Financial Services and Markets Bill
Bill No. 4/2022.
Read the first time on 14 February 2022.

FINANCIAL SERVICES AND MARKETS ACT 2022
(No.

of 2022)ARRANGEMENT OF SECTIONSPART 1PRELIMINARY
Section1.
2.

Short title and commencement
Interpretation
PART 2
GENERAL POWERS OVER FINANCIAL INSTITUTIONS

3.
4.
5.

Power to issue directions to financial institutions
Power to approve financial institutions and control theiroperations
Fees
PART 3PROHIBITION ORDER
Division 1 — General provisions on prohibition order

6.
7.
8.
9.
10.
11.
12.

Interpretation of this Part
Power of Authority to make prohibition orders
Effect of prohibition orders
Variation or revocation of prohibition orders
Date and effect of prohibition orders
Power of Authority to publish information
Records of prohibition orders

2

Division 2 — Appeals on prohibition orders and miscellaneous
Section13.
14.

Appeals to Minister
Appeal Advisory Committees
PART 4POWERS REGARDING INTERNATIONALOBLIGATIONS AND PREVENTION OF MONEY
LAUNDERING AND TERRORISM FINANCING, AND
ASSISTANCE TO FOREIGN AUTHORITIES ANDDOMESTIC AUTHORITIES CONCERNING MONEY
LAUNDERING, TERRORISM FINANCING AND
OTHER OFFENCES
Division 1 — Power to issue directions or make regulations

15.
16.

Directions or regulations to discharge Government’s
international obligations
Requirements for prevention of money laundering and terrorism
financing
Division 2 — Assistance to foreign authorities and domestic
authorities for their supervisory functions and other actions
in respect of money laundering, terrorism financing
and other offences
Subdivision (1) — General provisions

17.
18.

Interpretation of this Division
Purposes of this Division
Subdivision (2) — Assistance to AML/CFT authorities

19.
20.

Conditions for provision of assistance to AML/CFT authority
Assistance that may be rendered to AML/CFT authority
Subdivision (3) — Assistance to domestic authorities

21.
22.

Conditions for provision of assistance to domestic authority
Assistance that may be rendered to domestic authority
Subdivision (4) — Additional provisions for
Subdivisions (2) and (3)

23.
24.
25.

Offences under this Division
Immunities
Authority may provide assistance3

Subdivision (5) — Inspection by AML/CFT authority
Section
26.
27.
28.

Conditions for inspection by AML/CFT authority
Duty of financial institution under inspection
Confidentiality of inspection reports
PART 5TECHNOLOGY RISK MANAGEMENT

29.

Power of Authority in relation to technology risk management
PART 6DISPUTE RESOLUTION SCHEMES

30.
31.
32.
33.
34.
35.
36.
37.
38.

Interpretation of this Part
Approval of dispute resolution schemes
Approval of chief executive officer and directors of dispute
resolution scheme operator
Removal of chief executive officer or director of dispute
resolution scheme operator
Appeals to Minister
Approval of amendment to constitution of dispute resolution
scheme operator
Requirement for financial institution to be member of approved
dispute resolution scheme
Protection from personal liability
Regulations for this PartPART 7
CONTROL OVER FINANCIAL INSTITUTIONSDivision 1 — General provisions

39.
40.
41.
42.
43.
44.

Application and interpretation of this Part
Information of insolvency, etc.
Action by Authority if relevant financial institution unable tomeet obligations, etc.
Effect of assumption of control under section 41
Duration of control
Responsibilities of officers, member, etc., of relevant financial
institution

4

Section
45.
46.
47.
48.
49.
50.

Remuneration and expenses of Authority and others in certain
cases
Voluntary transfer of business of relevant financial institution
Approval of transfer of business of relevant financial institution
Disqualification or removal of director or executive officer of
relevant financial institution
Provisions as to compromise or arrangement relating to certain
financial institutions, etc.
Regulations for this Part
Division 2 — Recovery and resolution planning

51.
52.
53.
54.
55.
56.
57.

Notice concerning recovery and resolution plans
Direction for recovery plan and its implementation
Resolution planningPower to direct removal of impediments
Appeal against direction to remove impediment
Provisions concerning directions and notices under this Division
Offences under this Division
PART 8RESOLUTION OF FINANCIAL INSTITUTIONSDivision 1 — General provisions

58.
59.
60.
61.

62.
63.
64.

Interpretation of this Part
Exercise of powers under Divisions 2, 4, 5 and 6 of this Part
Directions or regulations concerning persons that have ceased to
be specified financial institutions
Directions and notices issued under this Act or other MAS
scheduled Act to continue to apply to persons who cease to be
specified financial institutions
Moratorium
General provisions as to winding up
Power of Court to take action against directors and executive
officers
Division 2 — Compulsory transfer of business of
pertinent financial institution

65.
66.
67.
68.

Interpretation of this Division
Compulsory transfer of business
Certificate of transfer
Moratorium, avoidance of disposition of property, etc.

5Division 3 — Reverse transfer of business andonward transfer of business
Section
69.
70.
71.
72.
73.

Interpretation of this Division
Reverse transfer of business
Reverse transfer certificate
Onward transfer of businessOnward transfer certificate
Division 4 — Compulsory transfer of shares of pertinent
financial institution

74.
75.
76.

Interpretation of this Division
Compulsory transfer of shares
Certificate of transfer
Division 5 — Compulsory restructuring ofshare capital of pertinent financial institution

77.
78.
79.

Interpretation of this Division
Compulsory restructuring of share capital
Certificate of restructuring of share capital
Division 6 — Bail-in powers

80.
81.
82.
83.
84.
85.
86.
87.
88.
89.
90.

Interpretation of this Division
Exercise of powers under this Division
Determination by Authority
Approval by Minister of determination
Bail-in certificate
Effects of bail-in certificate
Moratorium
Significant shareholder by reason of bail-in certificate
Directions for disposal
Offence
Restriction on eligible instruments
Division 7 — Termination rights

91.
92.
93.
94.

Interpretation of this Division
Effect of resolution measure on contracts where substantive
obligations continue to be performed
Right to temporarily suspend termination right for contracts
because of resolution measure
When suspension takes effect6

Division 8 — Assistance to foreign resolution
authorities and domestic authorities
Section
95.
96.
97.
98.
99.
100.
101.

Interpretation of this Division
Conditions for provision of assistance to foreign resolution
authority
Other factors to consider for provision of assistance to foreign
resolution authority
Assistance that may be rendered to foreign resolution authority
Assistance to domestic authority
Offences under this Division
Immunity for providing material, etc.
Division 9 — Recognition of foreign resolutions

102.
103.
104.
105.
106.

Interpretation of this Division
Determination over foreign resolution
Order to give effect to foreign resolution
Directions
Offence
Division 10 — Resolution funding

107.
108.
109.
110.
111.
112.
113.
114.

115.
116.
117.
118.
119.
120.

Interpretation of this Division
Establishment of resolution fund
Trustee of resolution fund
Withdrawal from resolution fundRecovery of sums withdrawn
Claim from financial institution under resolution
Computation and notice of levy
Payment of levy by similar financial institutions, participants ofmarket infrastructure on lump sum basis, or participants of
payment system operated by payment system operator
Payment of levy by participants of market infrastructure ontransaction basis
Recovery, refund and remission of levies and late payment
fees, etc.
Disclosure of information on levy
Use of resolution fund to pay loan, etc., and balance in resolution
fund
Priority of debt of financial institution to trustee
Regulations for this Division

7

Division 11 — Compensation
Section
121.
122.
123.
124.
125.
126.
127.
128.
129.

Interpretation of this Division
Meaning of “worse off as a result of the resolution”
Eligibility for compensation
Appointment of valuer
Valuation
Access to information by valuer
Confidentiality and use of information
Disclosure of valuation reportAppeals
Division 12 — Miscellaneous

130.
131.
132.
133.
134.
135.

Notices to significant associated entities of specified financial
institutions
Modification of law of insolvency
Power to obtain information under this Part
Immunity for officer of specified financial institution orsignificant associated entity
Cessation of moratorium, etc., under this Part
Regulations for this PartPART 9DIGITAL TOKEN SERVICE PROVIDERS
Division 1 — Preliminary

136.

Interpretation of this Part
Division 2 — Licensing of digital token service providers
Subdivision (1) — Licensing of digital token service providers

137.
138.
139.
140.
141.
142.

Licensing of digital token service providers
Application for licence
Holding out as licensee
Annual fees of licensees
Lapsing, surrender, revocation or suspension of licenceAppeals to Minister
Subdivision (2) — Conduct of business

143.
144.
145.

Place of business of licensee
Obligation of licensee to notify Authority of certain events
Obligation of licensee to provide information to Authority

8

Section
146.
147.

Obligation of licensee to submit periodic reports
Prohibition from carrying on certain businesses
Subdivision (3) — Control of controllers of licensees

148.
149.
150.
151.
152.
153.
154.

Application and interpretation of this Subdivision
Control of shareholding in licensee
Objection to existing control of licensee
Power of Authority to issue directions for this Subdivision
Power of Authority to obtain information relating to thisSubdivision
Offences, penalties and defences
Appeals to Minister
Subdivision (4) — Control of officers of licensees

155.
156.
157.

Approval of chief executive officer, director, partner or managerof licensee
Removal of chief executive officer, director, partner or manager
Appeals to Minister
Subdivision (5) — Audit of licensees

158.
159.
160.
161.

Auditing
Powers of auditor appointed by Authority
Restriction on auditor’s and employee’s right to communicate
certain matters
Offence to destroy, conceal, alter, etc., records
Division 3 — Offences

162.
163.

Falsification of records by officers, etc.
General penalty
Division 4 — Miscellaneous

164.
165.
166.
167.

Power of court to make certain orders
Codes, guidelines, etc., by Authority
Power of Authority to issue written noticePower of Authority to make regulations
PART 10INSPECTION POWERS OF AUTHORITY

168.
169.

Interpretation of this Part
Inspection by Authority

9

Section
170.
171.
172.
173.

Obligation of relevant person under inspection, etc.
Confidentiality of inspection reports
Authority may transmit information from inspection tocorresponding authority
Self-incrimination
PART 11
OFFENCES

174.
175.
176.
177.

Offences by corporations
Offences by unincorporated associations or partnerships
General duty to use reasonable care not to provide false
information to Authority
Composition of offences
PART 12MISCELLANEOUS

178.
179.
180.
181.
182.
183.
184.
185.
186.
187.
188.
189.
190.
191.
192.

AgentsAppointment of assistants
Consent of Public Prosecutor
Jurisdiction of Courts
Opportunity to be heard
Recovery of fees, expenses, etc.
Publication of certain information
Disclosure of information
Service of documents
Electronic service
Guidelines on Fit and Proper Criteria
Exemption
Amendment of Schedules
Power of Minister to make regulations for or in respect toappeals
Power of Authority to make regulations
PART 13CONSEQUENTIAL AND RELATEDAMENDMENTS TO OTHER ACTS

193.
194.

Amendment of Banking Act 1970
Amendment of Companies Act 1967

10

Section
195.
196.
197.
198.
199.
200.
201.
202.
203.
204.
205.
206.
207.
208.
209.
210.
211.
212.
213.
214.

Amendment of Corruption, Drug Trafficking and Other Serious
Crimes (Confiscation of Benefits) Act 1992
Amendment of Credit Bureau Act 2016
Amendment of Criminal Procedure Code 2010
Amendment of Deposit Insurance and Policy Owners’
Protection Schemes Act 2011
Amendment of Finance Companies Act 1967
Amendment of Financial Advisers Act 2001
Amendment of Financial Holding Companies Act 2013
Amendment of Income Tax Act 1947
Amendment of Insolvency, Restructuring and Dissolution
Act 2018
Amendment of Insurance Act 1966
Amendment of Monetary Authority of Singapore Act 1970
Amendment of Mutual Assistance in Criminal Matters Act 2000
Amendment of Payment Services Act 2019
Amendment of Precious Stones and Precious Metals (Preventionof Money Laundering and Terrorism Financing) Act 2019
Amendment of Securities and Futures Act 2001
Amendment of Trust Companies Act 2005
Amendment of United Nations Act 2001
Amendment of Variable Capital Companies Act 2018
Amendment of Securities and Futures (Amendment) Act 2017
Amendment of Financial Services and Markets Act 2022
PART 14SAVINGS AND TRANSITIONAL PROVISIONS

215.
216.
217.
218.
219.
220.

Saving and transitional provisions in relation to amendments to
Banking Act 1970
Saving and transitional provisions in relation to amendments to
Finance Companies Act 1967
Saving and transitional provisions in relation to amendments to
Financial Advisers Act 2001
Saving and transitional provisions in relation to amendments toInsurance Act 1966
Saving and transitional provisions in relation to amendments to
Monetary Authority of Singapore Act 1970
Saving and transitional provisions in relation to amendments toSecurities and Futures Act 2001

11

Section
221.
222.

Saving and transitional provisions in relation to amendments toTrust Companies Act 2005
Other saving and transitional provisions
First Schedule — Digital token services
Second Schedule — Excluded persons

13

A BILL
intituled
An Act to provide for a financial sector-wide regulation of financial
services and markets, the exercise of control over and the resolutionof financial institutions and their related entities, the licensing andregulation of digital token service providers, and other incidental
and connected matters, to make related and consequential
amendments to certain other Acts, and to amend a provision of
the Income Tax Act 1947 consequent upon the operation of the
Financial Holding Companies Act 2013.
Be it enacted by the President with the advice and consent of the
Parliament of Singapore, as follows:14PART 1PRELIMINARY
Short title and commencement5

1. This Act is the Financial Services and Markets Act 2022 andcomes into operation on a date that the Minister appoints by
notification in the Gazette.
Interpretation
2. In this Act, unless the context otherwise requires —10“Authority” means the Monetary Authority of Singapore
established by the Monetary Authority of Singapore
Act 1970;“bank” means a bank licensed under the Banking Act 1970;“corporation” has the meaning given by section 4(1) of theCompanies Act 1967;

15“financial institution” means —(a) any bank;(b) any merchant bank licensed under the Banking
Act 1970;

20(c) any finance company licensed under the Finance
Companies Act 1967;(d) any person that is approved as a financial institution
under section 4;(e) a person granted a licence under the Payment
Services Act 2019;25(f) any insurer licensed or regulated under the Insurance
Act 1966;(g) any insurance intermediary registered or regulated
under the Insurance Act 1966;30(h) any financial adviser licensed under the Financial
Advisers Act 2001;

15(i) any approved holding company, approved exchange,
recognised market operator, licensed traderepository, licensed foreign trade repository,
approved clearing house, recognised clearing
house, authorised benchmark administrator,
authorised benchmark submitter, designatedbenchmark submitter or holder of a capital markets
services licence under the Securities and Futures
Act 2001;(j) any trustee for a collective investment scheme
authorised under section 286 of the Securities andFutures Act 2001, that is approved under that Act;510(k) any trustee-manager of a business trust that isregistered under the Business Trusts Act 2004;(l) any licensed trust company under the Trust
Companies Act 2005;15(m) any designated financial holding company under the
Financial Holding Companies Act 2013;(n) any person licensed under the Banking Act 1970 tocarry on the business of issuing credit cards or chargecards in Singapore;

20(o) any operator of a designated payment systemregulated under the Payment Services Act 2019;(p) any person licensed under this Act to carry on thebusiness of providing any type of digital token
service; and(q) any other person licensed, approved, authorised,
designated, recognised, registered or otherwise
regulated under this Act or any other MAS
scheduled Act —(i) including any person who is exempted under
this Act or any other MAS scheduled Act frombeing
licensed,
approved,authorised,

25

30

16

designated, recognised, registered or regulated;
but

5

10

(ii) not including any collective investment schemethat is authorised under section 286, orrecognised under section 287, of the
Securities and Futures Act 2001,
but does not include (whether in respect of the whole, or any
Part or provision, of this Act) such person or class of persons
as the Authority may, by regulations made under section 192,
prescribe;“Guidelines on Fit and Proper Criteria” means the Guidelines on
Fit and Proper Criteria mentioned in section 188 which are
for the time being in force;

15“MAS scheduled Act” means any Act set out in the Schedule to
the Monetary Authority of Singapore Act 1970.
PART 2
GENERAL POWERS OVER FINANCIAL INSTITUTIONSPower to issue directions to financial institutions

20

25

30

3.—(1) The Authority may, if the Authority thinks it necessary in
the public interest, request information from and makerecommendations to such financial institutions as the Authority
may, from time to time, determine and issue directions for the purposeof securing that effect is given to any such request or
recommendation.
(2) Before issuing any direction under subsection (1), the financial
institution or financial institutions concerned must, unless the
Authority in respect of any particular direction decides that it is notpracticable or desirable, be given an opportunity to makerepresentations with regard to the proposed direction within suchtime as the Authority specifies.
(3) Upon receipt of any representations mentioned insubsection (2), the Authority must consider the representations and
may —

17

(a) reject the representations; or(b) amend or modify the proposed direction in accordancewith the representations, or otherwise,
and in either event, the Authority must thereupon issue a direction inwriting to such financial institution or financial institutions (as thecase may be) requiring that effect be given to the proposed direction
or to the proposed direction as subsequently amended or modified by
the Authority within a reasonable time, and the financial institution or
financial institutions (as the case may be) must comply with that
direction.

510(4) A financial institution that fails or refuses to comply with adirection issued under this section shall be guilty of an offence andshall be liable on conviction to a fine not exceeding $20,000.
(5) It is not necessary to publish any direction issued under thissection in the Gazette.

15Power to approve financial institutions and control theiroperations
4.—(1) The Authority may require any relevant financial institution
which operations are considered by the Authority to affect —(a) monetary stability and credit and exchange conditions in
Singapore;

20(b) the development of Singapore as a financial centre; or(c) the financial situation of Singapore generally,
to be approved by the Authority for the purpose of carrying on
business in Singapore.

25(2) On an application in writing for approval under subsection (1),the Authority may —(a) grant approval;(b) grant approval subject to such conditions as the Authority
sees fit to impose; or(c) refuse to grant approval without any obligation to givereasons for its refusal.

30

18

(3) Without limiting section 3, the Authority may, if the Authority
thinks it necessary or expedient in the public interest, give directions
either of a general or special nature to any relevant financial
institution approved under subsection (2) in relation to —510(a) the range of activities that the relevant financial institution
may engage in or the range of services that the relevant
financial institution may provide;(b) the terms and conditions under which the relevant financial
institution may carry on a particular activity or provide aparticular service; and(c) all matters in which it appears to the Authority that —(i) the activities that the relevant financial institution
engages in; or15(ii) the services that the relevant financial institution
provides,affect or are likely to affect —(iii) monetary or economic policy;(iv) credit conditions; or(v) the development of Singapore as a financial centre,

20

and the relevant financial institution must comply with the directions.
(4) The Authority may, from time to time, issue guidelines to andimpose conditions of operation on any relevant financial institution as
the Authority thinks fit and may amend or revise those guidelines andconditions.

25(5) The Authority may withdraw approval of a relevant financial
institution if it appears to the Authority that —(a) any information required to be provided in connection with
an application for approval was false or misleading in amaterial particular;

30(b) the relevant financial institution has failed to comply withany direction or guideline issued or condition attached to19

an approval or conditions of operation imposed under thissection;(c) the relevant financial institution has conducted its affairs
so as to threaten the interests of its depositors or customers;or5(d) it is in the public interest to do so.
(6) Any relevant financial institution that is aggrieved by a decisionof the Authority to withdraw approval may appeal against thedecision to the Minister whose decision is final.
(7) A relevant financial institution, required under subsection (1) toobtain the Authority’s approval, that carries on its business without
first obtaining that approval shall be guilty of an offence and shall be
liable on conviction to a fine not exceeding $50,000 and, in the caseof a continuing offence, to a further fine of $3,000 for every day orpart of a day during which the offence continues after conviction.
(8) A relevant financial institution that fails to comply with any
direction given under subsection (3) or any condition subject to which
an approval is granted under subsection (2)(b) shall be guilty of an
offence and shall be liable on conviction to a fine not exceeding$20,000 and, in the case of a continuing offence, to a further fine of$2,000 for every day or part of a day during which the offence
continues after conviction.

10

15

20

(9) It is not necessary to publish any direction given under thissection in the Gazette.
(10) In this section, “relevant financial institution” means any
financial institution or class of financial institutions other than —(a) a financial institution or class of financial institutions
licensed, approved, authorised, designated, recognised,registered or otherwise regulated by the Authority under
this Act or any other MAS scheduled Act; or(b) a financial institution or class of financial institutions
exempted from being licensed, approved, authorised,
designated, recognised, registered or regulated by the
Authority under this Act or any other MAS scheduled Act.

25

30

20

Fees

5

5.—(1) Every financial institution approved by the Authority under
section 4 may be required to pay such fees in respect of anything done
under or by virtue of that section as the Authority may by notificationin the Gazette prescribe.
(2) The Authority may prescribe different fees in respect ofdifferent classes of financial institutions and such fees are to apply
uniformly to such classes.
(3) The manner of payment is as specified by the Authority.
PART 3

10

PROHIBITION ORDER
Division 1 — General provisions on prohibition orderInterpretation of this Part
6. In this Part, unless the context otherwise requires —
15

20

25

30

“appointee”, in relation to a financial institution, or any otherperson who carries on a business or an activity, provides a
relevant service or performs a relevant function —(a) means a person, by whatever name called, in theemployment of, or acting for, or by arrangement with,the financial institution or other person, who carries
on, provides or performs for or on behalf of thefinancial institution or other person, any activity,
business, service or relevant function, whether or not
the person is remunerated, and whether the person’s
remuneration, if any, is by way of salary, wages,commission or otherwise; and(b) includes any officer of the financial institution orother person who carries on, provides or performs foror on behalf of the financial institution or otherperson, any activity, business, service or relevant
function, whether or not the officer is remunerated,

21

and whether the officer’s remuneration, if any, is by
way of salary, wages, commission or otherwise,
but does not include a representative;“company” has the meaning given by section 4(1) of theCompanies Act 1967;5“critical system”, in relation to a financial institution, means asystem, the failure of which will —(a) cause significant disruption to the operations of thefinancial institution; or(b) materially and adversely impact any service that thefinancial institution is providing to its customers;

10“critical system administration” refers to the maintenance oroperation of a critical system of a financial institution by
persons granted access to the system;“digital payment token” has the meaning given by section 2(1)of the Payment Services Act 2019;15“digital payment token instrument” means any password, code,
cipher, cryptogram, private cryptographic key or other
instrument that enables a person —(a) to control access to one or more digital payment
tokens; or20(b) to execute a transaction involving one or more digital
payment tokens;“director” includes —(a) any person occupying the position of director of acorporation by whatever name called;

25(b) a person in accordance with whose directions or
instructions the directors of a corporation are
accustomed to act; and(c) an alternate or substitute director;

30

22

“handling of funds or assets” means any of the following:(a) the safeguarding or administration of funds or assets
belonging to a customer of a financial institution;
5(b) the safeguarding or administration of funds or assets
belonging to a financial institution;(c) the safeguarding of a digital payment token
belonging to —(i) a customer of a financial institution; or10(ii) a financial institution, where the financial
institution has control over the digital
payment token;(d) the carrying out of an instruction relating to a digital
payment token for —(i) a customer of a financial institution; or15(ii) a financial institution’s own account, where thefinancial institution has control over the digital
payment token;(e) the safeguarding of a digital payment token
instrument belonging to —20(i) a customer of a financial institution; or(ii) a financial institution, where the financial
institution has control over one or moredigital payment tokens associated with thedigital payment token instrument;

25(f) the carrying out of an instruction relating to one ormore digital payment tokens associated with a digital
payment token instrument for —(i) a customer of a financial institution; or30(ii) a financial institution’s own account, where thefinancial institution has control over the digital
payment token instrument;

23“officer”, in relation to a corporation, includes —(a) a director, a secretary or an employee of thecorporation;(b) a receiver or manager of any part of the undertakingof the corporation appointed under a power containedin any instrument; and5(c) the liquidator of the corporation appointed in avoluntary winding up;“relevant function” means any one or more of the following
functions in a financial institution, in relation to an activity, abusiness or a service, the conduct of which is regulated or
authorised by the Authority:

10(a) handling of funds or assets;(b) risk taking;(c) risk management and control;15(d) critical system administration;(e) any other function critical to the integrity orfunctioning of financial institutions which the
Authority may prescribe for the purpose ofprotecting trust or deterring misconduct in thefinancial industry;

20“relevant service”, in relation to a financial institution —(a) means any service which the financial institution
obtains or receives from another person; but(b) does not include —25(i) a service provided in the course of employment
by an employee of the financial institution; or(ii) a service provided by a director, arepresentative or an officer of that financial
institution in the course of the director’s,
representative’s or officer’s appointment;

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24

“representative” —(a) in relation to a financial adviser licensed under the
Financial Advisers Act 2001, has the meaning given
by section 2(1) of that Act; and510(b) in relation to an authorised benchmark administrator,
exempt benchmark administrator, authorised
benchmark submitter, exempt benchmark submitter,designated benchmark submitter, or a person who
carries on business in any regulated activity, under
the Securities and Futures Act 2001, has the meaning
given by section 2(1) of that Act;“risk management and control” means any of the following:

15(a) the identification, assessment, monitoring andreporting of specified risks arising from a financial
institution’s operations;

20(b) the development and implementation of policies andprocedures intended to ensure compliance by afinancial institution with the relevant legal andregulatory requirements in the jurisdictions that thefinancial institution conducts business in;25(c) the monitoring of, auditing of or reporting on
compliance with policies and procedures intended
to ensure compliance by a financial institution withthe relevant legal and regulatory requirements in thejurisdictions that the financial institution conducts
business in;“risk taking” means the taking of actions that result in a financial
institution undertaking any specified risk in the course of thebusiness of the financial institution;

30“share” has the meaning given by section 4(1) of the Companies
Act 1967;“specified risk” means credit risk, asset risk, liquidity risk,
market risk, operational risk, technology risk, market conductrisk, money laundering risk, terrorism financing risk, legal

25

risk, reputational risk, regulatory risk, or any other risks as
may be prescribed by the Authority;“system” means any hardware, software, network or otherinformation technology component which is part of an
information technology infrastructure;5“treasury share” —(a) in relation to a company, has the meaning given by
section 4(1) of the Companies Act 1967; and(b) in relation to a corporation (other than a company),means any share equivalent to a treasury share in acompany;

10“voting share” has the meaning given by section 4(1) of theCompanies Act 1967.
Power of Authority to make prohibition orders
7.—(1) The Authority may, by written notice, make a prohibition
order against any person, if the Authority is satisfied that the person is
not a fit and proper person in accordance with the Guidelines on Fit
and Proper Criteria to carry out any one or more of the acts mentioned
in subsection (2)(a), (b), (c), (d) or (e).

15(2) A prohibition order made under subsection (1) may prohibit theperson, whether permanently or for a specified period, from any one
or more of the following:

20(a) carrying on any activity or business, or providing any
service, the carrying on or provision (as the case may be) of
which is regulated or authorised by the Authority;

25(b) performing any relevant function;(c) taking part, directly or indirectly, in the management of, or
acting as a director, partner or manager of, any financial
institution;(d) becoming a substantial shareholder of any financial
institution that is a corporation;

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(e) where the person is a substantial shareholder of a financial
institution that is a corporation, acquiring any interest in
any voting share in the financial institution other than avoting share in which the person already has an interest.
5(3) A prohibition order made under subsection (1) may allow theperson, subject to any condition specified in the order —(a) to do a specified act; or(b) to do a specified act in specified circumstances,that the order would otherwise prohibit the person from doing.

10(4) The Authority must not make a prohibition order against aperson without giving the person an opportunity to be heard.
(5) Any person who is aggrieved by the decision of the Authority tomake a prohibition order against the person may, within 30 days after
the decision, appeal in writing to the Minister.

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(6) Where the Authority makes a prohibition order against any
person who is an appointed, provisional or temporary representative
under the Securities and Futures Act 2001 or an appointed orprovisional representative under the Financial Advisers Act 2001, it
must indicate against the person’s name in the public register ofrepresentatives under the Securities and Futures Act 2001 or the
Financial Advisers Act 2001 (as the case may be) that fact, and theindication must remain in the register for the duration that theprohibition order is in force.
(7) For the purposes of this section, a person is a substantial
shareholder of a financial institution that is a corporation if —(a) the person has an interest or interests in one or more voting
shares (excluding treasury shares) in the financial
institution; and30(b) the total votes attached to that share, or those shares, is notless than 5% of the total votes attached to all the voting
shares (excluding treasury shares) in the financial
institution.

27(8) For the purposes of this section, a person is a substantial
shareholder of a financial institution that is a corporation the sharecapital of which is divided into 2 or more classes of shares, if —(a) the person has an interest or interests in one or more voting
shares (excluding treasury shares) in one of those classes;
and5(b) the total votes attached to that share, or those shares, is notless than 5% of the total votes attached to all the voting
shares (excluding treasury shares) in that class.
(9) In this section, “partner” and “manager”, in relation to afinancial institution that is a limited liability partnership, have themeanings given by section 2(1) of the Limited Liability Partnerships
Act 2005.
(10) Section 4 of the Securities and Futures Act 2001, with thenecessary modifications, applies for the purpose of determining
whether a person has an interest in a voting share as if a reference tosecurities, securities-based derivatives contracts or units in acollective investment scheme is a reference to voting shares.

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Effect of prohibition orders
8.—(1) A person against whom a prohibition order is made mustcomply with the prohibition order.

20(2) Where a prohibition order is made against a person (A), a
financial institution must not employ or enter into any arrangementwith A, or use A’s service, whether directly or indirectly —(a) to carry on any activity or business, or provide any service,
the carrying on or provision (as the case may be) of whichis regulated or authorised by the Authority; or

25(b) to perform any relevant function,
to the extent that the activity, business, service or relevant function isprohibited by the order.
(3) A person who contravenes subsection (1) shall be guilty of an
offence and shall be liable on conviction to a fine not exceeding

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$150,000 or to imprisonment for a term not exceeding 2 years or to
both.

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(4) A financial institution that contravenes subsection (2) shall be
guilty of an offence and shall be liable on conviction to a fine notexceeding $100,000.
(5) Where a financial institution is charged with an offence forcontravening subsection (2) for indirectly employing or entering into
an arrangement with A or indirectly using A’s service, to carry on any
activity or business, or provide any service, the carrying on orprovision of which is regulated or authorised by the Authority, or toperform any relevant function, that is prohibited by a prohibition
order made against A, it is a defence for the financial institution toprove —(a) that the financial institution took all reasonable steps toensure compliance with subsection (2); and(b) after doing so, believed on reasonable grounds, that it is not
and will not be indirectly employing or entering into an
arrangement with, or indirectly using the services of, any
person to carry on any activity or business, provide any
service, or perform the relevant function, where the person
is prohibited by a prohibition order made against theperson from carrying on the activity or business, providing
the service, or performing the relevant function.
(6) Any person against whom a prohibition order has been issued
prohibiting the person from —(a) carrying on any activity or business, or providing any
service the carrying on, or provision (as the case may be) of
which is regulated or authorised by the Authority; or(b) performing any relevant function,

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must (by written notice) immediately inform all its representatives or
appointees who, for or on behalf of the person, carry on the activity or
business, provide the service or perform the relevant function, of theprohibition order and the period for which the prohibition order is to
be in force.

29(7) Any representative or appointee to whom notice of theprohibition order is given under subsection (6) must cease to carryon any activity or business, provide any service or perform any
relevant function, for or on behalf of the person against whom theprohibition order was issued to the same extent that that person isprohibited from carrying on that activity or business, providing that
service, or performing that relevant function under the prohibition
order.
(8) A person who contravenes subsection (6) or (7) shall be guiltyof an offence and shall be liable on conviction to a fine not exceeding$150,000 and, in the case of a continuing offence, to a further fine notexceeding $15,000 for every day or part of a day during which theoffence continues after conviction.

510(9) A prohibition order does not operate so as to —(a) avoid or affect any agreement, transaction or arrangement
entered into by the person against whom the order is made,whether the agreement, transaction or arrangement wasentered into before, on or after the issue of the prohibition
order; or15(b) affect any right, obligation or liability arising under any
such agreement, transaction or arrangement.

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Variation or revocation of prohibition orders
9.—(1) The Authority may vary or revoke a prohibition order, bygiving written notice to the person against whom the order was made,if the Authority is satisfied that it is appropriate to do so because of achange in any of the circumstances based on which the Authority
made the order.

25(2) The Authority may vary or revoke a prohibition order undersubsection (1) —(a) on the Authority’s own initiative; or(b) if the person against whom the order was made lodges with
the Authority an application for the Authority to do so,
accompanied by such documents as may be required by the
Authority.

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(3) An application mentioned in subsection (2)(b) must be
accompanied by the prescribed fee, if any.

5(4) The Authority must not vary a prohibition order made against aperson under subsection (2)(a) without giving the person an
opportunity to be heard.
(5) A person who is aggrieved by the decision of the Authority tovary a prohibition order made against the person undersubsection (2)(a) may, within 30 days after the decision, appeal inwriting to the Minister.

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Date and effect of prohibition orders
10. A prohibition order, or any variation or revocation of aprohibition order, takes effect on the date specified by the
Authority in the order or the notice in section 9(1), as the case may be.
Power of Authority to publish information

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11. The Authority —(a) must publish the making of a prohibition order under
section 7, and the variation or revocation of a prohibition
order under section 9, in such manner as the Authority
thinks will secure adequate publicity for the fact that theprohibition order was made, varied or revoked, as the casemay be; and(b) may from time to time and in such form or manner as the
Authority thinks fit, publish such other information
relating to —2530(i) the making of a prohibition order under section 7, orthe variation or revocation of a prohibition orderunder section 9; or(ii) the person in respect of whom a prohibition order
was made under section 7, or varied or revoked under
section 9,
as the Authority may consider necessary or expedient to publish in theinterest of the public or a section of the public or for the protection of
investors.

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Records of prohibition orders12.—(1) The Authority must keep, in such form as the Authority
thinks fit, records on persons —(a) against whom prohibition orders are made under section 7;
and5(b) whose or which prohibition orders are varied or revokedunder section 9.
(2) The Authority may publish the records mentioned insubsection (1), or any part of the records, in such manner as the
Authority considers appropriate.

10(3) Any person may, upon payment of such fee as may beprescribed, inspect the records kept or published by the Authority
under subsection (1) or (2), or require a copy of or extract from, suchrecords to be given or certified by the Authority.
(4) A copy of or an extract from any record mentioned insubsection (3) that is certified by the Authority to be a true copy or
extract is admissible as prima facie evidence of the matter statedtherein in any legal proceedings.

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Division 2 — Appeals on prohibition orders and miscellaneous
Appeals to Minister

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13.—(1) Where an appeal is made to the Minister under this Part,
the Minister may confirm, vary or reverse the decision of the
Authority on appeal, or give such directions in the matter as the
Minister thinks fit, and the decision of the Minister is final.
(2) Where an appeal is made to the Minister under this Part, theMinister must, within 28 days after the receipt of the appeal,
constitute an Appeal Advisory Committee comprising not less than
3 members of the Appeal Advisory Panel and refer that appeal to the
Appeal Advisory Committee.

25(3) The Appeal Advisory Committee is to submit to the Minister awritten report on the appeal referred to the Committee undersubsection (2), and may make such recommendations as theCommittee thinks fit.

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(4) The Minister must consider the report submitted undersubsection (3) in making his or her decision under this section but
he or she is not bound by the recommendations in the report.
Appeal Advisory Committees
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14.—(1) For the purpose of enabling Appeal Advisory Committees
to be constituted under section 13, the Minister is to appoint a panel(called in this Part the Appeal Advisory Panel) comprising suchmembers from the financial services industry, and the public andprivate sectors, as the Minister may appoint.

10(2) A member of the Appeal Advisory Panel is to be appointed for aterm of not more than 2 years and is eligible for re-appointment.

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(3) An Appeal Advisory Committee has the power, in the exercise
of its functions, to inquire into any matter or thing relating to thefinancial services industry and may, for this purpose, summon any
person to give evidence on oath or affirmation or produce any
document or material necessary for the purpose of the inquiry.
(4) Nothing in subsection (3) compels the production by an
advocate and solicitor, or a legal counsel referred to in
section 128A of the Evidence Act 1893, of a document or material
containing a privileged communication made by or to him or her inthat capacity or authorise the taking of possession of any such
document or material which is in his or her possession.
(5) An advocate and solicitor, or a legal counsel referred to in
section 128A of the Evidence Act 1893, who refuses to produce any
document or other material referred to in subsection (4) isnevertheless obliged to give the name and address (if he or sheknows them) of the person to whom, or by or on behalf of whom, theprivileged communication was made.
(6) For the purposes of this Part, every member of an Appeal
Advisory Committee —33(a) is taken to be a public servant for the purposes of the Penal
Code 1871; and(b) in case of any suit or legal proceedings brought against him
or her for any act done or omitted to be done in theexecution of his or her duty under the provisions of thisPart, has the like protection and privileges as are by law
given to a Judge in the execution of his or her office.
(7) A person who contravenes subsection (5) shall be guilty of an
offence and shall be liable on conviction to a fine not exceeding$50,000.

510(8) Every Appeal Advisory Committee must have regard to theinterest of the public, the protection of investors and the safeguardingof sources of information.
(9) Subject to the provisions of this Part, an Appeal Advisory
Committee may regulate its own procedure and is not bound by therules of evidence.

15

PART 4POWERS REGARDING INTERNATIONALOBLIGATIONS AND PREVENTION OF MONEY
LAUNDERING AND TERRORISM FINANCING, AND
ASSISTANCE TO FOREIGN AUTHORITIES ANDDOMESTIC AUTHORITIES CONCERNING MONEY
LAUNDERING, TERRORISM FINANCING AND
OTHER OFFENCES
Division 1 — Power to issue directions or make regulations

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Directions or regulations to discharge Government’s
international obligations
15.—(1) The Authority may, from time to time —(a) issue such directions to a financial institution or class offinancial institutions; and

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(b) make such regulations under section 192 concerning any
financial institution or class of financial institutions or
relating to the activities of any financial institution or classof financial institutions,
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as the Authority considers necessary in order to discharge or facilitate
the discharge of any obligation binding on Singapore by virtue of adecision of the Security Council of the United Nations.
(2) A financial institution to which a direction is issued undersubsection (1)(a) or which is bound by any regulations mentioned insubsection (1)(b) must comply with the direction or regulations
despite any other duty imposed on the financial institution by any ruleof law, written law or contract.
(3) A financial institution in carrying out any act in compliancewith any direction or regulations mentioned in subsection (1), is not
to be treated as being in breach of any such rule of law, written law orcontract.
(4) A financial institution must not disclose any direction issued
under subsection (1)(a) if the Authority notifies the financial
institution that the Authority is of the opinion that the disclosure of
the direction is against the public interest.
(5) A financial institution that —(a) fails or refuses to comply with a direction issued to thefinancial institution under subsection (1);25(b) contravenes any regulations mentioned in subsection (1);or(c) discloses a direction issued to the financial institution incontravention of subsection (4),shall be guilty of an offence and shall be liable on conviction to a finenot exceeding $1 million.

30(6) It is not necessary to publish any direction issued under thissection in the Gazette.

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Requirements for prevention of money laundering andterrorism financing
16.—(1) The Authority may, from time to time, issue suchdirections, or make such regulations under section 192, concerning
any financial institution or class of financial institutions as the
Authority considers necessary for the prevention of money
laundering or the financing of terrorism.

5(2) In particular, the directions and regulations mentioned insubsection (1) may provide for —(a) customer due diligence measures to be conducted byfinancial institutions to prevent money laundering and thefinancing of terrorism; and10(b) the records to be kept for that purpose.
(3) A financial institution must —(a) conduct such customer due diligence measures as may be
specified by the directions referred to in subsection (2) thatare issued to the financial institution, or as may beprescribed by the regulations mentioned in that
subsection that are applicable to the financial institution;and(b) maintain records on transactions and information obtained
through the conduct of those measures for such period andin such manner as may be specified by the directions
referred to in subsection (2) that are issued to the financial
institution, or as may be prescribed by the regulations
mentioned in that subsection that are applicable to thefinancial institution.

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(4) A financial institution that —(a) fails to comply with a direction issued to the financial
institution under subsection (1);(b) contravenes any regulations mentioned in subsection (1);
or

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(c) contravenes subsection (3),5

shall be guilty of an offence and shall be liable on conviction to a finenot exceeding $1 million and, in the case of a continuing offence, to afurther fine of $100,000 for every day or part of a day during which
the offence continues after conviction.
(5) It is not necessary to publish any direction issued under thissection in the Gazette.

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Division 2 — Assistance to foreign authorities and domestic
authorities for their supervisory functions and other actions
in respect of money laundering, terrorism financing
and other offences
Subdivision (1) — General provisions
Interpretation of this Division
17.—(1) In this Division, unless the context otherwise requires —1520“agent” means an insurance agent in respect of policies which
relate to general business within the meaning ofsection 3(1)(b) of the Insurance Act 1966;“AML/CFT authority” or Anti-Money Laundering/Countering
the Financing of Terrorism authority means a public authorityof a foreign country which is responsible for the supervisionof foreign financial institutions in that foreign country;“AML/CFT
requirement”
Laundering/Countering therequirement —

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or
FinancingAnti-Moneyof Terrorism(a) in relation to a foreign country, means a law or
regulatory requirement of that foreign country for thedetection or prevention of money laundering or thefinancing of terrorism; or(b) in relation to Singapore, means a written law, or aregulatory requirement imposed under a written law,for the detection or prevention of money launderingor the financing of terrorism;

37“applicable offence” means a drug dealing offence or a serious
offence as defined in the Corruption, Drug Trafficking andOther Serious Crimes (Confiscation of Benefits) Act 1992;“book” includes any record, register, document or other recordof information and any account or accounting record,
however compiled, recorded or stored, and whether inwritten or printed form or on microfilm or any electronic
form or otherwise;“chief executive”, in relation to a financial institution, means
any person, by whatever name called, who —510(a) is in the direct employment of, or acting for or byarrangement with, the financial institution; and(b) is principally responsible for the management andconduct of the business of the financial institution;“corresponding authority” means a public authority of a foreigncountry which exercises a function that corresponds to aregulatory function of the Authority under any prescribed
written law;15

“director”, in relation to a financial institution, includes —(a) any person, by whatever name called, occupying theposition of a director of the financial institution;20(b) a person in accordance with whose directions or
instructions the directors of the financial institution
are accustomed to act; and(c) an alternate director, or a substitute director, of thefinancial institution;“domestic authority” means a Law Officer, a ministry or
department of the Government, or a statutory body (otherthan the Authority) established by or under a public Act for a
public purpose;“employee” includes an individual seconded or temporarilytransferred from another employer;

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5

“enforcement action” means any civil or criminal action taken
by a domestic authority against a person for an applicableoffence, including the restraining of dealing with, or the
seizure or confiscation of, any property in connection with anapplicable offence, and the offer of composition of theoffence;“executive officer”, in relation to a financial institution, means
any person, by whatever name called, who —10(a) is in the direct employment of, or acting for or byarrangement with, the financial institution; and(b) is concerned with or takes part in the management of
the financial institution on a day-to-day basis;“foreign country” means any country or territory other thanSingapore;

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“foreign financial institution” means an institution that islicensed, approved, registered or otherwise regulated under
any law administered by a corresponding authority in aforeign country to carry on any financial activities in thatcountry, or that is exempted from such licensing, approval,
registration or regulation for the carrying on of any financial
activities in that country;“information” includes any information, book, document orother record in any form whatsoever (including an electronicform), as well as any container or article containing any
information or record;“insurance agent” has the meaning given by section 2 of the
Insurance Act 1966;

30“investigation”, in relation to a domestic authority, means aninvestigation by that authority to determine if a person has
committed or is committing an applicable offence;“Law Officer” means the Attorney-General, a Deputy
Attorney-General, the Solicitor-General, a Deputy Public
Prosecutor or a legally qualified member of the
Attorney-General’s Chambers;

39“office-holder”, in relation to a financial institution, means any
person acting as the liquidator, the provisional liquidator, thereceiver or the receiver and manager of the financial
institution, or acting in an equivalent capacity in relation tothat financial institution;5“policy” has the meaning given by the First Schedule to theInsurance Act 1966;“prescribed written law” means the following Acts and thesubsidiary legislation made under those Acts:(a) this Act;10(b) the Banking Act 1970;(c) the Business Trusts Act 2004;(d) the Deposit Insurance and Policy Owners’ Protection
Schemes Act 2011;(e) the Finance Companies Act 1967;

15(f) the Financial Advisers Act 2001;(g) the Financial Holding Companies Act 2013;(h) the Insurance Act 1966;(i) the Monetary Authority of Singapore Act 1970;(j) the Payment Services Act 2019;20(k) the Securities and Futures Act 2001;(l) the Trust Companies Act 2005;(m) such other Act as the Authority may prescribe byregulations made under section 192;
“protected information” means information that is protectedfrom unauthorised disclosure under any prescribed written
law;“public authority” includes a financial supervisor established as
an independent non-governmental authority under a law of aforeign country;

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“supervision” —510(a) in relation to an AML/CFT authority of a foreigncountry, means the supervision by the AML/CFT
authority of foreign financial institutions carrying on
any financial activities in that country for compliancewith the AML/CFT requirements of that country
applicable to those institutions; or(b) in relation to a domestic authority, means thesupervision by the domestic authority of persons
regulated by it for compliance with the applicable
AML/CFT requirements of Singapore;“supervisory action” —15(a) in relation to an AML/CFT authority, means any
action taken by the AML/CFT authority for or inconnection with its supervision of foreign financial
institutions; or(b) in relation to a domestic authority, means any action
taken by the domestic authority for or in connection
with its supervision of persons regulated by it.

