Regulatory Alerts2005-11-21
Added
Notice 813 Immovable Properties
The Monetary Authority of Singapore issued Notice 813 to regulate finance companies' holdings of immovable properties under the Finance Companies Act. The notice mandates that such properties must not exceed 25% of a company's paid-up share capital and published reserves, with specific exclusions for premises used for business operations or staff amenities. It further clarifies that vacant or partially occupied buildings and renovation costs on rented properties must be classified as 'Other Immovable Properties' or 'Other Fixed Assets' rather than finance company premises.
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