—(1) The Authority hereby exempts Sing Investments & Finance Limited (referred to in these Regulations as SIF) from section 23(1)(f)(i) of the Act in respect of unsecured advances, unsecured loans or unsecured credit facilities granted under the Micro Loan Programme and the Bridging Loan Programme, administered by the Standards, Productivity and Innovation Board, provided that SIF shall not, in relation to the unsecured advances, unsecured loans or unsecured credit facilities granted to any person or body of persons, whether incorporated or not, bear any credit risk which in the aggregate and outstanding at any one time exceeds $5,000.
(2) The exemption in paragraph (1) shall not apply to unsecured advances, unsecured loans or unsecured credit facilities granted by SIF to the following persons:
any of its directors, whether the advances, loans or credit facilities are obtained by its directors jointly or severally;
a firm in which SIF or any of its directors has an interest as a partner, manager or agent, or to any individual of whom or firm of which any of its directors is a guarantor;
a company in which any of its directors, whether legally or beneficially, owns more than 50% of the issued capital or in which any of its directors controls the composition of the board of directors, but excluding a public company the securities of which are listed on a securities exchange, and any subsidiary of such a public company; or