20(2) In this Division, an AML/CFT authority exercises consolidated
supervision authority over a financial institution if —(a) the financial institution is either —25(i) a foreign financial institution established orincorporated in the foreign country of the
AML/CFT authority; or(ii) a subsidiary of such a foreign financial institution;
and30(b) the AML/CFT authority carries out consolidated
supervision of the foreign financial institution mentioned
in paragraph (a)(i) or (ii) (as the case may be) and its
subsidiaries, branches, agencies and offices outside that
foreign country, for compliance with the AML/CFT
requirements of that foreign country that are applicableto the foreign financial institution.

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Purposes of this Division
18. The purposes of this Division are —(a) to enable the Authority to provide information to an
AML/CFT authority of a foreign country in connection
with the AML/CFT authority’s supervision of foreign
financial institutions carrying on any financial activities inthat country for compliance with the AML/CFT
requirements of that country applicable to thoseinstitutions, including the taking of supervisory action
against them for a contravention of those requirements;

510(b) to enable the Authority to provide information to adomestic authority in connection with —(i) an investigation into the commission or an allegedcommission of an applicable offence by a person;(ii) an enforcement action against a person for thecommission or an alleged commission of an
applicable offence; or(iii) a supervisory action against a person regulated by thedomestic authority for a contravention of an
applicable AML/CFT requirement of Singapore; and1520(c) to enable an AML/CFT authority to carry out an inspectionin Singapore of a financial institution over which the
AML/CFT authority exercises consolidated supervisionauthority.
Subdivision (2) — Assistance to AML/CFT authorities

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Conditions for provision of assistance to AML/CFT authority
19.—(1) The Authority may, on the request of an AML/CFT
authority of a foreign country, provide the assistance referred to in
section 20 to the AML/CFT authority, if the Authority is satisfied that
all of the following conditions are fulfilled:(a) the request is received by the Authority on or after the dateof commencement of this Part;

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(b) the assistance is intended to enable the AML/CFT
authority to carry out supervision or take supervisory
action;
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(c) the AML/CFT authority has given a written undertaking
that any information or copy of any information obtained
as a result of the request will not be used for any purpose
other than a purpose that is specified in the request andapproved by the Authority;(d) the AML/CFT authority has given a written undertaking
that the AML/CFT authority will not disclose to a third
party any information or copy of any information obtained
as a result of the request, unless the AML/CFT authority iscompelled to do so by the law or a court of the foreigncountry, and that the AML/CFT authority will inform the
Authority promptly if the AML/CFT authority is socompelled;(e) the AML/CFT authority has given a written undertaking toobtain the prior consent of the Authority before disclosing
any information or copy of any information obtained as aresult of the request to a third party, and to make suchdisclosure only in accordance with such conditions as may
be imposed by the Authority;(f) the AML/CFT authority has given a written undertaking tootherwise protect the confidentiality of any information or
copy of any information obtained pursuant to the request;(g) the request specifies —(i) the purpose of the request and the nature of theassistance being sought;

30(ii) the identity of the financial institution which has inits possession the information requested for;(iii) the relevance of the information requested to thesupervision or supervisory action (as the case maybe) of the AML/CFT authority; and43(iv) any other information that may assist in giving effectto the request;(h) the type and amount of information requested for is
proportionate to, and is of sufficient importance to, thecarrying out of supervision or the taking of the supervisory
action by the AML/CFT authority;

5(i) the matter to which the request relates is of sufficientgravity;(j) the AML/CFT authority has given or is willing to give an
undertaking to the Authority to comply with a future
request by the Authority to the AML/CFT authority forsimilar assistance;

10(k) the rendering of assistance will not be contrary to thenational interest or public interest.
(2) Despite subsection (1)(c), (d), (e) and (f), the Authority may
provide the assistance sought without any of the undertakings
referred to in one or more of those provisions if —15(a) none of the information requested for is protected
information; and(b) the Authority considers it appropriate to provide theassistance in the circumstances of the case.

20(3) In considering whether to provide the assistance referred to in
section 20 to an AML/CFT authority, the Authority may also haveregard to the following:(a) if the request concerns a contravention of an AML/CFT
requirement of a foreign country, whether the act oromission that is alleged to constitute the contravention
would, if it had occurred in Singapore, have constituted acontravention of any direction issued under section 15 or
16, or any regulations made under section 192 for the
purpose of section 15 or 16;(b) whether the AML/CFT authority has given or is willing togive an undertaking to the Authority to contribute towards
the costs of providing the assistance.

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Assistance that may be rendered to AML/CFT authority

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20.—(1) Despite the provisions of any prescribed written law or
any requirement imposed under any such written law, any rule of law,
any contract or any rule of professional conduct, the Authority or any
person authorised by the Authority may, in relation to a request by an
AML/CFT authority for assistance, transmit to the AML/CFT
authority any information in the possession of the Authority that isrequested by the AML/CFT authority or a copy of the information.
(2) The Authority or any person authorised by the Authority may, in
relation to a request by an AML/CFT authority for assistance —(a) order any financial institution or any person who is or used
to be a chief executive or director, or an executive officer,
employee, agent or office-holder, of a financial institution
to provide to the Authority any information requested by
the AML/CFT authority which is in the possession orcontrol of the financial institution or person (as the casemay be) or a copy of that information, for transmission to
the AML/CFT authority; or(b) request a domestic authority to provide to the Authority
any information that is requested by the AML/CFT
authority, or a copy of that information, for transmission
to the AML/CFT authority.
(3) An order under subsection (2)(a) has effect despite any
obligation of confidentiality or other restrictions on the disclosureof information imposed by any prescribed written law or any
requirement imposed under any such written law, any rule of law, any
contract or any rule of professional conduct.
(4) Nothing in this section requires an advocate and solicitor, or alegal counsel referred to in section 128A of the Evidence Act 1893 —30(a) to provide or transmit any information, or a copy of any
information, that contains; or(b) to disclose,a privileged communication made by or to the advocate and solicitor
or legal counsel in that capacity.

45(5) An advocate and solicitor, or a legal counsel referred to in
section 128A of the Evidence Act 1893, who refuses to provide ortransmit any information, or a copy of any information, that contains,or to disclose, any privileged communication must nevertheless givethe name and address (if known) of the person to whom, or by or on
behalf of whom, the privileged communication was made.

5

Subdivision (3) — Assistance to domestic authorities
Conditions for provision of assistance to domestic authority
21. The Authority may, on the request of a domestic authority,
provide the assistance referred to in section 22 to the domestic
authority, if the Authority is satisfied that all of the following
conditions, and all such other conditions as the Authority may
determine, are fulfilled:(a) the request is received by the Authority on or after the dateof commencement of this Part;1015(b) the assistance requested for is intended to enable thedomestic authority to carry out any investigation, or takeany enforcement action or supervisory action;(c) the type and amount of information requested for is
proportionate to, and is of sufficient importance to, theinvestigation or enforcement action or supervisory action;

20(d) the matter to which the request relates is of sufficientgravity.
Assistance that may be rendered to domestic authority
22.—(1) Despite the provisions of any prescribed written law or
any requirement imposed under any such written law, any rule of law,
any contract or any rule of professional conduct, the Authority or any
person authorised by the Authority may, in relation to a request by adomestic authority for assistance, transmit to the domestic authority
any information in the possession of the Authority that is requestedby the domestic authority or a copy of the information.

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5

(2) The Authority or any person authorised by the Authority may, in
relation to a request by a domestic authority for assistance, order any
financial institution or any person who is or used to be a chief
executive or director, or an executive officer, employee, agent oroffice-holder, of a financial institution to provide to the Authority any
information requested by the domestic authority which is in thepossession or control of the financial institution or person (as the casemay be), or a copy of that information, for transmission to thedomestic authority.

10(3) An order under subsection (2) has effect despite any obligationof confidentiality or other restrictions on the disclosure of
information imposed by any prescribed written law or any
requirement imposed under any such written law, any rule of law,
any contract or any rule of professional conduct.

15(4) Nothing in this section requires an advocate and solicitor, or alegal counsel referred to in section 128A of the Evidence Act 1893 —(a) to provide or transmit any information, or a copy of any
information, that contains; or(b) to disclose,20

25

a privileged communication made by or to the advocate and solicitor
or legal counsel in that capacity.
(5) An advocate and solicitor, or a legal counsel referred to in
section 128A of the Evidence Act 1893, who refuses to provide ortransmit any information, or a copy of any information, that contains,or to disclose, any privileged communication must nevertheless givethe name and address (if known) of the person to whom, or by or on
behalf of whom, the privileged communication was made.
Subdivision (4) — Additional provisions for
Subdivisions (2) and (3)30Offences under this Division
23.—(1) A person shall be guilty of an offence if the person —(a) without reasonable excuse, refuses or fails to comply withan order made under section 20(2)(a) or 22(2);47(b) without reasonable excuse, refuses or fails to comply withsection 20(5) or 22(5); or(c) in purported compliance with an order made under
section 20(2)(a) or 22(2) or with section 20(5) or 22(5),provides to the Authority any information, or copy of any
information, known to the person to be false or misleading
in a material particular.

5(2) A person who is guilty of an offence under subsection (1)(a) or(b) shall be liable on conviction —(a) in any case where the person is an individual, to a fine notexceeding $50,000 or to imprisonment for a term notexceeding 2 years or to both and, in the case of a continuing
offence, to a further fine not exceeding $5,000 for every
day or part of a day during which the offence continues
after conviction; or

1015(b) in any other case, to a fine not exceeding $100,000 and, inthe case of a continuing offence, to a further fine notexceeding $10,000 for every day or part of a day during
which the offence continues after conviction.
(3) A person who is guilty of an offence under subsection (1)(c)shall be liable on conviction —20(a) in any case where the person is an individual, to a fine notexceeding $50,000 or to imprisonment for a term notexceeding 2 years or to both; or(b) in any other case, to a fine not exceeding $100,000.

25

Immunities
24.—(1) No civil or criminal liability is incurred by any personfor —(a) providing to the Authority any information or copy of any
information, if the person had provided the information or
copy with reasonable care and in good faith and incompliance with an order under section 20(2)(a) or 22(2)or with section 20(5) or 22(5); or

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(b) doing or omitting to do any act, if the person had done oromitted to do the act with reasonable care and in good faithand for the purpose of complying with an order under
section 20(2)(a) or 22(2) or with section 20(5) or 22(5).
510(2) A person does not breach any restriction upon the disclosure of
information imposed by any prescribed written law or any
requirement imposed under any such written law, any rule of law,
any contract or any rule of professional conduct, if the person makes
the disclosure with reasonable care and in good faith and incompliance with an order made under section 20(2)(a) or 22(2) orwith section 20(5) or 22(5).
Authority may provide assistance15

20

25. Despite the provisions of any prescribed written law or any
requirement imposed under any such written law, any rule of law, any
contract or any rule of professional conduct, the Authority or any
person authorised by the Authority may, on the Authority’s own
motion, and subject to the satisfaction of such conditions as the
Authority may determine, transmit any information in the possessionof the Authority or a copy of the information, to —(a) an AML/CFT authority in connection with any supervisionor supervisory action by the AML/CFT authority; or(b) a domestic authority in connection with an investigation,an enforcement action or a supervisory action by thedomestic authority.

25

Subdivision (5) — Inspection by AML/CFT authority
Conditions for inspection by AML/CFT authority

30

26.—(1) An AML/CFT authority may, with the prior written
approval of the Authority and under conditions of secrecy, conduct
an inspection in Singapore of the books of a financial institution inaccordance with this section, if all of the following conditions are
satisfied:(a) the financial institution is one over which the AML/CFT
authority exercises consolidated supervision authority, and49

the inspection is solely for the purpose of suchconsolidated supervision;(b) the AML/CFT authority —(i) is prohibited by the laws applicable to it fromdisclosing information obtained by it in the course of
the inspection to any other person, except whencompelled to do so by the laws or a court of thecountry or territory where it is established; or(ii) has given to the Authority such written undertaking
to protect the confidentiality of the information
obtained as the Authority may require;510(c) the AML/CFT authority has given a written undertaking to
the Authority to comply with such conditions as the
Authority may impose under subsection (3);(d) the AML/CFT authority has provided or is willing toprovide similar assistance to the Authority.
(2) The Authority may take into account other factors which the
Authority considers relevant, besides the satisfaction of theconditions under subsection (1), when deciding whether or not togive its approval under that subsection.

1520(3) The Authority may at any time, whether before, on or after
giving its approval for an inspection under this section, impose
conditions on the AML/CFT authority relating to —(a) the classes of information to which the AML/CFT
authority may or may not have access in the course of
inspection;

25(b) the conduct of the inspection;(c) the use or disclosure of any information obtained in thecourse of the inspection; and(d) such other matters as the Authority may determine.
(4) An AML/CFT authority may, with the prior written approval of
the Authority, appoint any person to conduct the inspection undersubsection (1), and in such event, this section (other than this

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subsection) and sections 27 and 28 apply to the person, as if areference to the AML/CFT authority in those sections includes areference to the person.
510(5) For the purposes of ensuring the confidentiality of any
information obtained in the course of an inspection by an
AML/CFT authority under this section, each provision set out in aparagraph below applies, with the necessary modifications, to any
official of the AML/CFT authority, and any person referred to in
subsection (4), as if the official or person were a person set out againstthat provision in that paragraph:(a) section 47(1) of the Banking Act 1970 — an officer of abank in Singapore (as defined in section 2(1) of that Act);15(b) section 47(1) of the Banking Act 1970 as applied bysection 55ZI(1) of that Act — an officer of a merchantbank in Singapore (as defined in section 2(1) of that Act);(c) section 49(1) of the Trust Companies Act 2005 — anofficer of a licensed trust company (as defined in section 2of that Act) in Singapore.

2025(6) The Authority may, in relation to an inspection by an AML/CFT
authority conducted or to be conducted under this section on afinancial institution, at any time, by written notice to the financial
institution impose such conditions or restrictions on the financial
institution as the Authority thinks fit, and the financial institution
must comply with such conditions or restrictions.
Duty of financial institution under inspection
27.—(1) For the purposes of an inspection under section 26, andsubject to subsection (2), the financial institution must —(a) give the AML/CFT authority access to such of the books ofthe financial institution; and30(b) provide such information (including information relating
to the internal control systems of the financial institution)and facilities,
as the AML/CFT authority may require for the inspection.

51(2) The financial institution need not give the AML/CFT authority
access to the books of the financial institution, or provide information
or facilities, at such times or at such places as would unduly interferewith the proper conduct of the normal daily business of the financial
institution.
(3) Subsection (1) has effect despite any obligation ofconfidentiality or other restrictions on the disclosure of information
imposed on the financial institution or any of its officers by any
prescribed written law or any requirement imposed under any such
written law, any rule of law, any contract or any rule of professional
conduct.
(4) A financial institution that, without reasonable excuse, refuses
or neglects to comply with subsection (1) shall be guilty of an offence
and shall be liable on conviction to a fine not exceeding $100,000
and, in the case of a continuing offence, to a further fine notexceeding $10,000 for every day or part of a day during which theoffence continues after conviction.
(5) No civil or criminal liability is incurred by a financial institution
or any of its officers in respect of any obligation or restriction referred
to in subsection (3) for doing or omitting to do any act, if the act isdone or omitted to be done with reasonable care and in good faith andfor the purpose of complying with subsection (1).
(6) A financial institution that or any of its officers who, withreasonable care and in good faith, does or omits to do any act for the
purpose of complying with subsection (1) is not to be treated as beingin breach of any obligation or restriction referred to in subsection (3).

5

10

15

20

25

Confidentiality of inspection reports
28.—(1) Except as provided in subsection (2), where a written
report has been produced by an AML/CFT authority in respect of afinancial institution following an inspection under section 26, and isprovided by the AML/CFT authority to the financial institution, thereport must not be disclosed to any person by —(a) the financial institution; or(b) any officer or auditor of the financial institution.

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(2) Disclosure of the report may be made —5(a) by the financial institution to any officer or auditor of that
financial institution solely in connection with theperformance of the duties of the officer or auditor (as thecase may be) in that financial institution;(b) by any officer or auditor of the financial institution to any
other officer or auditor of that financial institution, solely
in connection with the performance of their respective
duties in that financial institution;

10(c) to the Authority, if requested by the Authority; or(d) to such other person as the Authority may approve inwriting.

15

20

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(3) In granting approval for any disclosure under subsection (2)(d),the Authority may impose such conditions or restrictions as the
Authority thinks fit on the financial institution, any officer or auditorof that financial institution or the person to whom the disclosure isapproved, and that financial institution, officer, auditor or person (asthe case may be) must comply with those conditions or restrictions.
(4) The obligations on an officer or auditor under subsections (1)and (3) continue after the termination or cessation of the employment
or appointment of the officer or auditor by the financial institution.
(5) A person who contravenes subsection (1), or fails to comply
with any condition or restriction imposed by the Authority undersubsection (3), shall be guilty of an offence and shall be liable onconviction —(a) in any case where the person is an individual, to a fine notexceeding $125,000 or to imprisonment for a term notexceeding 3 years or to both; or(b) in any other case, to a fine not exceeding $250,000.

30(6) A person to whom the report is disclosed and who knows or has
reasonable grounds for believing, at the time of the disclosure, thatthe report was disclosed to the person in contravention ofsubsection (1) shall be guilty of an offence and shall be liable onconviction —53(a) in any case where the person is an individual, to a fine notexceeding $125,000 or to imprisonment for a term notexceeding 3 years or to both; or(b) in any other case, to a fine not exceeding $250,000.
(7) Where a person is charged with an offence under subsection (6),
it is a defence for the person to prove that —5(a) the disclosure was made contrary to the person’s desire;(b) where the disclosure was made in any written or printed
form, the person had, as soon as practicable after receiving
the report, surrendered, or taken all reasonable steps tosurrender, the report and all copies of the report to the
Authority; and(c) where the disclosure was made in an electronic form, theperson had, as soon as practicable after receiving thereport, taken all reasonable steps to ensure the deletion of
all electronic copies of the report and the surrender of thereport and all copies of the report in other forms to the
Authority.

10

15PART 5TECHNOLOGY RISK MANAGEMENT

20Power of Authority in relation to technology risk management29.—(1) The Authority may, from time to time, issue suchdirections, or make such regulations under section 192, concerning
any financial institution or class of financial institutions as the
Authority considers necessary for —25(a) the management of technology risks, including cybersecurity risks;(b) the safe and sound use of technology to deliver financial
services; and(c) the safe and sound use of technology to protect data.

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5

(2) A financial institution that fails to comply with a direction
issued to the financial institution under subsection (1) or contravenes
any regulations mentioned in that subsection shall be guilty of an
offence and shall be liable on conviction to a fine not exceeding$1 million and, in the case of a continuing offence, to a further fine of$100,000 for every day or part of a day during which the offence
continues after conviction.
PART 6DISPUTE RESOLUTION SCHEMES

10Interpretation of this Part
30. In this Part, unless the context otherwise requires —“approved dispute resolution scheme” means a dispute
resolution scheme approved by the Authority under
section 31(1);1520“operator”, in relation to a dispute resolution scheme approved
under section 31(1), means a person who administers a
dispute resolution scheme;“terms of reference”, in relation to an approved dispute
resolution scheme, means the terms which define thescope, application, operations and procedures of theapproved dispute resolution scheme.
Approval of dispute resolution schemes25

31.—(1) For the purposes of this Part, the Authority may approve
any dispute resolution scheme for the resolution of disputes arisingfrom or relating to the provision of financial services by financial
institutions.
(2) An application for approval of a dispute resolution scheme
must —

30(a) be made by the person who intends to administer the
dispute resolution scheme as its operator;(b) be made in such form and manner as the Authority may
specify;

55(c) be accompanied by an application fee (if prescribed);(d) be accompanied by the proposed terms of reference for the
dispute resolution scheme; and(e) provide any information or document as the Authority may
require for the purposes of the application.

5(3) The approval of a dispute resolution scheme on an application
made under subsection (2) is subject to such conditions as may beprescribed or as may be specified by the Authority, or both.
(4) The Authority may refuse to approve an application for a
dispute resolution scheme made under subsection (2) if —10(a) the applicant of the dispute resolution scheme does notmeet the prescribed requirements;(b) the proposed terms of reference for the dispute resolution
scheme do not meet the prescribed requirements;(c) the applicant has not provided the Authority with theinformation or documents required by the Authority for the
purposes of the application;

15(d) the applicant has provided to the Authority any false or
misleading information or document;(e) the Authority has reason to believe that the applicant —20(i) will not administer the dispute resolution scheme
efficiently, honestly or fairly; or(ii) may not act in the interests of the members of the
dispute resolution scheme or consumers; or(f) the Authority is of the opinion that it would be contrary to
the public interest to approve the dispute resolution
scheme.

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Approval of chief executive officer and directors of dispute
resolution scheme operator

532.—(1) It is a condition of an approval for any dispute resolution
scheme approved under section 31(1) that the operator of an approved
dispute resolution scheme must not appoint a person as its chief
executive officer or director without the prior approval of the
Authority.

10(2) Without limiting any other matter that the Authority may
consider relevant, the Authority may, in determining whether to grant
its approval under subsection (1), have regard to such criteria as may
be prescribed or as the Authority may notify in writing to the operatorof the dispute resolution scheme.
Removal of chief executive officer or director of dispute
resolution scheme operator

15

20

33.—(1) Despite the provisions of any other written law, where theAuthority is satisfied that an individual appointed as chief executive
officer or director of an operator of an approved dispute resolution
scheme is not a fit and proper person under the Guidelines on Fit andProper Criteria to be a chief executive officer or director (as the casemay be) of the operator, the Authority may, by written notice to theoperator, direct the operator to remove the chief executive officer ordirector (as the case may be) from his or her office or employment
within such period as may be specified by the Authority in the notice,and the operator must comply with the notice.

25(2) Without affecting any other matter that the Authority may
consider relevant, in assessing whether to direct an operator to
remove an individual under subsection (1), the Authority may
consider any matter which the Authority considers relevant,including (but not limited to) whether —30(a) the individual has wilfully contravened or wilfully caused
the operator to contravene any provision of this Act;(b) the individual has, without reasonable excuse, failed tosecure the compliance of the operator with this Act;57(c) the individual has failed to discharge any of the duties of
his or her office or employment; or(d) the individual’s removal is necessary in the public interest
or for the protection of investors.
(3) Before directing an operator to remove an individual undersubsection (1), the Authority must give both the operator and theaffected individual an opportunity to be heard, except in any of thefollowing circumstances:(a) the individual is an undischarged bankrupt, whether in
Singapore or elsewhere;510(b) the individual has been convicted, whether in Singapore orelsewhere, of an offence, committed before, on or after thedate of commencement of this Part —(i) involving fraud or dishonesty or the conviction forwhich involved a finding that the individual had
acted fraudulently or dishonestly; and15(ii) punishable with imprisonment for a term of 3 months
or more.
Appeals to Minister
34. An operator, or a chief executive officer or director of an
operator, who is aggrieved by a decision of the Authority under
section 33(1) may, within 30 days after receiving the direction, appeal
in writing to the Minister, whose decision is final.
Approval of amendment to constitution of dispute resolution
scheme operator
35. It is a condition of an approval for any dispute resolution
scheme approved under section 31(1) that the operator of theapproved dispute resolution scheme that is a company must notamend its constitution without the prior approval of the Authority.

20

25

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Requirement for financial institution to be member ofapproved dispute resolution scheme

510

36.—(1) The Authority may, by regulations made under
section 192, require a financial institution to be a member of suchapproved dispute resolution scheme and to comply with such terms ofmembership of the scheme as may be prescribed.
(2) A financial institution that, without reasonable excuse,contravenes any regulations mentioned in subsection (1) shall be
guilty of an offence and shall be liable on conviction to a fine notexceeding $50,000.
(3) Where the Authority is satisfied that a financial institution has
contravened any regulations mentioned in subsection (1), theAuthority may do one or both of the following:

15

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25

30

35

(a) if the Authority thinks it necessary in the public interest or
for the protection of consumers, reprimand the financial
institution;(b) impose on the financial institution under this Act or any
other MAS scheduled Act under which the financial
institution is licensed, approved, authorised, designated,recognised, registered, or otherwise regulated, or
exempted from being licensed, approved, authorised,
designated, recognised, registered or regulated, suchconditions or restrictions, on its licence, approval,
authorisation, designation, recognition, registration, or
exemption under that Act as the Authority thinks fit,including restricting the scope of the activities which thefinancial institution is allowed to conduct under that Act;and the financial institution must comply with thoseconditions or restrictions.
(4) Any power of the Authority under the Act referred to in
subsection (3)(b) to impose conditions or restrictions on the licence,
approval, authorisation, designation, recognition, registration, or
exemption is, despite anything to the contrary in that Act, deemed toinclude the power to impose the conditions or restrictions referred toin subsection (3)(b).

59

Protection from personal liability
37. No liability shall lie against any mediator, adjudicator or
employee of an operator of an approved dispute resolution scheme,for doing or omitting to do any act, if the act is done or omitted to bedone with reasonable care and in good faith in the course of or inconnection with any mediation or adjudication of a dispute under theapproved dispute resolution scheme.

5

Regulations for this Part38.—(1) Regulations may be made under section 192 —(a) to provide for the matters that the Authority may haveregard to in determining whether to approve a dispute
resolution scheme under section 31(1);10(b) to prescribe a list of dispute resolution schemes approved
under section 31(1);(c) to provide for the suspension or cancellation of approvals
under section 31(1);(d) to provide for the conditions for approval of a dispute
resolution scheme including for matters relating to theconstitution of the management of an operator of an
approved dispute resolution scheme, and the operations ofan operator of an approved dispute resolution scheme,
including the standards or requirements of its operations,the fees that may be charged for its dispute resolution
services, the records that must be kept, the period ofretention of the records, the reports that are to be submitted
to the Authority, the time for such submission, the terms ofmembership with the scheme, the procedure for dispute
resolution and other matters relating to the administrationof the scheme; and(e) to generally to give effect to or for carrying out the
purposes of this Part.
(2) Regulations made for the purposes of subsection (1) may
provide that any contravention of any specified provision of the

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regulations shall be an offence punishable (despite section 192(2)(d))
with a fine not exceeding $50,000.
PART 7
CONTROL OVER FINANCIAL INSTITUTIONS
5Division 1 — General provisions
Application and interpretation of this Part39.—(1) This Part applies to, and in relation to, every relevant
financial institution.
(2) In this Part, unless the context otherwise requires —10“chief executive”, in relation to a relevant financial institution,means any person, by whatever name called, who —(a) is in the direct employment of, or acting for or byarrangement with, the relevant financial institution;and15(b) is principally responsible for the management andconduct of the business of the relevant financial
institution;“Court” means the General Division of the High Court;

20“director”, in relation to a relevant financial institution,
includes —(a) any person, by whatever name called, occupying theposition of director of the relevant financial
institution;

25(b) a person in accordance with whose directions or
instructions the directors of the relevant financial
institution are accustomed to act; and(c) an alternate director, or a substitute director, of therelevant financial institution;

30“executive officer”, in relation to a relevant financial institution,means any person, by whatever name called, who —61(a) is in the direct employment of, or acting for or byarrangement with, the relevant financial institution;and(b) is concerned with or takes part in the management of
the relevant financial institution on a day-to-day
basis;

5“pertinent financial institution” has the meaning given by
section 58;“relevant financial institution” means a financial institutionthat —

10(a) is approved by the Authority under section 4; and(b) belongs to a class of financial institutions that isprescribed by regulations made under section 192 forthe purposes of this definition.
(3) In this subsection and sections 41 to 45, unless the context
otherwise requires —15“business” includes affairs and property;“office-holder”, in relation to a relevant financial institution,means any person acting as the liquidator, the provisionalliquidator, the receiver or the receiver and manager of therelevant financial institution, or acting in an equivalentcapacity in relation to the relevant financial institution;

20“relevant business” means any business of a relevant financial
institution —(a) which the Authority has assumed control of under
section 41; or25(b) in relation to which a statutory adviser or a statutory
manager has been appointed under section 41;“statutory adviser” means a statutory adviser appointed under
section 41;“statutory manager” means a statutory manager appointed under
section 41.

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(4) In this subsection and sections 46 and 47, unless the context
otherwise requires —“business” includes affairs, property, right, obligation andliability;
5“debenture” has the meaning given by section 4(1) of theCompanies Act 1967;“property” includes property, right and power of every
description;

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20

25

“Registrar of Companies” means the Registrar of Companies
appointed under the Companies Act 1967 and includes any
Deputy or Assistant Registrar of Companies appointed underthat Act;“significant business”, in relation to a relevant financial
institution, means the usual business of a financial
institution belonging to the same class of financial
institutions as that relevant financial institution;“transferee” means any person (being a person who is, or who
has applied or will be applying to be, approved, authorised,
designated, recognised, registered, licensed or otherwise
regulated by the Authority, under this Act or any other MAS
scheduled Act, to carry on the significant business of thetransferor) to which the whole or any part of a transferor’sbusiness is, is to be, or is proposed to be transferred under
section 46(1);“transferor” means a relevant financial institution the whole or
any part of the business of which is, is to be, or is proposed to
be transferred under section 46(1).
Information of insolvency, etc.

30

40.—(1) Any relevant financial institution which is or is likely to
become insolvent, which is or is likely to become unable to meet its
obligations, or which has suspended or is about to suspend payments,
must immediately inform the Authority of that fact.
(2) A relevant financial institution that contravenes subsection (1)shall be guilty of an offence and shall be liable on conviction to a fine63

not exceeding $100,000 and, in the case of a continuing offence, to afurther fine not exceeding $10,000 for every day or part of a day
during which the offence continues after conviction.
Action by Authority if relevant financial institution unable tomeet obligations, etc.

541.—(1) The Authority may exercise any one or more of thepowers specified in subsection (2) as appears to it to be necessary,
where —(a) a relevant financial institution informs the Authority that itis or is likely to become insolvent, or that it is or is likely to
become unable to meet its obligations, or that it hassuspended or is about to suspend payments;

10(b) a relevant financial institution becomes unable to meet its
obligations, or is insolvent, or suspends payments;(c) the Authority is of the opinion that a relevant financial
institution —(i) is carrying on its business in a manner likely to be
detrimental to the interests of such persons as may beprescribed by regulations made under section 192 inrelation to the relevant financial institution;

1520(ii) is or is likely to become insolvent, or is or is likely to
become unable to meet its obligations, or is about tosuspend payments;(iii) has contravened any of the provisions of this Act; or(iv) has failed to comply with any condition attached toits approval under section 4; or25(d) the Authority considers it in the public interest to do so.
(2) Subject to subsections (1) and (3), the Authority may —(a) require the relevant financial institution immediately totake any action or to do or not to do any act or thingwhatsoever in relation to its business as the Authority may
consider necessary;

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5

(b) appoint one or more persons as statutory adviser, on suchterms and conditions as the Authority may specify, toadvise the relevant financial institution on the proper
management of such of the business of the relevant
financial institution as the Authority may determine; or

10(c) assume control of and manage such of the business of therelevant financial institution as the Authority may
determine, or appoint one or more persons as statutory
manager to do so on such terms and conditions as the
Authority may specify.

15(3) In the case of a relevant financial institution incorporated
outside Singapore, any appointment of a statutory adviser or statutory
manager or any assumption of control by the Authority of any
business of the relevant financial institution under subsection (2)must only be in relation to —(a) the business or affairs of the relevant financial institution
carried on in, or managed in or from, Singapore; or2025(b) the property of the relevant financial institution located in
Singapore or reflected in the books of the relevant financial
institution in Singapore (as the case may be) in relation toits operations in Singapore.
(4) Where the Authority appoints 2 or more persons as the statutory
manager of a relevant financial institution, the Authority mustspecify, in the terms and conditions of the appointment, which of theduties, functions and powers of the statutory manager —(a) may be discharged or exercised by such persons jointly andseverally;(b) must be discharged or exercised by such persons jointly;
and30(c) must be discharged or exercised by a specified person orsuch persons.
(5) Where the Authority has exercised any power undersubsection (2), the Authority may, at any time and without

65

affecting its power under section 4(5)(c) and (d), do one or more of
the following:(a) vary or revoke any requirement of, any appointment madeby or any action taken by the Authority in the exercise ofsuch power, on such terms and conditions as the Authority
may specify;

5(b) further exercise any of the powers under subsection (2);(c) add to, vary or revoke any term or condition specified by
the Authority under this section.
(6) No liability shall be incurred by a statutory manager or a
statutory adviser for anything done (including any statement made) oromitted to be done with reasonable care and in good faith in thecourse of or in connection with —(a) the exercise or purported exercise of any power under this
Act;

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15

(b) the performance or purported performance of any function
or duty under this Act; or(c) the compliance or purported compliance with this Act.
(7) A relevant financial institution that fails to comply with arequirement imposed by the Authority under subsection (2)(a) shallbe guilty of an offence and shall be liable on conviction to a fine notexceeding $125,000 and, in the case of a continuing offence, to afurther fine not exceeding $12,500 for every day or part of a day
during which the offence continues after conviction.
Effect of assumption of control under section 41

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25

42.—(1) Upon assuming control of the relevant business of a
relevant financial institution, the Authority or statutory manager (asthe case may be) must take custody or control of the relevantbusiness.
(2) During the period when the Authority or statutory manager is incontrol of the relevant business of a relevant financial institution, theAuthority or statutory manager —

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(a) must manage the relevant business of the relevant financial
institution in the name of and on behalf of the relevant
financial institution; and(b) is treated as an agent of the relevant financial institution.
5

10

15

20

(3) In managing the relevant business of a relevant financial
institution, the Authority or statutory manager —(a) must take into consideration the interests of such persons
as may be prescribed by regulations made under
section 192 in relation to the relevant financial
institution; and(b) has all the duties, powers and functions of the members of
the board of directors of the relevant financial institution(collectively and individually) under this Act, theCompanies Act 1967 and the constitution of the relevant
financial institution, including powers of delegation, in
relation to the relevant business of the relevant financial
institution; but nothing in this paragraph requires the
Authority or statutory manager to call any meeting of therelevant financial institution under the Companies
Act 1967 or the constitution of the relevant financial
institution.
(4) Despite any written law or rule of law, upon the assumption ofcontrol of the relevant business of a relevant financial institution by
the Authority or statutory manager —25(a) where the relevant financial institution is established orincorporated in Singapore, any appointment of a person as
the chief executive or a director of the relevant financial
institution which was in force immediately before theassumption of control; or

67(b) where the relevant financial institution is established orincorporated outside Singapore, any appointment of aperson as the chief executive of the relevant financial
institution (insofar as the appointment relates to therelevant business of the relevant financial institution)
which was in force immediately before the assumption ofcontrol,
is treated as having been revoked, unless the Authority gives its
approval, by written notice to the person and the relevant financial
institution, for the person to remain in the appointment.

510(5) Despite any written law or rule of law, during the period whenthe Authority or statutory manager is in control of the relevantbusiness of a relevant financial institution, except with the approvalof the Authority, a person may not be appointed —(a) where the relevant financial institution is established orincorporated in Singapore, as the chief executive or adirector of the relevant financial institution; or(b) where the relevant financial institution is established orincorporated outside Singapore, as the chief executive of
the relevant financial institution (insofar as theappointment relates to the relevant business of therelevant financial institution).
(6) Where the Authority has given its approval under subsection (4)or (5) to a person to remain in the appointment of, or to be appointed
as, the chief executive or a director of a relevant financial institution,
the Authority may at any time, by written notice to the person and therelevant financial institution, revoke that approval, and theappointment is treated as having been revoked on the datespecified in the notice.
(7) Despite any written law or rule of law, if any person, whose
appointment as the chief executive or a director of a relevant financial
institution is revoked under subsection (4) or (6), acts or purports to
act after the revocation —

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(a) where the relevant financial institution is established orincorporated in Singapore, as the chief executive or adirector of the relevant financial institution; or
5(b) where the relevant financial institution is established orincorporated outside Singapore, as the chief executive of
the relevant financial institution in relation to the relevantbusiness of the relevant financial institution,
during the period when the Authority or statutory manager is incontrol of the relevant business of the relevant financial institution —10(c) the act or purported act of the person is invalid and of noeffect; and(d) the person shall be guilty of an offence.

15(8) Despite any written law or rule of law, if any person who isappointed as the chief executive or a director of a relevant financial
institution in contravention of subsection (5) acts or purports to act —(a) where the relevant financial institution is established orincorporated in Singapore, as the chief executive or adirector of the relevant financial institution; or

20(b) where the relevant financial institution is established orincorporated outside Singapore, as the chief executive of
the relevant financial institution in relation to the relevantbusiness of the relevant financial institution,
during the period when the Authority or statutory manager is incontrol of the relevant business of the relevant financial institution —25(c) the act or purported act of the person is invalid and of noeffect; and(d) the person shall be guilty of an offence.
(9) During the period when the Authority or statutory manager is incontrol of the relevant business of a relevant financial institution —30(a) if there is any conflict or inconsistency between —(i) a direction or decision given by the Authority or
statutory manager (including a direction or decision

69

to a person or body of persons referred to in
sub-paragraph (ii)); and(ii) a direction or decision given by any chief executive,
director, member, executive officer, employee, agent
or office-holder, or the board of directors, of therelevant financial institution,5

the direction or decision referred to in sub-paragraph (i), tothe extent of the conflict or inconsistency, prevails over the
direction or decision referred to in sub-paragraph (ii); and(b) no person may exercise any voting or other right attached
to any share in the relevant financial institution in any
manner that may defeat or interfere with any duty, function
or power of the Authority or statutory manager, and any
such act or purported act is invalid and of no effect.

10(10) A person who is guilty of an offence under subsection (7) or(8) shall be liable on conviction to a fine not exceeding $125,000 or to
imprisonment for a term not exceeding 2 years or to both and, in thecase of a continuing offence, to a further fine not exceeding $12,500
for every day or part of a day during which the offence continues afterconviction.

15(11) In this section, “constitution”, in relation to a relevant financial
institution, means the memorandum of association and articles ofassociation of the relevant financial institution, or any other
instrument under which the relevant financial institution isestablished or incorporated.

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Duration of control
43.—(1) The Authority must cease to control the relevant businessof a relevant financial institution when the Authority is satisfied
that —(a) the reasons for the Authority’s assumption of control of therelevant business have ceased to exist; or(b) it is no longer necessary for the protection of the personsprescribed by regulations made under section 192 for the

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purposes of section 41(1)(c)(i) in relation to the relevant
financial institution.

5(2) A statutory manager is treated as having assumed control of therelevant business of a relevant financial institution on the date of thestatutory manager’s appointment as a statutory manager.
(3) The appointment of a statutory manager in relation to therelevant business of a relevant financial institution may be revoked by
the Authority at any time —(a) if the Authority is satisfied that —1015(i) the reasons for the appointment have ceased to exist;or(ii) it is no longer necessary for the protection of thepersons prescribed by regulations made under
section 192 for the purposes of section 41(1)(c)(i)in relation to the relevant financial institution; or(b) on any other ground,and upon such revocation, the statutory manager must cease tocontrol the relevant business of the relevant financial institution.

20(4) The Authority must, as soon as practicable, publish in theGazette the date, and such other particulars as the Authority thinks fit,of —(a) the Authority’s assumption of control of the relevantbusiness of a relevant financial institution;

25(b) the cessation of the Authority’s control of the relevantbusiness of a relevant financial institution;(c) the appointment of a statutory manager in relation to therelevant business of a relevant financial institution; and30(d) the revocation of a statutory manager’s appointment inrelation to the relevant business of a relevant financial
institution.

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Responsibilities of officers, member, etc., of relevant financial
institution
44.—(1) During the period when the Authority or statutory
manager is in control of the relevant business of a relevant
financial institution —(a) the Court may, on an application by the Authority or
statutory manager, direct any person who has ceased to beor who is still any chief executive, director, member,executive officer, employee, agent, banker, auditor or
office-holder of, or trustee for, the relevant financial
institution to pay, deliver, convey, surrender or transfer
to the Authority or statutory manager, within such period
as the Court may specify, any property, book, accounts,
record or other documents, whether in electronic, print orother form, of the relevant financial institution which iscomprised in, forms part of or relates to the relevantbusiness of the relevant financial institution, and which isin the person’s possession or control; and(b) any person who has ceased to be or who is still any chief
executive, director, member, executive officer, employee,
agent, banker, auditor or office-holder of, or trustee for, therelevant financial institution must give to the Authority or
statutory manager such information as the Authority or
statutory manager may require for the discharge of the
Authority’s or statutory manager’s duties or functions, orthe exercise of the Authority’s or statutory manager’s
powers, in relation to the relevant financial institution,
within such time and in such manner as may be specified
by the Authority or statutory manager.
(2) A person who —(a) without reasonable excuse, fails to comply withsubsection (1)(b); or

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(b) in purported compliance with subsection (1)(b), knowingly
or recklessly provides any information or document that isfalse or misleading in a material particular,
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shall be guilty of an offence and shall be liable on conviction to a finenot exceeding $125,000 or to imprisonment for a term not exceeding
3 years or to both and, in the case of a continuing offence, to a further
fine not exceeding $12,500 for every day or part of a day during
which the offence continues after conviction.
Remuneration and expenses of Authority and others in certain
cases
45. The Authority may at any time fix the remuneration and
expenses to be paid by a relevant financial institution —1520(a) to a statutory manager or statutory adviser appointed inrelation to the relevant financial institution, whether or not
the appointment has been revoked; and(b) where the Authority has assumed control of the relevantbusiness of the relevant financial institution, to the
Authority and any person appointed by the Authority
under section 179 in relation to the Authority’s assumptionof control of the relevant business, whether or not the
Authority has ceased to be in control of the relevantbusiness.
Voluntary transfer of business of relevant financial institution

25

46.—(1) A transferor may transfer the whole or any part of its
business (including any business that is not the significant business ofthe transferor) to a transferee, if —(a) where the transferor is incorporated in Singapore, theAuthority has consented to the transfer;30(b) where the transferor is incorporated outside Singapore, thebusiness to be transferred is reflected in the books of thetransferor in Singapore in relation to its operations in
Singapore;

73(c) the transfer involves the whole or any part of the businessof the transferor that is the significant business of thetransferor; and(d) the Court has approved the transfer.
(2) Subsection (1) does not affect the right of a relevant financial
institution to transfer the whole or any part of the relevant financial
institution’s business under any law.

