s 14 Control of shareholdings and voting power of designated financial holding company with bank subsidiary
14.—(1) No person shall become —(a) a 12% controller; (b) a 20% controller; or (c) an indirect controller, of a designated financial holding company with bank subsidiary without first obtaining the approval of the Minister. (2) Subject to section 15(5), a person who is —(a) a 12% controller; (b) a 20% controller; or (c) an indirect controller, of a financial holding company with bank subsidiary immediately before the designation date shall, unless he is an excepted person, cease to be such a controller before the expiry of 6 months after the designation date, or such longer period as the Minister may allow in any particular case, unless he has applied in writing to the Minister for approval before such date. (3) For the purposes of —(a) subsection (2)(a), an “excepted person” means a person —(i) who —(A) is a 12% controller of a bank incorporated in Singapore, which is a subsidiary of the relevant designated financial holding company; and (B) had obtained approval to become a 12% controller of the bank under section 15C, read with section 15B(1)(a) or (2)(a), of the Banking Act (Cap. 19) and which approval has not been revoked; or (ii) who —(A) immediately before the date of commencement of this section, was a 12% controller of a designated financial institution under the Banking Act in force before that date; and (B) had obtained approval to become a 12% controller of the designated financial institution under section 15C, read with section 15B(1)(a) or (2)(a), of the Banking Act in force immediately before the date of commencement of this section, and which approval has not been revoked; (b) subsection (2)(b), an “excepted person” means a person —(i) who —(A) is a 20% controller of a bank incorporated in Singapore, which is a subsidiary of the relevant designated financial holding company; and (B) had obtained approval to become a 20% controller of the bank under section 15C, read with section 15B(1)(b) or (2)(b), of the Banking Act and which approval has not been revoked; or (ii) who —(A) immediately before the date of commencement of this section, was a 20% controller of a designated financial institution under the Banking Act in force before that date; and (B) had obtained approval to become a 20% controller of the designated financial institution under section 15C, read with section 15B(1)(b) or (2)(b), of the Banking Act in force immediately before the date of commencement of this section, and which approval has not been revoked; (c) subsection (2)(c), an “excepted person” means a person —(i) who —(A) is an indirect controller of a bank incorporated in Singapore which is a subsidiary of the relevant designated financial holding company; and (B) had obtained approval to become an indirect controller of that bank under section 15C, read with section 15B(1)(c) or (2)(c), of the Banking Act and which approval has not been revoked; or (ii) who —(A) immediately before the date of commencement of this section, was an indirect controller of a designated financial institution under the Banking Act in force before that date; and (B) had obtained approval to become an indirect controller of the designated financial institution under section 15C, read with section 15B(1)(c) or (2)(c), of the Banking Act in force immediately before the date of commencement of this section, and which approval has not been revoked.