Regulatory Alerts2021-06-28
Added
Guidelines on Definition of a Deposit
The Monetary Authority of Singapore issues these guidelines to clarify the factors used in determining whether a product qualifies as a deposit under the Banking Act. The Authority assesses specific characteristics, including the obligation to repay the full principal amount in cash at maturity and the absence of links to the provision of property or services. Products failing to meet these criteria must not be represented as deposits and may instead be classified as capital markets or investment products subject to other regulatory regimes.
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