5(3) The Authority may consent to a transfer under subsection (1)(a)if the Authority is satisfied that —(a) the transferee is a fit and proper person under the
Guidelines on Fit and Proper Criteria; and10(b) the transferee will conduct the business of the transferor
prudently and comply with the provisions of this Act.
(4) The Authority may at any time appoint one or more persons toperform an independent assessment of, and provide a report on, theproposed transfer of a transferor’s business (or any part of thebusiness) under subsection (1), whether the transferor is incorporated
in or outside Singapore.
(5) The remuneration and expenses of any person appointed undersubsection (4) must be paid by the transferor and the transferee jointly
and severally.

1520(6) The Authority must serve a copy of any report provided undersubsection (4) on the transferor and the transferee.
(7) The Authority may require a person to provide, within the
period and in the manner specified by the Authority, any informationor document that the Authority may reasonably require for thedischarge of the Authority’s duties or functions, or the exercise of the
Authority’s powers, under this section and section 47.

25(8) A person who —(a) without reasonable excuse, fails to comply with any
requirement under subsection (7); or

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(b) in purported compliance with any requirement undersubsection (7), knowingly or recklessly provides any
information or document that is false or misleading in amaterial particular,
5

shall be guilty of an offence and shall be liable on conviction to a finenot exceeding $125,000 or to imprisonment for a term not exceeding
3 years or to both and, in the case of a continuing offence, to a further
fine not exceeding $12,500 for every day or part of a day during
which the offence continues after conviction.

10(9) Where a person claims, before providing the Authority with any
information or document that the person is required to provide undersubsection (7), that the information or document might tend toincriminate the person, the information or document is not admissiblein evidence against the person in criminal proceedings other thanproceedings under subsection (8).

15Approval of transfer of business of relevant financial
institution

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47.—(1) A transferor must apply to the Court for its approval of thetransfer of the whole or any part of the business of the transferor to thetransferee under section 46(1).
(2) Before making an application under subsection (1) —(a) the transferor must lodge with the Authority a reportsetting out such details of the transfer and provide suchsupporting documents as the Authority may specify;

2530(b) where the transferor is incorporated in Singapore, thetransferor must obtain the Authority’s consent under
section 46(1)(a);(c) the transferor and the transferee must, if they intend toserve on their respective customers a summary of thetransfer, obtain the Authority’s approval of the summary;(d) the transferor must, at least 15 days before the application
is made but not earlier than one month after the reportmentioned in paragraph (a) is lodged with the Authority,
publish in the Gazette and in such newspaper or

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newspapers as the Authority may determine a notice of thetransferor’s intention to make the application andcontaining such other particulars as may be prescribedby regulations made under section 192;(e) the transferor and the transferee must keep at theirrespective offices in Singapore, for inspection by any
person who may be affected by the transfer, a copy of thereport mentioned in paragraph (a) for a period of 15 days
after the publication of the notice mentioned inparagraph (d) in the Gazette; and(f) unless the Court directs otherwise, the transferor and thetransferee must serve on their respective customers
affected by the transfer, at least 15 days before theapplication is made, a copy of the report mentioned inparagraph (a) or a summary of the transfer approved by the
Authority under paragraph (c).

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(3) The Authority and any person who, in the opinion of the Court,
is likely to be affected by the transfer —(a) have the right to appear before and be heard by the Court inany proceedings relating to the transfer; and20(b) may make any application to the Court in relation to thetransfer.
(4) Where the transferor is incorporated in Singapore, the Court
must not approve the transfer if the Authority has not consented to thetransfer under section 46(1)(a).

25(5) The Court may, after taking into consideration the views, if any,of the Authority on the transfer —(a) approve the transfer without modification or subject to any
modification agreed to by the transferor and the transferee;or(b) refuse to approve the transfer.
(6) Where the transferee is not approved, authorised, designated,recognised, registered, licensed or otherwise regulated by the
Authority under this Act or any other MAS scheduled Act, to carry

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5

on in Singapore the significant business of the transferor, the Court
may approve the transfer on terms that the transfer is to take effectonly in the event of the transferee becoming so approved, authorised,
designated, recognised, registered, licensed or regulated, as the casemay be.
(7) The Court may, by the order approving the transfer or by any
subsequent order, provide for all or any of the following matters:(a) the transfer to the transferee of the whole or any part of thebusiness of the transferor;

1015(b) the allotment or appropriation by the transferee of any
share, debenture, policy or other interest in the transferee
which under the transfer is to be allotted or appropriated by
the transferee to or for any person;(c) the continuation by (or against) the transferee of any legal
proceedings pending by (or against) the transferor;(d) the dissolution, without winding up, of the transferor;(e) the provisions to be made for persons who are affected by
the transfer;

20(f) such incidental, consequential and supplementary matters
as are, in the opinion of the Court, necessary to secure thatthe transfer is fully effective.
(8) Any order under subsection (7) may —25(a) provide for the transfer of any business, whether or not thetransferor otherwise has the capacity to effect the transfer
in question;(b) make provision in relation to any property which is held by
the transferor as trustee; and30(c) make provision as to any future or contingent right or
liability of the transferor, including provision as to theconstruction of any instrument under which any such rightor liability may arise.
(9) Subject to subsection (10), where an order made undersubsection (7) provides for the transfer to the transferee of the77whole or any part of the transferor’s business, then by virtue of theorder the business (or part of the business) of the transferor specified
in the order must be transferred to and vest in the transferee, free inthe case of any particular property (if the order so directs) from any
charge which by virtue of the transfer is to cease to have effect.

5(10) No order under subsection (7) has any effect or operation intransferring or otherwise vesting land in Singapore until theappropriate entries are made with respect to the transfer or vestingof that land by the appropriate authority.
(11) If any business specified in an order under subsection (7) isgoverned by the law of any foreign country or territory, the Court mayorder the transferor to take all necessary steps for securing that thetransfer of the business to the transferee is fully effective under thelaw of that country or territory.

10(12) Where an order is made under this section, the transferor andthe transferee must each lodge within 7 days after the order ismade —

15(a) a copy of the order with the Registrar of Companies andwith the Authority; and(b) where the order relates to land in Singapore, an office copyof the order with the appropriate authority concerned withthe registration or recording of dealings in that land.
(13) A transferor or transferee that contravenes subsection (12), andevery officer of the transferor or transferee (as the case may be) who
fails to take all reasonable steps to secure compliance by thetransferor or transferee (as the case may be) with that subsection,
shall each be guilty of an offence and shall each be liable onconviction to a fine not exceeding $2,000 and, in the case of acontinuing offence, to a further fine not exceeding $200 for every dayor part of a day during which the offence continues after conviction.
(14) In subsection (13), “officer”, in relation to a transferor ortransferee, includes —(a) a director, a secretary or an executive officer of thetransferor or transferee, as the case may be;

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(b) a receiver or manager of any part of the undertaking of thetransferor or transferee (as the case may be) appointed
under a power contained in any instrument; and5(c) a liquidator of the transferor or transferee (as the case maybe) appointed in a voluntary winding up.
Disqualification or removal of director or executive officer of
relevant financial institution
48.—(1) Despite the provisions of any other written law —1015(a) a relevant financial institution must not, without the priorwritten consent of the Authority, permit a person to act as
its executive officer; and(b) a relevant financial institution which is established orincorporated in Singapore must not, without the priorwritten consent of the Authority, permit a person to act as
its director,
if the person —(c) has been convicted, whether in Singapore or elsewhere, of
an offence committed before, on or after the date ofcommencement of this Part, being an offence —20(i) involving fraud or dishonesty;(ii) the conviction for which involved a finding that he or
she had acted fraudulently or dishonestly; or(iii) that is specified in the Third Schedule to theRegistration of Criminals Act 1949;25(d) is an undischarged bankrupt, whether in Singapore orelsewhere;(e) has had an enforcement order against him or her in respectof a judgment debt returned unsatisfied in whole or in part;30(f) has, whether in Singapore or elsewhere, entered into acompromise or scheme of arrangement with his or her
creditors, being a compromise or scheme of arrangementthat is still in operation;

79(g) has in force against him or her a prohibition order; or(h) has been a director of, or directly concerned in the
management of, a regulated financial institution, whether
in Singapore or elsewhere —(i) which is being or has been wound up by a court; or(ii) the approval, authorisation, designation, recognition,
registration or licence of which has been withdrawn,
cancelled or revoked by the Authority or, in the caseof a regulated financial institution in a foreigncountry or territory, by the regulatory authority inthat foreign country or territory.
(2) Despite the provisions of any other written law, where theAuthority is satisfied that a director of a relevant financial institution
which is established or incorporated in Singapore, or an executive
officer of a relevant financial institution —

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(a) has wilfully contravened or wilfully caused the relevant
financial institution to contravene any provision of thisAct;(b) has, without reasonable excuse, failed to secure thecompliance of the relevant financial institution with thisAct or any other MAS scheduled Act; or20(c) has failed to discharge any of the duties of his or her office,the Authority may, if the Authority thinks it necessary in the public
interest or for the protection of such persons as may be prescribed byregulations made under section 192 for the purposes of thissubsection in relation to the relevant financial institution, by
written notice to the relevant financial institution, direct therelevant financial institution to remove the director or executive
officer (as the case may be) from his or her office or employment
within such period as may be specified by the Authority in the notice,and the relevant financial institution must comply with the notice.
(3) Without affecting any other matter that the Authority may
consider relevant, the Authority must, when determining whether adirector or an executive officer of a relevant financial institution has

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failed to discharge the duties of his or her office for the purposes ofsubsection (2)(c), have regard to such criteria as may be prescribed byregulations made under section 192.
5(4) Before directing a relevant financial institution to remove a
person from his or her office or employment under subsection (2), theAuthority must —(a) give the relevant financial institution and the person
written notice of the Authority’s intention to do so; and10(b) in the notice mentioned in paragraph (a), call upon therelevant financial institution and the person to show cause,
within such time as may be specified in the notice, why the
person should not be removed.
(5) If the relevant financial institution and the person mentioned insubsection (4) —15(a) fail to show cause within the time specified undersubsection (4)(b) or within such extended period of timeas the Authority may allow; or(b) fail to show sufficient cause,20

the Authority may direct the relevant financial institution to remove
the person under subsection (2).

25

(6) Any relevant financial institution which, or any director or
executive officer of a relevant financial institution who, is aggrievedby a direction of the Authority under subsection (2) may, within
30 days after receiving the direction, appeal in writing to the Minister,whose decision is final.

30(7) A relevant financial institution that contravenes subsection (1)or fails to comply with a notice issued under subsection (2) shall be
guilty of an offence and shall be liable on conviction to a fine notexceeding $250,000 and, in the case of a continuing offence, to afurther fine not exceeding $25,000 for every day or part of a day
during which the offence continues after conviction.
(8) No civil or criminal liability is incurred by a relevant financial
institution, or any person acting on behalf of the relevant financial
institution, in respect of anything done (including any statement

81made) or omitted to be done with reasonable care and in good faith in
the discharge or purported discharge of the obligations of the relevant
financial institution under this section.
(9) In this section —“prohibition order” means —5(a) a prohibition order made under section 68(1) of the
Financial Advisers Act 2001 as in force immediately
beforethedateofcommencementofsection 200(1)(b) and (2) to (7) of this Act;(b) a prohibition order made under section 68(1) of the
Financial Advisers Act 2001 as in force immediately
beforethedateofcommencementofsection 200(1)(b) and (2) to (7) of this Act, and ascontinued by section 217(2) of this Act;10(c) an order made under section 74(1) of the Insurance
Act 1966 as in force immediately before the date ofcommencement of section 204(1) to (4) of this Act;15(d) an order made under section 74(1) of the Insurance
Act 1966 as in force immediately before the date ofcommencement of section 204(1) to (4) of this Act,and as continued by section 218(2) of this Act;(e) a prohibition order made under section 101A(1) of
the Securities and Futures Act 2001 as in force
immediately before the date of commencement ofsection 209(1)(a), (c) and (d), (4) to (14), (17) and(18) of this Act;(f) a prohibition order made under section 101A(1) of
the Securities and Futures Act 2001 as in force
immediately before the date of commencement ofsection 209(1)(a), (c) and (d), (4) to (14), (17) and(18) of this Act, and as continued by section 220(3) ofthis Act; or(g) a prohibition order made under section 7(1) of this
Act;

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“regulated financial institution” means a person who carries on abusiness, the conduct of which is regulated or authorised by
the Authority or, if it is carried on in Singapore, would be
regulated or authorised by the Authority;
5

10“regulatory authority”, in relation to a foreign country or
territory, means an authority of the foreign country or
territory exercising any function that corresponds to aregulatory function of the Authority under this Act or any
other MAS scheduled Act.
Provisions as to compromise or arrangement relating to certain
financial institutions, etc.
49.—(1) This section applies despite any other written law.

1520(2) In any proceedings under section 210 of the Companies
Act 1967 or section 71 of the Insolvency, Restructuring andDissolution Act 2018 in relation to a company that is a Type A
financial institution, the Authority —(a) has the same powers and rights as a creditor of thecompany under the Companies Act 1967 or the Insolvency,
Restructuring and Dissolution Act 2018 respectively(including the right to appear and be heard before the
Court in any proceedings under those provisions); but(b) does not have the right to vote at any meeting summoned
under section 210 of the Companies Act 1967.

2530(3) In the case of a company that is a Type B financial institution,
the Court must not —(a) approve under section 210 of the Companies Act 1967 or
section 71 of the Insolvency, Restructuring and Dissolution
Act 2018 any compromise or arrangement that has been
proposed for the purposes of or in connection with any
scheme mentioned in section 212(1) of the Companies
Act 1967 under which the whole or any part of theundertaking or the property of the company is to betransferred; or83(b) without affecting paragraph (a), make any order under
section 212(1) of the Companies Act 1967 providing forthe transfer of the whole or any part of the undertaking or
the property of the company,
unless the Minister has consented to such compromise or
arrangement or such transfer (as the case may be) or has certified
that the Minister’s consent is not required.

5(4) In the case of a company that is a Type C financial institution,
the Court must not —(a) approve under section 210 of the Companies Act 1967 or
section 71 of the Insolvency, Restructuring and Dissolution
Act 2018 any compromise or arrangement that has been
proposed for the purposes of or in connection with any
scheme mentioned in section 212(1) of the Companies
Act 1967 under which the whole or any part of theundertaking or the property of the company is to betransferred; or(b) without affecting paragraph (a), make any order under
section 212(1) of the Companies Act 1967 providing forthe transfer of the whole or any part of the undertaking or
the property of the company,

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unless the Authority has consented to such compromise or
arrangement or such transfer (as the case may be) or has certified
that the Authority’s consent is not required.
(5) In this section —25“company” means any corporation liable to be wound up underthe Insolvency, Restructuring and Dissolution Act 2018;“Type A financial institution” means a financial institution orclass of financial institutions that is prescribed by regulations
made under section 192 as a Type A financial institution forthe purposes of this section;“Type B financial institution” means a financial institution orclass of financial institutions that is prescribed by regulations

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made under section 192 as a Type B financial institution forthe purposes of this section;

5“Type C financial institution” means a financial institution orclass of financial institutions that is prescribed by regulations
made under section 192 as a Type C financial institution forthe purposes of this section.
Regulations for this Part
50. Regulations made under section 192 for this Part may
prescribe —1015(a) that any contravention of a provision of the regulations
shall
be
an
offencepunishable(despite
section 192(2)(d)) —(i) in the case of an individual, with a fine not exceeding$125,000 or with imprisonment for a term notexceeding 3 years or with both and, in the case of
a continuing offence, with a further fine notexceeding $12,500 for every day or part of a day
during which the offence continues after conviction;or20(ii) in any other case, with a fine not exceeding $250,000
and, in the case of a continuing offence, with afurther fine not exceeding $25,000 for every day orpart of a day during which the offence continues afterconviction; and25(b) for the purposes of sections 41(1)(c)(i) and 42(3)(a),different persons and different classes of persons inrelation to different relevant financial institutions anddifferent classes of relevant financial institutions.
Division 2 — Recovery and resolution planning30

Notice concerning recovery and resolution plans51.—(1) The Authority may issue a notice to pertinent financial
institutions requiring each pertinent financial institution to which a
direction is issued under section 52(1) —85(a) to prepare, in the form and manner and containing theinformation specified in the notice, a plan to restore thefinancial strength and viability of the pertinent financial
institution in the event it suffers financial pressure or stress(called in this section and section 52 a recovery plan);5(b) to review and keep up-to-date its recovery plan, at afrequency specified in the direction;(c) to adopt various procedures in preparing its recovery plan,
including the oversight of the process and endorsement of
the plan;

10(d) to notify the Authority of the occurrence of any event that
may necessitate the implementation of its recovery plan;(e) to maintain information to enable the pertinent financial
institution to prepare, review and keep up-to-date its
recovery plan, and to comply with any direction of the
Authority under section 53;

15(f) to have in place a management information system that isnecessary for the maintenance and production of theinformation mentioned in paragraph (e);(g) to ensure that the pertinent financial institution’s
outsourcing arrangements for its critical functions andcritical shared services will continue in the event it comesunder resolution; and(h) to take such other action as in the Authority’s opinion will
facilitate compliance with any notice or direction issued by
the Authority under this Division, or the effective
implementation of the recovery plan of the pertinent
financial institution or a plan of the Authority under
section 53.
(2) A notice under this section may make different provisions fordifferent classes of pertinent financial institutions.
Direction for recovery plan and its implementation
52.—(1) The Authority may issue a direction to a pertinent
financial institution —

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(a) requiring the pertinent financial institution to comply withthe requirements of a notice issued under section 51; and5(b) specifying the dates for the submission of the recovery planand the submission of any other document, and thefrequency for the action mentioned in section 51(1)(b).
(2) The Authority may issue a further direction to a pertinent
financial institution to which a direction was issued undersubsection (1) —10(a) to make such amendment to the pertinent financial
institution’s recovery plan as the Authority may
reasonably require, including an amendment to address
any deficiency in the plan; or(b) to remove any impediment to the implementation of therecovery plan.

1520(3) Without limiting subsection (2)(b), the direction in thatprovision may require the pertinent financial institution to makechanges to its practices, organisation and structure (including its
operational, legal and financial structures).
(4) The Authority may issue a further direction to a pertinent
financial institution to which a direction was issued undersubsection (1) —(a) to implement a specified part of the pertinent financial
institution’s recovery plan; and25(b) to implement such other arrangements or measures as may
be necessary to restore the pertinent financial institution’s
financial strength and viability.
Resolution planning30

53. The Authority may prepare plans for the orderly resolution of apertinent financial institution, and may for that purpose issue a
direction to the pertinent financial institution requiring the pertinent
financial institution to provide, within the time and in the form andmanner set out in the direction, any information or document that the
Authority may reasonably require for that purpose.

87Power to direct removal of impediments
54.—(1) This section applies if the Authority is of the opinion thatan impediment exists to the orderly resolution of a pertinent financial
institution in accordance with a plan of the Authority under
section 53.

5(2) The Authority may issue a direction to the pertinent financial
institution, requiring the pertinent financial institution to take, within
the time specified in the direction, measures specified in the direction
for the purpose of addressing or removing the impediment.
(3) Without limiting subsection (2), the direction may require thepertinent financial institution to make changes to its practices,
organisation and structure (including its operational, legal andfinancial structures).

10

Appeal against direction to remove impediment55.—(1) A pertinent financial institution that is aggrieved by adirection issued to it under section 52(2)(b) or 54(2) may, within
30 days after receiving the direction, appeal to the Minister whose
decision is final.
(2) An appeal may only be made if the direction requires thepertinent financial institution to make a change that will significantly
affect its practices, organisation or operations.

1520(3) For the purposes of subsection (2), a change will significantly
affect the practices, organisation or operations of a pertinent financial
institution if it —(a) changes any part of its legal or financial structure; or25(b) satisfies such other criterion as may be prescribed by the
Minister under section 191.
(4) If an appeal is lodged, the pertinent financial institution need notcomply with the direction until the appeal is determined.
(5) The Minister may determine an appeal by confirming, varying
or reversing the direction.
(6) If the Minister is satisfied that an appeal is made without
reasonable ground, the Minister may, without calling for a reply from

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the Authority, but after giving the pertinent financial institution an
opportunity to be heard, determine the appeal by confirming thedirection.
5

Provisions concerning directions and notices under this
Division56.—(1) A direction or notice under this Division must be inwriting.
(2) It is not necessary to publish a direction or notice under this
Division in the Gazette.

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Offences under this Division
57.—(1) A pertinent financial institution that does not comply witha direction or notice of the Authority under this Division shall be
guilty of an offence and shall be liable on conviction to a fine notexceeding $250,000 and, in the case of a continuing offence, to afurther fine not exceeding $25,000 for every day or part of a day
during which the offence continues after conviction.
(2) A pertinent financial institution that, in purported compliancewith a direction or notice under this Division, knowingly or
recklessly provides to the Authority any information or documentthat is false or misleading in a material particular, shall be guilty of an
offence and shall be liable on conviction to a fine not exceeding$250,000.
PART 8RESOLUTION OF FINANCIAL INSTITUTIONS

25

Division 1 — General provisions
Interpretation of this Part
58. In this Part, unless the context otherwise requires —30“affected person”, in relation to a specified financial institution,means any person prescribed by regulations made under
section 135 as an affected person for that specified financial
institution;

89“business” includes affairs and property;“co-operative society” means a co-operative society registeredunder the Co-operative Societies Act 1979;“Court” means the General Division of the High Court;“director”, in relation to a specified financial institution or asignificant associated entity referred to in section 130,
includes —(a) any person, by whatever name called, occupying theposition of director of the specified financial
institution or significant associated entity, as thecase may be;(b) a person in accordance with whose directions or
instructions the directors of the specified financial
institution or significant associated entity (as the casemay be) are accustomed to act; and

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(c) an alternate director, or a substitute director, of thespecified financial institution or significant
associated entity, as the case may be;“excluded financial institution” means any person who isapproved, authorised, designated, recognised, registered,licensed or otherwise regulated by the Authority under thisAct or any other MAS scheduled Act, and is prescribed byregulations made under section 135 as an excluded financial
institution;“executive officer”, in relation to a specified financial institution
or a significant associated entity referred to in section 130,means any person, by whatever name called, who —(a) is in the direct employment of, or acting for or byarrangement with, the specified financial institution
or significant associated entity, as the case may be;and(b) is concerned with or takes part in the management of
the specified financial institution or significant

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associated entity (as the case may be) on a day-to-day
basis;

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“office-holder”, in relation to a specified financial institution,means any person acting as the liquidator, the provisionalliquidator, the receiver or the receiver and manager of thespecified financial institution, or acting in an equivalentcapacity in relation to the specified financial institution;“pertinent financial institution” means any person who isapproved, authorised, designated, recognised, registered,licensed or otherwise regulated by the Authority under thisAct or any other MAS scheduled Act, and is prescribed byregulations made under section 135 as a pertinent financial
institution;“PPF Agency” means the company designated as the deposit
insurance and policy owners’ protection fund agency under
section 56 of the Deposit Insurance and Policy Owners’
Protection Schemes Act 2011;“PPF Funds” means the Policy Owners’ Protection Life Fundand the Policy Owners’ Protection General Fund establishedunder section 34 of the Deposit Insurance and Policy
Owners’ Protection Schemes Act 2011;“Registrar of Companies” means the Registrar of Companies
appointed under the Companies Act 1967 and includes any
Deputy or Assistant Registrar of Companies appointed underthat Act;“Registrar of Co-operative Societies” means the Registrar of
Co-operative Societies appointed under the Co-operative
Societies Act 1979 and includes any Assistant Registrar of
Co-operative Societies appointed under that Act;

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35

“relevant Act”, in relation to a specified financial institution,means the Act under which that specified financial institution
is approved, authorised, designated, recognised, registered,licensed or otherwise regulated by the Authority;“relevant provisions”, in relation to any specified financial
institution, or any person who is carrying on or has carried on

91

the significant business of a specified financial institution,means such provisions of this Act or any other MAS
scheduled Act as may be prescribed by regulations madeunder section 135 as relevant provisions for that specified
financial institution or person, as the case may be;5“significant business”, in relation to a specified financial
institution, means the usual business of a financial
institution belonging to the same class of financial
institutions as that specified financial institution;“specified financial institution” means a pertinent financial
institution or an excluded financial institution;“Take-over Code” means the Singapore Code on Take-overs andMergers which is referred to in section 139 of the Securities
and Futures Act 2001 and is issued by the Authority under
section 321(1) of that Act.

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15

Exercise of powers under Divisions 2, 4, 5 and 6 of this Part
59. In determining whether to exercise its powers under
Divisions 2, 4, 5 and 6 of this Part in relation to a pertinent
financial institution, the Authority may have regard to one or more of
the following matters:(a) whether a failure of the pertinent financial institution
would have a widespread adverse effect on the financial
system in Singapore or the economy of Singapore, or both,whether or not that widespread adverse effect occurs
directly or indirectly as a result of the impact of the failureon the financial system in Singapore, on the financial
markets in Singapore or on other financial institutions in
Singapore;

2025(b) whether it is in the public interest to do so;(c) any other matter that the Authority considers relevant.

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Directions or regulations concerning persons that have ceased
to be specified financial institutions

5

10

60.—(1) The Authority may, from time to time, issue suchdirections, or make such regulations under section 192, concerning
any person that has ceased to be a specified financial institution, or
any class of persons that has ceased to be a class of specified financial
institutions, as the Authority considers necessary —(a) in order to discharge, or to facilitate the discharge of, any
binding obligation of the person or class of persons, as thecase may be; or(b) where it is in the public interest to do so.
(2) Subsection (1) applies, to a person that has ceased to be a
specified financial institution, regardless of whether the reason for the
cessation is one or more of the following matters:

15(a) the withdrawal by the Authority of any approval,
authorisation, designation or recognition of the person;(b) the cancellation by the Authority, or the expiration, of any
registration of the person;

20(c) the revocation by the Authority, or the expiration, of any
licence of the person;(d) the cessation of the regulation of the person by the
Authority;

25(e) the cessation of any business of the person, being abusiness which is regulated under this Act or any otherMAS scheduled Act.
(3) A person to whom any direction is issued under subsection (1),or to whom any regulations mentioned in that subsection apply, mustcomply with the direction or regulations, despite any other duty
imposed on the person by any rule of law, written law or contract.

30(4) A person, in carrying out any act in compliance with any
direction issued or regulations mentioned in subsection (1), is not tobe treated as being in breach of any such rule of law, written law orcontract.

93(5) A person must not disclose any direction issued undersubsection (1) if the Authority notifies the person that the
Authority is of the opinion that the disclosure of the direction isagainst the public interest.
(6) A person who —5(a) fails to comply with a direction issued to him or her undersubsection (1);(b) contravenes any regulations mentioned in subsection (1);or(c) contravenes subsection (5),10shall be guilty of an offence and shall be liable on conviction to a finenot exceeding $125,000 and, in the case of a continuing offence, to afurther fine not exceeding $12,500 for every day or part of a day
during which the offence continues after conviction.
(7) It is not necessary to publish any direction issued undersubsection (1) in the Gazette.

15

Directions and notices issued under this Act or other MAS
scheduled Act to continue to apply to persons who cease to be
specified financial institutions
61.—(1) Where a person ceases to be a specified financial
institution, any direction or notice issued under this Act or any
other MAS scheduled Act (being a direction or notice which was inforce, and which applied to that person, immediately before that
person ceased to be a specified financial institution) despite any ruleof law or written law to the contrary, continues to apply to that person,
until that direction or notice is cancelled by the Authority.

20

25(2) Subsection (1) applies, to a person that has ceased to be a
specified financial institution, regardless of whether the reason for the
cessation is one or more of the following:(a) the withdrawal by the Authority of any approval,
authorisation, designation or recognition of the person;(b) the cancellation by the Authority, or the expiration, of any
registration of the person;

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(c) the revocation by the Authority, or the expiration, of any
licence of the person;(d) the cessation of the regulation of the person by the
Authority;
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25

(e) the cessation of any business of the person, being abusiness which is regulated under this Act or any otherMAS scheduled Act.
(3) A person referred to in subsection (1) who, after ceasing to be a
specified financial institution, fails to comply with a direction or
notice referred to in that subsection shall be guilty of an offence andshall be liable on conviction to a fine not exceeding $1 million and, inthe case of a continuing offence, to a further fine not exceeding$100,000 for every day or part of a day during which the offence
continues after conviction.
Moratorium
62.—(1) The Authority may, if the Authority considers it to be in
the interests of the affected persons of a specified financial institution,
make an order prohibiting that specified financial institution fromcarrying on its significant business or from doing or performing any
act or function connected with its significant business or any aspect of
its significant business that may be specified in the order.
(2) The Authority may, if the Authority considers it to be in theinterests of the affected persons of a specified financial institution,
apply to the Court for, and the Court may make, one or more of thefollowing orders:(a) that no resolution may be passed, and no order may be
made, for the winding up of the specified financial
institution;

30(b) that no judicial manager may be appointed under Part 7 of
the Insolvency, Restructuring and Dissolution Act 2018 inrelation to the specified financial institution, or that the
specified financial institution be discharged from judicial
management;

95(c) that no proceedings may be commenced or continued by oragainst the specified financial institution in respect of any
business of the specified financial institution;(d) that no enforcement order, distress or other legal process
may be commenced, levied or continued against any
property of the specified financial institution;(e) that no steps may be taken to enforce any security over any
property of the specified financial institution or torepossess from the specified financial institution any
goods under any hire-purchase agreement, chattels
leasing agreement or retention of title agreement;(f) that no steps may be taken by any person, other than aperson specified in the order, to sell, transfer, assign orotherwise dispose of any property of the specified financial
institution.

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(3) Any sale, transfer, assignment or other disposition of any
property of the specified financial institution in contravention of any
order made under subsection (2)(f) is void.
(4) Any order made under subsection (2) is valid for a period notexceeding 6 months.

20(5) So long as an order under subsection (1) remains in force, theAuthority may, by written notice to that specified financial
institution, suspend the approval, authorisation, designation,
recognition, registration or licence of that specified financial
institution under the relevant Act.

25

(6) A specified financial institution that contravenes an order undersubsection (1) shall be guilty of an offence and shall be liable onconviction to a fine not exceeding $250,000 and, in the case of acontinuing offence, to a further fine not exceeding $25,000 for every
day or part of a day during which the offence continues afterconviction.
(7) It is not necessary to publish any order under subsection (1) in
the Gazette.

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General provisions as to winding up

563.—(1) On the application of the Authority, the Court may, in
addition to the grounds specified in section 125(1) of the Insolvency,
Restructuring and Dissolution Act 2018, order under that Act thewinding up of a company incorporated in Singapore which is carrying
on or has carried on the significant business of a specified financial
institution in Singapore, if —(a) the Authority has exercised any power under the relevant
provisions in relation to the company; or

1015(b) the company has contravened any provision of this Act or
any other MAS scheduled Act.
(2) On the application of the Authority, the Court may, in addition
to the grounds specified in section 246(1) of the Insolvency,
Restructuring and Dissolution Act 2018, order under that Act thewinding up of an unregistered company which is carrying on or has
carried on the significant business of a specified financial institutionin Singapore, if —(a) the Authority has exercised any power under the relevant
provisions in relation to the unregistered company;

2025(b) the unregistered company has been approved, authorised,
designated, recognised, registered, licensed or otherwise
regulated by the Authority under this Act or any otherMAS scheduled Act, and any of the following applies:(i) the approval, authorisation, designation orrecognition of the unregistered company has been
withdrawn;(ii) the registration of the unregistered company has
been cancelled or has expired;

30(iii) the licence of the unregistered company has been
revoked or has expired;(iv) the regulation of the unregistered company by the
Authority has ceased; or(c) the unregistered company is carrying on or has carried on
the significant business of a specified financial institution

97

in Singapore in contravention of any provision of this Act
or any other MAS scheduled Act.
(3) Despite sections 125(2) and 246(2) of the Insolvency,
Restructuring and Dissolution Act 2018, on the application of the
Authority for the winding up, on the ground specified in
section 125(1)(e) or 246(1)(c)(ii) of that Act, of a company whichis carrying on or has carried on the significant business of a specified
financial institution in Singapore, any statement of account lodged by
the company with the Authority, at any time during the period
beginning with the close of the last financial year of the company andending with the making of the application for the winding up, whichshows that the company is insolvent, is evidence that the company —510(a) was insolvent at the close of that financial year; and(b) continues to be unable to pay its debts.
(4) Despite any written law or rule of law —(a) a person may not be appointed as an office-holder, or as aliquidator under the Insolvency, Restructuring andDissolution Act 2018, of a company, which is carrying
on or has carried on the significant business in Singaporeof a specified financial institution, without the prior written
approval of the Authority; and1520(b) in the case of a foreign company which is carrying on or
has carried on the significant business in Singapore of a
specified financial institution, a liquidator appointed for its
liquidation or dissolution at its place of incorporation ororigin does not have and must not exercise any power orfunction of a liquidator in Singapore, unless the liquidator
has been approved by the Authority.

25(5) To avoid doubt, subsection (4)(a) does not affect the operationof section 134(a), (d) or (e) of the Insolvency, Restructuring andDissolution Act 2018.

30(6) Any approval of the Authority under subsection (4)(b) may be
granted subject to such conditions as the Authority may determine,and the Authority may add to, vary or revoke any such condition.

98(7) The specified financial institution or the liquidator (as the casemay be) mentioned in subsection (4)(b) must comply with theconditions in subsection (6).
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(8) Despite any written law or rule of law, where a company whichis carrying on or has carried on the significant business of a specified
financial institution in Singapore is being wound up under the
Insolvency, Restructuring and Dissolution Act 2018, the Authority
has, subject to such modifications as may be necessary, the same
powers and rights as a creditor of the company under that Act,
including the right to appear and be heard before the Court in any
proceedings in the winding up.
(9) Without affecting subsections (6) and (8) and despite any
written law or rule of law, where a company which is carrying on or
has carried on the significant business in Singapore of a specified
financial institution is being wound up, its liquidator (whether
appointed under the Insolvency, Restructuring and Dissolution
Act 2018 or, in the case of a foreign company, appointed at its
place of incorporation or origin) must give the Authority suchinformation as the Authority may from time to time require about theaffairs of the company and the winding up.
(10) A liquidator who —(a) without reasonable excuse, fails to comply withsubsection (7) or (9); or2530(b) in purported compliance with subsection (9), knowingly or
recklessly provides any information or document that isfalse or misleading in a material particular,
shall be guilty of an offence and shall be liable on conviction to a finenot exceeding $125,000 or to imprisonment for a term not exceeding
3 years or to both and, in the case of a continuing offence, to a further
fine not exceeding $12,500 for every day or part of a day during
which the offence continues after conviction.
(11) In this section —“liquidator” includes a provisional liquidator;

99“unregistered company” has the meaning given by
section 245(1) of the Insolvency, Restructuring andDissolution Act 2018.
Power of Court to take action against directors and executive
officers
64.—(1) Without affecting any provision of this Act or any otherMAS scheduled Act, if, in the course of exercising the Authority’s
powers under this Part or the relevant provisions, it appears to the
Authority that any past or present director or executive officer of a
specified financial institution has failed to discharge the duties of hisor her office, has misapplied or retained, or become liable oraccountable for, any money or property of the specified financial
institution, or has been guilty of any misfeasance or breach of trust or
duty in relation to the specified financial institution, the Authority
may apply to the Court for, and the Court may make —

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(a) an order that any salary, remuneration or other benefits
received by the director or executive officer from thespecified financial institution during the relevant period be
repaid or returned to the specified financial institution;(b) an order that the director or executive officer ceases to beentitled to receive any deferred salary, remuneration orother benefits that the specified financial institution had
agreed to pay to him or her during the relevant period;(c) an order that any deferred salary, remuneration or otherbenefits to be paid by the specified financial institution to
the director or executive officer be reduced by such amountas the Court thinks just;2025(d) the orders referred to in paragraphs (a) and (b); or(e) the orders referred to in paragraphs (a) and (c).
(2) Where it appears to the Authority that the director or executive
officer has acted recklessly, fraudulently or dishonestly in relation to
the specified financial institution, the Authority may apply to the
Court to extend, and the Court may order the extension of, the lengthof the relevant period.

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5

(3) In this section, “relevant period” means the period of 2 years
immediately preceding the date on which the Authority began toexercise its powers under this Part or the date on which the Authority
began to exercise its powers under the relevant provisions, whicheveris the earlier.
Division 2 — Compulsory transfer of business of
pertinent financial institution
Interpretation of this Division
65. In this Division, unless the context otherwise requires —10“business” includes affairs, property, right, obligation andliability;“certificate” means a certificate of transfer issued by the
Minister under section 67(1);15“debenture” has the meaning given by section 4(1) of theCompanies Act 1967;“determination” means a determination made by the Authority
under section 66(1);“guaranteed policy moneys” has the meaning given by section 2of the Insurance Act 1966;20“property” includes property, right and power of every
description;“specified business” means any part of the business of atransferor which is specified or identified in a certificate;25“transferee” means any person to which the whole or any part ofa transferor’s business is, is to be, or is proposed to betransferred under this Division;“transferor” means a pertinent financial institution the whole or
any part of the business of which is, is to be, or is proposed to
be transferred under this Division.

101

Compulsory transfer of business
66.—(1) Subject to subsections (2), (3) and (7), the Authority may
make a determination that the whole or any part of the business of atransferor must be transferred to a transferee, if —(a) any ground exists for the Authority to exercise any power
under the relevant provisions in relation to the transferor,
whether or not the Authority has exercised the power;(b) the board of directors of the transferee (in any case where
the transferee is a corporation), or the committee ofmanagement of the transferee (in any case where thetransferee is a co-operative society), has consented to thetransfer;

510(c) the Authority is satisfied that the transfer is appropriate,having regard to —(i) in any case where the transferor is a bank —15(A) the interests of the depositors of the transferor
given priority and the order of priority of eachclass of depositors under section 62 of the
Banking Act 1970;(B) if the transferee is a bank, the interests of thedepositors of the transferee given priority andthe order of priority of each class of depositors
under section 62 of the Banking Act 1970;(C) the stability of the financial system in
Singapore; and2025(D) any other matter that the Authority considers
relevant;(ii) in any case where the transferor is a finance company
licensed under the Finance Companies Act 1967 —(A) the interests of the depositors of the transferor
given priority and the order of priority of eachclass of depositors under section 44A of the
Finance Companies Act 1967;

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5

(B) if the transferee is a finance company licensed
under the Finance Companies Act 1967, theinterests of the depositors of the transferee
given priority and the order of priority of eachclass of depositors under section 44A of that
Act;(C) the stability of the financial system in
Singapore; and

10(D) any other matter that the Authority considers
relevant;(iii) in any case where the transferor is an insurer licensed
under the Insurance Act 1966 —1520(A) the interests of the policy owners of thetransferor given priority and the order ofpriority of each class of policy owners under
section 123 of the Insurance Act 1966;(B) if the transferee is an insurer licensed under the
Insurance Act 1966, the interests of the policy
owners of the transferee given priority and theorder of priority of each class of policy owners
under section 123 of that Act;(C) the stability of the financial system in
Singapore;

25(D) whether the PPF Agency has to make a payout
from any of the PPF Funds to the transferee andthe amount of such payout, if any; and(E) any other matter that the Authority considers
relevant; or(iv) in any other case —30(A) the interests of the affected persons of thetransferor;(B) the interests of the affected persons of thetransferee;103(C) the stability of the financial system in
Singapore; and(D) any other matter that the Authority considers
relevant;(d) the transfer involves the whole or part of the significant
business of the transferor; and(e) where the transferee is to carry on the whole or part of thesignificant business of the transferor, the transferee is, orwill be applying to be, approved, authorised, designated,recognised, registered, licensed or otherwise regulated by
the Authority under this Act or any other MAS scheduled
Act, to carry on the significant business of the transferor.
(2) Where the transferor is a pertinent financial institution
incorporated or established outside Singapore, any determinationmust only be in respect of the transferor’s business (or any part of thebusiness) which is reflected in the books of the transferor in
Singapore in relation to the transferor’s operations in Singapore,and the references to depositors, policy owners and affected persons
in subsection (1)(c) are to be construed accordingly.
(3) Where the transferor is an insurer licensed under the Insurance
Act 1966, any determination made by the Authority for the purpose of
subsection (1) may include a determination as to whether guaranteed
policy moneys in relation to any policy should be adjusted upon the
proposed transfer so as to achieve an orderly resolution of thetransferor.

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(4) The Authority may, before making a determination, appoint one
or more persons —(a) to perform an independent assessment of —(i) the proposed transfer of the business (or any part ofthe business) of the transferor;(ii) the consideration, if any, that should be paid by thetransferee; and(iii) where the transferor is an insurer licensed under the
Insurance Act 1966, whether guaranteed policy

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moneys in relation to any policy should be adjusted
upon the proposed transfer so as to achieve anorderly resolution of the transferor; and5(b) to provide to the Authority a report on the assessment andon the proposed transfer.
(5) The remuneration and expenses of any person appointed undersubsection (4) must be paid by the transferor.
(6) The Authority must serve a copy of any report provided undersubsection (4) on the transferor and transferee.

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(7) A determination may provide for the transfer of the business (orany part of the business) of the transferor to a transferee for the
purpose mentioned in subsection (1)(e), where the transferee is not
approved, authorised, designated, recognised, registered, licensed orotherwise regulated by the Authority under this Act or any other MAS
scheduled Act, to carry on in Singapore the significant business of thetransferor, on terms that the transfer is to take effect only in the eventof the transferee becoming so approved, authorised, designated,recognised, registered, licensed or regulated, as the case may be.
(8) Upon making a determination, the Authority must submit thedetermination to the Minister for approval.
(9) Before approving the determination, the Minister must, unlessthe Minister decides that it is not practicable or desirable to do so —25(a) publish in the Gazette and in such newspaper ornewspapers as the Minister may determine a notice ofthe Minister’s intention to approve the determination,
specifying such particulars as the Minister considers
appropriate; and30(b) cause to be given to the transferor written notice of the
Minister’s intention to approve the determination,
specifying such particulars as the Minister considers
appropriate and the date by which the transferor may
make written representations to the Minister.
(10) In determining the period within which written representations
have to be made under subsection (9), the Minister must take into

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account the need for the transfer to be effected expeditiously in theinterest of the stability of the financial system in Singapore.
(11) Upon receipt of any written representation, the Minister must
consider the representation for the purpose of deciding whether toapprove the determination.

5(12) Where the transferor is a bank incorporated in Singapore, theMinister must not approve the determination unless the Minister issatisfied that it is in the national interest to do so.
(13) The Minister may —(a) approve the determination without modification;

10(b) approve the determination subject to any modification the
Minister considers appropriate, if either the board of
directors of the transferee (if it is a corporation) or thecommittee of management of the transferee (if it is a
co-operative society) has agreed to the modification; or

15(c) refuse to approve the determination.
(14) Any approval under subsection (13) is subject to suchconditions as the Minister may determine to give effect to thedetermination, and the Minister may add to, vary or revoke any suchcondition.

