On 20/06/2013,
you requested for the version in force on 20/06/2013
incorporating all amendments published on or before 20/06/2013.
The closest version currently available is that of 18/04/2013.
29.
—(1) The Authority may by notice in writing to any bank in Singapore, or any class of banks in Singapore, impose such requirements as may be necessary or expedient for the purposes of limiting the exposure of the bank, or a bank within the class of banks, to any one or more of the following:
(a)
where the bank is incorporated in Singapore, a substantial shareholder group of the bank;
(b)
the financial group of the bank;
(c)
a director group of the bank;
(d)
any other person or class of persons as may be prescribed.
[1/2007]
(2) Without prejudice to the generality of subsection (1), the Authority may in a notice issued under that subsection —
(a)
specify the limit on any exposure;
(b)
exclude any exposure from any limit;
(c)
specify the method of measuring any exposure;
(d)
exclude any bank or class of banks from any requirement imposed under subsection (1); and
(e)
vary any limit in a particular case.
[1/2007]
(3) A bank in Singapore shall not grant any credit facility against the security of its own shares.
[1/2007]
(4) The directors of a bank in Singapore shall, without prejudice to any liability of any of the directors under this Act or any law, jointly and severally indemnify the bank against any loss suffered by the bank arising from —
(a)
any unsecured credit facility granted to;
(b)
any credit facility granted, which subsequently becomes an unsecured credit facility, to; or
(c)
any exposure to,
any person in the director group of the bank whether or not the bank has contravened any requirement imposed under subsection (1) in relation to the director group of the bank.
[1/2007]
(5) A director of a bank in Singapore who resigns or vacates his office shall continue to be liable to indemnify the bank under subsection (4) against any loss which the bank suffers —
(a)
before the resignation or vacation; or
(b)
after the resignation or vacation if the unsecured credit facility is granted, or if the credit facility becomes an unsecured credit facility, or if the exposure is acquired, during the period when he is a director unless —
(i)
the bank suffers the loss after it approves the continuation of the credit facility or exposure; and
(ii)
such approval is given by the bank after the resignation or vacation.
[1/2007]
(6) Any bank which fails to comply with subsection (3) or any requirement imposed under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.
[1/2007]
(7) In this section —
“director group” has the meaning given to it in the Fifth Schedule;
“exposure” has the meaning given to it in the Fifth Schedule;
“financial group” has the meaning given to it in the Fifth Schedule;
“substantial shareholder group” has the meaning given to it in the Fifth Schedule.
[1/2007]