—(1) The Authority may make such regulations as may be necessary or expedient for the purposes of limiting, in relation to a bank in Singapore, exposure to risks associated, directly or indirectly, with such immovable property as may be prescribed.
(2) Without prejudice to the generality of subsection (1), the regulations may —
prescribe a limit (referred to in this section as the property sector exposure limit) —
on the credit facilities that may be granted or issued by a bank in Singapore to such person or class of persons as may be prescribed; or
on the notes, bonds, debentures, derivatives or other financial instruments that may be held by a bank in Singapore;
provide for the manner of computation for the purpose of determining whether the property sector exposure limit has been complied with;
provide for the Authority to vary the property sector exposure limit in the circumstances of any particular case;
provide for such transitional and consequential provisions as may be necessary or expedient; and
provide that a contravention of the regulations shall be an offence punishable, on conviction, with a fine not exceeding $100,000 and, in the case of a continuing offence, with a further fine of $10,000 for every day or part thereof during which the offence continues after conviction.