20(15) The transferor or transferee (as the case may be) must comply
with every condition mentioned in subsection (14) that applies to it
and of which it has been given written notice by the Authority.
(16) A person that contravenes subsection (15) shall be guilty of an
offence and shall be liable on conviction to a fine not exceeding$250,000 and, in the case of a continuing offence, to a further fine notexceeding $25,000 for every day or part of a day during which theoffence continues after conviction.
(17) A determination, an approval under subsection (13)(a) or (b)of a determination or the issue of a certificate does not preclude theexercise of any power by the Authority or the Minister under this Act
or the relevant Act applicable to the transferor.

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Certificate of transfer

567.—(1) If the Minister approves a determination, the Minister
must, as soon as practicable, issue a certificate of transfer, whichcomes into effect on the date specified by the Minister in thecertificate.
(2) The certificate must specify such information as may beprescribed by regulations made under section 135.
(3) The certificate may make provision for all or any of thefollowing matters:

1015(a) the transfer to the transferee of the whole or any part of thebusiness of the transferor;(b) the allotment or appropriation by the transferee of any
share, debenture, policy or other interest in the transferee
which under the transfer is to be allotted or appropriated by
the transferee to or for any person;(c) any property which is held by the transferor as trustee;(d) any future or contingent right or liability of the transferor;

20(e) the coming into effect of the transfer of any specified
business on a date other than the date on which thecertification comes into effect;(f) the consideration, if any, to be paid by the transferee to thetransferor, and the period within which the consideration is
to be paid;

2530(g) where the transferor is an insurer licensed under the
Insurance Act 1966, whether guaranteed policy moneys inrelation to any policy should be adjusted upon the proposedtransfer so as to achieve an orderly resolution of thetransferor;(h) such incidental, consequential and supplementary matters
as are, in the Minister’s opinion, necessary to secure thatthe transfer is fully effective, including conditions relating
to the transfer.

107(4) The Minister may at any time before the certificate comes into
effect add to, vary or revoke any matter specified in the certificate.
(5) On or before the date on which the certificate comes into effect,
the Authority must cause the certificate and any addition, variation or
revocation referred to in subsection (4) to be —5(a) served on the transferor and the transferee; and(b) published in the Gazette and in such newspaper ornewspapers as the Minister may determine.
(6) Subject to subsection (7), unless otherwise specified in thecertificate, the transfer of the business (or any part of the business) of
the transferor under the certificate takes effect on the date on which
the certificate comes into effect.
(7) Where the transferee is to carry on the whole or part of thesignificant business of the transferor, and is not approved, authorised,
designated, recognised, registered, licensed or otherwise regulated by
the Authority under this Act or any other MAS scheduled Act, tocarry on in Singapore the significant business of the transferor, thetransfer of the business (or any part of the business) does not comeinto effect unless the transferee becomes so approved, authorised,
designated, recognised, registered, licensed or regulated, as the casemay be.

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(8) Despite any written law or rule of law, upon the date on which
the transfer of the business (or any part of the business) of thetransferor comes into effect under the certificate —(a) subject to subsection (13) —25(i) the business (or any part of the business) istransferred to and vests in the transferee without
other or further assurance, act or deed; and(ii) the certificate has effect according to its tenor and isbinding on any person thereby affected;(b) no deed, bond, agreement or other arrangement subsisting
immediately before that date —(i) which relates to the business (or any part of thebusiness); and

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(ii) to which the transferor is a party,

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10

is considered terminated by reason only of the transfer, buteach of these continues in full force and effect, and isenforceable by or against the transferee (as the case maybe), as from that date, as if the transferee had been namedin it or had been a party to it instead of the transferor; and(c) any proceedings or cause of action, by or against thetransferor, pending or existing immediately before thatdate and relating to the business (or any part of thebusiness) may be continued and enforced by or against thetransferee as from that date.
(9) Subsection (8)(b) does not apply to a contract of employment.
(10) To avoid doubt, this section does not affect the operation ofsection 18A of the Employment Act 1968.

1520(11) To avoid doubt, the business (or any part of the business) of thetransferor is transferred to and vests in the transferee in accordancewith subsection (8), despite any incapacity of the transferor.
(12) Where the transferor is an insurer licensed under the Insurance
Act 1966 and guaranteed policy moneys under a policy have beenadjusted under the certificate —(a) the policy owner or claimant continues to have recourse
against the transferor for the difference between theoriginal guaranteed policy moneys and the adjusted
guaranteed policy moneys; and2530(b) any agreement or other arrangement mentioned insubsection (8)(b) has effect as if the guaranteed policy
moneys have been so adjusted.
(13) The certificate does not have any effect or operation intransferring or otherwise vesting land in Singapore until theappropriate entries are made with respect to the transfer or vestingof that land by the appropriate authority.
(14) Section 130(1) of the Insolvency, Restructuring andDissolution Act 2018 does not apply to the transfer of any property
under the certificate.

109(15) If any specified business is governed by the law of any foreigncountry or territory, and the transferee so requires, the transferor musttake all necessary steps for securing that the transfer of the specified
business to the transferee is fully effective under the law of thatcountry or territory.

5(16) The transferor and the transferee must each lodge, within
7 days after being served with the certificate —(a) a copy of the certificate with the Registrar of Companies;(b) where the transferor or the transferee is a co-operative
society, a copy of the certificate with the Registrar of
Co-operative Societies; and(c) where the certificate relates to land in Singapore, an officecopy of the certificate with the appropriate authority
concerned with the registration or recording of dealings inthat land.
(17) A transferor or transferee that fails to comply with any
provision in the certificate shall be guilty of an offence and shall be
liable on conviction to a fine not exceeding $250,000 and, in the caseof a continuing offence, to a further fine not exceeding $25,000 for
every day or part of a day during which the offence continues afterconviction.
(18) A transferor that contravenes subsection (15) shall be guilty of
an offence and shall be liable on conviction to a fine not exceeding$250,000 and, in the case of a continuing offence, to a further fine notexceeding $25,000 for every day or part of a day during which theoffence continues after conviction.
(19) A transferor or transferee that contravenes subsection (16), andevery officer of the transferor or the transferee (as the case may be)
who fails to take all reasonable steps to secure compliance by thetransferor or transferee (as the case may be) with that subsection,
shall each be guilty of an offence and shall each be liable onconviction to a fine not exceeding $2,000 and, in the case of acontinuing offence, to a further fine not exceeding $200 for every dayor part of a day during which the offence continues after conviction.

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20

25

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(20) In subsection (19), “officer”, in relation to a transferor ortransferee, includes —(a) a director, a secretary or an executive officer of thetransferor or transferee, as the case may be;5(b) a receiver or manager of any part of the undertaking of thetransferor or transferee (as the case may be) appointed
under a power contained in any instrument; and(c) a liquidator of the transferor or the transferee (as the casemay be) appointed in a voluntary winding up.

10

Moratorium, avoidance of disposition of property, etc.

15

68.—(1) Despite section 62(2) but subject to section 134, noresolution may be passed, and no order may be made, for the winding
up of a transferor, and no judicial manager may be appointed underPart 7 of the Insolvency, Restructuring and Dissolution Act 2018 inrelation to a transferor, during the period —(a) beginning on —20(i) the date on which the Minister publishes the noticeunder section 66(9) in the Gazette on the transfer ofthe business (or any part of the business) of thetransferor; or25(ii) where the notice is not published in the Gazette, thedate on which the Authority publishes the certificate
under section 67(5) in the Gazette on the transfer ofthe business (or any part of the business) of thetransferor; and(b) ending on —(i) the date on which the certificate comes into effect; or30(ii) where the certificate specifies a different date for the
coming into effect of the transfer of any specified
business, the last day on which the transfer of every
specified business has come into effect.
(2) Despite section 62(2) but subject to section 134, during theperiod beginning on the date on which the Minister publishes the111

notice under section 66(9) in the Gazette on the transfer of a specified
business of the transferor or (where the notice is not published in theGazette) the date on which the Authority publishes the certificate
under section 67(5) in the Gazette on the transfer of the specified
business, and ending on the date on which the transfer of the specified
business comes into effect —5(a) no proceedings may be commenced or continued against
the transferor in respect of the specified business;(b) no enforcement order, distress or other legal process may
be commenced, levied or continued against the specified
business;(c) no steps may be taken to enforce any security over the
specified business or to repossess from the transferor the
specified business under any hire-purchase agreement,
chattels leasing agreement or retention of title agreement;and(d) any sale, transfer, assignment or other disposition of thespecified business is void, except for (where the transferor
is an insurer licensed under the Insurance Act 1966) any
payment of claims to policy owners or claimants, otherthan policy owners who are related corporations of thetransferor.

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Division 3 — Reverse transfer of business andonward transfer of business
Interpretation of this Division25

69. In this Division —“2nd transferee” means the person to which the whole or part ofa transferor’s business that was transferred to a transferee bya certificate of transfer, is or is to be transferred from thetransferee in accordance with an onward transfer certificate
under section 73;“business” includes affairs, property, right, obligation andliability;

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“certificate of transfer” means a certificate of transfer issued
under section 67;

5“onward transfer” means the transfer by the transferee to the
2nd transferee, in accordance with an onward transfer
certificate under section 73, of the whole or part of thebusiness transferred to the transferee by a certificate oftransfer;

10“reverse transfer” means the transfer by the transferee to thetransferor in accordance with a reverse transfer certificate
under section 71, of the whole or part of the transferor’sbusiness that was transferred to the transferee by a certificate
of transfer;

15“transferee” means the person to which the whole or part of atransferor’s business has been transferred by a certificate oftransfer;“transferor” means a pertinent financial institution the whole orpart of the business of which has been transferred by acertificate of transfer.
Reverse transfer of business

20

70.—(1) Subject to this section, the Authority may, at any time after
the transfer of any business under a certificate of transfer, make adetermination that the whole or any part of the business transferred tothe transferee by the certificate be transferred back to the transferor.
(2) The Authority may make such determination if —2530(a) the board of directors of the transferee (if it is a
corporation), or the committee of management of thetransferee (if it is a co-operative society), consents to thereverse transfer; and(b) the conditions prescribed by regulations made under
section 135 are met.
(3) The Authority must submit every determination undersubsection (1) to the Minister for approval.

113(4) The Minister may —(a) approve a determination under subsection (1) without
modification;(b) approve a determination under subsection (1) subject toany modification the Minister considers appropriate, if theboard of directors of the transferee (if it is a corporation),or the committee of management of the transferee (if it is a
co-operative society), agrees to the modification; or

5(c) refuse to approve the determination.
(5) An approval under subsection (4)(a) or (b) is subject to suchconditions as the Minister may determine to be necessary to giveeffect to the determination, and the Minister may add to, vary or
revoke any such condition.
(6) The transferor or the transferee (as the case may be) mustcomply with every condition mentioned in subsection (5) that applies
to it and of which it has been given written notice by the Authority.
(7) A person that contravenes subsection (6) shall be guilty of an
offence and shall be liable on conviction to a fine not exceeding$250,000 and, in the case of a continuing offence, to a further fine notexceeding $25,000 for every day or part of a day during which theoffence continues after conviction.
(8) A determination under subsection (1) or an approval undersubsection (4)(a) or (b) of the determination does not prevent theexercise of any power by the Authority or the Minister under this Act
or the relevant Act applicable to the transferor.

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25

Reverse transfer certificate
71.—(1) If the Minister approves a determination under section 70,
the Minister must, as soon as practicable, issue a certificate (called inthis section the reverse transfer certificate), which is to come into
effect on the date specified in the certificate.
(2) The reverse transfer certificate must specify such information as
may be prescribed by regulations made under section 135.

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(3) The reverse transfer certificate may make provision for one ormore of the following matters:(a) the reverse transfer approved by the Minister;5(b) the effective date of the reverse transfer, if different fromthe date on which the reverse transfer certificate comes into
effect;(c) the consideration, if any, to be returned by the transferee tothe transferor and the period within which theconsideration is to be returned;

1015(d) the rescission of provisions made for any of the matters
mentioned in section 67(3)(c) and (d) in the certificate oftransfer concerned;(e) such incidental, consequential and supplementary matters
as are, in the Minister’s opinion, necessary to secure thatthe reverse transfer is fully effective, including any
condition mentioned in section 70(5).
(4) The Minister may, at any time before the reverse transfer
certificate comes into effect, add to, vary or revoke any matter
specified in the reverse transfer certificate.

20(5) On or before the date on which the reverse transfer certificate
comes into effect, the Authority must cause the reverse transfer
certificate, and any addition, variation or revocation mentioned insubsection (4) to be —(a) served on the transferor and the transferee; and25(b) published in the Gazette and in such newspaper ornewspapers as the Minister may determine.
(6) Subject to subsection (7), unless otherwise specified in thereverse transfer certificate, the effective date of the reverse transfer isthe date on which the reverse transfer certificate comes into effect.

30(7) Despite any written law or rule of law (including section 67 as it
applies to the certificate of transfer in question), on the effective dateof the reverse transfer —115(a) subject to subsection (10) —(i) the business that is the subject of the reverse transfer
is transferred back to and vests in the transferor
without other or further assurance, act or deed; and(ii) the reverse transfer certificate has effect according to
its tenor and is binding on any person affected by it;(b) no deed, bond, agreement or other arrangement mentioned
in section 67(8)(b) which relates to the business that is the
subject of the reverse transfer is considered terminated byreason only of the reverse transfer, but each of thesecontinues in full force and effect and is once again
enforceable by or against the transferor, as the case may be;510(c) no deed, bond, agreement or other arrangement —(i) that is entered into by the transferee after the transferof business under the certificate of transfer under
section 67, but before the effective date of the reverse
transfer; and15(ii) which relates to the business that is the subject of thereverse transfer,
is considered terminated by reason only of the reverse
transfer, but each of these continues in full force and effect,
and is enforceable by or against the transferor (as the casemay be), as if the transferor had been named in it or had
been a party to it instead of the transferee; and20(d) any proceedings or cause of action, by or against thetransferee, pending or existing immediately before theeffective date of the reverse transfer (including thosementioned in section 67(8)(c)), and relating to the businessthat is the subject of the reverse transfer may be continued
and enforced by or against the transferor as from that date.

25(8) Subsection (7)(b) and (c) does not apply to a contract of
employment.
(9) To avoid doubt, this section does not affect the operation ofsection 18A of the Employment Act 1968.

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(10) Section 67(11) to (20) applies in relation to a reverse transfer
as it applies to a transfer of business under that provision as if —(a) a reference to the business to be transferred is a reference tothe business that is the subject of the reverse transfer;
5(b) a reference to the transferor is a reference to the transferee;(c) a reference to the transferee is a reference to the transferor;and(d) a reference to the certificate of transfer is a reference to thereverse transfer certificate.

10

Onward transfer of business72.—(1) Subject to this section, the Authority may, at any time after
the transfer of any business under a certificate of transfer, make adetermination that the whole or any part of the business transferred tothe transferee by the certificate be transferred to another transferee.

15(2) The Authority may make such determination if —(a) the board of directors of the 2nd transferee (if it is a
corporation), or the committee of management of the
2nd transferee (if it is a co-operative society), consents tothe transfer; and20(b) the transferee is an entity established or incorporated to do
one or both of the following:(i) temporarily hold and manage the assets andliabilities of the transferor;

25(ii) do any other act for the orderly resolution of thetransferor.
(3) The Authority must submit every determination undersubsection (1) to the Minister for approval.
(4) The Minister may —30(a) approve a determination under subsection (1) without
modification;(b) approve a determination under subsection (1) subject toany modification the Minister considers appropriate, if the

117board of directors of the 2nd transferee (if it is a
corporation), or the committee of management of the
2nd transferee (if it is a co-operative society), agrees to themodification; or(c) refuse to approve the determination.

5(5) An approval under subsection (4)(a) or (b) is subject to suchconditions as the Minister may determine to be necessary to giveeffect to the determination, and the Minister may add to, vary or
revoke any such condition.
(6) The transferee or 2nd transferee (as the case may be) mustcomply with every condition mentioned in subsection (5) that applies
to it and of which it has been given written notice by the Authority.
(7) A person that contravenes subsection (6) shall be guilty of an
offence and shall be liable on conviction to a fine not exceeding$250,000 and, in the case of a continuing offence, to a further fine notexceeding $25,000 for every day or part of a day during which theoffence continues after conviction.
(8) A determination under subsection (1) or an approval undersubsection (4)(a) or (b) of the determination does not prevent theexercise of any power by the Authority or the Minister under this Act
or the relevant Act applicable to the transferor.

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Onward transfer certificate
73.—(1) If the Minister approves a determination under section 72,
the Minister must, as soon as practicable, issue a certificate (called inthis section the onward transfer certificate), which is to come into
effect on the date specified in the certificate.

25(2) The onward transfer certificate must specify such informationas may be prescribed by regulations made under section 135.
(3) The onward transfer certificate may make provision for all or
any of the following matters:(a) the onward transfer approved by the Minister;

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(b) the effective date of the onward transfer, if different fromthe date on which the onward transfer certificate comes
into effect;
510(c) the consideration, if any, to be paid by the 2nd transferee tothe transferee and the period within which theconsideration is to be paid;(d) such incidental, consequential and supplementary matters
as are, in the Minister’s opinion, necessary to secure thatthe onward transfer is fully effective, including any
condition mentioned in section 72(5).
(4) The Minister may, at any time before the onward transfer
certificate comes into effect, add to, vary or revoke any matter
specified in the onward transfer certificate.

15(5) On or before the date on which the onward transfer certificate
comes into effect, the Authority must cause the onward transfer
certificate and any addition, variation or revocation mentioned insubsection (4) —(a) to be served on the transferee and the 2nd transferee; and20(b) to be published in the Gazette and in such newspaper ornewspapers as the Minister may determine.
(6) Subject to subsection (7), unless otherwise specified in the
onward transfer certificate, the effective date of the onward transfer isthe date on which the onward transfer certificate comes into effect.

25(7) Despite any written law or rule of law (including section 67 as it
applies to the certificate of transfer in question), on the effective dateof the onward transfer —(a) subject to subsection (10) —30(i) the business that is the subject of the onward transfer
is transferred to and vests in the 2nd transferee
without other or further assurance, act or deed; and(ii) the onward transfer certificate has effect according to
its tenor and is binding on any person affected by it;

119(b) no deed, bond, agreement or other arrangement (including
any deed, bond, agreement or other arrangement
mentioned in section 67(8)(b)) which relates to thebusiness that is the subject of the onward transfer, isconsidered terminated by reason only of the onward
transfer, but each of these continues in full force andeffect and is enforceable by or against the 2nd transferee(as the case may be) as if the 2nd transferee had been
named in it or had been a party to it instead of thetransferee; and(c) any proceedings or cause of action, by or against thetransferee, pending or existing immediately before theeffective date of the onward transfer (including thosementioned in section 67(8)(c)) and relating to the businessthat is the subject of the onward transfer may be continued
and enforced by or against the 2nd transferee as from that
date.

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15

(8) Subsection (7)(b) does not apply to a contract of employment.
(9) To avoid doubt, this section does not affect the operation ofsection 18A of the Employment Act 1968.

20(10) Section 67(11) to (20) applies in relation to an onward transfer
as it applies to a transfer of business under this section as if —(a) a reference to the business to be transferred is a reference tothe business that is the subject of the onward transfer;(b) a reference to the transferor is a reference to the transferee;(c) a reference to the transferee is a reference to the
2nd transferee; and(d) a reference to the certificate of transfer is a reference to theonward transfer certificate.

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Division 4 — Compulsory transfer of shares of pertinent
financial institution
Interpretation of this Division
74.—(1) In this Division, unless the context otherwise requires —5“business” includes affairs, property, right, obligation andliability;“certificate” means a certificate of transfer issued by the
Minister under section 76(1);10“determination” means a determination made by the Authority
under section 75(1);“property” includes property, right and power of every
description;

15

20“significant shareholder”, in relation to a pertinent financial
institution, means any person prescribed by regulations madeunder section 135 as a significant shareholder for that
pertinent financial institution;“significant shareholder provisions”, in relation to any pertinent
financial institution, means such provisions of written law as
may be prescribed by regulations made under section 135 as
significant shareholder provisions for that pertinent financial
institution;“transferee” means any person to whom a transferor’s sharesare, are to be, or are proposed to be, transferred under this
Division;

25

30“transferor” means a shareholder of a pertinent financial
institution whose shares in the pertinent financial
institution are, are to be, or are proposed to be, transferredunder this Division.
(2) This Division does not apply where the pertinent financial
institution is a co-operative society.

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Compulsory transfer of shares75.—(1) The Authority may make a determination that all or any of
the shares held by a transferor in a pertinent financial institution
incorporated in Singapore be transferred to a transferee, if —(a) any ground exists for the Authority to exercise any power
under the relevant provisions in relation to the pertinent
financial institution, whether or not the Authority has
exercised the power;(b) the transferee or, where the transferee is a corporation or
co-operative society, the board of directors of thetransferee (in any case where the transferee is a
corporation), or the committee of management of thetransferee (in any case where the transferee is a
co-operative society), has consented to the transfer; and(c) the Authority is satisfied that the transfer is appropriate,having regard to —

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15

(i) in any case where the pertinent financial institution isa bank —(A) the interests of the depositors of the pertinent
financial institution given priority and theorder of priority of each class of depositors
under section 62 of the Banking Act 1970;(B) if the transferee is a bank, the interests of thedepositors of the transferee given priority andthe order of priority of each class of depositors
under section 62 of the Banking Act 1970;

2025(C) the stability of the financial system in
Singapore; and(D) any other matter that the Authority considers
relevant;(ii) in any case where the pertinent financial institution isa finance company licensed under the Finance
Companies Act 1967 —

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10

(A) the interests of the depositors of the pertinent
financial institution given priority and theorder of priority of each class of depositors
under section 44A of the Finance Companies
Act 1967;(B) if the transferee is a finance company licensed
under the Finance Companies Act 1967, theinterests of the depositors of the transferee
given priority and the order of priority of eachclass of depositors under section 44A of that
Act;(C) the stability of the financial system in
Singapore; and

15(D) any other matter that the Authority considers
relevant;(iii) in any case where the pertinent financial institution isan insurer licensed under the Insurance Act 1966 —2025(A) the interests of the policy owners of the insurer
given priority and the order of priority of eachclass of policy owners under section 123 of the
Insurance Act 1966;(B) if the transferee is an insurer licensed under the
Insurance Act 1966, the interests of the policy
owners of the transferee given priority and theorder of priority of each class of policy owners
under section 123 of that Act;(C) the stability of the financial system in
Singapore;

30(D) whether the PPF Agency has to make a payout
from any of the PPF Funds to the transferee andthe amount of such payout, if any; and(E) any other matter that the Authority considers
relevant; or123(iv) in any other case —(A) the interests of the affected persons of thepertinent financial institution;(B) the interests of the affected persons, if any, ofthe transferee;5(C) the stability of the financial system in
Singapore; and(D) any other matter that the Authority considers
relevant.
(2) The Authority may, before making a determination, appoint one
or more persons —10(a) to perform an independent assessment of —(i) the proposed transfer of shares; and(ii) the consideration, if any, that should be paid by thetransferee; and15(b) to provide to the Authority a report on the assessment andon the proposed transfer.
(3) The remuneration and expenses of any person appointed undersubsection (2) must be paid by the pertinent financial institution.
(4) The Authority must serve a copy of any report provided undersubsection (2) on the transferor and the transferee.

20(5) Upon making a determination, the Authority must submit thedetermination to the Minister for approval.
(6) Before approving the determination, the Minister must, unlessthe Minister decides that it is not practicable or desirable to do so —25(a) publish in the Gazette and in such newspaper ornewspapers as the Minister may determine a notice ofthe Minister’s intention to approve the determination,
specifying such particulars as the Minister considers
appropriate; and30(b) cause to be given to the transferor written notice of the
Minister’s intention to approve the determination,

124

specifying such particulars as the Minister considers
appropriate and the date by which the transferor may
make written representations to the Minister.
510(7) In determining the period within which written representations
have to be made under subsection (6), the Minister must take into
account the need for the transfer to be effected expeditiously in theinterest of the stability of the financial system in Singapore.
(8) Upon receipt of any written representation, the Minister must
consider the representation for the purpose of deciding whether toapprove the determination.
(9) Where the determination, if approved, will result in thetransferee becoming a significant shareholder of the pertinent
financial institution, the Minister must not approve thedetermination unless —15(a) the Authority is satisfied that —(i) the transferee is a fit and proper person under the
Guidelines on Fit and Proper Criteria; and20(ii) having regard to the likely influence of thetransferee, the pertinent financial institution will or
will continue to conduct its business prudently andcomply with the provisions of this Act and therelevant Act applicable to the pertinent financial
institution; and(b) the Minister is satisfied that —25(i) in any case where the pertinent financial institution isa bank incorporated in Singapore, it is in the national
interest to do so; or(ii) in any other case, it is in the public interest to do so.
(10) The Minister may —30(a) approve the determination without modification;(b) approve the determination subject to any modification the
Minister considers appropriate, if the transferee or, where
the transferee is a corporation or co-operative society, the125board of directors of the transferee (in any case where thetransferee is a corporation), or the committee ofmanagement of the transferee (in any case where thetransferee is a co-operative society), has agreed to themodification; or

5(c) refuse to approve the determination.
(11) An approval under subsection (10) is subject to suchconditions as the Minister may determine to be necessary to giveeffect to the determination, and the Minister may add to, vary or
revoke any such condition.

10(12) The transferor must comply with every condition referred to in
subsection (11) that applies to the transferor and of which it has been
given written notice by the Authority.
(13) The transferee must comply with every condition referred to in
subsection (11) that applies to the transferee and of which it has been
given written notice by the Authority.
(14) A person that contravenes subsection (12) or (13) shall be
guilty of an offence and shall be liable on conviction to a fine notexceeding $250,000 and, in the case of a continuing offence, to afurther fine not exceeding $25,000 for every day or part of a day
during which the offence continues after conviction.
(15) A determination, an approval under subsection (10)(a) or (b)of a determination or the issue of a certificate does not preclude theexercise of any power by the Authority or the Minister under this Act
or the relevant Act applicable to the pertinent financial institution.

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25

Certificate of transfer
76.—(1) If the Minister approves a determination, the Minister
must, as soon as practicable, issue a certificate of transfer, whichcomes into effect on the date specified by the Minister in thecertificate.
(2) The certificate must specify such information as may beprescribed by regulations made under section 135.
(3) The certificate may make provision for all or any of thefollowing matters:

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(a) the transfer to the transferee of all or any of the shares of
the transferor in the pertinent financial institution;(b) any share in the pertinent financial institution which is heldby the transferor as trustee;510(c) the consideration, if any, to be paid by the transferee to thetransferor, and the period within which the consideration is
to be paid;(d) such incidental, consequential and supplementary matters
as are, in the Minister’s opinion, necessary to secure thatthe transfer is fully effective, including conditions relating
to the transfer.
(4) The Minister may at any time before the certificate comes into
effect add to, vary or revoke any matter specified in the certificate.

15(5) On or before the date on which the certificate comes into effect,
the Authority must cause the certificate and any addition, variation or
revocation referred to in subsection (4) to be —(a) served on the pertinent financial institution; and(b) published in the Gazette and in such newspaper ornewspapers as the Minister may determine.

2025(6) Despite any written law or rule of law, or anything in thememorandum and articles of association of the pertinent financial
institution, upon the certificate coming into effect —(a) any share of the transferor that is to be transferred under thecertificate is transferred to and vests in the transferee, freefrom any claim or encumbrance, without other or further
assurance, act or deed; and(b) the certificate has effect according to its tenor and isbinding on any person thereby affected.

30(7) To avoid doubt, the shares of the transferor are transferred toand vest in the transferee in accordance with subsection (6), despite
the death or dissolution, the bankruptcy or winding up, or the mental
or other incapacity, of the transferor.

127(8) Section 130(1) of the Insolvency, Restructuring and Dissolution
Act 2018 does not apply to the transfer of any share under thecertificate.
(9) Where the transfer of shares under the certificate results in thetransferee becoming a significant shareholder of the pertinent
financial institution, upon the coming into effect of the certificate,
the transferee —(a) is treated as having obtained the approval of the Minister or
the Authority (as the case may be) under the significant
shareholder provisions applicable to the pertinent financial
institution, in respect of the shares; and(b) is not required to make a take-over offer or to acquire theshares of the other shareholders of the pertinent financial
institution, despite the provisions of the Companies
Act 1967 or the Take-over Code.

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(10) A transferor or transferee who fails to comply with any
provision in the certificate shall be guilty of an offence and shall be
liable on conviction —(a) in the case of an individual, to a fine not exceeding$125,000 or to imprisonment for a term not exceeding
3 years or to both and, in the case of a continuing offence,
to a further fine not exceeding $12,500 for every day orpart of a day during which the offence continues afterconviction; or(b) in any other case, to a fine not exceeding $250,000 and, inthe case of a continuing offence, to a further fine notexceeding $25,000 for every day or part of a day during
which the offence continues after conviction.
(11) Where a person is charged with an offence undersubsection (10), it is a defence for the person to prove that —(a) the person was not aware that the person had contravened
any provision in the certificate; and

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(b) the person has complied with the provision within areasonable time after becoming aware of thecontravention.
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(12) Except as provided in subsection (11), it is not a defence for a
person charged with an offence under subsection (10) that the person
did not intend to or did not knowingly contravene any provision in thecertificate.
(13) Despite section 62(2) but subject to section 134, during theperiod beginning on the date on which the Minister publishes thenotice under section 75(6) in the Gazette on the transfer of any sharein a pertinent financial institution or (where the notice is not
published in the Gazette) the date on which the Authority publishes
the certificate under subsection (5) in the Gazette on the transfer ofthe share, and ending on the date on which the transfer of the sharecomes into effect —(a) no enforcement order or other legal process may becommenced or continued against the share;(b) no steps may be taken to enforce any security over theshare;

20(c) any sale, transfer, assignment or other disposition of theshare is void;(d) no voting rights are exercisable in respect of the share,
unless the Minister expressly permits such rights to be
exercised;2530(e) no shares in the pertinent financial institution may be
issued or offered (whether by ways of rights, bonus orotherwise) in respect of the share, unless the Minister
expressly permits such issue or offer;(f) no payment may be made by the pertinent financial
institution of any amount (whether by dividends orotherwise) in respect of the share, unless the Minister
expressly authorises such payment;(g) no resolution may be passed, and no order may be made,for the winding up of the pertinent financial institution;

129(h) no judicial manager may be appointed under Part 7 of theInsolvency, Restructuring and Dissolution Act 2018 inrelation to the pertinent financial institution;(i) no proceedings may be commenced or continued against
the pertinent financial institution in respect of any businessof the pertinent financial institution;

5(j) no enforcement order, distress or other legal process may
be commenced, levied or continued against any property ofthe pertinent financial institution;(k) no steps may be taken to enforce any security over any
property of the pertinent financial institution; and(l) any sale, transfer, assignment or other disposition of any
property of the pertinent financial institution is void,
except for (where the pertinent financial institution is an
insurer licensed under the Insurance Act 1966) any
payment of claims to policy owners or claimants, otherthan policy owners who are related corporations of thepertinent financial institution.
Division 5 — Compulsory restructuring ofshare capital of pertinent financial institution

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Interpretation of this Division
77. In this Division, unless the context otherwise requires —“business” includes affairs, property, right, obligation andliability;“certificate” means a certificate of restructuring of share capitalissued by the Minister under section 79(1);25“determination” means a determination made by the Authority
under section 78(1) or (2);“property” includes property, right and power of every
description;“significant shareholder”, in relation to a pertinent financial
institution, means any person prescribed by regulations made

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under section 135 as a significant shareholder for that
pertinent financial institution;

5“significant shareholder provisions”, in relation to any pertinent
financial institution, means such provisions of written law as
may be prescribed by regulations made under section 135 forthat pertinent financial institution;“subscriber” means any person to whom shares in a pertinent
financial institution incorporated in Singapore are, are to be,
or are proposed to be, issued under this Division.

10

Compulsory restructuring of share capital
78.—(1) The Authority may make a determination that the sharecapital of a pertinent financial institution incorporated in Singapore
be reduced by the cancellation of the whole or any part of any sharecapital not paid up, or of any paid-up share capital, if —15(a) any ground exists for the Authority to exercise any power
under the relevant provisions in relation to the pertinent
financial institution, whether or not the Authority has
exercised the power; and(b) the Authority is of the opinion that —2025(i) the liability on any of the shares of the pertinent
financial institution in respect of share capital not
paid up ought to be extinguished or reduced; or(ii) any paid-up share capital of the pertinent financial
institution is lost or not represented by the available
assets of the pertinent financial institution.
(2) The Authority may make a determination that shares be issued
by a pertinent financial institution incorporated in Singapore to a
subscriber, if —30(a) any ground exists for the Authority to exercise any power
under the relevant provisions in relation to the pertinent
financial institution, whether or not the Authority has
exercised the power;

131(b) the subscriber or, where the subscriber is a corporation or
co-operative society, the board of directors of thesubscriber (in any case where the subscriber is a
corporation), or the committee of management of thesubscriber (in any case where the subscriber is a
co-operative society), has consented to subscribe for theshares; and5(c) the Authority is satisfied that the issue of shares isappropriate, having regard to —(i) in any case where the pertinent financial institution isa bank —(A) the interests of the depositors of the pertinent
financial institution given priority and theorder of priority of each class of depositors
under section 62 of the Banking Act 1970;

1015(B) if the subscriber is a bank, the interests of thedepositors of the subscriber given priority andthe order of priority of each class of depositors
under section 62 of the Banking Act 1970;(C) the stability of the financial system in
Singapore; and20(D) any other matter that the Authority considers
relevant;(ii) in any case where the pertinent financial institution isa finance company licensed under the Finance
Companies Act 1967 —(A) the interests of the depositors of the pertinent
financial institution given priority and theorder of priority of each class of depositors
under section 44A of the Finance Companies
Act 1967;(B) if the subscriber is a finance company licensed
under the Finance Companies Act 1967, theinterests of the depositors of the subscriber

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given priority and the order of priority of eachclass of depositors under section 44A of thatAct;5(C) the stability of the financial system in
Singapore; and(D) any other matter that the Authority considers
relevant;(iii) in any case where the pertinent financial institution isan insurer licensed under the Insurance Act 1966 —

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(A) the interests of the policy owners of the insurer
given priority and the order of priority of eachclass of policy owners under section 123 of the
Insurance Act 1966;(B) if the subscriber is an insurer licensed under the
Insurance Act 1966, the interests of the policy
owners of the subscriber given priority and theorder of priority of each class of policy owners
under section 123 of that Act;(C) the stability of the financial system in
Singapore; and(D) any other matter that the Authority considers
relevant; or(iv) in any other case —25(A) the interests of the affected persons of thepertinent financial institution;(B) the interests of the affected persons, if any, ofthe subscriber;(C) the stability of the financial system in
Singapore; and30(D) any other matter that the Authority considers
relevant.
(3) The Authority may, before making a determination, appoint one
or more persons —133(a) to perform an independent assessment of —(i) in the case of a determination to be made undersubsection (1), the value of the assets of the pertinent
financial institution and the extent to which thewhole or any part of any share capital not paid up, orof any paid-up share capital, should be cancelled;and(ii) in the case of a determination to be made undersubsection (2), the value of the assets of the pertinent
financial institution in which the shares are proposed
to be issued and the consideration, if any, that shouldbe paid by the subscriber; and510(b) to provide to the Authority a report on the assessment andon the proposed restructuring of share capital.
(4) The remuneration and expenses of any person appointed undersubsection (3) must be paid by the pertinent financial institution inwhich the shares are proposed to be cancelled or issued, as the casemay be.
(5) The Authority must serve a copy of any report provided undersubsection (3) —1520(a) on the pertinent financial institution in which the shares areproposed to be cancelled or issued, as the case may be; and(b) where the report is in relation to a determination to be madeunder subsection (2), on the subscriber.
(6) Upon making a determination, the Authority must submit thedetermination to the Minister for approval.

25(7) Before approving the determination, the Minister must, unlessthe Minister decides that it is not practicable or desirable to do so —(a) publish in the Gazette and in such newspaper ornewspapers as the Minister may determine a notice ofthe Minister’s intention to approve the determination,
specifying such particulars as the Minister considers
appropriate and the date by which any shareholder of thepertinent financial institution in which the shares are

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proposed to be cancelled or issued (as the case may be)
may make written representations to the Minister; and

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(b) cause to be given to the pertinent financial institution
written notice of the Minister’s intention to approve thedetermination, specifying such particulars as the Ministerconsiders appropriate and the date by which the pertinent
financial institution may make written representations to
the Minister.
(8) In determining the period within which written representations
have to be made under subsection (7), the Minister must take into
account the need for the restructuring of share capital to be effected
expeditiously in the interest of the stability of the financial system in
Singapore.
(9) Upon receipt of any written representation, the Minister must
consider the representation for the purpose of deciding whether toapprove the determination.
(10) Where a determination under subsection (2), if approved, will
result in the subscriber becoming a significant shareholder, theMinister must not approve the determination unless —20(a) the Authority is satisfied that —(i) the subscriber is a fit and proper person under the
Guidelines on Fit and Proper Criteria; and25(ii) having regard to the likely influence of thesubscriber, the pertinent financial institution will or
will continue to conduct its business prudently andcomply with the provisions of this Act and therelevant Act applicable to the pertinent financial
institution; and(b) the Minister is satisfied that —30(i) in any case where the pertinent financial institution isa bank incorporated in Singapore, it is in the national
interest to do so; or(ii) in any other case, it is in the public interest to do so.

135(11) The Minister may —(a) approve the determination without modification;(b) in the case of a determination under subsection (1),approve the determination subject to any modification
the Minister considers appropriate;

5(c) in the case of a determination under subsection (2),approve the determination subject to any modification
the Minister considers appropriate, if the subscriber or,
where the subscriber is a corporation or co-operative
society, the board of directors of the subscriber (in any casewhere the subscriber is a corporation), or the committee ofmanagement of the subscriber (in any case where thesubscriber is a co-operative society), has agreed to themodification; or

10(d) refuse to approve the determination.

15(12) An approval under subsection (11) is subject to suchconditions as the Minister may determine to be necessary to giveeffect to the determination, and the Minister may add to, vary or
revoke any such condition.
(13) The pertinent financial institution must comply with every
condition referred to in subsection (12) that applies to it and of which
it has been given written notice by the Authority.

20(14) The subscriber must comply with every condition referred toin subsection (12) that applies to the subscriber and of which thesubscriber has been given written notice by the Authority.

25(15) A person that contravenes subsection (13) or (14) shall be
guilty of an offence and shall be liable on conviction to a fine notexceeding $250,000 and, in the case of a continuing offence, to afurther fine not exceeding $25,000 for every day or part of a day
during which the offence continues after conviction.

30(16) A determination, an approval under subsection (11)(a), (b) or(c) of a determination or the issue of a certificate does not preclude
the exercise of any power by the Authority or the Minister under this136

Act or the relevant Act applicable to the pertinent financial
institution.
Certificate of restructuring of share capital
5

79.—(1) If the Minister approves a determination, the Minister
must, as soon as practicable, issue a certificate of restructuring ofshare capital, which comes into effect on the date specified by the
Minister in the certificate.
(2) The certificate must specify such information as may beprescribed by regulations made under section 135.

10(3) The certificate may make provision for all or any of thefollowing matters:(a) the cancellation of the whole or any part of the share capitalof the pertinent financial institution not paid up;

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(b) the cancellation of the whole or any part of the paid-up
share capital of the pertinent financial institution which islost or not represented by the available assets of thepertinent financial institution;(c) the shares to be issued by the pertinent financial institution
to the subscriber, the consideration, if any, to be paid by thesubscriber for the shares and the period within which theconsideration is to be paid;(d) such incidental, consequential and supplementary matters
as are, in the Minister’s opinion, necessary to secure thatthe restructuring of share capital is fully effective,
including conditions relating to the restructuring of sharecapital.
(4) The Minister may at any time before the certificate comes into
effect add to, vary or revoke any matter specified in the certificate.

30(5) On or before the date on which the certificate comes into effect,
the Authority must cause the certificate and any addition, variation or
revocation referred to in subsection (4) to be —(a) served on the pertinent financial institution; and137(b) published in the Gazette and in such newspaper ornewspapers as the Minister may determine.
(6) Despite any written law or rule of law, or anything in thememorandum and articles of association of the pertinent financial
institution, upon the certificate coming into effect —5(a) where the certificate provides for a reduction of the sharecapital of the pertinent financial institution —(i) the reduction of the share capital takes effect without
other or further act by the pertinent financial
institution; and10(ii) the certificate has effect according to its tenor and isbinding on any person thereby affected; or(b) where the certificate provides for the issue of shares by thepertinent financial institution —(i) the pertinent financial institution must issue theshares in accordance with the certificate; and15(ii) the certificate has effect according to its tenor and isbinding on any person thereby affected.
(7) Where the issue of shares under the certificate results in thesubscriber becoming a significant shareholder of the pertinent
financial institution, upon the coming into effect of the certificate,
the subscriber —(a) is treated as having obtained the approval of the Minister or
the Authority (as the case may be) under the significant
shareholder provisions applicable to the pertinent financial
institution, in respect of the shares; and(b) is not required to make a take-over offer or to acquire theshares of the other shareholders of the pertinent financial
institution, despite the provisions of the Companies
Act 1967 or the Take-over Code.
(8) The pertinent financial institution must lodge a copy of thecertificate with the Registrar of Companies within 7 days after being
served the certificate.

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(9) A pertinent financial institution that or a subscriber who fails tocomply with any provision in the certificate shall be guilty of an
offence and shall be liable on conviction —
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(a) in the case of an individual, to a fine not exceeding$125,000 or to imprisonment for a term not exceeding
3 years or to both and, in the case of a continuing offence,
to a further fine not exceeding $12,500 for every day orpart of a day during which the offence continues afterconviction; or(b) in any other case, to a fine not exceeding $250,000 and, inthe case of a continuing offence, to a further fine notexceeding $25,000 for every day or part of a day during
which the offence continues after conviction.
(10) Where a person is charged with an offence undersubsection (9), it is a defence for the person to prove that —(a) the person was not aware that the person had contravened
any provision in the certificate; and20(b) the person has complied with the provision within areasonable time after becoming aware of thecontravention.
(11) Except as provided in subsection (10), it is not a defence for a
person charged with an offence under subsection (9) that the person
did not intend to or did not knowingly contravene any provision in thecertificate.

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(12) A pertinent financial institution that contravenes
subsection (8), and every officer of the pertinent financial
institution who fails to take all reasonable steps to securecompliance by the pertinent financial institution with that
subsection, shall each be guilty of an offence and shall each beliable on conviction to a fine not exceeding $2,000 and, in the case of
a continuing offence, to a further fine not exceeding $200 for every
day or part of a day during which the offence continues afterconviction.
(13) Despite section 62(2) but subject to section 134, during theperiod beginning on the date on which the Minister publishes the

139

notice under section 78(7) in the Gazette on the restructuring of theshare capital of a pertinent financial institution or (where the notice is
not published in the Gazette) the date on which the Authority
publishes the certificate under subsection (5) in the Gazette on the
restructuring of the share capital, and ending on the date on which thecertificate comes into effect —5(a) no resolution may be passed, and no order may be made,for the winding up of the pertinent financial institution;(b) no judicial manager may be appointed under Part 7 of theInsolvency, Restructuring and Dissolution Act 2018 inrelation to the pertinent financial institution;

10(c) no proceedings may be commenced or continued against
the pertinent financial institution in respect of any businessof the pertinent financial institution;(d) no enforcement order, distress or other legal process may
be commenced, levied or continued against any property ofthe pertinent financial institution;

15(e) no steps may be taken to enforce any security over any
property of the pertinent financial institution; and(f) any sale, transfer, assignment or other disposition of any
property of the pertinent financial institution is void,
except for (where the pertinent financial institution is an
insurer licensed under the Insurance Act 1966) any
payment of claims to policy owners or claimants, otherthan policy owners who are related corporations of thepertinent financial institution.

