Consultation on The Financial Holding Companies Bill

07 Nov 2012

This update discusses the recent consultation paper issued by the Monetary Authority of Singapore (“MAS”) which annexes the draft Financial Holding Companies Bill (“FHC Bill”) and summarises the main areas of the FHC Bill which include:  

(a)        designating a financial holding company (“FHC”) for regulation;

(b)        restrictions on the activities of a designated FHC;

(c)        changes in shareholding and control;

(d)        limits on exposures and investments;

(e)        disclosure of interests by directors of a designated FHC;

(f)         capital, asset and leverage ratio requirements; and

(g)        supervision by MAS.

The closing date for this consultation is 26 November 2012.

To read the update, please click here.