On 26/05/2013,
you requested for the version in force on 26/05/2013
incorporating all amendments published on or before 26/05/2013.
The closest version currently available is that of 14/02/2011.
PART X
EXPOSURES AND CREDIT FACILITIES
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]
24A. For the purposes of section 31 of the Act in relation to a bank incorporated in Singapore, the valuation of any equity investment in a single company shall be —
(a)
in the case where revaluation gains with respect to the equity investment are permitted by the Authority to be included in the computation of the bank’s capital funds, the sum of the cost of the equity investment and 45% of revaluation gains with respect to the equity investment; and
(b)
in any other case, the cost of the equity investment less revaluation losses and diminution in value with respect to the equity investment, if any.
[S 238/2007 wef 11/06/2007]
24B. For the purposes of section 33 of the Act in relation to a bank incorporated in Singapore, the valuation of immovable property shall be —
(a)
in the case where revaluation gains with respect to immovable property are permitted by the Authority to be included in the computation of the bank’s capital funds, the sum of the cost of the immovable property and 45% of revaluation gains with respect to the immovable property; and
(b)
in any other case, the cost of the immovable property less revaluation losses and diminution in value with respect to the immovable property, if any.