2025(14) In subsection (12), “officer”, in relation to a pertinent financial
institution, includes —(a) a director, a secretary or an executive officer of thepertinent financial institution;(b) a receiver or manager of any part of the undertaking of thepertinent financial institution appointed under a power
contained in any instrument; and

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(c) a liquidator of the pertinent financial institution appointed
in a voluntary winding up.
Division 6 — Bail-in powers
Interpretation of this Division
580.—(1) In this Division, unless the context otherwise requires —“appointed date”, in relation to a bail-in certificate, means thedate appointed for the bail-in certificate to take effect, as
specified in the notification under section 84(2);10“bail-in certificate” means a bail-in certificate issued under
section 84(1);“determination” means a determination made by the Authority
under section 82(1);15“Division 6 FI” or Division 6 financial institution, means apertinent financial institution that belongs to a class of
pertinent financial institutions prescribed by regulations
made under section 135 as Division 6 financial institutions;“eligible instrument” means an instrument or a liability within aclass of instruments or liabilities that are prescribed byregulations made under section 135 as eligible instruments;

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“pre-resolution creditor” means any person who was a creditorof a Division 6 FI immediately before the date of publicationin the Gazette of the bail-in certificate;“pre-resolution shareholder” means any person who,
immediately before the date of publication in the Gazetteof the bail-in certificate, held shares or other instrument
conferring or representing a legal or beneficial ownershipinterest in a Division 6 FI;“resulting FI” or resulting financial institution, in relation to a
Division 6 FI, means an entity established or incorporated to
do one or both of the following:(a) temporarily hold and manage the assets and liabilitiesof the Division 6 FI;

141(b) do any act for the orderly resolution of the Division 6
FI,
and which issued or must issue a share or other similar
instrument representing a legal or beneficial ownershipinterest, pursuant to a provision of a bail-in certificate
issued for that Division 6 FI;“significant shareholder”, in relation to a Division 6 FI or
resulting FI, means any person falling within a description ofshareholders of the Division 6 FI or resulting FI prescribed byregulations made under section 135 as its significant
shareholders;510“significant shareholder provision” means a provision of any
written law that is prescribed by regulations made under
section 135 as a significant shareholder provision.
(2) For the purposes of this Division, a reference to cancelling an
eligible instrument includes cancelling the eligible instrument inwhole or in part.
(3) For the purposes of this Division, a reference to modifying,
converting, or changing the form of an eligible instrument is areference to —1520(a) converting the whole or a part of the eligible instrumentfrom one form or class to another;(b) replacing the whole or a part of the eligible instrument withanother instrument or liability of a different form or class;(c) creating a new instrument (of any form or class) or liability
in connection with the modification of the eligible
instrument; or(d) converting the whole or a part of the eligible instrument
into shares or other similar instrument issued by a resulting
FI.
Exercise of powers under this Division
81.—(1) In exercising any power under this Division, the Authority
must have regard to the desirability of giving each pre-resolution

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creditor or pre-resolution shareholder of a Division 6 FI the priority
and treatment the pre-resolution creditor or pre-resolution
shareholder would have enjoyed had the Division 6 FI been woundup.
5(2) In determining whether to exercise its powers in accordancewith the priority and treatment a pre-resolution creditor or
pre-resolution shareholder of a Division 6 FI would have enjoyed
had the Division 6 FI been wound up, the Authority may consider thefollowing:

10(a) any widespread adverse impact that the Division 6 FI’s
failure would have on the financial system in Singapore or
the economy of Singapore, or both;(b) the need to maximise value for the benefit of all creditorsof the Division 6 FI as a whole;15(c) the public interest;(d) any other matter that the Authority considers relevant.

20(3) Any exercise of a power under this Division does not preventthe exercise of any other power of the Authority or the Minister under
this Act or the relevant Act applicable to the Division 6 FI or resultingFI.
Determination by Authority

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82.—(1) Subject to subsection (2), the Authority may make one ormore of the following determinations concerning one or more eligible
instruments issued by a Division 6 FI, or to which the Division 6 FI isa party or is subject:(a) that the eligible instrument or instruments should becancelled;(b) that the eligible instrument or instruments should be
modified, converted or changed in form;

30(c) that the eligible instrument or instruments should haveeffect as if a right of modification, conversion or change of
its or their form had been exercised.

143(2) The Authority may make the determination in subsection (1)if —(a) any ground exists for the Authority to exercise any power
under the relevant provisions applicable to the Division 6
FI, whether or not the Authority has exercised the power;and5(b) the Authority is of the opinion that —(i) the eligible instrument or instruments ought to bebailed in to facilitate the orderly resolution of theDivision 6 FI; or

10(ii) the Division 6 FI’s available assets do not or are
unlikely to support payment of its liabilities, as they
become due and payable.
(3) The Authority may, before making a determination, appoint one
or more persons —15(a) to perform an independent assessment of the extent towhich the acts mentioned in subsection (1)(a), (b) and (c)should be carried out for all or any eligible instruments;
and(b) to provide to the Authority a report on the assessment.

20(4) The remuneration and expenses of any person appointed undersubsection (3) are to be paid by the Division 6 FI.
(5) The Authority must serve a copy of any report provided undersubsection (3) on the Division 6 FI.
(6) Upon making a determination, the Authority must submit thedetermination to the Minister for approval.

25

Approval by Minister of determination
83.—(1) Before approving a determination of the Authority, theMinister must, unless the Minister decides that it is not practicable ordesirable to do so —

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(a) publish in the Gazette and in such newspaper ornewspapers as the Minister determines, a noticespecifying —5(i) the Minister’s
determination;

intentiontoapprovethe(ii) the date by which the holder of an eligible instrumentthat is the subject of the determination may makewritten representations to the Minister; and10(iii) such other particulars as the Minister considers
appropriate; and(b) give to the Division 6 FI written notice specifying —(i) the Minister’s
determination;

15

intentiontoapprovethe(ii) the date by which the Division 6 FI may makewritten representations to the Minister; and(iii) such other particulars as the Minister considers
appropriate.

20(2) In determining the period within which written representations
have to be made under subsection (1), the Minister must take into
account the need for the measures proposed by the determination tobe effected expeditiously in the interest of the stability of the financial
system in Singapore.
(3) The Minister must consider all written representations for the
purpose of deciding whether to approve the determination.

25(4) The Minister may —(a) approve the determination without modification;(b) approve the determination subject to any modification the
Minister considers appropriate; or(c) refuse to approve the determination.

30(5) An approval under subsection (4)(a) or (b) may be subject tosuch conditions as the Minister may determine to be necessary to give145

effect to the determination, and the Minister may add to, vary or
revoke any such condition.
(6) The Division 6 FI must comply with every condition mentioned
in subsection (5) that applies to it and of which it has been given
written notice by the Authority.

5(7) A person that contravenes subsection (6) shall be guilty of an
offence and shall be liable on conviction to a fine not exceeding$250,000 and, in the case of a continuing offence, to a further fine notexceeding $25,000 for every day or part of a day during which theoffence continues after conviction.

10

Bail-in certificate
84.—(1) If the Minister approves a determination, the Minister
must, as soon as practicable, issue a bail-in certificate.
(2) The bail-in certificate comes into effect on such date as the
Minister appoints by notification in the Gazette.

15(3) The bail-in certificate may make provision for one or more of
the following:(a) the cancellation of one or more eligible instruments;(b) the modification, conversion, or change in form of one ormore eligible instruments;

20(c) that one or more eligible instruments is or are to have effectas if a right of modification, conversion or change of its ortheir form had been exercised under it or them;(d) where provision under paragraph (c) is made, the details of
the modification, conversion or change of the form of theeligible instrument or instruments;(e) incidental, consequential and supplementary matters,
including a requirement that the Division 6 FI or any
other person must comply with a general or specificdirection set out in the certificate.
(4) The bail-in certificate must include such information as may beprescribed by regulations made under section 135.

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(5) The bail-in certificate may —(a) make provision generally or only for specified purposes,
cases or circumstances; and5(b) make different provision for different purposes, cases or
circumstances.
(6) The Minister may, at any time before the appointed date, add to,vary or revoke any matter specified in the bail-in certificate.

10(7) On or before the appointed date, the Authority must cause thebail-in certificate and every addition, variation or revocation
mentioned in subsection (6) to be —(a) served on the Division 6 FI; and(b) published in the Gazette and in such newspaper ornewspapers as the Minister may determine.
Effects of bail-in certificate

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20

85.—(1) A provision in a bail-in certificate has effect despite any
restriction arising by reason of contract, any written law or rule of law
in force before the appointed date of the bail-in certificate, or theconstitution of the Division 6 FI.
(2) Where a bail-in certificate provides for the cancellation of aneligible instrument —(a) the cancellation takes effect without other or further act by
the Division 6 FI; and(b) the bail-in certificate has effect according to its tenor and isbinding on any person affected by it.

25(3) Where a bail-in certificate provides for the modification,
conversion, or change in form of an eligible instrument —(a) the modification, conversion, or change in form takes
effect without other or further act by the Division 6 FI or
resulting FI; and30(b) the bail-in certificate has effect according to its tenor and isbinding on any person affected by it.

147(4) Where a bail-in certificate provides that an eligible instrument is
to have effect as if a specified right had been exercised under it —(a) the eligible instrument has effect as if the specified right
had been exercised under it without other or further act by
the Division 6 FI or resulting FI; and5(b) the bail-in certificate has effect according to its tenor and isbinding on any person affected by it.
(5) A reference in subsections (1), (2), (3) and (4) to anything taking
or having effect is a reference to that thing taking or having effectfrom (and including) the appointed date.

10(6) A person that fails to comply with any direction given to theperson in the bail-in certificate shall be guilty of an offence and shallbe liable on conviction —(a) in the case of an individual, to a fine not exceeding$125,000 or to imprisonment for a term not exceeding
3 years or to both and, in the case of a continuing offence,
to a further fine not exceeding $12,500 for every day orpart of a day during which the offence continues afterconviction; or(b) in any other case, to a fine not exceeding $250,000 and, inthe case of a continuing offence, to a further fine notexceeding $25,000 for every day or part of a day during
which the offence continues after conviction.
(7) Where a person is charged with an offence under subsection (6),
it is a defence for the person to prove that —

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(a) the person was not aware of the contravention of thedirection; and(b) the person complied with the direction within a reasonable
time after becoming aware of the contravention.
(8) Except as provided in subsection (7), it is not a defence for the
person mentioned in that subsection that the person did not intend toor did not knowingly contravene the direction.

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Moratorium

586.—(1) Despite section 62(2) but subject to section 134, during
the period beginning on the date of publication of the notice insection 83(1)(a) in the Gazette or (where the notice is not published in
the Gazette) the date of publication of the bail-in certificate in theGazette under section 84(7), and ending on the appointed date of thebail-in certificate —(a) no resolution may be passed, and no order may be made,for the winding up of the Division 6 FI;

1015(b) no judicial manager may be appointed under Part 7 of theInsolvency, Restructuring and Dissolution Act 2018 inrelation to the Division 6 FI;(c) no civil proceedings may be commenced or continued
against the Division 6 FI in respect of any business of theDivision 6 FI;(d) no enforcement order, distress or other legal process may
be commenced, levied or continued against any property of
the Division 6 FI;

2025(e) no steps may be taken to enforce any security over any
property of the Division 6 FI; and(f) any sale, transfer, assignment or other disposition of any
property of the Division 6 FI is void, except for (where thepertinent financial institution is an insurer licensed underthe Insurance Act 1966) any payment of claims to policy
owners or claimants, other than policy owners who are
related corporations of the Division 6 FI.
(2) No shareholder of a Division 6 FI or resulting FI may exercise
any voting power in the Division 6 FI or resulting FI during the period
beginning on —30(a) the date the notice in section 83(1)(a) is published in theGazette; or149(b) where that notice is not published in the Gazette, the datethe bail-in certificate is published in the Gazette under
section 84(7),and ending on the date on which the Minister publishes a notice in theGazette that this subsection ceases to apply.

5(3) Subsection (2) has effect despite anything in the Companies
Act 1967 or the constitution of the Division 6 FI or resulting FI.
Significant shareholder by reason of bail-in certificate
87.—(1) Where any person becomes a significant shareholder of a
Division 6 FI or resulting FI as a result of a provision of a bail-in
certificate, that person —(a) is treated as having obtained the approval of the Minister or
the Authority (as the case may be) under the significant
shareholder provisions applicable to the Division 6 FI or
resulting FI, in respect of the person becoming a significant
shareholder; and(b) is not required to make a take-over offer or to acquire theshares of the other shareholders of the Division 6 FI or
resulting FI (as the case may be), despite anything in the
Companies Act 1967 or the Take-over Code.

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(2) The person mentioned in subsection (1) must comply with suchconditions as the Minister may reasonably impose on the person,
including but not limited to the following:(a) a condition restricting the person’s disposal or further
acquisition of shares or voting power in the Division 6 FI
or resulting FI, as the case may be;25(b) a condition restricting the person’s exercise of voting
power in the Division 6 FI or resulting FI, as the case maybe.
(3) The Minister may, at any time, add to, vary or revoke any
condition imposed under this subsection or subsection (2).

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(4) Any condition imposed under subsection (2) or (3) has effectdespite anything in the Companies Act 1967 or the constitution of theDivision 6 FI or resulting FI.
5(5) Despite subsection (1)(a), the Minister may serve a written
notice on the person mentioned in subsection (1) if —(a) the Authority is not satisfied that —(i) the person is, in accordance with the Guidelines on
Fit and Proper Criteria, a fit and proper person to be asignificant shareholder; and

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(ii) having regard to the likely influence of the person onit, the Division 6 FI or resulting FI will or willcontinue to conduct its business prudently andcomply with the provisions of this Act and therelevant Act applicable to it; or(b) the Minister is not satisfied that —(i) in a case where the Division 6 FI or resulting FI is abank incorporated in Singapore, it is in the national
interest for the person to remain a significant
shareholder of the Division 6 FI or resulting FI, as
the case may be; or(ii) in any other case, it is in the public interest for the
person to remain a significant shareholder of theDivision 6 FI or resulting FI, as the case may be.

2530(6) The written notice in subsection (5) is one that requires the
person to take such steps within a reasonable time as are necessary tocease to be a significant shareholder of the Division 6 FI or resulting
FI, as the case may be.
(7) Before serving the notice in subsection (5), the Minister must(unless the Minister decides that it is not practicable or desirable to doso) cause to be given to the person a written notice of the Minister’s
intention to serve the notice in that subsection, and specifying a dateby which the person may make written representations.

151(8) Upon receipt of any written representation, the Minister must
consider the written representation for the purpose of determining
whether to serve the notice in subsection (5).
(9) Where the Minister has served a notice in subsection (5) on a
person, then, until the person has disposed of or transferred the shares
specified in the notice and in accordance with the notice —(a) no voting rights are exercisable in respect of the specified
shares except with the permission of the Minister, whether
or not a notice under section 86(2) is published that theprovision has ceased to apply;

510(b) no shares of the Division 6 FI or resulting FI (as the casemay be) may be issued or offered (whether by way ofrights, bonus or otherwise) in respect of the specified
shares except with the permission of the Minister; and(c) except in a liquidation of the Division 6 FI or resulting FI(as the case may be), the Division 6 FI or resulting FI may
not make any payment (whether by way of dividends orotherwise) in respect of the specified shares except with thepermission of the Minister.

15(10) Subsection (9) has effect despite anything in the Companies
Act 1967 or the Insolvency, Restructuring and Dissolution Act 2018or the constitution of the Division 6 FI or resulting FI.

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Directions for disposal
88.—(1) If the Minister is satisfied that any person has failed tocomply with a condition imposed on the person in section 87(2) or(3), or if the Minister has served a notice on the person insection 87(5), the Minister may, by written notice —(a) direct the transfer or disposal of all or any of the shares inthe Division 6 FI or resulting FI held by the person withinsuch time and in such manner as the Minister considers
appropriate;(b) restrict the transfer or disposal of those shares; or(c) make such other direction as the Minister considers
appropriate.

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(2) Any person to whom a notice is given under subsection (1) mustcomply with each direction specified in the notice.
Offence5

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89. A person that fails to comply with a condition imposed on the
person in section 87(2) or (3), or a notice served on the person insection 87(5) or 88(1), shall be guilty of an offence and shall be liable
on conviction —(a) in the case of an individual, to a fine not exceeding$125,000 and, in the case of a continuing offence, to afurther fine not exceeding $12,500 for every day or part ofa day during which the offence continues after conviction;or(b) in any other case, to a fine not exceeding $250,000 and, inthe case of a continuing offence, to a further fine notexceeding $25,000 for every day or part of a day during
which the offence continues after conviction.
Restriction on eligible instruments

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90.—(1) To ensure the effective operation of the provisions of this
Division on an eligible instrument, regulations made under
section 135 may impose a requirement on a Division 6 FI toensure that the contract governing the eligible instrument contains aprovision to the effect that the parties to the contract agree for theeligible instrument to be the subject of a bail-in certificate.
(2) The regulations made under section 135 may —2530(a) specify the eligible instruments or class of eligible
instruments, and Division 6 FI or class of Division 6 FIs,
to which the requirement applies;(b) require a Division 6 FI bound by the requirement toprovide a legal opinion as to the enforceability of theprovision required to be included in the contract in a
specified jurisdiction; and(c) provide for incidental, consequential or transitional
matters.

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Division 7 — Termination rights
Interpretation of this Division
91. In this Division, unless the context otherwise requires —“approved clearing house” has the meaning given by
section 2(1) of the Securities and Futures Act 2001;

5“basic substantive obligation”, in relation to a contract, meansan obligation provided by the contract for payment, deliveryor the provision of collateral;“business day” has the meaning given by section 2(1) of the
Banking Act 1970;

10“designated payment system” has the meaning given by
section 2(1) of the Payment Services Act 2019;“foreign resolution” means any action by a foreign resolution
authority of a foreign country or territory to do either or bothof the following:

15(a) to maintain financial stability;(b) to deal with any serious problem in a financial
institution of that country or territory which affects
the ability of the financial institution to continue its
business or operations as a financial institution, andwhich, if not dealt with, may cause the financial
institution to be no longer able to continue its
business or operations as a financial institution;“foreign resolution authority”, in relation to a foreign country or
territory, means an authority of the foreign country or
territory which, whether alone or together with one ormore other authorities of the foreign country or territory, is
responsible for a foreign resolution, or for preparing plans for
a foreign resolution;“group of companies”, in relation to a pertinent financial
institution, means —(a) the pertinent financial institution;

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(b) the entities that are subsidiaries of the pertinent
financial institution; and5(c) the entity that is the holding company of the pertinent
financial institution, and the entities that are
subsidiaries of that holding company;“operator” and “settlement institution” have the meanings given
by section 2(1) of the Payment Services Act 2019;10“reinsurance contract” means any contract or arrangement
involving the reinsurance of liabilities under insurance
policies;“resolution measure” means —15(a) the making of a determination under Division 2, 4, 5,
6 or 9, the issue of any certificate under Division 2, 4,
5 or 6, the making of an order under Division 9, or the
exercise of any power under any such certificate ororder; or(b) the exercise of any power under any relevant
provision applicable to the pertinent financial
institution concerned;

20“termination right” means —(a) a right to terminate a contract;25(b) a right to accelerate, close out, set off or net an
obligation under a contract that would result in asuspension or modification or the extinguishment of
the obligation;(c) a right to suspend, modify or extinguish an obligationof a party to a contract; or30(d) in the case of a reinsurance contract, a right of thereinsurer to terminate or not to reinstate coverage
under the contract.

155

Effect of resolution measure on contracts where substantive
obligations continue to be performed
92.—(1) This section applies to a contract that satisfies both of thefollowing:(a) one of the parties to the contract is —5(i) a pertinent financial institution that is the subject of aresolution measure; or(ii) an entity that is part of the same group of companies
as that of a pertinent financial institution where —(A) the pertinent financial institution is the subjectof a resolution measure; and

10(B) the obligations of the entity under the contract
are guaranteed or otherwise supported by thepertinent financial institution;(b) the substantive obligations of the contract (including all
applicable basic substantive obligations) continue to be
performed by the parties to the contract.

15(2) Despite any rule of law, written law or contract —(a) the resolution measure, and the occurrence of any event
directly linked to it, are to be disregarded in determining
the applicability of a provision in the contract enabling aparty to exercise a termination right; and(b) any purported exercise of that termination right in relianceon that provision in the contract on the basis of either of
those grounds in paragraph (a) has no effect.
(3) For the purposes of subsection (1)(b), a basic substantive
obligation of a pertinent financial institution (being an approved
clearing house or an operator or a settlement institution of adesignated payment system) under a contract is not considered to
be no longer performed, by reason only that the pertinent financial
institution allocates any loss to its participants, or uses collateralprovided by or on behalf of its participants —(a) under its margin rules or default arrangements; or

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(b) pursuant to a resolution measure.
Right to temporarily suspend termination right for contracts
because of resolution measure5

93.—(1) This section applies to a contract one of the parties towhich is —(a) a pertinent financial institution that is the subject or
proposed subject of a resolution measure;10(b) a pertinent financial institution in respect of which a
foreign resolution authority of a foreign country or
territory has carried out, or has informed the Authoritythat it has grounds to carry out, a foreign resolution; or(c) an entity that is part of the same group of companies as thatof a pertinent financial institution where —15(i) the pertinent financial institution is the subject or
proposed subject of a resolution measure;(ii) the contract has a termination right that is exercisable
if the pertinent financial institution becomesinsolvent or is in a certain financial condition; and20(iii) the obligations of the entity under the contract are
guaranteed or otherwise supported by the pertinent
financial institution.
(2) The Authority may, by written notice to the parties to thecontract, suspend the exercise of any termination right in the contract
for a specified period.

25(3) The notice under subsection (2) does not apply to —(a) a termination right under the contract which becomes
exercisable for a breach of a basic substantive obligation
only;

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(b) a termination right under a contract between the pertinent
financial institution and a person prescribed for the
purposes of this paragraph by regulations made under
section 135; or157(c) a termination right under a contract, or a contract within aclass of contracts, prescribed for the purposes of thisparagraph by regulations made under section 135.
(4) When exercising a power under subsection (2), the Authority
must have regard to its impact on the safe and orderly functioning of
the financial market and financial market infrastructures operating in
Singapore.

5(5) The notice under subsection (2) —(a) may relate to all or any class or description of parties to acontract;

10(b) may make different provisions for different classes or
descriptions of parties to a contract; and(c) may be of general or specific application.
(6) A copy of the notice under subsection (2) must be published —(a) by the Authority in the Gazette and on its website; and15(b) by the pertinent financial institution on its website.
(7) In this section, a pertinent financial institution is a proposed
subject of a resolution measure if the Authority is satisfied that there
is a basis for that action under section 59 in relation to that pertinent
financial institution.

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When suspension takes effect94.—(1) A suspension by a notice under section 93 takes effectfrom (and including) the time of publication of the notice under that
section in the Gazette or a time on another date specified in the notice,
and —

25

(a) if the contract is not a reinsurance contract, expires no later
than the same time on the second business day after —(i) the date of publication of the notice; or(ii) the other date specified in the notice,as the case may be; or

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(b) if the contract is a reinsurance contract, expires no later
than the time and date prescribed for the purposes of thisparagraph by regulations made under section 135.
510(2) During the period of suspension of a termination right under acontract and despite any provision of any rule of law, written law orcontract, any purported exercise of that right has no effect.
(3) A person whose termination right under a contract is suspended
under section 93 may (in accordance with the terms of the contract)
exercise that right before the expiry of the suspension if the Authority
gives the person written notice that the person may exercise that rightbecause —(a) the contract does not or will not form part of the business ofthe pertinent financial institution to be transferred under
section 67; or

1520(b) the Authority has decided not to make a determination
under Division 6 in relation to the pertinent financial
institution.
(4) On the expiry of the period of suspension under section 93 of atermination right under a contract, the person who holds that rightmay (if it had not already been exercised under subsection (3))
exercise that right in accordance with the terms of the contract, but
not on any of the following grounds:(a) a resolution measure taken in relation to the pertinent
financial institution;

2530(b) the occurrence of an event directly linked to such
resolution measure;(c) if the contract forms part of any business of the pertinent
financial institution that has been transferred to anotherperson pursuant to a certificate of transfer under section 67
or an onward transfer certificate under section 73, any actof the pertinent financial institution before the transfer;(d) the suspension itself.

159

Division 8 — Assistance to foreign resolution
authorities and domestic authorities
Interpretation of this Division
95. In this Division, unless the context otherwise requires —“domestic authority” —5(a) means any ministry or department of theGovernment, any Organ of State in Singapore andany statutory body (other than the Authority)
established by a public Act for a public function; and(b) includes the company designated to be the deposit
insurance and policy owners’ protection fund agency
under section 56 of the Deposit Insurance and Policy
Owners’ Protection Schemes Act 2011;“foreign resolution authority” means an authority of a foreigncountry or territory which, whether alone or together with
one or more other authorities of the foreign country or
territory, is responsible for the resolution, or for preparing
plans for dealing with the resolution, of a financial
institution;“material” includes any information, book, document or otherrecord in any form whatsoever, and any container or article
relating thereto;

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“prescribed written law” means the following Acts and thesubsidiary legislation made under those Acts:(a) this Act;25(b) the Banking Act 1970;(c) the Business Trusts Act 2004;(d) the Deposit Insurance and Policy Owners’ Protection
Schemes Act 2011;(e) the Finance Companies Act 1967;(f) the Financial Advisers Act 2001;(g) the Financial Holding Companies Act 2013;

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(h) the Insurance Act 1966;(i) the Monetary Authority of Singapore Act 1970;(j) the Payment Services Act 2019;(k) the Securities and Futures Act 2001;
5(l) the Trust Companies Act 2005;(m) such other Act or Acts as may be prescribed byregulations made under section 135;10“resolution” means any action by an authority (being an
authority charged with responsibility for such action) to doeither or both of the following:(a) to maintain financial stability;

1520(b) to deal with any serious problem in a financial
institution which affects the ability of the financial
institution to continue its business or operations as afinancial institution, and which, if not dealt with, maycause the financial institution to be no longer able tocontinue its business or operations as a financial
institution.
Conditions for provision of assistance to foreign resolution
authority96.—(1) The Authority may provide the assistance referred to in
section 98 to a foreign resolution authority, if the Authority issatisfied that all of the following conditions are fulfilled:

2530(a) the request by the foreign resolution authority forassistance is received by the Authority on or after thedate of commencement of this Part;(b) the assistance is intended to enable the foreign resolution
authority, or any other authority of the foreign country or
territory, to deal with the resolution of a financial
institution;(c) the foreign resolution authority has given a written
undertaking not to use any material or copy of any

161material obtained pursuant to its request for any purpose
other than a purpose that is specified in the request andapproved by the Authority;(d) the foreign resolution authority has given a written
undertaking not to disclose to a third party (other than adesignated third party of the foreign country or territory inaccordance with paragraph (e)) any material or copy of any
material obtained pursuant to the request, unless theforeign resolution authority is compelled to do so by thelaw or a court of the foreign country or territory;(e) the foreign resolution authority has given a written
undertaking to obtain the prior consent of the Authority
before disclosing any material received pursuant to therequest to a designated third party, and to make suchdisclosure only in accordance with such conditions as may
be imposed by the Authority;

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(f) the material requested for is of sufficient importance to theresolution of a financial institution and cannot reasonably
be obtained by any other means;(g) the matter to which the request relates is of sufficientgravity;20(h) the rendering of assistance will not be contrary to the
public interest or the interests of the affected persons of thefinancial institution.
(2) In subsection (1)(d) and (e), “designated third party”, in relation
to a foreign country or territory, means such person in, or body or
authority of, the foreign country or territory as the Authority may
approve, upon an application to the Authority, if the Authority issatisfied that the disclosure —(a) is necessary in the interests of the resolution of a financial
institution; and(b) is necessary for the performance of the duties and functionsof that person, body or authority, as the case may be.

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Other factors to consider for provision of assistance to foreign
resolution authority

5

97. In deciding whether to grant a request for assistance referred toin section 98 from a foreign resolution authority, the Authority may
also have regard to the following:

10(a) whether the foreign resolution authority is preparing plansfor dealing with the resolution of any financial institution,or is in the process of determining whether to exercise, or is
exercising, any resolution powers in relation to thefinancial institution;(b) whether the foreign resolution authority has given or iswilling to give an undertaking to the Authority to comply
with a future request by the Authority to the foreign
resolution authority for similar assistance;

15(c) whether the foreign resolution authority has given or iswilling to give an undertaking to the Authority tocontribute towards the costs of providing the assistancethat the foreign resolution authority has requested for.
Assistance that may be rendered to foreign resolution authority

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98.—(1) Despite the provisions of any prescribed written law or
any requirement imposed thereunder or any rule of law, the Authority
or any person authorised by the Authority may, in relation to a request
by a foreign resolution authority for assistance —(a) transmit to the foreign resolution authority any material in
the Authority’s possession that is requested by the foreign
resolution authority or a copy of the material;(b) order any person to provide to the Authority any material
that is requested by the foreign resolution authority or a
copy of the material, and transmit the material or copy to
the foreign resolution authority;(c) order any person to make an oral statement to the Authority
on any information requested by the foreign resolution
authority, record such statement, and transmit the recorded
statement to the foreign resolution authority; or163(d) request any ministry or department of the Government, or
any statutory authority in Singapore, to provide to the
Authority any material that is requested by the foreign
resolution authority or a copy of the material, and transmit
the material or copy to the foreign resolution authority.

5(2) An order under subsection (1)(b) or (c) has effect despite any
obligation as to secrecy or other restriction upon the disclosure of
information imposed by any prescribed written law or any
requirement imposed thereunder, any rule of law, any contract or
any rule of professional conduct.

10(3) Nothing in this section compels an advocate and solicitor, or alegal counsel referred to in section 128A of the Evidence Act 1893, toprovide or transmit any material or copy of any material that contains,or to disclose, a privileged communication made by or to him or her
in that capacity.

15(4) An advocate and solicitor, or a legal counsel referred to in
section 128A of the Evidence Act 1893, who refuses to provide ortransmit any material or copy of any material that contains, or todisclose, any privileged communication is nevertheless obliged togive the name and address (if he or she knows them) of the person towhom, or by or on behalf of whom, the privileged communication
was made.
(5) A person is not excused from making an oral statement pursuant
to an order made under subsection (1)(c) on the ground that thestatement might tend to incriminate the person but, where the person
claims before making the statement that the statement might tend toincriminate the person, that statement is not admissible in evidence
against the person in criminal proceedings other than proceedings for
an offence under section 100.

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Assistance to domestic authority

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99.—(1) Despite any obligation as to secrecy or other restriction
upon the disclosure of information imposed by any prescribed written
law or any requirement imposed thereunder, any rule of law, any
contract or any rule of professional conduct, the Authority may, on
the Authority’s own motion or upon receiving a written request from

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a domestic authority for any material in relation to the resolution of a
specified financial institution, transmit to the domestic authority any
such material that is in the Authority’s possession or a copy of thematerial.
5(2) In deciding whether to transmit any material to a domestic
authority under subsection (1), the Authority may have regard to thefollowing:(a) whether the assistance is intended to enable the domestic
authority —10(i) to prepare plans for dealing with the resolution of a
specified financial institution;(ii) to avoid having to exercise any resolution powers in
relation to a specified financial institution; or15(iii) to determine whether or when to exercise resolution
powers in relation to a specified financial institution;(b) whether the domestic authority has given or is willing togive a written undertaking not to use —

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(i) any material or copy of any material obtained
pursuant to its request for any purpose other than apurpose that is specified in the request and approvedby the Authority; or(ii) any material or copy of any material transmitted by
the Authority on its own motion for any purpose
other than a purpose that is specified by the
Authority;(c) whether the domestic authority has given a written
undertaking not to disclose to a third party any material
or copy of any material obtained pursuant to the request ortransmitted by the Authority on its own motion, unless thedomestic authority is compelled to do so by the law or the
Court.

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Offences under this Division100. Any person who —(a) without reasonable excuse, refuses or fails to comply withan order under section 98(1)(b) or (c);(b) in purported compliance with an order made under
section 98(1)(b), provides to the Authority any material,or copy of any material, known to the person to be false or
misleading in a material particular;(c) in purported compliance with an order made under
section 98(1)(c), makes a statement to the Authority thatis false or misleading in a material particular;

510(d) without reasonable excuse, refuses or fails to comply withsection 98(4); or(e) in purported compliance with section 98(4), provides to the
Authority any information, or copy of any information,
known to the person to be false or misleading in a material
particular,
shall be guilty of an offence and shall be liable on conviction to a finenot exceeding $10,000 or to imprisonment for a term not exceeding
2 years or to both.

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Immunity for providing material, etc.
101.—(1) No liability, other than for an offence under section 100,shall lie against any person for —(a) providing to the Authority any material or copy of any
material, if the person had provided that material or copy
with reasonable care and in good faith and in compliancewith an order made under section 98(1)(b);(b) making a statement to the Authority with reasonable careand in good faith and in compliance with an order madeunder section 98(1)(c); or(c) doing or omitting to do any act, if the person had done oromitted to do the act with reasonable care and in good faith

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and as a result of complying with an order made under
section 98(1)(b) or (c).

5(2) Any person who complies with an order made under
section 98(1)(b) or (c) is not to be treated as being in breach of any
restriction upon the disclosure of information or thing imposed byany prescribed written law or any requirement imposed thereunder,
any rule of law, any contract or any rule of professional conduct.
Division 9 — Recognition of foreign resolutions
Interpretation of this Division

10

102.—(1) In this Division, unless the context otherwise requires —“determination” means a determination made under section 103;
“foreign financial institution” means a financial institution
incorporated, formed or established in a foreign country or
territory that has —15(a) a branch located in Singapore; or(b) a subsidiary incorporated in Singapore,that is approved, authorised, designated, recognised,registered, licensed or otherwise regulated by the Authority
under this Act or any other MAS scheduled Act;

20

“foreign resolution” means any action by a foreign resolution
authority of a foreign country or territory to do either or bothof the following:(a) to maintain financial stability;

2530(b) to deal with any serious problem in a foreign
financial institution of that country or territory
which affects the ability of the foreign financial
institution to continue its business or operations as aforeign financial institution, and which, if not dealt
with, may cause the foreign financial institution to be
no longer able to continue its business or operations
as a foreign financial institution;

167“foreign resolution authority”, in relation to a foreign country or
territory, means an authority of that country or territory
which, whether alone or together with one or more otherauthorities of that country or territory, is responsible for a
foreign resolution, or for preparing plans for a foreign
resolution;

5“Singapore creditor”, in relation to a foreign financial
institution, means —(a) a creditor of the foreign financial institution, in
respect of a liability incurred by the operations of its
branch located in Singapore; or

10(b) a creditor of a subsidiary incorporated in Singaporeof the foreign financial institution;“Singapore shareholder”, in relation to a foreign financial
institution, means the holder of shares or similar instrumentsof a subsidiary incorporated in Singapore of the foreign
financial institution.
(2) The exercise of any power under this Division does not preventthe exercise of any other power of the Minister or the Authority under
this Act or the relevant Act applicable to the foreign financial
institution or the subsidiary incorporated in Singapore of a foreign
financial institution, as the case may be.

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Determination over foreign resolution
103.—(1) This section applies where a foreign resolution authorityof a foreign country or territory makes a request to the Authority torecognise a foreign resolution in relation to a foreign financial
institution by the foreign resolution authority.

25(2) The Authority must make a determination that —(a) the foreign resolution should be recognised in whole or in
part; or(b) the foreign resolution should not be recognised.

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(3) The Authority may make a determination that the foreign
resolution should be recognised in whole or in part if it is satisfied that
all of the following conditions are fulfilled:
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15

(a) recognition of the foreign resolution or part would not havea widespread adverse effect on the financial system in
Singapore or the economy of Singapore, whether or notthat effect occurs directly or indirectly as a result of theeffects of recognising the resolution or part;(b) recognition of the foreign resolution or part would not
result in inequitable treatment of any Singapore creditor
relative to any other creditor of the foreign financial
institution with similar rights, or of any Singapore
shareholder relative to any shareholder of the foreign
financial institution;(c) recognition of the foreign resolution or part would not be
contrary to the national interest or public interest;(d) recognition of the foreign resolution or part would not havematerial fiscal implications for Singapore;20(e) any other condition that is prescribed by regulations madeunder section 135 for the purposes of this paragraph.
(4) Upon making a determination, the Authority must submit thedetermination to the Minister for approval.
(5) The Minister may —(a) approve the determination without modification;

25(b) approve the determination subject to any modification the
Minister considers appropriate; or(c) refuse to approve the determination.

30(6) The Minister must not approve the determination undersubsection (5)(a) or (b) unless the Minister is satisfied that all of
the conditions mentioned in subsection (3) are fulfilled.
(7) An approval under subsection (5)(a) or (b) is subject to suchconditions as the Minister may determine to be necessary to give169

effect to the determination, and the Minister may add to, vary or
revoke any condition.
(8) Any person to which a condition mentioned in subsection (7)applies, and who has been given written notice of that condition by
the Authority, must comply with the condition.

5(9) A person that contravenes subsection (8) shall be guilty of an
offence and shall be liable on conviction to a fine not exceeding$250,000 and, in the case of a continuing offence, to a further fine notexceeding $25,000 for every day or part of a day during which theoffence continues after conviction.

10

Order to give effect to foreign resolution
104.—(1) If the Minister approves a determination that a foreign
resolution should be recognised in whole or in part, the Minister
must, as soon as practicable, by order in the Gazette, declare that theforeign resolution is to be recognised.

15(2) The order may make provision for any of the following matters,
to take effect from a date specified in the order:(a) matters that may be set out in a certificate of transfer
pursuant to section 67(3);(b) matters that may be set out in a certificate of transfer ofshares pursuant to section 76(3);20(c) matters that may be set out in a certificate of restructuringof share capital pursuant to section 79(3);(d) matters that may be set out in a bail-in certificate pursuant
to section 84(3).

25(3) The matters mentioned in subsection (2)(a), (b), (c) and (d) may
be modified for the purposes of giving effect to the foreign resolution.
(4) To avoid doubt, provision may be made in the order for matters
mentioned in subsection (2)(d) affecting instruments or liabilities
entered into or accruing before the effective date of the order.
(5) With effect from the effective date of the order, sections 67(8) to(20) and 68, 76(6) to (13), 79(6) to (14), or 85 to 89 (as the case maybe), together with the regulations that are made under section 135 for

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the purpose of implementing those provisions, apply in relation to anorder that provides for the matters mentioned in paragraph (a), (b), (c)or (d) of subsection (2), as they apply in relation to the certificate
mentioned in that paragraph.
5(6) The provisions of this Act mentioned in subsection (5) apply
subject to such modifications as the order may prescribe.
Directions

10

105. The Authority may, from time to time, issue such directions toany person that is approved, authorised, designated, recognised,registered, licensed or otherwise regulated by the Authority under thisAct or any other MAS scheduled Act, as the Authority considers
necessary for the purposes of giving full effect to the order mentioned
in section 104.
Offence

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106.—(1) A person that refuses or fails to comply with a provisionof the order under section 104 that applies to the person, or a direction
issued to the person under section 105, shall be guilty of an offence
and shall be liable on conviction —(a) in the case of an individual, to a fine not exceeding$125,000 or to imprisonment for a term not exceeding
3 years or to both and, in the case of a continuing offence,
to a further fine not exceeding $12,500 for every day orpart of a day during which the offence continues afterconviction; or(b) in any other case, to a fine not exceeding $250,000 and, inthe case of a continuing offence, to a further fine notexceeding $25,000 for every day or part of a day during
which the offence continues after conviction.
(2) Where a person is charged with an offence under subsection (1),
it is a defence for the person to prove that —(a) the person was not aware of the contravention of theprovision of the order or the direction; and171(b) the person has complied with the provision of the order orthe direction within a reasonable time after becoming
aware of the contravention.
(3) Except as provided in subsection (2), it is not a defence for a
person charged with an offence under subsection (1) that the person
did not intend to or did not knowingly contravene the provision of theorder or the direction.

5

Division 10 — Resolution funding
Interpretation of this Division
107. In this Division, unless the context otherwise requires —10“Agency” means the company designated by the Minister under
section 56 of the Deposit Insurance and Policy Owners’
Protection Schemes Act 2011 as the deposit insurance andpolicy owners’ protection fund agency;“DI Fund” means the Deposit Insurance Fund reconstituted
under section 9 of the Deposit Insurance and Policy Owners’
Protection Schemes Act 2011;“financial institution” means any person that is approved,
authorised, designated, recognised, registered, licensed orotherwise regulated by the Authority under this Act or any
other MAS scheduled Act;

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“financial institution under resolution” —(a) means the pertinent financial institution that is the
subject of a resolution measure; and(b) in relation to a resolution fund, means the pertinent
financial institution that is the subject of theresolution measure for which the fund is established;

25“market infrastructure” means a pertinent financial institutionthat performs the functions of —(a) a market;(b) a central clearing counterparty;(c) a trade repository;

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(d) a central securities depository; or(e) a securities settlement system;“participant” —510(a) in relation to a market infrastructure, means aparticipant of the market infrastructure, andincludes a client of such participant; and(b) in relation to a payment system operator, means aparticipant of the payment system (within themeaning of the Payment Services Act 2019)
operated by the payment system operator;“payment system operator” means a person who operates apayment system within the meaning of the Payment Services
Act 2019;

15“provisional entity”, in relation to a resolution fund, means anentity established or incorporated to do one or more of thefollowing:(a) temporarily hold and manage the assets and liabilitiesof the financial institution under resolution;

20(b) to be the transferee of any part of the business of thefinancial institution under resolution under
Division 2;(c) do any other act for the orderly resolution of thefinancial institution under resolution;“resolution fund” means a fund established under section 108;25

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“resolution measure” means —(a) the making of a determination under Division 2, 3, 4,
5, 6 or 9, the issue of any certificate under Division 2,
3, 4, 5 or 6, the making of an order under Division 9,
or the exercise of any power under any suchcertificate or order; or(b) the exercise of any power under any relevant
provision applicable to the financial institution
concerned;

173“resolution measure”, in relation to a resolution fund, means theresolution measure or measures for which the fund wasestablished;“similar financial institution” means a financial institution that isprescribed by regulations made under section 135 for the
purposes of section 111(1)(b)(i), as belonging to the same
category as the financial institution under resolution;“trustee”, in relation to a resolution fund, means the entity
appointed under section 108(2) as the trustee of the resolution
fund.

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10

Establishment of resolution fund108.—(1) For the purposes of supporting a resolution measure
undertaken for a financial institution and other matters relating to themeasure, the Minister may, on the recommendation of the Authority,
establish a resolution fund.

15(2) The Minister must appoint a body corporate or unincorporate
established or incorporated in Singapore, or established under any
Act, to be the trustee of the resolution fund.
(3) The Authority must publish a notification in the Gazette and insuch newspaper or newspapers as the Minister determines, of theestablishment of a resolution fund and the trustee of the resolution
fund.

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(4) The trustee of a resolution fund may obtain a loan from the
Authority for the purpose of constituting the fund.
(5) In addition to the loan in subsection (4), the following are to be
paid into a resolution fund:25(a) all payments, levies and late payment fees collected or
recovered under sections 112, 114, 115 and 116;(b) any interest from a loan made out of moneys withdrawn
from the fund;(c) any other income from the use of moneys withdrawn fromthe fund;(d) any proceeds from the exercise of the resolution measure;

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(e) any moneys paid out of the DI Fund under section 29A of
the Deposit Insurance and Policy Owners’ Protection
Schemes Act 2011 and given to the trustee of the fund;(f) any additional loan obtained from the Authority.
510(6) The moneys mentioned in subsection (5)(e) must be put in a
separate account of the resolution fund from the other moneys, andmoneys from that separate account may not be used to make any
payment of compensation and associated costs under Division 11.
(7) The trustee of a resolution fund must keep proper accounts andrecords of transactions in respect of the fund.
(8) The accounts and records of the resolution fund are to be auditedby an auditor appointed by the trustee in consultation with the
Minister.

