2. In these Regulations, unless the context otherwise requires —| “bank” means a bank in Singapore or a merchant bank; |
| “bank in Singapore” has the same meaning as in section 2(1) of the Banking Act (Cap. 19); |
| “credit derivative” means a financial contract which is designed to transfer credit risk on loans or other assets between 2 parties; |
| “credit event”, in relation to a credit derivative, means any event agreed upon between the contracting parties to the credit derivative which triggers a payout or delivery of assets under the credit derivative; |
“deposit” means —| (a) | a deposit as defined in section 4B of the Banking Act (Cap. 19), in a case where the deposit is accepted by a bank; or | | (b) | a deposit as defined in section 2 of the Finance Companies Act (Cap. 108), in a case where the deposit is accepted by a finance company as defined in that section of that Act; |
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| “dual currency investment” means a deposit which is accepted in one currency and which may be repayable in another currency; |
| “merchant bank” means any merchant bank that holds a merchant bank licence, or is treated as having been granted a merchant bank licence, under the Banking Act; [S 463/2021 wef 01/07/2021] |
“structured deposit” means —| (a) | a deposit under which any interest or premium is payable, or is at risk, in accordance with a formula which is based on —| (i) | the performance of any financial instrument or specified products as defined in section 2(1) of the Securities and Futures Act (Cap. 289); or [S 169/2020 wef 16/03/2020] | | (ii) | the occurrence of any credit event in respect of a credit derivative —| (A) | to which the bank or the finance company, as the case may be, is a contracting party; or | | (B) | from which the bank or the finance company, as the case may be, would enjoy a benefit or incur a loss; or |
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| | (b) | a dual currency investment. |
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