s 55ZF Application of provisions in Part 5
55ZF.—(1) Subject to section 55R, section 29A read with the Fifth Schedule (as applied by section 55ZL) applies to or in relation to a merchant bank in Singapore or a class of merchant banks in Singapore as it applies to or in relation to a bank in Singapore or a class of banks in Singapore.[1/2020] (2) Subject to section 55R, section 32 applies to or in relation to a merchant bank in Singapore as it applies to or in relation to a bank in Singapore, subject to the following modifications:(a) the following definition applies in place of the definition of “major stake” in section 32(7): “ “major stake”, in relation to an entity, means — (a) any beneficial interest exceeding 20% of the total number of issued shares (or, in the case of an umbrella VCC, either exceeding 20% of the total number of issued shares in the umbrella VCC that are not in respect of any of its sub-funds, or exceeding 20% of the total number of issued shares in the umbrella VCC in respect of any one of its sub-funds) or another measure corresponding to shares in a company that is prescribed; (b) control of more than 20% of the voting power (or, in the case of an umbrella VCC, either more than 20% of the voting power in the umbrella VCC that is not in respect of any of its sub-funds, or more than 20% of the voting power in the umbrella VCC in respect of any one of its sub-funds) or another measure corresponding to voting power in a company that is prescribed; or (c) any interest in the entity, by reason of which — (i) the management of the entity is accustomed or under an obligation, (whether formal or informal) to act in accordance with the merchant bank’s directions, instructions or wishes; or (ii) the merchant bank is in a position to determine the policy of the entity;”; [S 26/2022 wef 13/01/2022] (b) the following definition applies in place of the definition of “prohibited business” in section 32(7):“ “prohibited business” means any business other than the businesses mentioned in section 55V.”. [1/2020] (3) The Authority may make regulations under section 78 to provide for the matters mentioned in section 35 in relation to a merchant bank in Singapore, and for this purpose, the reference in that section to a bank in Singapore is to a merchant bank in Singapore.[1/2020]