15(9) The first audit of the resolution fund must take place as soon aspracticable after the end of the first year in which the first withdrawal
from the fund is made, and the fund must be audited every year
thereafter until it is dissolved.
Trustee of resolution fund20109.—(1) The duty of the trustee of a resolution fund is toadminister and manage the resolution fund, and in particular —(a) to make withdrawals from the resolution fund inaccordance with sections 110 and 118(1) and to apply
the moneys withdrawn for the purposes mentioned in those
provisions;25(b) to collect and recover payments, levies and late payment
fees under sections 112, 114, 115 and 116 and pay these
into the resolution fund;(c) to collect proceeds in relation to the resolution measure andpay these into the resolution fund;30(d) at the direction of the Minister (being one made on the
Authority’s recommendation), to give a guarantee to any
person for, or enter into any agreement with any person toshare, any liability of the financial institution under175

resolution, a provisional entity, or a person to whom any
asset or business of the financial institution underresolution is transferred;(e) to deal with the balance in the resolution fund after the fundis no longer needed for the purposes in section 110(1) or
118(1), in accordance with the regulations made for the
purposes of section 118(2); and5(f) to do any other thing that is incidental or conducive to thedischarge of the trustee’s duties under paragraphs (a) to (e).
(2) The trustee of a resolution fund may be paid such fees forcarrying out its duties and exercising its powers under this Division as
the Minister may determine, and such fees are to be paid out of thefund.
(3) The expenses incurred by the trustee of a resolution fund incarrying out its duties and exercising its powers under this Division
are, with the Minister’s approval, to be paid out of the fund.
(4) The trustee of a resolution fund may, with the Minister’s
approval and subject to such conditions as the Minister may impose,
appoint any person to discharge any part of the trustee’s duties or
exercise any part of its powers.

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20

(5) No action, suit or other legal proceedings lie against —(a) any current or former trustee of a resolution fund;(b) any current or former director, officer, employee or agentof the trustee; or(c) any person acting under the direction of the trustee,25

as a result of anything done (including any statement made) oromitted to be done in good faith in carrying out any of the trustee’s
duties or exercising any of the trustee’s powers under this Division.
Withdrawal from resolution fund110.—(1) The trustee of a resolution fund must, at the Minister’s
direction, make one or more withdrawals from the resolution fundand apply the moneys withdrawn for one or more of the following
purposes:

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(a) to pay the operating costs of a provisional entity;

5(b) to discharge a guarantee for, or an obligation under anagreement to share, a liability of the financial institution
under resolution, a provisional entity or a person to whom
any asset or business of the financial institution has beentransferred;(c) to pay the costs of transferring the whole or any part of thebusiness of the financial institution under resolution
pursuant to the resolution measure;

1015(d) to make or provide a loan, advance, overdraft or othercredit facility to the financial institution under resolution ora provisional entity;(e) to pay any other costs reasonably incurred in the resolution
measure, such as interest costs, legal cost, cost of any
advisory services, and the cost of an independent valuationof the financial institution under resolution;(f) to make any payment of compensation and associated costs
under Division 11;20(g) to pay the remuneration and expenses of a valuer
mentioned in section 124(9);(h) to provide capital to the financial institution underresolution or the provisional entity;(i) such other purposes in support of the resolution measure as
may be prescribed by regulations made under section 135.

2530(2) The Minister may only give a direction to the trustee undersubsection (1) on a recommendation of the Authority.
(3) In determining whether to make a recommendation to the
Minister to direct a trustee of a resolution fund to make a withdrawal
under subsection (1), the Authority must have regard to all of thefollowing:(a) whether losses are imposed on shareholders and unsecured
creditors of the financial institution under resolution under
Division 5 or 6;

177(b) whether funding from the private sector can be obtained forthe resolution measure;(c) such other factors as may be prescribed by regulations
made under section 135.
(4) The Authority may only make a recommendation to the
Minister under subsection (1)(h) to make a withdrawal to provide
capital to the financial institution under resolution —(a) if the Authority is of the view that the provision of thecapital is necessary for the orderly resolution of thefinancial institution under resolution; and510(b) after the Authority has taken into account whether
appropriate losses have been imposed on shareholders
and unsecured creditors of the financial institution underresolution under Division 5 or 6.
(5) Where a direction has been made to the trustee undersubsection (1), the Authority must, as soon as practicable, publish
a notice of that fact in the Gazette and in such newspaper ornewspapers as the Minister determines.

15

Recovery of sums withdrawn
111.—(1) Where one or more withdrawals have been made from aresolution fund under section 110, the Minister may direct the trusteeof the resolution fund to recover the sum or sums withdrawn in one orboth of the following ways:(a) by making a claim for all or part of that sum or those sums
from the financial institution under resolution;

2025(b) by imposing a levy, in accordance with section 113 and theregulations made under section 135 for section 113, on thefollowing persons (called in this Part levy payers):(i) financial institutions that have been prescribed byregulations made under section 135 as belonging to
the same category as the financial institution underresolution;

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5

(ii) if the financial institution under resolution is amarket infrastructure, those participants of themarket infrastructure and of other market
infrastructures, that have been prescribed byregulations made under section 135 as levy payers;

10(iii) if the financial institution under resolution is apayment system operator, those participants of thepayment system operated by the payment system
operator that have been prescribed by regulations
made under section 135 as levy payers.

15(2) In addition to the purpose in subsection (1), the Minister may
direct the trustee of a resolution fund to impose a levy, in accordancewith section 113 and the regulations made under section 135 forsection 113, on levy payers for the purpose of meeting any shortfall in
the amount of the levy collected to make good the amount withdrawn
from the account, or for any other prescribed purpose.
(3) The Minister may only give a direction under subsection (1) or(2) on a recommendation of the Authority.

20(4) The Authority must, as soon as practicable after the Minister has
given a direction under subsection (1) or (2), publish a notice of thedirection in the Gazette and in such newspaper or newspapers as the
Minister determines.
Claim from financial institution under resolution

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112.—(1) Where a direction has been given under
section 111(1)(a), the trustee of the resolution fund must make aclaim mentioned in that provision on the financial institution underresolution to pay the sum mentioned in the direction, at such time andin such manner as the trustee determines, and the sum claimed isrecoverable as a debt due from the financial institution underresolution to the trustee.
(2) Any sum recovered from the financial institution underresolution must be paid into the resolution fund.

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Computation and notice of levy
113.—(1) After the Minister has given a direction under
section 111(1)(b) or (2), the Authority must, in accordance with theregulations made under section 135 for the purpose of this section —(a) compute the amount of levy payable by every levy payer;
and5(b) give a written notice to the trustee of the amount of levy
payable by every levy payer.
(2) After receipt of the notice mentioned in subsection (1)(b), thetrustee must give the notices mentioned in subsection (3), (4), (5) or(6) (whichever is applicable) to the levy payers and in the manner set
out in that subsection.
(3) Where the levy is to be imposed on a similar financial
institution, the trustee must give each similar financial institution awritten notice stating —1015(a) the amount of the levy;(b) the date by which the levy is to be paid;(c) the manner of payment of the levy; and(d) such other matters as may be prescribed by regulations
made under section 135.

20(4) Where the levy is to be imposed on participants of a market
infrastructure on a transaction basis, the trustee must give —(a) a notice to the market infrastructure stating —(i) the description of the participants on which the levy
is imposed;25(ii) the amount of the levy it is to collect from eachparticipant, or the rate of computation of thatamount;(iii) the period and manner of collection;(iv) the date by which the market infrastructure is to pay
the total amount of the levy imposed on theparticipants to the trustee;

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(v) the information and documents it is to provide to thetrustee when making the payment under
sub-paragraph (iv); and5(vi) such other matters as may be prescribed byregulations made under section 135; and(b) a general notice to those participants, to be published onsuch medium as may be determined by the trustee,
stating —(i) the matters in paragraph (a)(i), (ii) and (iii); and10(ii) such other matters as may be prescribed byregulations made under section 135.
(5) Where the levy is to be imposed on participants of a market
infrastructure on a lump sum basis, the trustee must give to eachparticipant of the market infrastructure a written notice stating —15(a) the amount of the levy;(b) the date by which the levy is to be paid;(c) the manner of payment of the levy; and(d) such other matters as may be prescribed by regulations
made under section 135.

20(6) Where the levy is to be imposed on participants of a payment
system operated by a payment system operator, the trustee must giveto each participant a written notice stating —(a) the amount of the levy;(b) the date by which the levy is to be paid;

25(c) the manner of payment of the levy; and(d) such other matters as may be prescribed by regulations
made under section 135.
(7) The notice under subsection (3), (5) or (6) may require the levy
payer to pay an amount of levy regularly over a period of time.

30(8) The trustee may, at any time, vary a notice mentioned insubsection (3), (4), (5) or (6), and give the notice of the variation to
every person to whom the initial notice was given, and each reference

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in section 114 or 115 to a notice given to a person under this section
includes a reference to the notice of the variation given to the person
under this subsection.
Payment of levy by similar financial institutions, participantsof market infrastructure on lump sum basis, or participants of
payment system operated by payment system operator
114.—(1) This section applies where a notice under section 113(3),(5) or (6) is given to a levy payer that is a similar financial institution,
or a participant of a market infrastructure or of a payment system
operated by a payment system operator.

510(2) The levy payer must pay to the trustee of the resolution fund onor before the date of payment specified in the notice, the amount of
the levy specified in the notice.
(3) If the levy payer fails to comply with subsection (2) —(a) the trustee may, by written notice to the levy payer, impose
on it such late payment fee as may be prescribed byregulations made under section 135; and(b) the levy payer must pay to the trustee the late payment fee
together with the amount of the unpaid levy on or before
the date specified in the notice under paragraph (a), and in
the manner specified in the notice.

1520(4) The late payment fee under subsection (3) must not exceed theamount of the unpaid levy.
Payment of levy by participants of market infrastructure ontransaction basis

25

115.—(1) This section applies where a notice under section 113(4)is given to a market infrastructure.
(2) The market infrastructure must —(a) during the period of collection specified in the notice,collect from each participant on whom the levy is imposed
under the notice and in the manner specified in the notice,an amount equal to the levy so imposed;

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(b) pay to the trustee of the resolution fund the total amount of
the levy it is to collect from its participants by the date ofpayment specified in the notice; and510(c) together with the payment, give a notice to the trustee
setting out how the amount of levy is arrived at andproviding such other details as the trustee may reasonably
require.
(3) A market infrastructure does not incur any civil liability fordoing anything with reasonable care and in good faith and incompliance with subsection (2).
(4) If a market
subsection (2)(b) —15

infrastructure

fails

to

complywith(a) the trustee may, by written notice to the market
infrastructure, impose on it such late payment fee as may
be prescribed by regulations made under section 135; and(b) the market infrastructure must pay to the trustee the latepayment fee, together with the amount of the unpaid levy,
on or before the date specified in the notice underparagraph (a), and in the manner specified in the notice.

20(5) A market infrastructure that —(a) fails to comply with subsection (2)(c); or25(b) in purported compliance with that provision, provides tothe trustee of the resolution fund any information that themarket infrastructure knows or has reason to believe isfalse or misleading,shall be guilty of an offence and shall be liable on conviction to a finenot exceeding $250,000 and, in the case of a continuing offence, to afurther fine not exceeding $25,000 for every day or part of a day
during which the offence continues after conviction.

30(6) The late payment fee under subsection (4) must not exceed theamount of the unpaid levy.

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Recovery, refund and remission of levies and late payment
fees, etc.
116.—(1) The levy imposed on a person under section 113(3), (5)or (6), and any late payment fee imposed on the person under
section 114(3), are both recoverable as a debt due from that person to
the trustee of the resolution fund concerned.
(2) The amount of levy that a market infrastructure is required tocollect from its participants under section 115(2), and any latepayment fee imposed on the market infrastructure under
section 115(4), are both recoverable as a debt due from the market
infrastructure to the trustee of the resolution fund concerned.
(3) Where the trustee of a resolution fund has commenced any legal
proceedings in a court in Singapore to recover any levy or latepayment fee from a person, the trustee is entitled to claim costs on afull indemnity basis from that person.

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(4) All levies and late payment fees collected or recovered are to be
paid into the resolution fund concerned.
(5) Where a levy payer has paid an amount of levy that is in excessof the amount imposed on the levy payer under a notice under
section 114, the trustee of the resolution fund concerned must make a
withdrawal from the fund to refund the excess amount to the levy
payer.
(6) In any particular case other than the one to which subsection (5)applies, the trustee of a resolution fund may, with the approval of the
Minister —2025(a) make a withdrawal from the resolution fund to refund inwhole or in part any levy paid by a levy payer; or(b) remit in whole or in part any levy payable by a levy payer.
Disclosure of information on levy
117.—(1) This section applies to a notice given under
section 113(3), (5) or (6) to a levy payer that is a similar financial
institution, or a participant of a market infrastructure or of a payment
system operated by a payment system operator.

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(2) Subject to subsections (3) and (4), the levy payer and any of its
officers must not disclose to any person —(a) the amount of the levy specified in the notice; and5(b) any information which, if disclosed, would enable theamount of the levy to be identified or deduced.
(3) Despite subsection (2), the levy payer and any of its officers
may disclose any information mentioned in subsection (4) to —(a) any officer of the levy payer;

10

15

20

(b) where the levy payer is one that is established orincorporated in a foreign country or territory, its head
office, parent corporation, parent supervisory authority,
resolution authority, deposit insurance authority or policy
owners’ protection scheme authority, as the case may be;(c) where the levy payer is a financial institution that is a
subsidiary of a foreign corporation, that corporation or the
corporation’s parent supervisory authority, resolution
authority, deposit insurance authority or policy owners’
protection scheme authority, as the case may be; or(d) such other person or class of persons as the Authority may
approve in writing.
(4) The information that may be disclosed under subsection (3) issuch information that is necessary for the performance of the duties ofthe person or authority mentioned in subsection (3)(a), (b), (c) or (d),as the case may be.

2530(5) A person to whom information is disclosed under subsection (3)must not disclose the information to any other person except as
approved by the Authority.
(6) A person who contravenes subsection (2) or (5) shall be guiltyof an offence and shall be liable on conviction to a fine not exceeding$125,000 or to imprisonment for a term not exceeding 3 years or toboth.
(7) This section does not apply to any information that is public
information.

185(8) In this section —“deposit insurance authority”, in relation to a levy payer or
foreign corporation, means an authority of the foreigncountry or territory in which the levy payer or foreign
corporation is incorporated or established that, whether alone
or together with one or more other authorities, is responsible
for administering a deposit insurance scheme for deposits of
the levy payer or foreign corporation;“foreign corporation” means a corporation incorporated in aforeign country or territory;

5

10“officer”, in relation to a levy payer, includes —(a) a director, a secretary or an employee of the levy
payer;(b) a receiver or manager of any part of the undertakingof the levy payer appointed under a power containedin any instrument; and15(c) the liquidator of the levy payer appointed in avoluntary winding up;“parent corporation”, in relation to a levy payer, means acorporation that is able to exercise a significant influence
over the direction and management of the levy payer or thathas a controlling interest in the levy payer;“parent supervisory authority”, in relation to a levy payer or aforeign corporation, means the supervisory authority that is
responsible, under the laws of the country or territory inwhich the levy payer or foreign corporation is incorporated or
established, for supervising the levy payer or foreign
corporation, as the case may be;“policy owners’ protection scheme authority”, in relation to alevy payer or a foreign corporation, means an authority of theforeign country or territory in which the levy payer or foreign
corporation is incorporated or established that, whether alone
or together with one or more authorities, is responsible foradministering a protection scheme for the policy owners of

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186

insurance policies of the levy payer or foreign corporation, as
the case may be;510“resolution authority”, in relation to a levy payer or a foreign
corporation, means an authority of the foreign country or
territory in which the levy payer or foreign corporation isincorporated or established that, whether alone or together
with one or more other authorities, is responsible for the
resolution, or for preparing plans for dealing with theresolution of, the levy payer or foreign corporation, as thecase may be.
Use of resolution fund to pay loan, etc., and balance inresolution fund15118.—(1) The Minister may, from time to time, direct the trustee ofa resolution fund to make a withdrawal from the resolution fund forany of the following purposes:(a) to repay the Authority all or any part of the loan madeunder section 23(7A) of the Monetary Authority ofSingapore Act 1970, together with any interest on such
loan;

20

(b) to reimburse the Agency for any payment the trustee
received under section 29A of the Deposit Insurance andPolicy Owners’ Protection Schemes Act 2011.
(2) The Minister may by regulations made under section 135
provide for —2530(a) how the balance in a resolution fund is to be dealt with after
the fund is no longer needed for any of the purposes
mentioned in subsection (1) or section 110(1); and(b) the dissolution of the resolution fund after the balance ofthe fund has been dealt with in accordance with theregulations, and the publication of a notice of suchdissolution.

187

Priority of debt of financial institution to trustee
119. Despite any written law or rule of law relating to the winding
up of companies, in the event of a winding up of a financial institution(other than one that is a bank, a finance company licensed under the
Finance Companies Act 1967 or an insurer licensed under the
Insurance Act 1966) —5(a) any sum claimed by the trustee of a resolution fund fromthe financial institution under section 112; and(b) any levy and late payment imposed on the financial
institution under section 113, 114 or 115 and due from thefinancial institution, and any levy which the financial
institution is liable to collect under section 115(2) and duefrom the financial institution,
have priority over all unsecured liabilities of the financial institution
other than preferential debts specified in section 203(1) of theInsolvency, Restructuring and Dissolution Act 2018.

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15

Regulations for this Division
120.—(1) Regulations may be made under section 135 for the
purposes of this Division.
(2) Without limiting subsection (1), regulations may be made in
relation to the imposition and recovery of a levy and late payment fee
under section 113, 114, 115 or 116, and in particular in relation to one
or more of the following:(a) the levy payers on and from whom the trustee of theresolution fund may impose and recover the levy;

2025(b) the classification of the levy payers mentioned inparagraph (a) for the purpose of imposing different
amounts of the levy;(c) the manner in which the amount of the levy for each classof levy payers is to be determined;(d) the amount of the late payment fee;(e) the manner and date of payment of the levy and latepayment fee;

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(f) a duty of a financial institution under resolution, a levy
payer, a market infrastructure or a payment system
operator to provide such information as the Authority ortrustee may reasonably require for the purposes ofcomputing the levy or late payment fee or preparing a
notice under section 113;(g) such other matters as the Minister considers necessary forthe computation, imposition and recovery of the levy orlate payment fees.

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Division 11 — Compensation
Interpretation of this Division
121. In this Division, unless the context otherwise requires —“2nd transferee” has the meaning given by section 69;

15“Division 11 FI” or Division 11 financial institution means apertinent financial institution within a class of pertinent
financial institutions prescribed by regulations made under
section 135 for the purposes of this Division;“Division 11 FI under resolution” means a Division 11 FI that is
the subject of a resolution action;

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25“pre-resolution creditor”, in relation to a Division 11 FI underresolution, means any person who was a creditor of theDivision 11 FI immediately before the resolution date;“pre-resolution shareholder”, in relation to a Division 11 FI
under resolution, means any person who held shares or
instruments conferring or representing a legal or beneficial
ownership interest in the Division 11 FI, immediately before
the resolution date;“prescribed written law” has the meaning given by section 95;“resolution action” means —30(a) the issue of a certificate of transfer under section 67
or any action to be taken under that certificate;

189(b) the issue of a certificate of transfer under section 76
or any action to be taken under that certificate;(c) the issue of a certificate of restructuring of sharecapital under section 79 or any action to be taken
under that certificate;5(d) the issue of a bail-in certificate under section 84 or
any action to be taken under that certificate; or(e) the making of an order under section 104 thatprovides for any of the matters mentioned in
section 104(2);10“resolution date”, in relation to a Division 11 FI underresolution, means —(a) if the Division 11 FI is the subject of the issue of acertificate of transfer under section 67, a certificate oftransfer under section 76, a certificate ofrestructuring of share capital under section 79, or abail-in certificate under section 84 — the date thecertificate is published in the Gazette;(b) if the Division 11 FI is the subject of 2 or moreactions mentioned in paragraphs (a) to (d) of thedefinition of “resolution action” — the earlier or
earliest of the dates of publication of the relevant
certificates in the Gazette;(c) if the Division 11 FI is the subject of an action
mentioned in paragraph (e) of the definition of“resolution action” — the date of publication of theorder in the Gazette; or(d) if the Division 11 FI is the subject of one or moreactions mentioned in paragraphs (a) to (d) of thedefinition of “resolution action”, as well as the action
mentioned in paragraph (e) of that definition — theearlier of the following dates:(i) the date of publication in the Gazette of therelevant certificate or, if there is more than

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one relevant certificate, the earlier or earliest of
the dates of publication in the Gazette of therelevant certificates;
5(ii) the date of publication of the order in theGazette;“transferee” has the meaning given by section 65;“valuation report” means a report issued by a valuer under
section 125(3);10“valuer” means a person appointed under section 124 as avaluer.
Meaning of “worse off as a result of the resolution”

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122.—(1) In this Division, a pre-resolution creditor or
pre-resolution shareholder of a Division 11 FI under resolution isworse off as a result of the resolution if, by reason of one or more of
the actions mentioned in subsection (2) taken in relation to theDivision 11 FI, the pre-resolution creditor or pre-resolution
shareholder has received, is receiving or is likely to receive lessfavourable treatment than what the pre-resolution creditor or
pre-resolution shareholder would have received had winding up
proceedings been commenced against the Division 11 FI immediately
before the resolution date.
(2) In subsection (1), the actions are —(a) any resolution action;

25(b) the issue of a reverse transfer certificate under section 71 or
any action taken under that certificate; and(c) the issue of an onward transfer certificate under section 73
or any action taken under that certificate.

30(3) In any of the following cases, it is a rebuttable presumption thata pre-resolution creditor or pre-resolution shareholder of a
Division 11 FI under resolution is not worse off as a result of theresolution:(a) the liability or instrument concerned is transferred to atransferee under section 67 and the transferee is subject to191

the same terms for that liability or instrument as those towhich the Division 11 FI under resolution was subject;(b) the liability or instrument concerned is transferred under
section 67 and is then transferred back to the Division 11 FI
under section 71, and the Division 11 FI is subject to thesame terms for that liability or instrument as it was subject
to immediately before the transfer under section 67;

5(c) the liability or instrument concerned is transferred under
section 67 and is then transferred to a 2nd transferee under
section 73, and the 2nd transferee is subject to the sameterms for that liability or instrument as those to which theDivision 11 FI under resolution was subject;10(d) the only resolution action to which the Division 11 FI is
subject is the issue of a bail-in certificate within themeaning of Division 6 or any action under the certificate,
and the instrument or liability concerned is not one to bebailed in under that certificate;15(e) the only resolution action to which the Division 11 FI is
subject is the making of an order under Division 9, and the
pre-resolution creditor or pre-resolution shareholder iseligible for compensation under the law of a foreigncountry or territory by reason of the resolution to which theorder gives effect.

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Eligibility for compensation
123.—(1) A pre-resolution creditor or pre-resolution shareholder ofa Division 11 FI under resolution that is worse off as a result of theresolution, is eligible for compensation of the amount mentioned insubsection (2).
(2) The amount of compensation that the pre-resolution creditor or
pre-resolution shareholder is eligible for is the difference between —(a) what the pre-resolution creditor or pre-resolution
shareholder would have received had winding up
proceedings been commenced against the Division 11 FI

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under resolution immediately before the resolution date;and5(b) what the pre-resolution creditor or pre-resolution
shareholder has received, is receiving, or is likely toreceive —(i) as a result of one or more of the actions mentioned in
section 122(2); and1015(ii) as compensation under the law of a foreign country
or territory governing the foreign resolution(if applicable).
(3) Subject to section 129, the Authority must recommend to the
Minister to make a direction to the trustee of the resolution fundestablished under Division 10 in relation to the resolution of theDivision 11 FI, to make a withdrawal from the fund to pay to the
pre-resolution creditor or pre-resolution shareholder, the amount set
out in the valuation report as the amount mentioned in subsection (2).
(4) Payment of the compensation to the pre-resolution creditor or
pre-resolution shareholder is to be made in the form and manner, andwithin the time, prescribed by regulations made under section 135.

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Appointment of valuer
124.—(1) The Minister must, as soon as practicable, after the
resolution date of a Division 11 FI under resolution, appoint a valuer
for the Division 11 FI.

2530(2) The role of a valuer appointed under this section is to make avaluation in relation to the Division 11 FI in accordance withsection 125, and decide whether any pre-resolution creditor or
pre-resolution shareholder of the Division 11 FI is eligible forcompensation and the amount of the compensation.
(3) The Minister may only appoint a person as a valuer if the
Minister is satisfied that the person satisfies the criteria prescribed byregulations made for the purposes of this subsection under
section 135.

193(4) The appointment of a valuer is to be made on such conditions as
the Minister may determine, and the Minister may at any time add to,vary or revoke any such condition.
(5) The Minister may on any prescribed ground revoke theappointment of a valuer, and may, subject to subsections (3) and(4), appoint a new valuer.
(6) Where the appointment of a valuer is revoked and a new valuer
is appointed under subsection (5), the Authority may direct theprevious valuer to provide such information and documents to the
new valuer as the Authority considers necessary for the new valuer to
conduct the valuation.
(7) A valuer that does not comply with a direction issued undersubsection (6) shall be guilty of an offence and shall be liable onconviction to a fine not exceeding $250,000 and, in the case of acontinuing offence, to a further fine not exceeding $25,000 for every
day or part of a day during which the offence continues afterconviction.

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(8) The Authority may at any time fix the remuneration and
expenses to be paid to a valuer.
(9) The remuneration and expenses of a valuer may be paid out of
the resolution fund established under Division 10 in relation to theresolution of the Division 11 FI.

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Valuation
125.—(1) A valuer for a Division 11 FI under resolution must
conduct the valuation of the Division 11 FI in accordance with thevaluation principles that are prescribed by regulations made under
section 135, and any other valuation principles specified by the
Authority by written notice to the valuer.
(2) The valuer must determine the amount of compensation to be
paid to each pre-resolution creditor or pre-resolution shareholder ofthe Division 11 FI, or each one that is within a class of pre-resolution
creditors or pre-resolution shareholders of the Division 11 FI, byreference to the difference between —

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(a) the valuer’s assessment of what the pre-resolution creditor
or pre-resolution shareholder would have received had
winding up proceedings been commenced against theDivision 11 FI immediately before the resolution date; and5(b) the valuer’s assessment of what the pre-resolution creditor
or pre-resolution shareholder has received, is receiving, or
is likely to receive —(i) as a result of one or more of the actions mentioned in
section 122(2); and1015(ii) as compensation under the law of a foreign country
or territory governing the foreign resolution(if applicable).
(3) After conducting the valuation, the valuer for a Division 11 FI
under resolution must issue a report setting out the valuer’s decision
on —(a) whether each pre-resolution creditor or pre-resolution
shareholder of the Division 11 FI is eligible forcompensation; and20(b) the amount of compensation to be paid to eachpre-resolution creditor or pre-resolution shareholder.
(4) The valuation report must specify the information that isprescribed by regulations made under section 135 and any othervaluation principles specified by the Authority by written notice tothe valuer.

25(5) The valuer must provide the valuation report to the Minister andthe Authority by such date as may be determined by the Minister.
(6) On receiving a copy of the valuation report, where the Authority
is of the view that —30(a) the valuation report was not prepared in accordance withthis section; or195(b) the valuer should have had regard to any additional
circumstances not taken into account in the valuation
report,the Authority may, by written notice, request the valuer to reconsider
the valuation report or any aspect of the report by such date as the
Authority may specify in the notice.

5(7) The Authority may cause the valuation report or any part of thevaluation report to be published in the manner determined by the
Authority.
Access to information by valuer

10

126.—(1) A Division 11 FI under resolution for which a valuer isappointed must —(a) give the valuer access to such of its records and documents
as the valuer may reasonably require to conduct thevaluation;

15(b) procure a person who is in possession of such records anddocuments to give the valuer access to them;(c) provide such information and facilities as the valuer may
reasonably require to conduct the valuation; and(d) procure a person who is in possession of such information
or facilities to provide the information or facilities to thevaluer.
(2) Subsection (1) has effect despite any obligation ofconfidentiality or other restrictions on the disclosure of information
imposed on the Division 11 FI under resolution or any of its officers,
or on any person mentioned in subsection (1)(b) or (d), by any
prescribed written law or any requirement imposed under any such
written law, any rule of law, any contract or any rule of professional
conduct.
(3) A Division 11 FI under resolution that, without reasonableexcuse, refuses or neglects to comply with subsection (1) shall be
guilty of an offence and shall be liable on conviction to a fine notexceeding $250,000 and, in the case of a continuing offence, to a

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further fine not exceeding $25,000 for every day or part of a day
during which the offence continues after conviction.

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(4) No civil or criminal liability is incurred by a Division 11 FI
under resolution or any of its officers, or by any person mentioned insubsection (1)(b) or (d) or any of the person’s officers, in respect of
any obligation or restriction mentioned in subsection (2), for doing oromitting to do any act, if the act is done or omitted to be done withreasonable care and in good faith and for the purpose of complying
with or giving effect to subsection (1).
(5) A Division 11 FI under resolution or any of its officers, or any
person mentioned in subsection (1)(b) or (d), that, with reasonablecare and in good faith, does or omits to do any act for the purpose ofcomplying with or giving effect to subsection (1) is not to be treatedas being in breach of any obligation or restriction mentioned insubsection (2).
Confidentiality and use of information
127.—(1) A valuer must not use or disclose any information
obtained under this Division other than for the performance of its
functions under this Division.

2025(2) Any person who comes to know of any information in thecourse of assisting another person to perform a function under this
Division must not use or disclose the information for any purpose
other than for such assistance.
(3) Except as provided under sections 125(5) and 128, a valuer
must not disclose any part of the valuation report issued by the valuer
to any person.
(4) The duties of a valuer under subsections (1) and (3) continue
after the revocation or cessation of the valuer’s appointment.

30(5) A person who contravenes subsection (1), (2) or (3) shall be
guilty of an offence and shall be liable on conviction —(a) in the case of an individual, to a fine not exceeding$125,000 or to imprisonment for a term not exceeding
3 years or to both; or(b) in any other case, to a fine not exceeding $250,000.

197(6) A person to whom any information is disclosed, who knows or
has reasonable grounds for believing at the time of the disclosure, thatthe information was disclosed to the person in contravention ofsubsection (1), (2) or (3), shall be guilty of an offence and shall be
liable on conviction —5(a) in the case of an individual, to a fine not exceeding$125,000 or to imprisonment for a term not exceeding
3 years or to both; or(b) in any other case, to a fine not exceeding $250,000.
(7) Where a person is charged with an offence under subsection (6),
it is a defence for the person to prove that —10(a) the disclosure was made contrary to the person’s desire;(b) where the disclosure was made in any written or printed
form, the person had as soon as practicable after receiving
the information, surrendered, or taken all reasonable steps
to surrender, the information and all copies of theinformation to the Authority; and(c) where the disclosure was made in an electronic form, theperson had, as soon as practicable after receiving theinformation, taken all reasonable steps to ensure thedeletion of all electronic copies of the information andthe surrender of the information and all copies of theinformation in other forms to the Authority.

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Disclosure of valuation report128.—(1) A valuer of a Division 11 FI under resolution may, with
the Authority’s approval, disclose the whole or any part of thevaluation report of the Division 11 FI to the Division 11 FI, any
pre-resolution creditor or pre-resolution shareholder of theDivision 11 FI, or the public.

25(2) In granting approval for a disclosure, the Authority may impose
such conditions or restrictions as the Authority thinks fit on the valuer
as to the form or content of the valuation report or part of thevaluation report to be disclosed.

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(3) The Authority may also impose such conditions or restrictions
as the Authority thinks fit on the Division 11 FI under resolution or
any pre-resolution creditor or pre-resolution shareholder of theDivision 11 FI that the valuer discloses the valuation report to.
510(4) A person who contravenes any of the provisions of this section,or any condition or restriction imposed under subsection (2) or (3),shall be guilty of an offence and shall be liable on conviction —(a) in the case of an individual, to a fine not exceeding$125,000 or to imprisonment for a term not exceeding
3 years or to both; or(b) in any other case, to a fine not exceeding $250,000.
Appeals129.—(1) The Authority may appeal to the Court against avaluation report if the Authority is dissatisfied with —15(a) the valuer’s decision on any person’s eligibility forcompensation; or(b) the amount of compensation to be paid to any person
pursuant to the valuation report.

20(2) A person may appeal to the Court against a valuation report if
the person is dissatisfied with —(a) the valuer’s decision on the person’s eligibility forcompensation; or(b) the amount of compensation to be paid to the person
pursuant to the valuation report.

2530(3) The Court may make an order that confirms or varies thevaluation report in respect of the eligibility of a person forcompensation or the amount of compensation to be paid to the person.
(4) A person may not lodge an appeal after the resolution fundestablished under Division 10 in relation to the resolution of theDivision 11 FI has been dissolved in accordance with regulations
made for the purposes of section 118(2).

199(5) Rules of Court may provide for the manner in which appeals
under this section may be made and the procedure for the appeal.
Division 12 — Miscellaneous
Notices to significant associated entities of specified financial
institutions
130.—(1) The Authority may, if the Authority thinks it necessary or
expedient in the public interest, in the interests of any affected person
or class of affected persons of a specified financial institution or in theinterests of the financial system in Singapore, by written notice to asignificant associated entity of the specified financial institution, give
directions or impose requirements on or relating to the operations or
activities of the significant associated entity, including directions thatthe significant associated entity —(a) take such action, or do or not do such act or thing, as the
Authority may specify in the notice; or

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(b) continue to provide such services as the Authority may
specify in the notice to —(i) the specified financial institution; or(ii) all or any of the entities treated, for accounting
purposes according to the Accounting Standards, aspart of the group of companies of the specified
financial institution.
(2) A significant associated entity of a specified financial institution
must comply with any direction given to the significant associatedentity, or any requirement imposed on the significant associatedentity, by any notice issued to the significant associated entity undersubsection (1).

2025(3) It is not necessary to publish any notice issued undersubsection (1) in the Gazette.
(4) A significant associated entity (of a specified financial
institution) that contravenes subsection (2) shall be guilty of an
offence and shall be liable on conviction to a fine not exceeding$250,000 and, in the case of a continuing offence, to a further fine not

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exceeding $25,000 for every day or part of a day during which theoffence continues after conviction.
(5) In this section —5“Accounting Standards” has the meaning given by section 4(1)of the Companies Act 1967;“group of companies”, in relation to a specified financial
institution, means —(a) the specified financial institution;

10(b) the entities that are subsidiaries of the specified
financial institution; and(c) the entity that is the holding company of the specified
financial institution, and the entities that are
subsidiaries of that holding company;

15“significant associated entity”, in relation to a specified financial
institution, means an entity incorporated, formed or
established in Singapore —(a) which is treated, for accounting purposes according
to the Accounting Standards, as part of the group ofcompanies of the specified financial institution;20(b) which is not approved, authorised, designated,recognised, registered, licensed or otherwise
regulated by the Authority under this Act or any
other MAS scheduled Act; and(c) which —25(i) is significant to the business of —(A) the specified financial institution; or

30(B) all or any of the entities which are treated,
for accounting purposes according to the
Accounting Standards, as part of thegroup of companies of the specified
financial institution; or201(ii) provides any service which is essential ornecessary for the continued operation of —(A) the specified financial institution; or(B) all or any of the entities which are treated,
for accounting purposes according to the
Accounting Standards, as part of thegroup of companies of the specified
financial institution.

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Modification of law of insolvency
131. Despite anything to the contrary in this Act, the Companies
Act 1967 and the Insolvency, Restructuring and Dissolution
Act 2018 —(a) any sale, transfer, assignment or other disposition of any
property or business of a pertinent financial institution
pursuant to section 67 or 73 must not be reversed, repaid or
set aside, except where a certificate has been issued under
section 71 to reverse such sale, transfer, assignment orother disposition; and(b) no order may be made by any court for the rectification or
stay of any such sale, transfer, assignment or otherdisposition.

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Power to obtain information under this Part
132.—(1) The Minister or the Authority may require a person toprovide, within the period and in the manner specified by the Ministeror the Authority, any information or document that the Minister or the
Authority may reasonably require —25(a) for the discharge or exercise of the Minister’s or the
Authority’s duties, functions or powers under this Part; or(b) for transmission to a valuer appointed under section 124 inconnection with the valuer’s role under Division 11.

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(2) A person who —(a) without reasonable excuse, fails to comply with any
requirement under subsection (1); or
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(b) in purported compliance with any requirement undersubsection (1), knowingly or recklessly provides any
information or document that is false or misleading in amaterial particular,
shall be guilty of an offence and shall be liable on conviction to a finenot exceeding $125,000 or to imprisonment for a term not exceeding
3 years or to both and, in the case of a continuing offence, to a further
fine not exceeding $12,500 for every day or part of a day during
which the offence continues after conviction.
(3) Where a person claims, before providing the Minister or the
Authority with any information or document that the person isrequired to provide under subsection (1), that the information or
document might tend to incriminate the person, the information or
document is not admissible in evidence against the person in criminal
proceedings other than proceedings under subsection (2).
Immunity for officer of specified financial institution orsignificant associated entity
133.—(1) No civil or criminal liability is incurred by an officer of a
specified financial institution, or of a significant associated entity
referred to in section 130, for anything done (including any statementmade) or omitted to be done with reasonable care and in good faith incomplying with any provision of this Part or any direction given,
notice issued or requirement imposed by the Minister or the Authority
under this Part.
(2) In this section, “officer”, in relation to a specified financial
institution or a significant associated entity referred to in section 130,
includes —(a) a director, a secretary or an executive officer of thespecified financial institution or significant associatedentity, as the case may be;203(b) a receiver or manager of any part of the undertaking of thespecified financial institution or significant associatedentity (as the case may be) appointed under a power
contained in any instrument; and(c) a liquidator of the specified financial institution orsignificant associated entity (as the case may be)appointed in a voluntary winding up.

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Cessation of moratorium, etc., under this Part
134.—(1) The Minister may, by order in the Gazette, direct that
section 68(1) or (2), 76(13), 79(13) or 86, or any part of thatprovision, ceases to apply to a pertinent financial institution, any
business (or any part of the business) of a pertinent financial
institution, any share in a pertinent financial institution or any eligible
instrument issued by a Division 6 FI or to which it is a party or issubject, and the order has effect according to its terms on the datespecified by the Minister in the order.

1015(2) In this section, “business” includes affairs, property, right,
obligation and liability.
Regulations for this Part
135.—(1) The Minister may make such regulations as may benecessary or expedient for carrying out the purposes and provisionsof this Part and for prescribing anything that may be required to beprescribed under this Part.
(2) Without limiting subsection (1), regulations made under thissection may —2025(a) restrict, or impose conditions on, any transfer of only part(but not the whole) of the business (as defined in
section 65) of a pertinent financial institution under
Division 2;(b) provide for either or both of the following:(i) that any arrangement, transaction or action is exempt
from any provision of this Part;

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(ii) that the Minister or the Authority must not exercise
any power under this Part in relation to any
arrangement, transaction or action, or any matterfor which any arrangement has been entered into,either in all circumstances or if specified conditions
are not satisfied;(c) prescribe —10(i) any set-off arrangement, netting arrangement orother type of arrangement as an arrangement
referred to in paragraph (b)(i) or (ii);(ii) any transaction or action as a transaction or action inparagraph (b)(i) or (ii);

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(iii) for any arrangement, transaction or action referred toin paragraph (b)(i), each provision of this Part whichthat arrangement, transaction or action is exempted
from; and(iv) for any arrangement, transaction, action or matter
referred to in paragraph (b)(ii), each power which the
Minister or the Authority may not exercise in relation
to that arrangement, transaction, action or matter;(d) provide for any transaction to be void or voidable, or for
any other consequence (including a consequence affecting
any business, affairs, property, right, obligation, liability or
power of any person under this Part, or affecting theoperation of any provision of this Part) to arise, if any
specified provision of the regulations is contravened;(e) provide that any contravention of any specified provisionof the regulations shall be an offence punishable —3035(i) in the case of an individual, with a fine not exceeding$125,000 or with imprisonment for a term notexceeding 3 years or with both and, in the case of
a continuing offence, with a further fine notexceeding $12,500 for every day or part of a day
during which the offence continues after conviction;
or

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(ii) in any other case, with a fine not exceeding $250,000
and, in the case of a continuing offence, with afurther fine not exceeding $25,000 for every day orpart of a day during which the offence continues afterconviction;

5(f) exempt any person or class of persons from all or any of theprovisions of this Part and the regulations, subject to suchconditions or restrictions as may be prescribed; and(g) provide that a pertinent financial institution, any of its
subsidiaries or any subsidiary within a class of its
subsidiaries, must include a provision in a specified
contract to which the pertinent financial institution or
subsidiary is a party, the effect of which is that the parties
to the contract agree to be bound by section 92 and by any
suspension of a termination right in the contract by the
Authority under section 93.

1015(3) For the purposes of the definition of “affected person” insection 58, the Minister may prescribe, in relation to any specified
financial institution, different persons for different purposes.
(4) For the purposes of the definitions of “excluded financial
institution” and “pertinent financial institution” in section 58, theMinister may prescribe different financial institutions for different
purposes.
(5) All regulations made under this section must be presented to
Parliament as soon as possible after publication in the Gazette.

2025(6) In this section —“netting arrangement” means an arrangement under which 2 ormore claims or obligations can be converted into a net claim
or obligation, and includes a close-out netting arrangement(under which actual or theoretical debts are calculated during
the course of a contract for the purpose of enabling them to be
set-off against each other or to be converted into a net debt);“set-off arrangement” means an arrangement under which 2 ormore debts, claims or obligations can be set-off against eachother.

