MAS Notice 601 Capital Funds and Head Office Capital Funds

MAS Notice 601 6 June 2007 Last revised on 11 June 2021 NOTICE TO BANKS BANKING ACT, CAP 19 CAPITAL FUNDS AND HEAD OFFICE CAPITAL FUNDS 1 This Notice is issued pursuant to sections 2(1) and 9(6) of the Banking Act (Cap. 19) [“the Act”]. [MAS Notice 601 (Amendment) 2021] Definition 2 [deleted by MAS Notice 601 (Amendment) 2021] 3 The expressions used in this Notice shall, except where expressly defined in this Notice or where the context otherwise requires, have the same respective meanings as in the Act. Definition of Capital Funds 4 For the purposes of sub-paragraph (a) of the definition of “capital funds” in section 2(1) of the Act, the following are to be excluded as “capital funds”: (a) revaluation reserves; (b) unrealised fair value gains or losses on equity securities held at fair value through other comprehensive income; (c) unrealised fair value gains or losses on debt securities and loans held at fair value through other comprehensive income; and (d) cumulative fair value gains or losses on cashflow hedges of financial instruments that are measured at amortised cost. [MAS Notice 601 (Amendment) 2018] 5 [deleted by MAS Notice 601 (Amendment) 2021] Definition of Head Office Capital Funds 6 For the purposes of the definition of “head office capital funds” in section 9(6) of the Act, the term “published reserves” must exclude any revaluation reserves. [MAS Notice 601 (Amendment) 2021]

7 This Notice takes effect on 11 June 2007.

• Notes on history of amendments

1. MAS Notice 601 dated 18 July 2001 cancelled with effect from 11 June 2007.
2. MAS Notice 601 dated 6 June 2007 with effect from 11 June 2007.
3. MAS Notice 601 (Amendment) 2018 with effect from the following dates: (a) in the case of a bank that has its annual period commencing on or before 22 January, 22 January 2018; (b) in the case of a bank that has its annual period commencing after 22 January, the day on which that annual period commences in 2018.
4. MAS Notice 601 (Amendment) 2021 with effect from 1 July 2021.