Regulatory Alerts2005-11-21
Added
Notice 822 Power of the Authority to Secure Compliance with Sections 23, 26, 27 and 31
The Monetary Authority of Singapore mandates that finance companies aggregate specific assets, liabilities, and profits with related entities to ensure compliance with credit, investment, and property limits under the Finance Companies Act. The Authority requires aggregation for credit facilities to single borrowers, substantial credit limits, investment caps, and immovable property holdings, calculated by pro-rating subsidiary amounts based on the parent company's shareholding percentage. Finance companies exceeding these limits are granted a two-year grace period and must submit detailed lists of non-compliant items to the Authority for monitoring purposes.
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