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PART 9DIGITAL TOKEN SERVICE PROVIDERS
Division 1 — Preliminary
Interpretation of this Part
5

136.—(1) In this Part, unless the context otherwise requires —“5% controller”, in relation to a corporation (being a licensee),means a person that alone or together with the person’s
associates —10(a) has an interest in at least 5%, but less than 12%, of theshares in the corporation; or(b) is in a position to control at least 5%, but less than
12%, of the votes in the corporation;

15“12% controller”, in relation to a corporation (being a licensee),means a person that alone or together with the person’s
associates —(a) has an interest in at least 12%, but less than 20%, of
the shares in the corporation; or(b) is in a position to control at least 12%, but less than
20%, of the votes in the corporation;

20“20% controller”, in relation to a corporation (being a licensee),means a person that alone or together with the person’s
associates —(a) has an interest in at least 20% of the shares in thecorporation; or25(b) is in a position to control at least 20% of the votes in
the corporation;“arrangement” includes any formal or informal scheme,
arrangement or understanding, and any trust whether
express or implied;30“book” includes any record, register, document or other recordof information and any account or accounting record,
however compiled, recorded or stored, whether in written

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or printed form or on microfilm or by electronic process orotherwise;“capital markets products” has the meaning given by
section 2(1) of the Securities and Futures Act 2001;“chief executive officer”, in relation to a corporation, means aperson, by whatever name called, who —5(a) is in the direct employment of, or acting for or byarrangement with, the corporation; and(b) is principally responsible for the management andconduct of the business of the corporation;

10“company” has the meaning given by section 4(1) of theCompanies Act 1967;“digital payment token” has the meaning given by section 2(1)of the Payment Services Act 2019;“digital payment token service” has the meaning given by
section 2(1) of the Payment Services Act 2019;15“digital token” means —(a) a digital payment token; or(b) a digital representation of a capital markets productwhich —
(i) can be transferred,electronically; andstoredor

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traded(ii) satisfies such other characteristics as the
Authority may prescribe,
but does not include an excluded digital token;

25“digital token service” has the meaning given by Part 1 of theFirst Schedule, but excludes any service that is specified inPart 2 of that Schedule;“digital token service provider” means any person that provides
a digital token service;“digital token service user” means any person that uses a digitaltoken service;

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“director” has the meaning given by section 4(1) of theCompanies Act 1967;“e-money” has the meaning given by section 2(1) of the
Payment Services Act 2019;5“employee”, in relation to an employer, includes an individual
seconded or temporarily transferred to the employer fromanother employer;“entity” means any body corporate or unincorporate, whether
incorporated, formed or established in or outside Singapore;10“excluded digital token” means a digital token that is prescribedby the Authority as an excluded digital token;“executive director” means a director who is concurrently an
executive officer;

15“executive officer”, in relation to a corporation, means any
individual, by whatever name called, who —(a) is in the direct employment of, or acting for or byarrangement with, the corporation; and(b) is concerned with or takes part in the management of
the corporation on a day-to-day basis;

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“financial regulatory authority”, in relation to a foreign country
or territory, means an authority of the foreign country or
territory exercising any function that corresponds to aregulatory function of the Authority under this Act or any
other MAS scheduled Act;
“indirect controller”, in relation to a corporation (being alicensee) —(a) means any person, whether acting alone or together
with any other person, and whether with or without
holding shares or controlling voting power in thecorporation —(i) in accordance with whose directions,
instructions or wishes the directors of thecorporation are accustomed or under an209obligation, whether formal or informal, to act;or(ii) that is in a position to determine the policy ofthe corporation; but(b) excludes any person —5(i) who is a director or other officer of thecorporation and whose appointment has been
approved by the Authority; or(ii) in accordance with whose directions,
instructions or wishes the directors of thecorporation are accustomed to act by reason
only that they act on advice given by the personin the person’s professional capacity;

10“licence” means a licence granted under section 138;
“licensee” means a digital token service provider the licence of
which is in force;

15“limited liability partnership” has the meaning given by
section 4(1) of the Limited Liability Partnerships Act 2005;“money” includes e-money but excludes any digital payment
token and any excluded digital token;

20“partner”, in relation to a limited liability partnership, has themeaning given by section 2(1) of the Limited Liability
Partnerships Act 2005;“permanent place of business”, in relation to a person, means
each fixed location in Singapore used by the person, forcarrying on the person’s business, regardless whether thebusiness is carried on within a single building or at a single
business address;“place of business”, in relation to a licensee, means any location(including a kiosk that can be moved from one location toanother) in Singapore used by the licensee, for carrying on its
business;

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“registered office” means a registered office maintained under
section 142(1) or 370(1) of the Companies Act 1967;5“regulated financial institution” means a person that carries on abusiness, the conduct of which is regulated or authorised by
the Authority or, if it is carried on in Singapore, could be
regulated or authorised by the Authority;“share” has the meaning given by section 4(1) of the Companies
Act 1967 and includes an interest in a share;

10“VCC” or variable capital company has the meaning given by
section 2(1) of the Variable Capital Companies Act 2018.
(2) In this Part, unless the context otherwise requires —(a) a person has an interest in a share if —15(i) the person has or is treated as having an interest inthat share under section 7(1A), (1B), (2), (6) and (7)to (10) of the Companies Act 1967; or(ii) the person has any legal or equitable interest in thatshare, except an interest that is to be disregarded
under section 7(9) of the Companies Act 1967;20(b) a reference to the control of a percentage of the votes in a
corporation (being a licensee) is a reference to the control,
whether direct or indirect, of that percentage of the total
number of votes that might be cast in a general meeting of
the corporation; and(c) a person (A) is an associate of another person (B) if —2530(i) A is the spouse, a parent, remoter lineal ancestor or
step-parent, a son, daughter, remoter issue, stepson
or stepdaughter, or a brother or sister, of B;(ii) A is a body corporate that is, or a majority of thedirectors of which are, accustomed or under anobligation, whether formal or informal, to act inaccordance with the directions, instructions or
wishes of B;

211(iii) A is a person that is accustomed or under anobligation, whether formal or informal, to act inaccordance with the directions, instructions or
wishes of B;(iv) A is a subsidiary of B;

5(v) A is a body corporate in which B, whether alone or
together with other associates of B as described in
sub-paragraphs (ii), (iii) and (iv), is in a position tocontrol 20% or more of the votes in A; or(vi) A is a person with whom B has an agreement or
arrangement (whether oral or in writing and whether
express or implied) to act together with respect to theacquisition, holding or disposal of shares or otherinterests in, or with respect to the exercise of theirvotes in relation to, the corporation (being a licensee)
mentioned in the definition of “5% controller”,“12% controller” or “20% controller”.
(3) For the purposes of section 137(2) and (4), the provision of adigital token service is incidental to any other business carried on by aperson, if the digital token service —

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(a) is carried on, offered or provided by that person to support
that other business; and(b) is provided by that person in connection with the carrying
on of that other business.
Division 2 — Licensing of digital token service providers

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Subdivision (1) — Licensing of digital token service providers
Licensing of digital token service providers
137.—(1) Except as provided for in subsection (5), an individual ora partnership must not from a place of business in Singapore carry on
a business of providing any type of digital token service outside
Singapore unless the individual or the partnership has in force alicence.

30212(2) For the purposes of subsection (1), where a person provides any
type of digital token service while the person carries on any business(called in this subsection the primary business) from a place ofbusiness in Singapore —5(a) the person is presumed to carry on a secondary business ofproviding that type of digital token service from a place ofbusiness in Singapore, regardless whether the provision ofthat type of digital token service is related or incidental tothe primary business; and10(b) the presumption in paragraph (a) is not rebutted by proof
that the provision of that type of digital token service isrelated or incidental, or is both related and incidental, to theprimary business.

1520(3) Except as provided for in subsection (5), a Singapore
corporation must not carry on a business, whether from Singapore
or elsewhere, of providing any type of digital token service outside
Singapore unless the Singapore corporation has in force a licence.
(4) For the purposes of subsection (3), where a person provides any
type of digital token service while the person carries on any business(called in this subsection the primary business) —(a) the person is presumed to carry on a secondary business ofproviding that type of digital token service regardlesswhether the provision of that type of digital token service isrelated or incidental to the primary business; and2530(b) the presumption in paragraph (a) is not rebutted by proof
that the provision of that type of digital token service isrelated or incidental, or is both related and incidental, to theprimary business.
(5) Subsections (1) and (3) do not apply to a person who carries on abusiness of providing a digital token service —(a) unless otherwise provided for in regulations made under
section 192 —213(i) that is —(A) required to be licensed, approved or recognised
under the Securities and Futures Act 2001; or(B) exempted from licensing, approval orrecognition under the Securities and Futures
Act 2001,

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in respect of the carrying on of a business in a capital
markets product regulated activity;(ii) that is —(A) required to be licensed under the Financial
Advisers Act 2001; or

10(B) exempted from licensing under the Financial
Advisers Act 2001,
in respect of the carrying on of a business ofproviding a financial advisory service; or15(iii) that is —(A) required to be licensed under the Payment
Services Act 2019; or(B) exempted from licensing under the Payment
Services Act 2019,20

in respect of the carrying on of a business ofproviding any digital payment token service;(b) that is specified in the Second Schedule; or(c) that belongs to a prescribed class of persons.
(6) A person that contravenes subsection (1) or (3) shall be guilty of
an offence and shall be liable on conviction —(a) in the case of an individual, to a fine not exceeding$125,000 or to imprisonment for a term not exceeding
3 years or to both and, in the case of a continuing offence,
to a further fine not exceeding $12,500 for every day orpart of a day during which the offence continues afterconviction; or

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(b) in any other case, to a fine not exceeding $250,000 and, inthe case of a continuing offence, to a further fine notexceeding $25,000 for every day or part of a day during
which the offence continues after conviction.
5(7) In this section —“capital markets product regulated activity” means any of thefollowing activities:(a) any regulated activity;(b) establishing or operating an organised market;

10“financial advisory service” has the meaning given by
section 2(1) of the Financial Advisers Act 2001;“organised market” has the meaning given by Part 1 of the First
Schedule to the Securities and Futures Act 2001;

15“regulated activity” has the meaning given by section 2(1) of the
Securities and Futures Act 2001;“Singapore corporation” means a body corporate formed orincorporated in Singapore and includes a limited liability
partnership.
Application for licence20

138.—(1) An application for a licence must be made to the
Authority in the form and manner required by the Authority.
(2) Upon receiving an application under subsection (1), theAuthority may —25(a) grant a licence to the applicant, with or without conditions;or(b) refuse to grant a licence.
(3) Where an applicant has applied for a licence, the Authority must
not grant the licence to the applicant unless —30(a) the applicant has a permanent place of business in
Singapore;

215(b) in the case of an applicant that is a corporation, an
executive director of the applicant —(i) is resident in Singapore; or(ii) if the applicant satisfies such conditions as may beprescribed — belongs to a prescribed class of
persons;5(c) in the case of an applicant that is a partnership, a partner of
the applicant —(i) is resident in Singapore; or(ii) if the applicant satisfies such conditions as may beprescribed — belongs to a prescribed class of
persons;

10(d) in the case of an applicant that is a limited liability
partnership — a partner or manager of the applicant —(i) is resident in Singapore; or15(ii) if the applicant satisfies such conditions as may beprescribed — belongs to a prescribed class of
persons;(e) the applicant satisfies such financial requirements as may
be prescribed;

20(f) the Authority —(i) is satisfied that the applicant is a fit and proper
person under the Guidelines on Fit and Proper
Criteria;(ii) is satisfied as to the financial condition of theapplicant;25(iii) is satisfied that the public interest will be served by
the granting of the licence; and(iv) is satisfied that the applicant meets such other criteria
for the grant of the licence as the Authority considers
relevant;

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(g) the applicant satisfies such operational requirements as the
Authority may specify; and(h) the application is accompanied by —5(i) such information or documents as the Authority may
require; and(ii) a non-refundable application fee of a prescribedamount that is payable in such manner as the
Authority may specify.

10(4) The Authority may at any time add to, vary or revoke any of theconditions of a licence imposed under subsection (2)(a) or thissubsection.
(5) The Authority must not refuse an application undersubsection (1) without giving the applicant an opportunity to beheard.

15(6) Every licensee must, while its licence is in force, satisfy —(a) such financial requirements as may be prescribed or
specified by the Authority by written notice; and(b) such operational requirements and other requirements as
the Authority may specify by written notice.

20(7) A licensee that fails to comply with any requirement mentioned
in subsection (6) must immediately notify the Authority of the failure.
(8) Where a licensee fails to comply with any requirement undersubsection (6) —25(a) the Authority may, by written notice to that licensee, doeither or both of the following:(i) restrict or suspend the operations of that licensee;(ii) give such directions to that licensee as the Authority
considers appropriate; and(b) that licensee must comply with that notice.

30(9) A licensee that, without reasonable cause, contravenes
subsection (6), or fails to comply with any condition imposed by
the Authority under subsection (2)(a) or (4), shall be guilty of an

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offence and shall be liable on conviction to a fine not exceeding$100,000 and, in the case of a continuing offence, to a further fine notexceeding $10,000 for every day or part of a day during which theoffence continues after conviction.
Holding out as licensee

5139.—(1) A person must not hold himself, herself or itself out as alicensee, unless the person has in force a licence.
(2) An individual or a partnership must not hold himself, herself oritself (as the case may be) out as carrying on from a place inSingapore a business of providing any type of digital token service
outside of Singapore, unless the individual or partnership is a licensee
or exempt from section 137(1) under section 189.
(3) A Singapore corporation must not hold itself out as carrying ona business of providing digital token service outside of Singapore,
unless it is a licensee or exempt from section 137(3) under
section 189.

1015(4) Subsections (2) and (3) do not apply to any person mentioned in
section 137(5).
(5) A person that contravenes subsection (1), (2) or (3) shall be
guilty of an offence and shall be liable on conviction —(a) in the case of an individual, to a fine not exceeding$125,000 or to imprisonment for a term not exceeding
3 years or to both and, in the case of a continuing offence,
to a further fine not exceeding $12,500 for every day orpart of a day during which the offence continues afterconviction; or(b) in any other case, to a fine not exceeding $250,000 and, inthe case of a continuing offence, to a further fine notexceeding $25,000 for every day or part of a day during
which the offence continues after conviction.
(6) For the purposes of subsection (3), “Singapore corporation” has
the meaning given by section 137(7).

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Annual fees of licensees
140.—(1) A licensee must pay to the Authority a prescribed annual
fee in such manner as the Authority may specify by written notice.
5(2) The Authority may, where the Authority considers it to beappropriate in a particular case, waive, refund or remit the whole or
any part of any annual fee paid or payable to the Authority.
Lapsing, surrender, revocation or suspension of licence
141.—(1) A licence lapses —10(a) in the case of a licensee that is an entity, if the licensee iswound up or otherwise dissolved, whether in Singapore orelsewhere;(b) in the case of a licensee that is an individual, if the licensee
dies, becomes mentally incapacitated or is adjudicated abankrupt; or15(c) upon the occurrence of such other event as may beprescribed.
(2) The Authority may revoke a licence if —20(a) it appears to the Authority that any of the following
persons is not a fit and proper person under the Guidelines
on Fit and Proper Criteria:(i) the licensee;(ii) any officer or employee of the licensee;(iii) where the licensee is a partnership — any partner ofthat partnership;

2530(iv) where the licensee is a limited liability partnership —any partner or manager of that limited liability
partnership;(v) where the licensee is a corporation — any
5% controller, 12% controller, 20% controller orindirect controller of the licensee;(b) it appears to the Authority that either of the following is notsatisfactory:

219(i) the financial standing of the licensee;(ii) the manner in which the licensee’s business is being
conducted;(c) the licensee has contravened, or continues to contravene,
any provision of this Act, or has failed, or continues to fail,
to comply with any condition or restriction imposed by the
Authority under this Act;5(d) the licensee has failed, or continues to fail, to comply withany written notice issued by the Authority under this Act;(e) it appears to the Authority that the licensee has failed, or
continues to fail, to comply with any of the licensee’s
obligations under or arising from —10(i) this Part; or(ii) any written notice issued by the Authority under this
Act;

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(f) the licensee has provided to the Authority any informationor document required under this Act that is false or
misleading in a material particular;(g) it appears to the Authority that any of the following
persons has not performed that person’s duties under thisAct honestly or fairly:

20(i) the licensee;(ii) any officer or employee of the licensee;(iii) where the licensee is a partnership — any partner ofthat partnership;

25(iv) where the licensee is a limited liability partnership —any partner or manager of that limited liability
partnership;(h) it appears to the Authority that it would be contrary to the
public interest for the licensee to continue its operations;(i) the licensee fails to pay the annual fee mentioned in
section 140(1);

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(j) the licensee fails or ceases to carry on a business ofproviding any type of digital token service;(k) in the case of a licensee that is a corporation —5(i) the licensee fails or ceases to have an executive
director who —(A) is resident in Singapore; or(B) belongs to the prescribed class of persons
mentioned in section 138(3)(b)(ii); or10(ii) if any executive director of the licensee belongs to
the prescribed class of persons mentioned in
section 138(3)(b)(ii) — the licensee does not orceases to satisfy any condition mentioned in
section 138(3)(b)(ii);(l) in the case of a licensee that is a partnership —15(i) the licensee fails or ceases to have a partner who —(A) is resident in Singapore; or(B) belongs to the prescribed class of persons
mentioned in section 138(3)(c)(ii); or2025(ii) if any partner of the licensee belongs to theprescribed class of persons mentioned in
section 138(3)(c)(ii) — the licensee does not orceases to satisfy any condition mentioned in
section 138(3)(c)(ii); or(m) in the case of a licensee that is a limited liability
partnership —(i) the licensee fails or ceases to have a partner ormanager who —(A) is resident in Singapore; or

30(B) belongs to the prescribed class of persons
mentioned in section 138(3)(d)(ii); or(ii) if any partner or manager of the licensee belongs to
the prescribed class of persons mentioned in221section 138(3)(d)(ii) — the licensee does not orceases to satisfy any condition mentioned in
section 138(3)(d)(ii).
(3) The Authority may, if the Authority considers it desirable to doso —5(a) suspend the licence of a licensee for a specified period,
instead of revoking the licence under subsection (2); and(b) at any time —(i) extend the suspension for a specified period; or(ii) cancel the suspension.

10(4) Except as provided in subsection (5), the Authority must not
revoke a licence under subsection (2) or suspend a licence undersubsection (3), without giving the licensee an opportunity to be heard.
(5) The Authority may revoke or suspend a licence of a licensee,
without giving the licensee an opportunity to be heard, in any of thefollowing circumstances:

15(a) in the case of a licensee that is an entity — the licensee is in
the course of being wound up or otherwise dissolved,
whether in Singapore or elsewhere;(b) a receiver, a receiver and manager, a judicial manager or anequivalent person has been appointed, whether in
Singapore or elsewhere, for or in respect of any propertyof the licensee;(c) any of the following persons has been convicted, whether
in Singapore or elsewhere, of an offence involving fraud or
dishonesty, or of an offence the conviction for which
involves a finding that the person convicted had acted
fraudulently or dishonestly, whether the applicable offence
is committed before, on or after the date of commencementof this paragraph:(i) the licensee;

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(ii) in the case of a licensee that is a corporation — any
director,
5%
controller,
12%
controller,
20% controller or indirect controller of the licensee;
5(iii) in the case of a licensee that is a partnership — any
partner of that partnership; and(iv) in the case of a licensee that is a limited liability
partnership — any partner or manager of that limited
liability partnership.

10(6) A licensee whose licence has lapsed, or is revoked orsuspended, must cease to carry on the business of providing any
type of digital token service from the date the licence lapses, or the
revocation or suspension takes effect, as the case may be.

15(7) Despite the lapsing or revocation of a licence granted to aperson, unless the Authority otherwise directs, sections 145, 158,
169, 170 and 171, continue to apply in relation to the person in respectof matters that occurred before the lapsing or revocation of thelicence.

20(8) A person that contravenes subsection (6) shall be guilty of an
offence and shall be liable on conviction to a fine not exceeding$100,000 and, in the case of a continuing offence, to a further fine notexceeding $10,000 for every day or part of a day during which theoffence continues after conviction.

25(9) A licensee may surrender the licensee’s licence by submitting to
the Authority a written notice of surrender, in such form as may be
specified by the Authority by written notice.
(10) Any surrender, lapsing, revocation or suspension of a person’s
licence —30(a) does not avoid or affect any agreement, transaction or
arrangement relating to the person’s business of providing
any digital token service that is entered into by the person,
whether the agreement, transaction or arrangement wasentered into before or after the surrender, lapsing,revocation, or suspension (as the case may be) of thelicence; and223(b) does not affect any right, obligation or liability arisingunder any such agreement, transaction or arrangement.
Appeals to Minister142. Any person that is aggrieved —(a) by the refusal of the Authority to grant a licence to theperson; or5(b) by the revocation or suspension of the person’s licence by
the Authority,
may, within 30 days after having been informed by the Authority of
the refusal, revocation or suspension, appeal in writing to the
Minister, whose decision is final.

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Subdivision (2) — Conduct of business
Place of business of licensee
143.—(1) A licensee must not carry on a business of providing any
type of digital token service unless the licensee has a permanent placeof business.

15(2) A licensee must appoint at least one person to be present, onsuch days and at such hours as the Authority may specify by written
notice, at the licensee’s permanent place of business to respond to any
queries related to anti-money laundering or countering the financing
of terrorism, or complaints from any digital token service user thatuses any digital token service provided by the licensee or is acustomer of the licensee.

20(3) A licensee must keep, or cause to be kept, at the licensee’s
permanent place of business, books of all the licensee’s transactions
in relation to any digital token service provided by the licensee.

25(4) A licensee must notify the Authority of any change in theaddress of any of the following places within 7 days after the date ofthat change:(a) the licensee’s permanent place of business or registeredoffice;(b) every other place of business of the licensee.

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(5) A licensee that contravenes subsection (1), (2) or (3) shall be
guilty of an offence and shall be liable on conviction to a fine notexceeding $100,000 and, in the case of a continuing offence, to afurther fine not exceeding $10,000 for every day or part of a day
during which the offence continues after conviction.
(6) A licensee that contravenes subsection (4) shall be guilty of an
offence and shall be liable on conviction to a fine not exceeding$2,000.
Obligation of licensee to notify Authority of certain events

10

144.—(1) A licensee must notify the Authority of the occurrence of
any of the following events as soon as practicable after that
occurrence:(a) any civil or criminal proceeding instituted against thelicensee, whether in Singapore or elsewhere;1520(b) any event (including an irregularity in the operations of thelicensee) that materially impedes or impairs the operationsof the licensee;(c) the licensee being or becoming, or being likely to become,insolvent or unable to meet any of the licensee’s financial,statutory, contractual or other obligations;(d) any disciplinary action taken against the licensee by any
regulatory authority (other than the Authority), whether in
Singapore or elsewhere;

25(e) any significant change to the regulatory requirements
imposed on the licensee by any regulatory authority (otherthan the Authority), whether in Singapore or elsewhere;(f) any other event that the Authority may prescribe or specify
by written notice.

30(2) A licensee must notify the Authority of the occurrence of any
other event that the Authority may prescribe or specify by written
notice within 14 days after the date of that occurrence.

225(3) A person that contravenes subsection (1) or (2) shall be guilty of
an offence and shall be liable on conviction to a fine not exceeding$250,000.
Obligation of licensee to provide information to Authority
145.—(1) Subject to subsection (4), the Authority may, by written
notice, require any licensee, or any person acting on behalf of alicensee, to provide to the Authority, within such period as the
Authority may specify in the notice, all such information relating to
the licensee’s business of providing any digital token service as the
Authority may specify in the notice.

510(2) Without limiting subsection (1), the Authority may, in the noticeunder that subsection, require any person mentioned in that
subsection to provide —(a) information relating to any of the following matters:(i) the operations of the licensee;

15(ii) the pricing of, or any other form of consideration for,any digital token service offered or provided by thelicensee; and(b) such other information as the Authority may require for the
purposes of this Part.

20(3) Subject to subsection (4) —(a) a requirement imposed by the Authority under this section
has effect despite any obligation as to secrecy or otherrestrictions upon the disclosure of information imposed byany rule of law or contract; and25(b) a person that complies with a requirement imposed by the
Authority under this section is not to be treated as being inbreach of any restriction on the disclosure of theinformation imposed by any rule of law or contract.
(4) Nothing in this section requires a person to disclose any
information subject to legal privilege.
(5) A person that fails to comply with a notice under subsection (1)shall be guilty of an offence and shall be liable on conviction —

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(a) in the case of an individual, to a fine not exceeding $12,500
or to imprisonment for a term not exceeding 12 months or
to both and, in the case of a continuing offence, to a further
fine not exceeding $1,250 for every day or part of a day
during which the offence continues after conviction; or(b) in any other case, to a fine not exceeding $25,000 and, inthe case of a continuing offence, to a further fine notexceeding $2,500 for every day or part of a day during
which the offence continues after conviction.

10

Obligation of licensee to submit periodic reports
146.—(1) A licensee must submit to the Authority such reports orreturns relating to the licensee’s business in such form, manner andfrequency as the Authority may specify by written notice.

15(2) A person that contravenes subsection (1) shall be guilty of an
offence and shall be liable on conviction to a fine not exceeding$100,000 and, in the case of a continuing offence, to a further fine notexceeding $10,000 for every day or part of a day during which theoffence continues after conviction.
Prohibition from carrying on certain businesses

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147.—(1) A licensee must not carry on a business of granting any
credit facility to any individual in Singapore.
(2) A licensee that contravenes subsection (1) shall be guilty of an
offence and shall be liable on conviction to a fine not exceeding$100,000 and, in the case of a continuing offence, to a further fine notexceeding $10,000 for every day or part of a day during which theoffence continues after conviction.
(3) In this section, “credit facility” means —30(a) any advance, loan or other facility that is granted by alicensee to a customer who is an individual, and that gives
the customer access to any funds or financial guarantee
provided by the licensee; or(b) any other liability that is incurred by a licensee on behalf ofa customer who is an individual.

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Subdivision (3) — Control of controllers of licensees
Application and interpretation of this Subdivision
148.—(1) This Subdivision applies to —(a) every individual, whether or not resident in Singapore andwhether or not a citizen of Singapore; and5(b) every entity.
(2) In this Subdivision, unless the context otherwise requires, areference to a licensee is a reference to a licensee incorporated in
Singapore.
Control of shareholding in licensee

10149.—(1) A person must not become a 20% controller of a licensee
without first applying for and obtaining the approval of the Authority
under subsection (2).
(2) The Authority may approve an application made by any person
under subsection (1) if the Authority is satisfied that —15(a) having regard to the likely influence of the person, thelicensee will or will continue to conduct its businessprudently and comply with the provisions of this Act andany other written law administered by the Authority;(b) the person is, under the Guidelines on Fit and Proper
Criteria, a fit and proper person to be a 20% controller ofthe licensee; and20(c) it is in the public interest to do so.
(3) An approval under subsection (2) may be granted to any person
subject to such conditions as the Authority may impose, including but
not limited to —25(a) any condition restricting the person’s disposal or further
acquisition of shares or voting power in the licensee; and(b) any condition restricting the person’s exercise of voting
power in the licensee.
(4) The Authority may at any time add to, vary or revoke any
condition that is imposed under subsection (3) or this subsection.

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(5) Any condition imposed under subsection (3) or (4) has effectdespite any provision of the Companies Act 1967 or anything
contained in the constitution of the licensee.
Objection to existing control of licensee
510150.—(1) The Authority may serve a written notice of objection on
any person that is, or is required to obtain or has obtained the
Authority’s approval under section 149(2) to become, a 20%
controller of a licensee, if the Authority is satisfied that —(a) any condition for approval under section 149(2) imposedon the person under section 149(3) or (4) has not been
complied with;(b) it is not, or is no longer, in the public interest to allow theperson to continue to be a 20% controller of the licensee;

15(c) the person has provided any false or misleading
information or document in connection with anapplication under section 149(1);(d) the person is no longer a fit and proper person under the
Guidelines on Fit and Proper Criteria;

2025(e) having regard to the likely influence of the person, thelicensee is no longer likely to conduct its businessprudently or to comply with the provisions of this Part; or(f) the Authority would not have been satisfied as to any of thematters specified in section 149(2) had the Authority beenaware, at that time, of circumstances relevant to theperson’s application under section 149(1).
(2) Before serving a written notice of objection undersubsection (1), the Authority must, unless the Authority decides
that it is not practicable or desirable to do so —30(a) notify the person of the Authority’s intention to serve thewritten notice of objection; and(b) specify a date by which the person may make written
representations with regard to the proposed written noticeof objection.

229(3) The Authority must consider any written representations that
the Authority receives before the date mentioned in subsection (2)(b),for the purpose of determining whether to issue a written notice ofobjection.
(4) The Authority must, in any written notice of objection, specify areasonable period within which the person that has been served thewritten notice of objection must —5(a) cease to be a 20% controller of the licensee; or(b) comply with such direction as the Authority may makeunder section 151.

10(5) A person that has been served a written notice of objection mustcomply with that notice.
Power of Authority to issue directions for this Subdivision
151.—(1) If the Authority is satisfied that a person has contravened
section 149(1) or has failed to comply with any condition imposed
under section 149(3) or (4), or if the Authority has served a written
notice of objection under section 150, the Authority may, by written
notice —(a) direct the transfer or disposal of all or any of the shares in
the licensee held by the person or any of the person’s
associates (called in this section the specified shares)
within such time or subject to such conditions as the
Authority considers appropriate;(b) restrict the transfer or disposal of all or any of the specified
shares; or

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(c) make such other direction as the Authority considers
appropriate.
(2) Where the Authority has issued any direction undersubsection (1)(a) or imposed any restriction undersubsection (1)(b), until a transfer or disposal is effected inaccordance with the direction or until the restriction on the transfer
or disposal is removed, as the case may be —

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(a) no voting rights may be exercised in respect of thespecified shares, unless the Authority expressly permits
such rights to be exercised;
510(b) no shares of the licensee may be issued or offered (whether
by way of rights, bonus or otherwise) in respect of thespecified shares, unless the Authority expressly permits
such issue or offer; and(c) except in a liquidation of the licensee, no payment may bemade by the licensee of any amount (whether by way ofdividends or otherwise) in respect of the specified shares,
unless the Authority expressly authorises such payment.
(3) Subsection (2) has effect despite any provision of theCompanies Act 1967 or anything contained in the constitution of
the licensee.

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(4) Any issue or offer of shares in contravention ofsubsection (2)(b) is void, and a person to whom a direction has
been issued under subsection (1)(a) or on whom a restriction has been
imposed under subsection (1)(b) must immediately return thoseshares to the licensee, upon which the licensee must return to theperson any payment received from the person in respect of thoseshares.
(5) Any payment made by a licensee in contravention ofsubsection (2)(c) is void, and a person to whom a direction has
been issued under subsection (1)(a) or on whom a restriction has been
imposed under subsection (1)(b) must immediately return thepayment the person has received to the licensee.
Power of Authority to obtain information relating to thisSubdivision30

152.—(1) The Authority may, by written notice, direct a licensee toobtain from any of its shareholders, and to provide to the Authority,
any information relating to the shareholder that the Authority may
require for either or both of the following purposes:(a) ascertaining or investigating into the control
shareholding or voting power in the licensee;

of

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(b) exercising any power or function under section 149, 150,
151, 153 or 189.
(2) Without limiting subsection (1), the notice in that subsection
may require the licensee to obtain and provide the following
information:

5(a) whether the shareholder has an interest in any share in thelicensee as beneficial owner or as trustee;(b) if the shareholder holds the interest in the share as trustee,
to indicate as far as that shareholder is able to —(i) the person for whom that shareholder holds theinterest (either by name or by other particulars
sufficient to enable that person to be identified); and10(ii) the nature of that person’s interest.
(3) The Authority may, by written notice, require any
shareholder (X) of a licensee, or any person (Y) that appears frominformation provided to the Authority under subsection (1) or thissubsection to have an interest in any share in the licensee, to provide
to the Authority any information relating to X or Y (as the case maybe) that the Authority may require for either or both of the following
purposes:(a) ascertaining or investigating into the control
shareholding or voting power in the licensee;

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of

(b) exercising any power or function under section 149, 150,
151, 153 or 189.
(4) Without limiting subsection (3), the notice in that subsection
may require X or Y to provide the following information:

25(a) whether X or Y holds the interest as beneficial owner or astrustee;(b) if X or Y holds the interest as trustee, to indicate as far as X
or Y can —(i) the person (Z) for whom X or Y holds the interest(either by name or by other particulars sufficient toenable Z to be identified); and

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(ii) the nature of Z’s interest;

5(c) whether any share or any voting right attached to the shareis the subject of an agreement or arrangement described in
section 136(2)(c)(vi), and if so, to give particulars of theagreement or arrangement and the parties to it.
Offences, penalties and defences
153.—(1) A person that —(a) contravenes section 149(1) or 150(5) or does any act incontravention of section 151(2);10(b) fails to comply with —(i) any written notice issued under section 151(1) or
152(1) or (3); or(ii) any condition imposed under section 149(3) or (4);or15(c) in purported compliance with a written notice issued under
section 152(1) or (3), knowingly or recklessly provides any
information or document that is false or misleading in amaterial particular,
shall be guilty of an offence.

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(2) A person convicted of an offence under subsection (1) shall be
liable on conviction —(a) in the case of an individual, to a fine not exceeding$125,000 or to imprisonment for a term not exceeding
3 years or to both and, in the case of a continuing offence,
to a further fine not exceeding $12,500 for every day orpart of a day during which the offence continues afterconviction; or(b) in any other case, to a fine not exceeding $250,000 and, inthe case of a continuing offence, to a further fine notexceeding $25,000 for every day or part of a day during
which the offence continues after conviction.

233(3) Where a person is charged with an offence in respect of acontravention of section 149(1), it is a defence for the person to provethat —(a) the person was not aware that the person had contravened
section 149(1), as the case may be;5(b) within 14 days after becoming aware of the contravention,
the person notified the Authority of the contravention; and(c) within such reasonable time as may be determined by the
Authority, the person took such action in relation to theperson’s shareholding or control of the voting power in thelicensee as the Authority may direct.

10(4) Where a person is charged with an offence in respect of acontravention of section 149(1), it is also a defence for the person toprove that, even though the person was aware of the contravention —(a) the contravention occurred as a result of an increase in theshareholding as described in section 136(2)(a) of, or in thevoting power controlled by, any of the person’s associates
described in section 136(2)(c)(i);(b) the person had no agreement or arrangement (whether oral
or in writing and whether express or implied) with thatassociate —1520(i) with respect to the acquisition, holding or disposal ofshares or other interests in the licensee; or(ii) under which the person and that associate act
together in exercising their voting power in
relation to the licensee;

25(c) within 14 days after the date of the contravention, theperson notified the Authority of the contravention; and(d) within such reasonable time as may be determined by the
Authority, the person took such action in relation to theperson’s shareholding or control of the voting power in thelicensee as the Authority may direct.
(5) Except as provided in subsections (3) and (4), it is not a defence
for a person charged with an offence in respect of a contravention of

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section 149(1) to prove that the person did not intend to, or did notknowingly, contravene that provision.
Appeals to Minister5154. Any person that is aggrieved by a decision of the Authority
under section 149, 150 or 151 may, within 30 days after receiving thedecision of the Authority, appeal in writing to the Minister, whose
decision is final.
Subdivision (4) — Control of officers of licensees

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Approval of chief executive officer, director, partner ormanager of licensee
155.—(1) Subject to subsections (4) and (5) —(a) an individual may not be appointed as a chief executive
officer or as a director of a licensee that is a corporation;

15(b) an individual may not be appointed as manager, or becomea partner, of a licensee that is a limited liability partnership;and(c) an individual may not become a partner in a licensee that isa partnership,

20

without the approval of the Authority upon an application made by
the licensee concerned.
(2) An application under subsection (1) must be made in the form
and manner prescribed.
(3) Without affecting any other matter that the Authority may
consider relevant, the Authority may —25(a) in determining whether to grant its approval underparagraph (b), have regard to such criteria as the
Authority may specify by written notice to the licensee;
and(b) approve or refuse the application.

30(4) Where a licensee that is a corporation has obtained the approvalof the Authority under subsection (3)(b) to appoint an individual as

235the licensee’s chief executive officer or director, the individual may,without the approval of the Authority, be re-appointed as chief
executive officer or director (as the case may be) of the licensee
immediately upon the expiry of the individual’s term of appointment.
(5) Where a licensee that is a limited liability partnership has
obtained the approval of the Authority under subsection (3)(b) toappoint an individual as the licensee’s manager, the individual may,without the approval of the Authority, be re-appointed as manager ofthe licensee immediately upon the expiry of the individual’s term of
appointment.

510(6) Subject to subsection (7), the Authority must not refuse alicensee’s application under subsection (1) without giving thelicensee an opportunity to be heard.
(7) The Authority may refuse an application under subsection (1)for the Authority’s approval under subsection (3)(b) of an individual
without giving the licensee an opportunity to be heard, in any of thefollowing circumstances:(a) the individual has been convicted, whether in Singapore orelsewhere, of any of the following offences, whether theoffence is committed before, on or after the date ofcommencement of this paragraph:1520(i) an offence involving fraud or dishonesty;(ii) an offence the conviction for which involves afinding that the individual had acted fraudulently or
dishonestly;

25(iii) an offence that is specified in the Third Schedule to
the Registration of Criminals Act 1949;(b) the individual is an undischarged bankrupt, whether in
Singapore or elsewhere;(c) the individual has had an enforcement order against theindividual in respect of a judgment debt returned
unsatisfied in whole or in part;(d) the individual has, whether in Singapore or elsewhere,
entered into a compromise or scheme of arrangement with

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the individual’s creditors, being a compromise or schemeof arrangement that is still in operation;(e) the individual has in force against the individual aprohibition order;
5(f) the individual has been a director of, or directly concernedin the management of, a regulated financial institution,
whether in Singapore or elsewhere —(i) that is being or has been wound up by a court; or

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(ii) the approval, authorisation, designation, recognition,
registration or licence of which has been withdrawn,
cancelled or revoked by the Authority or, in the caseof a regulated financial institution in a foreigncountry or territory, by the financial regulatory
authority in that foreign country or territory.
(8) Where the Authority refuses an application under subsection (1)for the Authority’s approval under subsection (3)(b), the Authority
need not give the individual who was proposed to be appointed an
opportunity to be heard.
(9) A licensee that, without reasonable excuse, contravenes
subsection (1) shall be guilty of an offence and shall be liable onconviction to a fine not exceeding $100,000.
(10) In this section —“prohibition order” means —2530(a) a prohibition order made under section 68(1) of the
Financial Advisers Act 2001 as in force immediately
beforethedateofcommencementofsection 200(1)(b) and (2) to (7) of this Act;(b) a prohibition order made under section 68(1) of the
Financial Advisers Act 2001 as in force immediately
beforethedateofcommencementofsection 200(1)(b) and (2) to (7) of this Act, and ascontinued by section 217(2) of this Act;237(c) an order made under section 74(1) of the Insurance
Act 1966 as in force immediately before the date ofcommencement of section 204(1) to (4) of this Act;(d) an order made under section 74(1) of the Insurance
Act 1966 as in force immediately before the date ofcommencement of section 204(1) to (4) of this Act,and as continued by section 218(2) of this Act;(e) a prohibition order made under section 101A(1) of
the Securities and Futures Act 2001 as in force
immediately before the date of commencement ofsection 209(1)(a), (c) and (d), (4) to (14), (17) and(18) of this Act;(f) a prohibition order made under section 101A(1) of
the Securities and Futures Act 2001 as in force
immediately before the date of commencement ofsection 209(1)(a), (c) and (d), (4) to (14), (17) and(18) of this Act, and as continued by section 220(3) ofthis Act; or(g) a prohibition order made under section 7(1) of this
Act.

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Removal of chief executive officer, director, partner ormanager156.—(1) Despite the provisions of any other written law, where
the Authority is satisfied that an individual who is a chief executive
officer, director, partner or manager of a licensee is not a fit andproper person under the Guidelines on Fit and Proper Criteria to act assuch chief executive officer, director, partner or manager, theAuthority may, by written notice, direct the licensee to remove theindividual, within such period as the Authority may specify in thenotice —(a) from employment with the licensee;(b) as chief executive officer or director of the licensee; or(c) as partner or manager of the licensee.

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10

15

(2) For the purposes of subsection (1), the Authority may (without
affecting the generality of that provision) be satisfied that anindividual who is a chief executive officer, director, partner ormanager of a licensee is not a fit and proper person under the
Guidelines on Fit and Proper Criteria to act as such if the individual
fails to discharge such duties relating to the individual’s office or
employment as chief executive officer, director, partner or manager(as the case may be) as may be prescribed.
(3) Without affecting any other matter that the Authority may
consider relevant, in assessing whether to direct the licensee toremove an individual under subsection (1), the Authority may
consider whether the individual —(a) has been convicted, whether in Singapore or elsewhere, of
any of the following offences, whether the offence iscommitted before, on or after the date of commencementof this paragraph:(i) an offence involving fraud or dishonesty;

20(ii) an offence the conviction for which involves afinding that the individual had acted fraudulently or
dishonestly;(iii) an offence that is specified in the Third Schedule to
the Registration of Criminals Act 1949;(b) is an undischarged bankrupt, whether in Singapore orelsewhere;2530(c) has had an enforcement order against the individual inrespect of a judgment debt returned unsatisfied in whole orin part;(d) has, whether in Singapore or elsewhere, entered into acompromise or scheme of arrangement with theindividual’s creditors, being a compromise or scheme ofarrangement that is still in operation;(e) has in force against the individual a prohibition order;

239(f) has been a director of, or directly concerned in the
management of, a regulated financial institution, whether
in Singapore or elsewhere —(i) that is being or has been wound up by a court; or(ii) the approval, authorisation, designation, recognition,
registration or licence of which has been withdrawn,
cancelled or revoked by the Authority or, in the caseof a regulated financial institution in a foreigncountry or territory, by the financial regulatory
authority in that foreign country or territory;

510(g) has wilfully contravened, or wilfully caused the licensee tocontravene, any provision of this Act;(h) has, without reasonable excuse, failed to secure thecompliance of the licensee with this Act, the Monetary
Authority of Singapore Act 1970 or any of the otherwritten laws set out in the Schedule to the Monetary
Authority of Singapore Act 1970;15(i) has failed to discharge any of the duties of the individual’s
office or employment; or(j) needs to be removed in the public interest.
(4) Without prejudice to any other matter that the Authority may
consider relevant, the Authority must, in determining whether anindividual has failed to discharge the duties of the individual’s officeor employment for the purposes of subsection (3)(i), have regard tosuch criteria as may be prescribed.

2025(5) Subject to subsection (6), before directing a licensee to remove
an individual under subsection (1), the Authority must give both thelicensee and the individual an opportunity to be heard.
(6) The Authority may direct a licensee to remove an individual
under subsection (1) on any of the following grounds without giving
the licensee or the individual an opportunity to be heard:(a) the individual is an undischarged bankrupt, whether in
Singapore or elsewhere;

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(b) the individual has been convicted, whether in Singapore orelsewhere, of an offence, whether committed before, on orafter the date of commencement of this paragraph —5(i) involving fraud or dishonesty, or the conviction forwhich involves a finding that the individual had
acted fraudulently or dishonestly; and(ii) punishable with imprisonment for a term of at least
3 months.

1015(7) Without affecting the Authority’s power to impose conditions
under section 138(2)(a) or (4), the Authority may at any time, by
written notice to a licensee, impose or vary a condition requiring thelicensee to notify the Authority of any change to any particulars (suchas residence in Singapore or elsewhere, or nature of appointment) of
its chief executive officer, director, partner or manager that may be
specified in the notice.
(8) A licensee that, without reasonable excuse —(a) fails to comply with a written notice under subsection (1);or(b) contravenes any condition imposed under subsection (7),20

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shall be guilty of an offence and shall be liable on conviction to a finenot exceeding $100,000.
(9) No civil or criminal liability is incurred by a licensee, or any
person acting on behalf of the licensee, in respect of anything done(including any notification made) or omitted to be done withreasonable care and in good faith in the discharge or purported
discharge of the obligations of the licensee under this section.
(10) In this section, “prohibition order” means —30(a) a prohibition order made under section 68(1) of the
Financial Advisers Act 2001 as in force immediately
before the date of commencement of section 200(1)(b) and(2) to (7) of this Act;(b) a prohibition order made under section 68(1) of the
Financial Advisers Act 2001 as in force immediately
before the date of commencement of section 200(1)(b) and241(2) to (7) of this Act, and as continued by section 217(2) ofthis Act;(c) an order made under section 74(1) of the Insurance
Act 1966 as in force immediately before the date ofcommencement of section 204(1) to (4) of this Act;5(d) an order made under section 74(1) of the Insurance
Act 1966 as in force immediately before the date ofcommencement of section 204(1) to (4) of this Act, and ascontinued by section 218(2) of this Act;(e) a prohibition order made under section 101A(1) of the
Securities and Futures Act 2001 as in force immediately
before the date of commencement of section 209(1)(a), (c)and (d), (4) to (14), (17) and (18) of this Act;(f) a prohibition order made under section 101A(1) of the
Securities and Futures Act 2001 as in force immediately
before the date of commencement of section 209(1)(a), (c)and (d), (4) to (14), (17) and (18) of this Act, and ascontinued by section 220(3) of this Act; or

1015(g) a prohibition order made under section 7(1) of this Act.
Appeals to Minister20

157.—(1) A licensee that is aggrieved by a decision of the
Authority under section 155(3)(b) may, within 30 days after
receiving the decision of the Authority, appeal in writing to the
Minister, whose decision is final.
(2) A licensee, or any chief executive officer, director, partner ormanager of that licensee, that is aggrieved by a written notice of the
Authority under section 156(1) may, within 30 days after receiving
the notice, appeal in writing to the Minister, whose decision is final.

