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PDF Annex III Singapore - Ministry of International Trade and Industry

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Singapore dollar current accounts for natural persons who are residents of Singapore; or. d) issue Singapore dollar bonds and negotiable certificates of deposit, unless the requirements. in relation to minimum maturity period, minimum denomination or class of investors contained in the guidelines for the operation of wholesale banks issued by the Monetary Authority of Singapore or its successor body are complied with. Foreign banks are not allowed to: a) provide credit facilities to non-bank residents of Singapore in Singapore dollars exceeding a total of S$500 million at any one time;. Singapore dollar current accounts for natural persons who are residents of Singapore;. f) Accept Singapore dollar fixed deposits of less than S$250,000 from non-bank non-residents;. g) Issue Singapore dollar bonds and negotiable certificates of deposit, unless the requirements relating to minimum maturity period, minimum denomination or class of investors are contained in the Guidelines for Operation of Foreign Banks issued by the Monetary Authority of Singapore or its successor body, be complied with.

Description: Only foreign banks with qualifying full banking privileges and local banks can apply to provide supplementary pension scheme accounts and Central Provident Fund Investment Scheme accounts. Only foreign banks with qualifying full banking rights and local banks can apply to accept fixed deposits under the Central Provident Fund Investment Scheme and Minimum Sum Scheme. No foreign person may, alone or in concert with other persons, take control of a Singapore incorporated bank or its financial holding company regulated by the Monetary Authority of Singapore (other than a Singapore incorporated bank or financial holding company which controlled by a financial institution of another party).

The Minister's approval is required before a person, alone or together with related persons, may acquire indirect control and shareholdings or voting control equal to or greater than five per cent, 12 per cent or 20 per cent in a bank established in Singapore. or financial holding company and before the bank or financial holding company merges with or is taken over by any other body. A foreign person is a person who: a) if it is a natural person who is not a citizen of Singapore; and. b) in the case of a company not controlled by citizens of Singapore. Description: A majority of the directors of a bank incorporated in Singapore must be Singapore citizens or permanent residents of Singapore.

Only the clearing house established under the Banking Act may provide clearing services for checks and other credit instruments drawn on a bank in Singapore. whether payable in Singapore dollars or other currency) and interbank GIRO transfer services.

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Measures: Eligibility criteria, guidelines and application forms for fund management and insurance companies covered by the Central Provident Fund Investment Scheme (CPFIS). Companies (FMCs) under the CPFIS, the Central Provident Fund Board or its successor take into account the following factors: a) whether the FMC has a minimum one-year track record as a capital market services licensee under the Securities and Futures Act, Cap. management sector in Singapore, while the group as a whole has a minimum of three years of fund management experience;

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When considering the admission of insurers under the GPFIS, the Council takes into account the following factors:. a) whether the insurer is registered under the Insurance Act to carry on life insurance business;. The other two may only have two years of fund management experience if he or she:. i) is a fully qualified Chartered Financial Analyst (CFA);. ii) An employee of the Association of Actuaries is;. iii) Possess a Certificate in Finance and Investments from the Institute of Actuaries; or.

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A non-resident financial institution may in certain cases. circumstances unable to borrow more than S$5 million in Singapore dollars from a resident financial institution due to the following restrictions on financial institutions. lending of the Singapore dollar to non-resident financial institutions. A financial institution may not extend credit facilities to non-resident financial institutions in Singapore dollars that exceed S$5 million per non-resident financial institution:. (a) where the Singapore dollar proceeds are to be spent outside Singapore, unless:. i) such proceeds are exchanged or converted into foreign currency upon withdrawal or before transfer abroad; or. ii) such proceeds are for the purpose of preventing settlement failure where the Financial Institution extends a temporary overdraft facility in Singapore Dollars to any vostro account with a Non-Resident Financial Institution and the Financial Institution.

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Subsector: Settlement and clearing services for financial assets, including securities, derivatives and other negotiable instruments. Description: Singapore reserves the right to adopt or maintain any measure affecting the provision of clearing and settlement services for exchange-traded securities, financial futures and interbank transfers.

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Description: Singapore reserves the right to adopt or maintain any measure in the form of subsidies or grants by Singapore which affects the provision of any financial service by any financial service provider that Singapore deems necessary:. a) for the development of local small and medium-sized enterprises; or. b) to facilitate or enable the provision of any service to Singapore companies which is not provided in Singapore or which is not effectively provided.

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