the Authority may impose, from time to time, by notice in writing in relation to its carrying on of such business.
[S 56/2011 wef 14/02/2011]
(7) If the Authority, having regard to the specific circumstances of a bank in Singapore (including whether the internal controls of the bank are sufficiently robust to effectively monitor and manage the risks of the bank), or in the event that any of the conditions or requirements in paragraphs (1) to (6) are not satisfied by the bank at any point in time, issues to the bank a written declaration that paragraph (1) shall no longer apply to the bank in relation to any business specified in the declaration from a specified date, then paragraph (1) shall not apply to the bank from the specified date with respect to that specified business.
[S 56/2011 wef 14/02/2011]
(8) The Authority may, at any time where it considers it to be necessary in the circumstances, by notice in writing require a bank in Singapore to carry on any business prescribed in paragraph (1) in a wholly-owned subsidiary of the bank.
(9) In this regulation, unless the context otherwise requires —
“Aggregate Size” means the total balance sheet asset value, total revenue or total exposures (whichever is the highest of the 3) or such other measure of the size of the businesses as the Authority may specify by notice in writing;
“banking group”, in relation to a bank incorporated in Singapore, means the bank incorporated in Singapore, its subsidiaries, and all other entities treated as part of the bank’s group of companies for accounting purposes according to Accounting Standards;
“capital funds” —
(a)
in relation to a bank incorporated in Singapore, means the capital of the bank that is used for the purposes of calculating its capital adequacy ratio under section 10 of the Act;
(b)
in relation to the banking group of a bank incorporated in Singapore, means the capital of the banking group that is used for the purposes of calculating the banking group’s capital adequacy ratio under section 10 of the Act; or
(c)
in relation to a bank incorporated outside Singapore, means such net head office funds and such other liabilities as the Authority may, by notice in writing, specify.
“core financial business”, in relation to a bank, means the core business activities that the bank carries out based on its particular business model which are either —
(a)
(b)
businesses prescribed under section 30(1)(d) of the Act which are similar to the businesses referred to in section 30(1)(a), (b) and (c) of the Act in terms of economic substance and risks;
“equity investment” has the same meaning as in section 31(5) of the Act;
“holding company” has the same meaning as in section 5 of the Companies Act (Cap. 50);
“home jurisdiction”, in relation to a bank, means the jurisdiction under the laws of which the parent supervisory authority of the bank is responsible for supervising the bank, or has consolidated supervision authority over the bank, as the case may be;
“regulated financial institution”, in relation to any jurisdiction, means a financial institution that is licensed, registered, approved or otherwise regulated in that jurisdiction;
“supervisory authority” —
(a)
in relation to a financial institution, the ultimate holding financial institution of which is a financial institution incorporated, formed or established in Singapore, means the Authority; or
(b)
in relation to a financial institution, the ultimate holding financial institution of which is a financial institution incorporated, formed or established in a jurisdiction outside Singapore, means the supervisory authority which is responsible, under the laws of that jurisdiction, for supervising the ultimate holding financial institution;
“ultimate holding financial institution”, in relation to a financial institution, means —
(a)
if the ultimate holding company of the financial institution is a financial institution, the ultimate holding company; or
(b)
in any other case, a holding company of the financial institution that is a financial institution and that is not itself a subsidiary of any other financial institution.