Financial Holding Companies (Levy) Regulations 2023

The Financial Holding Companies (Levy) Regulations 2023 was recently published on Singapore Statutes Online, the online platform of the Singapore government for publicizing legal texts. The regulations set out the annual levy to be paid by designated financial holding companies (FHCs), thereby
– clarifying key terms used in the regulations such as consolidated financial statements, consolidated total assets, Monetary Authority of Singapore Notices, and the „relevant sum“ concerning designated financial holding companies;
– stipulating the annual levy amounts that designated FHCs are required to pay under Section 9(1) of the Financial Holding Companies Act 2013 in ANY year. The specific amounts are as follows:
– SGD 55,000 when the relevant sum is less than SGD 70 billion.
– SGD 210,000 when the relevant sum is SGD 70 billion or more.
– providing the appropriate formulas for calculating the pro rata annual levy amount that designated FHCs must pay in accordance with Section 9(1) of the Act depending upon the date of designation. These formulas apply to FHCs designated before, on, and after August 22, 2023, as applicable.