Banking (Exemption from Section 4A (1) and (2)) Notification 2006

No. S 411

Banking Act

(Chapter 19)

Banking
(Exemption from Section 4A (1) and (2)) Notification 2006

In exercise of the powers conferred by section 4A(8) of the Banking Act, the Monetary Authority of Singapore hereby makes the following Notification:

Citation and commencement

1.  This Notification may be cited as the Banking (Exemption from Section 4A (1) and (2)) Notification 2006 and shall come into operation on 14th July 2006.

Exemption

2.—(1)  The Authority hereby exempts —

(a) ING Bank (Switzerland) Limited from section 4A(1) of the Act in respect of any deposit accepted in Singapore on its behalf by ING Asia Private Bank Limited from any accredited investor in Singapore, in connection with the provision of private banking services in Singapore by ING Asia Private Bank Limited on behalf of ING Bank (Switzerland) Limited; and

(b) ING Asia Private Bank Limited from section 4A(2) of the Act in respect of —

(i) any offer or invitation to make any deposit, or to enter or offer to enter into any agreement to make any deposit, with ING Bank (Switzerland) Limited; or

(ii) any advertisement containing such offer or invitation,

made or issued to any accredited investor in Singapore in connection with the provision of private banking services in Singapore by ING Asia Private Bank Limited on behalf of ING Bank (Switzerland) Limited.

(2)  The exemptions under sub-paragraph (1)(a) and (b) are subject to such conditions as may be specified in letters issued by the Authority from time to time to the exempted persons.

(3)  In this paragraph, “accredited investor” has the same meaning as in regulation 2 of the Banking Regulations (Rg 5).

Made this 30th day of June 2006.

HENG SWEE KEAT

Managing Director,
Monetary Authority of Singapore.

[FSG MB 025; AG/LEG/SL/19/2003/1 Vol. 5]