Regulatory Alerts2021-06-28
Added · Updated
Notice 625 Compliance with Sections 31 and 33 on a Consolidated Basis
MAS Notice 625 requires banks incorporated in Singapore to aggregate assets, liabilities, profits, and losses with related corporations on a consolidated basis for compliance with sections 31 and 33 of the Banking Act. Appendix III prohibits holding equity investments exceeding 2% of the eligible total capital of the bank group, while Appendix IV restricts interests in immovable property to 20% of the eligible total capital. The notice defines the bank group to include subsidiaries and other companies treated as part of the group according to Accounting Standards, and specifies exclusions for equity investments and property held in the ordinary course of business or as security.
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