§ 102 — Interpretation of this Division

102.—(1) In this Division, unless the context otherwise requires —“determination” means a determination made under section 103;

“foreign financial institution” means a financial institution incorporated, formed or established in a foreign country or territory that has —(a)

a branch located in Singapore; or

(b)

a subsidiary incorporated in Singapore,

that is approved, authorised, designated, recognised, registered, licensed or otherwise regulated by the Authority under this Act or any other MAS scheduled Act;

“foreign resolution” means any action by a foreign resolution authority of a foreign country or territory to do either or both of the following:(a)

to maintain financial stability;

(b)

to deal with any serious problem in a foreign financial institution of that country or territory which affects the ability of the foreign financial institution to continue its business or operations as a foreign financial institution, and which, if not dealt with, may cause the foreign financial institution to be no longer able to continue its business or operations as a foreign financial institution;

“foreign resolution authority”, in relation to a foreign country or territory, means an authority of that country or territory which, whether alone or together with one or more other authorities of that country or territory, is responsible for a foreign resolution, or for preparing plans for a foreign resolution;

“Singapore creditor”, in relation to a foreign financial institution, means —(a)

a creditor of the foreign financial institution, in respect of a liability incurred by the operations of its branch located in Singapore; or

(b)

a creditor of a subsidiary incorporated in Singapore of the foreign financial institution;

“Singapore shareholder”, in relation to a foreign financial institution, means the holder of shares or similar instruments of a subsidiary incorporated in Singapore of the foreign financial institution.

(2) The exercise of any power under this Division does not prevent the exercise of any other power of the Minister or the Authority under this Act or the relevant Act applicable to the foreign financial institution or the subsidiary incorporated in Singapore of a foreign financial institution, as the case may be.

—(1) In this Division, unless the context otherwise requires —“determination” means a determination made under section 103;

“foreign financial institution” means a financial institution incorporated, formed or established in a foreign country or territory that has —(a)

a branch located in Singapore; or

(b)

a subsidiary incorporated in Singapore,

that is approved, authorised, designated, recognised, registered, licensed or otherwise regulated by the Authority under this Act or any other MAS scheduled Act;

“foreign resolution” means any action by a foreign resolution authority of a foreign country or territory to do either or both of the following:(a)

to maintain financial stability;

(b)

to deal with any serious problem in a foreign financial institution of that country or territory which affects the ability of the foreign financial institution to continue its business or operations as a foreign financial institution, and which, if not dealt with, may cause the foreign financial institution to be no longer able to continue its business or operations as a foreign financial institution;

“foreign resolution authority”, in relation to a foreign country or territory, means an authority of that country or territory which, whether alone or together with one or more other authorities of that country or territory, is responsible for a foreign resolution, or for preparing plans for a foreign resolution;

“Singapore creditor”, in relation to a foreign financial institution, means —(a)

a creditor of the foreign financial institution, in respect of a liability incurred by the operations of its branch located in Singapore; or

(b)

a creditor of a subsidiary incorporated in Singapore of the foreign financial institution;

“Singapore shareholder”, in relation to a foreign financial institution, means the holder of shares or similar instruments of a subsidiary incorporated in Singapore of the foreign financial institution.

(2) The exercise of any power under this Division does not prevent the exercise of any other power of the Minister or the Authority under this Act or the relevant Act applicable to the foreign financial institution or the subsidiary incorporated in Singapore of a foreign financial institution, as the case may be.