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Subdivision (5) — Audit of licensees
Auditing
158.—(1) Despite the provisions of the Companies Act 1967, alicensee —

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(a) must, on an annual basis and at its own expense, appoint anauditor; and5(b) if for any reason its auditor ceases to be its auditor, must
appoint another auditor as soon as practicable after suchcessation.
(2) The Authority may appoint an auditor for a licensee —(a) if the licensee fails to appoint an auditor; or(b) if the Authority considers it desirable that another auditor
should act with the auditor appointed under subsection (1).

10(3) The Authority may at any time fix the remuneration to be paidby a licensee to an auditor appointed by the Authority undersubsection (2) for the licensee.
(4) The duties of an auditor appointed under subsection (1) or (2)are as follows:

15(a) to carry out an audit of the transactions in relation to thedigital token services provided by the licensee, inparticular, in respect of the licensee’s observance of theprovisions of this Act and any of the requirements imposed
under any other written law administered by the Authority;

20(b) to submit a report of such audit to the Authority in suchform as may be prescribed and within such time as the
Authority may allow.

25(5) The Authority may, by written notice to an auditor, impose all or
any of the following duties on the auditor in addition to those
provided under subsection (4), and the auditor must carry out theduties so imposed:(a) a duty to submit such additional information in relation to
the audit as the Authority considers necessary;

30(b) a duty to enlarge or extend the scope of the audit of thelicensee’s business and affairs;(c) a duty to carry out any other examination, or establish any
procedure, in relation to the audit in any particular case;243(d) a duty to submit a report on any of the matters mentioned inparagraphs (b) and (c).
(6) The licensee must remunerate the auditor in respect of —(a) any remuneration the Authority has fixed undersubsection (3); and5(b) the discharge of all or any of the additional duties of theauditor imposed under subsection (5).
(7) Despite any other provision of this Part or the provisions of theCompanies Act 1967, the Authority may, if the Authority is notsatisfied with the performance of any duty by the auditor of alicensee, at any time direct the licensee to —10(a) remove the auditor; and(b) appoint another auditor.
(8) A copy of any report under subsection (5)(d) must be submitted
in writing to the Authority.

15(9) If an auditor, in the course of performing the auditor’s duties, issatisfied that any of the following matters has occurred, the auditor
must immediately report that matter to the Authority:(a) there has been a serious breach or non-observance of theprovisions of this Act or any of the requirements imposed
under any other written law administered by the Authority;

20(b) a criminal offence involving fraud or dishonesty has beencommitted;(c) in the case of a licensee that is a corporation, losses havebeen incurred that reduce the capital of the licensee by atleast 50%;(d) there is any irregularity that has or may have a material
effect on the accounts of the licensee, including any
irregularity that had caused a major disruption to theprovision of any type of digital token service to thecustomers of the licensee;

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(e) the auditor is unable to confirm that the claims of creditorsof the licensee are still covered by the assets of thelicensee.
5(10) Where an auditor or employee of the auditor discloses in goodfaith to the Authority —(a) the auditor’s or employee’s knowledge or suspicion of anyof the matters mentioned in subsection (9); or(b) any information or other matter on which that knowledge
or suspicion is based,

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the disclosure is not a breach of any restriction upon the disclosure
imposed by any law, contract or rules of professional conduct, and theauditor or employee is not liable for any loss arising out of thedisclosure or any act or omission in consequence of the disclosure.
(11) A licensee that contravenes subsection (1) shall be guilty of an
offence and shall be liable on conviction to a fine not exceeding$100,000 and, in the case of a continuing offence, to a further fine notexceeding $10,000 for every day or part of a day during which theoffence continues after conviction.
(12) An auditor that contravenes subsection (5) or (9) shall be guiltyof an offence and shall be liable on conviction to a fine not exceeding$100,000 and, in the case of a continuing offence, to a further fine notexceeding $10,000 for every day or part of a day during which theoffence continues after conviction.
(13) In this section —25“capital”, in relation to a corporation, means the sum of —(a) all of the following items in the latest accounts of thecorporation:(i) paid up ordinary share capital;

30(ii) paid up irredeemable and non-cumulative
preference share capital; and245(b) any unappropriated profit or loss in the latest audited
accounts of the corporation,less —(c) any interim loss in the latest accounts of thecorporation; and5(d) any dividend that has been declared since the latest
audited accounts of the corporation;“irredeemable and non-cumulative preference share capital”, inrelation to the capital of a corporation, means share capitalconsisting of preference shares that satisfy all of thefollowing requirements:

10(a) the principal of each share of the corporation isperpetual;(b) the shares of the corporation are not callable at theinitiative of the corporation or the shareholders, andthe principal of the shares cannot be repaid outside ofliquidation of the corporation, except in the case of a
repurchase or other manner of reduction of sharecapital that is initiated by the corporation andpermitted under written law;1520(c) the corporation has full discretion to cancel dividend
payments, and —(i) the cancellation of dividend payments is not an
event of default of the corporation under any
agreement;

25(ii) the corporation has full access to cancelled
dividend payments to meet its obligations as
they fall due; and(iii) the cancellation of dividend payments does not
result in any restriction being imposed on thecorporation under any agreement, except in
relation to dividend payments to ordinary
shareholders of the corporation.

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Powers of auditor appointed by Authority
159.—(1) An auditor appointed by the Authority under
section 158(2) may, for the purpose of carrying out an examination
or audit —510(a) examine, on oath or affirmation, any officer or employee ofthe licensee or any other auditor of the licensee;(b) require any officer or employee of the licensee, or any
other auditor of the licensee, to produce any books held byor on behalf of the licensee relating to the licensee’s
business;(c) make copies of or take extracts from, or retain possessionof, any books mentioned in paragraph (b) for such period
as may be necessary to enable those books to be inspected;

1520(d) employ such persons as the auditor considers necessary toassist the auditor in carrying out the examination or audit;
and(e) authorise in writing any person employed by the auditor todo, in relation to the examination or audit, any act or thingthat the auditor could do as an auditor under thissubsection, other than the examination of a person onoath or affirmation.
(2) An individual who, without reasonable excuse —(a) refuses or fails to answer any question put to theindividual; or

25(b) fails to comply with any request made to the individual,by an auditor appointed under section 158(2) or a person authorised
under subsection (1)(e), shall be guilty of an offence and shall be
liable on conviction to a fine not exceeding $12,500 or to
imprisonment for a term not exceeding 12 months or to both.

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Restriction on auditor’s and employee’s right to communicate
certain matters160.—(1) Except as may be necessary for the carrying into effect ofthe provisions of this Part or so far as may be required for the
purposes of any legal proceedings, whether civil or criminal —5(a) an auditor appointed under section 158(1) or (2); or(b) any employee of such auditor,
must not disclose any information that comes to the auditor’s or
employee’s knowledge in the course of performing the auditor’s or
employee’s duties, to any person other than the Authority or, in thecase of an employee of such auditor, the auditor.

10(2) A person that contravenes subsection (1) shall be guilty of an
offence and shall be liable on conviction —(a) in the case of the auditor, to a fine not exceeding $25,000;or15(b) in the case of the employee, to a fine not exceeding$12,500.
Offence to destroy, conceal, alter, etc., records
161.—(1) An individual who, with intent to prevent, delay or
obstruct the carrying out of any examination or audit under
section 158 or 159 —20(a) destroys, conceals or alters any book relating to thebusiness of a licensee; or(b) sends, or conspires with any other person to send, out ofSingapore any book or asset of any description belonging
to, in the possession of or under the control of the licensee,

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shall be guilty of an offence and shall be liable on conviction to a finenot exceeding $50,000 or to imprisonment for a term not exceeding
2 years or to both.
(2) If, in any proceedings for an offence under subsection (1), it isproved that the individual charged with the offence —

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(a) destroyed, concealed or altered any book mentioned insubsection (1)(a); or(b) sent, or conspired to send, out of Singapore any book orasset mentioned in subsection (1)(b),5

the onus of proving that, in so doing, the individual did not act withintent to prevent, delay or obstruct the carrying out of an examination
or audit under section 158 or 159 lies on the individual.
Division 3 — Offences
Falsification of records by officers, etc.

1015162.—(1) An officer, auditor, employee or agent of a licensee
who —(a) wilfully makes, or causes to be made, a false entry in any
book, or in any report, slip, document or statement of thebusiness, affairs, transactions, conditions or assets of thelicensee;(b) wilfully omits to make an entry in any book, or in any
report, slip, document or statement of the business, affairs,
transactions, conditions or assets of the licensee, or
wilfully causes any such entry to be omitted; or20(c) wilfully alters, extracts, conceals or destroys an entry inany book, or in any report, slip, document or statement of
the business, affairs, transactions, conditions or assets of
the licensee, or wilfully causes any such entry to be altered,extracted, concealed or destroyed,

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shall be guilty of an offence and shall be liable on conviction to a finenot exceeding $125,000 or to imprisonment for a term not exceeding
3 years or to both.
(2) In this section, “officer” includes a person purporting to act in
the capacity of an officer.

30

General penalty
163. A person guilty of an offence under this Part for which no
penalty is expressly provided shall be liable on conviction —249(a) in the case of an individual, to a fine not exceeding$50,000; or(b) in any other case, to a fine not exceeding $100,000.
Division 4 — Miscellaneous
Power of court to make certain orders5

164.—(1) Where, on an application of the Authority, it appears to
the court that a person —(a) has committed an offence under this Part; or(b) is about to do an act that, if done, would be an offence
under this Part,10

the court may (without prejudice to any other order it may make)make one or more of the orders under subsection (2).
(2) The orders mentioned in subsection (1) are —(a) in the case of a persistent or continuing contravention of aprovision of this Part, an order restraining a person from —15(i) carrying on a business of providing digital token
services; or(ii) holding himself, herself or itself out as a licensee;(b) for the purpose of securing compliance with any ordermade under this section, an order directing a person to door refrain from doing any specified act; and20(c) any ancillary order the court considers to be desirable as aresult of making any other order under this section.
(3) The court may, before making an order under subsection (2),direct that notice of the application be given to such person as it thinks
fit or that notice of the application be published in such manner as it
thinks fit, or both.
(4) A person that, without reasonable excuse, contravenes an ordermade under subsection (2) shall be guilty of an offence and shall be
liable on conviction —

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(a) in the case of an individual, to a fine not exceeding $50,000
or to imprisonment for a term not exceeding 2 years or toboth; or(b) in any other case, to a fine not exceeding $100,000.
5(5) Subject to subsection (6), subsection (4) does not affect thepowers of the court in relation to the punishment of contempt of court.
(6) A person cannot be punished for contempt of court in respect ofany contravention of an order made under subsection (2), for which
the person has been convicted of an offence under subsection (4).

10(7) A person cannot be convicted of an offence under subsection (4)in respect of any contravention of an order made under subsection (2)that has been punished as a contempt of court.
(8) The court may rescind, vary or discharge, or suspend theoperation of, an order made by the court under this section.

15

Codes, guidelines, etc., by Authority

20

165.—(1) The Authority may issue and publish by notification in
the Gazette or in any other manner the Authority considers
appropriate, such codes, guidelines, policy statements, practicenotes and no-action letters as the Authority considers appropriate
for providing guidance —(a) in furtherance of the Authority’s regulatory objectives
under this Part;(b) in relation to any matter relating to any of the Authority’sfunctions under this Part; or25(c) in relation to the operation of any of the provisions of thisPart.
(2) The Authority may, at any time, amend or revoke the whole or
any part of any code, guideline, policy statement, practice note or
no-action letter issued under this section.

30(3) Where amendments are made under subsection (2) —(a) the other provisions of this section apply, with thenecessary modifications, to such amendments as they

251

apply to the code, guideline, policy statement, practice noteor no-action letter; and(b) any reference in this Part or any other written law to thecode, guideline, policy statement, practice note or
no-action letter, however expressed, is (unless thecontext otherwise requires) a reference to the code,
guideline, policy statement, practice note or no-action
letter as so amended.
(4) Any failure by a person to comply with any provision of a code,
guideline, policy statement or practice note issued under this section
to the person does not of itself render that person liable to criminal
proceedings, but any such failure may, in any proceedings, whether
civil or criminal, be relied upon by any party to the proceedings as
tending to establish or negate any liability that is in question in theproceedings.

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(5) The issue by the Authority of a no-action letter does not of itself
prevent the institution of any proceedings against any person for thecontravention of any provision of this Part.
(6) Any code, guideline, policy statement or practice note issued
under this section may be of general or specific application, and may
specify that different provisions of such code, guideline, policy
statement or practice note apply to different circumstances or provide
for different cases or classes of cases.
(7) To avoid doubt, any code, guideline, policy statement, practicenote or no-action letter issued under this section is not to be treated as
subsidiary legislation.
(8) In this section, “no-action letter” means a letter written by the
Authority to a person to the effect that, if the facts are as represented
by the person, the Authority will not institute proceedings against theperson in respect of a particular state of affairs or particular conduct.
Power of Authority to issue written notice
166.—(1) The Authority may, if the Authority thinks it necessary or
expedient for the effective administration of this Part, for theprotection of consumers or in the interest of the public or a section

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of the public, issue to any of the following persons or classes of
persons a written notice, either of a general or a specific nature, tocomply with such requirements as the Authority may specify in thenotice:5(a) any licensee or class of licensees;(b) any person, or class of persons, exempt under section 189;(c) any person that contravenes, has contravened, or is likely
to contravene, any provision of this Part.
(2) Without limiting subsection (1), a notice may be issued —10(a) with respect to —(i) the activities that may be carried out by a licensee ora person exempt under section 189, in relation to its
business;

1520(ii) the standards, framework, policies and proceduresfor the prudent management of risks (including
information technology risks) by a licensee or aperson exempt under section 189;(iii) the financial soundness, financial management andstability of a licensee or a person exempt under
section 189;(iv) the standards to be maintained by a licensee or aperson exempt under section 189, in the conduct ofits business;

2530(v) the arrangement and conditions that are to apply if alicensee or a person exempt under section 189,
appoints any person as an independent contractor tocarry out the functions and duties of the licensee or
person exempt under section 189, as the case may be;(vi) the type, form, manner and frequency of returns andother information to be submitted to the Authority;(vii) the preparation and publication of reports on theperformance of a licensee or a person exempt under
section 189;

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(viii) the remuneration of an auditor appointed under thisPart and the costs of an audit carried out under thisPart;(ix) the collection by or on behalf of the Authority of
information from a licensee or a person exempt
under section 189, in relation to the conduct of its
business at such intervals or on such occasions as
may be set out in the notice;(x) the manner in which a licensee or a person exempt
under section 189, deals with its customers, and any
conflicts of interests between the licensee or person
exempt under section 189 (as the case may be) and its
customers;(xi) the display or exhibition by a licensee or a person
exempt under section 189, of such cautionary
statements as the Authority thinks fit in aconspicuous place at every place of business or
website of the licensee, or person exempt under
section 189; and(xii) the provision by a licensee or a person exempt under
section 189, of cautionary statements in writing to
the customers or prospective customers of thelicensee or person exempt under section 189;(b) to require any person that contravenes, has contravened, or
is likely to contravene any provision of this Part —

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(i) to comply with, or to cease contravening, thatprovision;(ii) to take any action necessary to enable the person to
conduct the person’s business in accordance withsound principles; and(iii) where the person is a company or a VCC, to remove
any of its directors; and(c) for any other purpose specified in this Part.

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(3) It is not necessary to publish any written notice issued undersubsection (1) or under any other provision of this Part in the Gazette.
(4) The Authority may at any time vary, rescind or revoke any
notice issued under subsection (1).
5

10(5) A person that fails to comply with any requirement specified ina notice issued under subsection (1) shall (if the failure to comply
with that requirement is not itself an offence under any otherprovision of this Part) be guilty of an offence and shall be liable onconviction to a fine not exceeding $100,000 and, in the case of acontinuing offence, to a further fine not exceeding $10,000 for every
day or part of a day during which the offence continues afterconviction.
Power of Authority to make regulations

15

167.—(1) Regulations may be made under section 192 for or withrespect to —(a) the fees to be paid in respect of any matter or thing required
for the purposes of this Part, and the refund or remission of
the whole or any part of any such fees;

20(b) the granting, lapsing, surrender, revocation or suspensionof a licence, and all incidental matters;(c) the requirements which a licensee or person exempt under
section 189 must comply with when ceasing or intending tocease the provision of a digital token service and all
incidental matters;

2530(d) the requirements which a licensee or a person exempt
under section 189 must comply with to ensure proper
corporate governance of the licensee or person;(e) the requirements applicable to a licensee or person exempt
under section 189, including requirements in relation to thefitness and propriety of the licensee, the person exempt
under section 189, or the chief executive officer or
equivalent person of the licensee or person exempt under
section 189, as the case may be;

255(f) the rules for the use of the electronic service mentioned in
section 187; and(g) the procedure to be applied where there is a breakdown oran interruption of the electronic service mentioned in
section 187.

5(2) Regulations mentioned in subsection (1) may relate to all, or
any class, category or description of persons or digital token services,and may make different provisions for different classes, categories or
descriptions of persons or digital token services or to a particularperson or digital token service.

10

PART 10INSPECTION POWERS OF AUTHORITY
Interpretation of this Part
168. In this Part, unless the context otherwise requires —“book” has the meaning given by section 17;

15“licensee” has the meaning given by section 136(1);“relevant person” means a
section 169(1)(a), (c), (e) or (f).

personmentionedin

Inspection by Authority
169.—(1) The Authority may from time to time inspect, underconditions of secrecy, the books of any of the following persons:(a) a financial institution, for the purpose of determining theextent of compliance by the financial institution with thedirections issued under, and the regulations mentioned in,sections 15(1) and 16(1);(b) any subsidiary, branch, agency or office outside Singaporeof a financial institution incorporated or established in
Singapore, for the purpose of determining the extent ofcompliance by the financial institution with the directions
issued under, and the regulations mentioned in,sections 15(1) and 16(1);

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(c) a financial institution, for the purpose of determining theextent of compliance by the financial institution with thedirections issued under, and the regulations mentioned in,section 29(1);510(d) any subsidiary, branch, agency or office outside Singaporeof a financial institution incorporated or established in
Singapore, for the purpose of determining the extent ofcompliance by the financial institution with the directions
issued under, and the regulations mentioned in,section 29(1);(e) a licensee, for a purpose other than the purpose mentioned
in sub-paragraph (a) or (c);(f) a person exempt under section 189, for a purpose otherthan the purpose mentioned in sub-paragraph (a) or (c).

15(2) The Authority may appoint any person, including an auditor(not being an auditor of the relevant person), to carry out aninspection under this section.
(3) If the inspection is carried out on the ground that the Authority
has reason to believe that —20(a) the financial institution has contravened or is contravening
any direction issued under, or regulations mentioned in,section 15, 16 or 29;(b) the licensee has contravened or is contravening any
provision of Part 9; or2530(c) the person exempt under section 189 has contravened or iscontravening any provision of Part 9,
and if the Authority so directs, then the financial institution, licensee
or person exempt under section 189 (as the case may be) is liable topay for the remuneration and expenses of any person appointed undersubsection (2) for the inspection.
(4) The Authority may recover from the relevant person the
remuneration and expenses referred to in subsection (3) as a civil
debt due to the Authority.

257(5) The Authority may waive the payment of all or any part of the
remuneration and expenses referred to in subsection (3).
(6) Where, in the course of an inspection under subsection (1), theAuthority obtains any protected information as defined in
section 17(1), and that information is not necessary for taking any
action regarding —5(a) non-compliance with any direction issued under, or
regulations mentioned in, section 15 or 16;(b) non-compliance with any direction issued under, or
regulations mentioned in, section 29; or

10(c) non-compliance with any provision in Part 9,
then the Authority must treat that information as secret.
(7) Subsection (6) does not prevent the transmission under
section 20, 22, 25 or 172 by the Authority of any information to
any authority referred to in the applicable section.

15

Obligation of relevant person under inspection, etc.
170.—(1) For the purposes of an inspection under section 169(1), a
relevant person must —(a) give the Authority access to such of the books of therelevant person as the Authority may reasonably require to
conduct the inspection;(b) procure any other person who is in possession of such of
the books of the relevant person as the Authority may
reasonably require to conduct the inspection, to give theAuthority access to the books;

2025(c) provide such information (including information relating
to the internal control systems of the relevant person) andfacilities as the Authority may reasonably require to
conduct the inspection; and(d) procure any other person who is in possession of suchinformation (including information relating to the internal
control systems of the relevant person) and facilities as the
Authority may reasonably require to conduct the

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inspection, to provide the information and facilities to the
Authority.

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(2) Subsection (1) has effect despite any obligation ofconfidentiality or other restrictions on the disclosure of information
imposed on the relevant person or any of its officers, or on any personreferred to in subsection (1)(b) or (d), by any prescribed written law
as defined in section 17(1) or any requirement imposed under any
such written law, any rule of law, any contract or any rule ofprofessional conduct.
(3) A relevant person that, without reasonable excuse, refuses orneglects to comply with subsection (1) shall be guilty of an offence
and shall be liable on conviction to a fine not exceeding $100,000
and, in the case of a continuing offence, to a further fine notexceeding $10,000 for every day or part of a day during which theoffence continues after conviction.
(4) No civil or criminal liability is incurred by a relevant person or
any of its officers, or by any person referred to in subsection (1)(b) or(d), in respect of any obligation or restriction referred to in
subsection (2), for doing or omitting to do any act, if the act isdone or omitted to be done with reasonable care and in good faith andfor the purpose of complying with subsection (1).
(5) A relevant person, or any of its officers, or any person referred
to in subsection (1)(b) or (d), that, with reasonable care and in goodfaith, does or omits to do any act for the purpose of complying withsubsection (1) is not to be treated as being in breach of any obligation
or restriction referred to in subsection (2).
(6) For the purposes of an inspection under section 169(1), theAuthority may —(a) make copies of, or take possession of, any such books;

30(b) use, or permit the use of, any such books for the purposesof any proceedings under this Act; and(c) subject to subsection (8), retain possession of any suchbooks for so long as is necessary —259(i) for the purposes of exercising a power conferred bythis section;(ii) for a decision to be made on whether or notproceedings should be commenced under this Act
in relation to such books; or5(iii) for such proceedings to be commenced and carriedon.
(7) A person is not entitled, as against the Authority, to claim a lienon any of the books, but such a lien is not otherwise prejudiced.
(8) While the books are in the possession of the Authority, theAuthority —(a) must permit another person to inspect at all reasonable
times such (if any) of the books as the other person would
be entitled to inspect if they were not in the possession of
the Authority; and1015(b) may permit another person to inspect any of the books.
(9) The Authority may require a person that produced any book to
the Authority to explain, to the best of the person’s knowledge andbelief, any matter about the compilation of the book or to which thebook relates.

20(10) A person that, without reasonable excuse, fails to comply witha requirement of the Authority under subsection (9) shall be guilty of
an offence and shall be liable on conviction —(a) in the case of an individual, to a fine not exceeding $50,000
or to imprisonment for a term not exceeding 2 years or toboth and, in the case of a continuing offence, to a further
fine not exceeding $5,000 for every day or part of a day
during which the offence continues after conviction; or(b) in any other case, to a fine not exceeding $100,000 and, inthe case of a continuing offence, to a further fine notexceeding $10,000 for every day or part of a day during
which the offence continues after conviction.

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Confidentiality of inspection reports

5171.—(1) Except as provided in subsection (2), where a written
report has been produced in respect of a relevant person by the
Authority following an inspection under section 169(1), the reportmust not be disclosed to any other person by —(a) the relevant person; or(b) any officer or auditor of the relevant person.
(2) Disclosure of the report may be made —1015(a) by the relevant person to any officer or auditor of that
relevant person solely in connection with the performanceof the duties of the officer or auditor (as the case may be) inthat relevant person;(b) by any officer or auditor of the relevant person to any otherofficer or auditor of that relevant person, solely inconnection with the performance of their respective
duties in that relevant person; or(c) to such other person as the Authority may approve inwriting.

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(3) In granting approval for any disclosure under subsection (2)(c),the Authority may impose such conditions or restrictions as the
Authority thinks fit on the relevant person, any officer or auditor ofthat relevant person or the person to whom disclosure is approved,
and that relevant person, officer, auditor or person (as the case maybe) must comply with those conditions or restrictions.
(4) The obligations of an officer or auditor under subsections (1)and (3) continue after the termination or cessation of the employment
or appointment of the officer or auditor by the relevant person.
(5) A person who contravenes subsection (1), or fails to comply
with any condition or restriction imposed by the Authority undersubsection (3), shall be guilty of an offence and shall be liable onconviction —(a) in any case where the person is an individual, to a fine notexceeding $125,000 or to imprisonment for a term notexceeding 3 years or to both; or261(b) in any other case, to a fine not exceeding $250,000.
(6) Any person to whom the report is disclosed and who knows or
has reasonable grounds for believing, at the time of the disclosure,that the report was disclosed to the person in contravention ofsubsection (1) shall be guilty of an offence and shall be liable onconviction —5(a) in any case where the person is an individual, to a fine notexceeding $125,000 or to imprisonment for a term notexceeding 3 years or to both; or(b) in any other case, to a fine not exceeding $250,000.

10(7) Where a person is charged with an offence under subsection (6),
it is a defence for the person to prove that —(a) the disclosure was made contrary to the person’s desire;(b) where the disclosure was made in any written or printed
form — the person had as soon as practicable after
receiving the report surrendered, or taken all reasonable
steps to surrender, the report and all copies of the report to
the Authority; and(c) where the disclosure was made in an electronic form — theperson had, as soon as practicable after receiving thereport, taken all reasonable steps to ensure the deletion of
all electronic copies of the report and the surrender of thereport and all copies of the report in other forms to the
Authority.
Authority may transmit information from inspection tocorresponding authority
172.—(1) The Authority or any person authorised by the Authority
may, on the Authority’s own motion, and subject to the satisfaction ofsuch conditions as the Authority may determine, transmit any
information obtained by the Authority from an inspection under
section 169(1) to a corresponding authority as defined in
section 17(1) of a foreign country that exercises consolidated
supervision authority (whether or not for compliance with any

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AML/CFT requirement as defined in section 17(1)) over the relevant
person to which the inspection relates.

510(2) Subsection (1) applies despite the provisions of any prescribed
written law as defined in section 17(1) or any requirement imposed
under any such written law, any rule of law, any contract or any rule ofprofessional conduct, and does not affect section 25 or any otherwritten law or rule of law authorising the Authority, or a person
authorised by the Authority, to disclose information in the Authority’sor the person’s possession to another person.
Self-incrimination
173.—(1) A person is not excused from disclosing information to
the Authority pursuant to a requirement made of the person under thisPart on the grounds that the disclosure of the information might tend
to incriminate the person.

1520(2) Where a person claims, before making a statement disclosing
information that the person is required to disclose by suchrequirement, that the statement might tend to incriminate theperson, that statement is not admissible in evidence against theperson in criminal proceedings other than proceedings for an offence
under section 176(4).
PART 11
OFFENCES
Offences by corporations

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174.—(1) Where, in a proceeding for an offence under this Act, it isnecessary to prove the state of mind of a corporation in relation to aparticular conduct, evidence that —(a) an officer, employee or agent of the corporation engaged inthat conduct within the scope of his or her actual orapparent authority; and30(b) the officer, employee or agent had that state of mind,
is evidence that the corporation had that state of mind.

263(2) Where a corporation commits an offence under this Act, aperson —(a) who is —(i) an officer of the corporation; or(ii) an individual involved in the management of thecorporation and in a position to influence the conductof the corporation in relation to the commission of
the offence; and5(b) who —(i) consented or connived, or conspired with others, toeffect the commission of the offence;

10(ii) is in any other way, whether by act or omission,
knowingly concerned in, or is party to, thecommission of the offence by the corporation; or(iii) knew or ought reasonably to have known that theoffence by the corporation (or an offence of the sametype) would be or is being committed, and failed totake all reasonable steps to prevent or stop thecommission of that offence,15

shall be guilty of the same offence as is the corporation, and shall be
liable on conviction to be punished accordingly.

20(3) A person mentioned in subsection (2) may rely on a defence thatwould be available to the corporation if it were charged with theoffence with which the person is charged and, in doing so, the person
bears the same burden of proof that the corporation would bear.

25(4) To avoid doubt, this section does not affect the application of —(a) Chapters 5 and 5A of the Penal Code 1871; or(b) the Evidence Act 1893 or any other law or practice
regarding the admissibility of evidence.
(5) To avoid doubt, subsection (2) also does not affect the liabilityof the corporation for an offence under this Act, and applies whether
or not the corporation is convicted of the offence.

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(6) In this section —“corporation” includes a limited liability partnership within themeaning of section 2(1) of the Limited Liability Partnerships
Act 2005;
5“officer”, in relation to a corporation, means any director,
partner, chief executive, manager, secretary or other similar
officer of the corporation, and includes —(a) any person purporting to act in any such capacity; and10(b) for a corporation whose affairs are managed by its
members, any of those members as if the member
were a director of the corporation;“state of mind” of a person includes —(a) the knowledge, intention, opinion, belief or purposeof the person; and1520(b) the person’s reasons for the intention, opinion, belief
or purpose.
(7) The Authority may make rules to provide for the application of
any provision of this section, with such modifications as the
Authority considers appropriate, to any corporation formed orrecognised under the law of a territory outside Singapore.
Offences by unincorporated associations or partnerships
175.—(1) Where, in a proceeding for an offence under this Act, it isnecessary to prove the state of mind of an unincorporated association
or a partnership in relation to a particular conduct, evidence that —25(a) an employee or agent of the unincorporated association or
partnership engaged in that conduct within the scope of hisor her actual or apparent authority; and(b) the employee or agent had that state of mind,30

is evidence that the unincorporated association or partnership had thatstate of mind.
(2) Where an unincorporated association or a partnership commits
an offence under this Act, a person —265(a) who is —(i) an officer of the unincorporated association or amember of its governing body;(ii) a partner in the partnership; or(iii) an individual involved in the management of theunincorporated association or partnership and in aposition to influence the conduct of theunincorporated association or partnership (as thecase may be) in relation to the commission of theoffence; and510(b) who —(i) consented or connived, or conspired with others, toeffect the commission of the offence;(ii) is in any other way, whether by act or omission,
knowingly concerned in, or is party to, thecommission of the offence by the unincorporated
association or partnership; or(iii) knew or ought reasonably to have known that theoffence by the unincorporated association or
partnership (or an offence of the same type) would
be or is being committed, and failed to take allreasonable steps to prevent or stop the commission ofthat offence,shall be guilty of the same offence as is the unincorporated
association or partnership (as the case may be), and shall be liable
on conviction to be punished accordingly.
(3) A person mentioned in subsection (2) may rely on a defence thatwould be available to the unincorporated association or partnership if
it were charged with the offence with which the person is charged
and, in doing so, the person bears the same burden of proof that theunincorporated association or partnership would bear.
(4) To avoid doubt, this section does not affect the application of —(a) Chapters 5 and 5A of the Penal Code 1871; or

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(b) the Evidence Act 1893 or any other law or practice
regarding the admissibility of evidence.

5(5) To avoid doubt, subsection (2) also does not affect the liabilityof an unincorporated association or a partnership for an offence under
this Act, and applies whether or not the unincorporated association or
partnership is convicted of the offence.
(6) In this section —10“officer”, in relation to an unincorporated association (other thana partnership), means the president, the secretary, or any
member of the committee of the unincorporated association,and includes —(a) any person holding a position analogous to that ofpresident, secretary or member of a committee of theunincorporated association; and15(b) any person purporting to act in any such capacity;“partner” includes a person purporting to act as a partner;“state of mind” of a person includes —(a) the knowledge, intention, opinion, belief or purposeof the person; and2025(b) the person’s reasons for the intention, opinion, belief
or purpose.
(7) The Authority may make rules to provide for the application of
any provision of this section, with such modifications as the
Authority considers appropriate, to any unincorporated associationor partnership formed or recognised under the law of a territory
outside Singapore.
General duty to use reasonable care not to provide false
information to Authority

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176.—(1) A person who provides the Authority with any
information —(a) under or for the purposes of any provision of this Act; or267(b) in circumstances in which the person providing theinformation intends, or could reasonably be expected toknow, that the information would be used by the Authority
for the purpose of the Authority discharging its functions
under this Act,

5

must use reasonable care to ensure that the information is not false or
misleading in any material particular.
(2) Subsection (1) applies only where no other provision of this Act
creates an offence in connection with the provision of informationthat is false or misleading in a material particular.

10(3) A person who —(a) signs any document lodged with the Authority; or(b) lodges with the Authority any document by electronicmeans using any identification or identifying code,
password or other authentication method or procedureassigned to the person by the Authority,

15

must use reasonable care to ensure that the document is not false or
misleading in any material particular.
(4) A person who contravenes subsection (1) or (3) shall be guiltyof an offence and shall be liable on conviction —20(a) in the case of an individual, to a fine not exceeding $50,000
or to imprisonment for a term not exceeding 2 years or toboth; and(b) in any other case, to a fine not exceeding $100,000.
Composition of offences

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177.—(1) The Authority may compound any offence under this Act
that is prescribed as a compoundable offence by collecting from aperson reasonably suspected of having committed the offence a sumof money not exceeding one half of the amount of the maximum fineprescribed for that offence.

30(2) The Authority may compound any offence under this Act(including an offence under a provision that has been repealed)
which —

268(a) was compoundable under this section at the time theoffence was committed; but(b) has ceased to be so compoundable,
5

10

by collecting from a person reasonably suspected of having
committed the offence a sum of money not exceeding one half of
the amount of the maximum fine prescribed for that offence at thetime it was committed.
(3) On payment of the sum of money referred to in subsection (1) or(2), no further proceedings are to be taken against that person in
respect of the offence.
(4) Regulations made under section 192 may prescribe the offences
which may be compounded.
(5) All sums collected by the Authority under subsection (1) or (2)must be paid into the Consolidated Fund.
PART 12

15

MISCELLANEOUS
Agents178. In the exercise of its powers and the performance of its
functions under this Act, the Authority may —20(a) establish agencies at such places outside Singapore as the
Authority thinks fit;(b) arrange with and authorise a person to act as agent of the
Authority outside Singapore;2530(c) act as agent of a bank carrying on business inside or outside
Singapore; and(d) act as agent of any public authority or any company inwhich the Government or a public authority has asubstantial interest or any company which is deemed tobe related to that company by virtue of section 6 of theCompanies Act 1967 either generally or for a particularpurpose inside or outside Singapore.

269

Appointment of assistants
179.—(1) Subject to subsection (2), the Authority may appoint any
person to exercise any of the Authority’s powers or perform any of
the Authority’s functions or duties under this Act, either generally orin any particular case, except —5(a) the power of appointment conferred by this subsection; and(b) the power to make subsidiary legislation.
(2) The Authority may, by notification in the Gazette, appoint
one or more of its officers to exercise the power under section 189(5)to grant an exemption to a particular person, or under section 189(6)to revoke any such exemption, or both.

10(3) Any person appointed under subsection (1) or officer appointed
under subsection (2) is taken to be a public servant for the purposes of
the Penal Code 1871.
Consent of Public Prosecutor

15

180. No prosecution in respect of any offence under this Act may beinstituted without the written consent of the Public Prosecutor.
Jurisdiction of Courts
181. Despite the Criminal Procedure Code 2010, a District Court ora Magistrate’s Court has jurisdiction to try any offence under this Act
and has power to impose the full punishment for that offence.

20

Opportunity to be heard
182. Where this Act provides for a person to be given an
opportunity to be heard by the Authority, the Authority may
prescribe the manner in which the person is to be given suchopportunity to be heard.

25

Recovery of fees, expenses, etc.
183. The Authority may recover as a civil debt due to the Authority
from the financial institution concerned —(a) the amount of any fees payable to the Authority under
section 5;

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(b) the amount of any fees payable to the Authority under
section 138;(c) the amount of any fees payable to the Authority under
section 140; and5(d) any remuneration and expenses payable by the financial
institution concerned to —(i) a statutory adviser appointed under section 41(2);(ii) a statutory manager appointed under section 41(2);10(iii) the Authority or any person appointed by the
Authority under section 179 in relation to the
Authority’s assumption of control of any businessof the financial institution under section 41; and(iv) any person appointed to perform any independent
assessment under Part 7 or 8.

15

Publication of certain information
184.—(1) The Authority may prepare and publish —(a) consolidated statements aggregating any information
provided under this Act; or

2025(b) for statistical purposes, statements that relate to or are
derived from any information provided under this Act inrespect of a digital token service.
(2) The Authority may, in such form or manner as the Authority
considers appropriate, publish such information as the Authority may
consider necessary or expedient to publish in the public interest,
including information relating to all or any of the following:(a) the approval, refusal to approve or withdrawal of approvalof a financial institution under section 4;(b) the lapsing, surrender, revocation or suspension of thelicence of any person under section 141;30(c) the acceptance by any person of an offer to compound an
offence under section 177;

271(d) the revocation or withdrawal of any exemption granted
under this Act;(e) the conviction of any person for any offence under thisAct;(f) any other action taken by the Authority against any person
under this Act.

5

Disclosure of information
185. Nothing in this Act requires the Minister or any public servant(including a member of an Appeal Advisory Committee deemed to bea public servant under section 14(6)(a)) to disclose facts which he or
she considers to be against the interest of the public to disclose.

10Service of documents
186.—(1) A document that is permitted or required by this Act to beserved on a person may be served as described in this section.
(2) A document permitted or required by this Act to be served on an
individual may be served —15(a) by giving it to the individual personally;(b) by sending it by prepaid registered post to the address
specified by the individual for the service of documents or,
if no address is so specified, the individual’s residential
address or business address;

20(c) by leaving it at the individual’s residential address with anadult apparently resident there, or at the individual’sbusiness address with an adult apparently employed there;(d) by affixing a copy of the document in a conspicuous placeat the individual’s residential address or business address;

25(e) by sending it by fax to the fax number last known to theperson giving or serving the document as the fax number
for the service of documents on the individual; or(f) by sending it by email to the individual’s last email
address.

30272(3) A document permitted or required by this Act to be served on apartnership (other than a limited liability partnership) may beserved —5(a) by giving it to any partner or other similar officer of thepartnership;(b) by leaving it at, or by sending it by prepaid registered post
to, the business address of the partnership;(c) by sending it by fax to the fax number used at the businessaddress of the partnership; or

10(d) by sending it by email to the last email address of thepartnership.
(4) A document permitted or required by this Act to be served on abody corporate (including a limited liability partnership) or anunincorporated association may be served —1520(a) by giving it to the secretary or other similar officer of the
body corporate or unincorporated association, or to the
manager of the limited liability partnership;(b) by leaving it at, or by sending it by prepaid registered post
to, the registered office or principal office of the body
corporate or unincorporated association;(c) by sending it by fax to the fax number used at the registeredoffice or principal office of the body corporate orunincorporated association; or25(d) by sending it by email to the last email address of the body
corporate or unincorporated association.
(5) Service of a document under subsection (2), (3) or (4) takes
effect —30(a) if the document is sent by fax and a notification of
successful transmission is received, on the day oftransmission;(b) if the document is sent by prepaid registered post, 2 days
after the day the document was posted (even if it is returned
undelivered); or273(c) if the document is sent by email, at the time the email
becomes capable of being retrieved by the person to whom
the document is sent.
(6) A document may be served on a person under this Act by email
only with that person’s prior written consent.

5(7) This section does not apply to documents to be served inproceedings in court.
(8) In this section —“business address” means —(a) in the case of an individual, the individual’s usual orlast known place of business, or place of
employment, in Singapore; or(b) in the case of a partnership (other than a limited
liability partnership), the principal or last known
place of business in Singapore of the partnership;

10

15“document” includes a notice or an order permitted or requiredby this Act to be served;“last email address” means —(a) the last email address given, by the addressee
concerned to the person giving or serving the
document, as the email address for the service of
documents under this Act; or20(b) the last email address of the addressee concerned
known to the person giving or serving the document;“residential address” means an individual’s usual or last known
place of residence in Singapore.

25

Electronic service
187.—(1) The Authority may provide an electronic service for theservice of any document that is required or authorised by this Act tobe served on any person.
(2) For the purposes of the electronic service, the Authority may
assign to any person —

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274

(a) an authentication code; and(b) an account with the electronic service.
(3) Despite section 186, where a person has given consent for any
document to be served on the person through the electronic service —510(a) the Authority may serve the document on that person bytransmitting an electronic record of the document to that
person’s account with the electronic service; and(b) the document is treated as having been served at the time
when an electronic record of the document enters the
person’s account with the electronic service.
(4) In this section —15“account with the electronic service”, in relation to any person,means a computer account within the electronic service thatis assigned by the Authority to the person for the storage andretrieval of electronic records relating to the person;

20“authentication code”, in relation to any person, means an
identification or identifying code, a password or any otherauthentication method or procedure that is assigned to theperson for the purposes of identifying and authenticating theaccess to and use of the electronic service by the person;“document” includes a notice and an order;“electronic record” has the meaning given by section 2(1) of theElectronic Transactions Act 2010.
Guidelines on Fit and Proper Criteria

25

30

188.—(1) For the purpose of determining whether a person is a fit
and proper person in relation to this Act or any provision of this Act,
the Authority may issue or adopt Guidelines on Fit and Proper
Criteria.
(2) The Authority may, at any time, vary or revoke the Guidelines
on Fit and Proper Criteria mentioned in subsection (1), or any part of
the Guidelines.

275(3) The Authority must —(a) ensure that the Guidelines on Fit and Proper Criteria, ortheir variation or revocation, are published on the
Authority’s website;(b) specify in the publication, the date on which the Guidelines
on Fit and Proper Criteria, or their variation or revocation,
take effect; and(c) ensure that the Guidelines on Fit and Proper Criteria(including any variation to them) remain available to the
public for access and inspection without charge.

510(4) To avoid doubt, the Guidelines on Fit and Proper Guidelines
mentioned in subsection (1) are deemed not to be subsidiarylegislation.
Exemption
189.—(1) The Authority may, by regulations, exempt —15(a) any person or class of persons from this Act or any
provision of this Act; and(b) any of the following from all or any of the provisions ofPart 9:(i) any digital token service or class of digital token
services;20(ii) any shares or interests in shares, or class ordescription of shares or interests in shares;(iii) any other thing or class or description of things,
subject to such conditions or restrictions as may be prescribed.

25(2) The Authority may at any time —(a) revoke any exemption mentioned in subsection (1); or(b) add to, vary or revoke any condition or restriction imposed
under subsection (1).
(3) Where the Authority, by regulations made undersubsection (1)(a), exempts any person or class of persons from

30

276

section 147(1) and (2), the conditions that may be prescribed include
the following conditions:

5

10

15

(a) a condition relating to the operations or activities of the
exempt person, or of any person in the exempt class of
persons, relating to the grant of any credit facility within
the meaning given by section 147(3) (called in this section
a credit facility);(b) a condition relating to the criteria that must be satisfied inorder for the exempt person, or any person in the exempt
class of persons, to grant any credit facility to any
individual in Singapore;(c) a condition relating to the standards to be maintained by
the exempt person, or by any person in the exempt class of
persons, when carrying on a business of granting any credit
facility to any individual in Singapore;(d) a condition relating to the duties to be undertaken by the
exempt person, or by any person in the exempt class of
persons, when doing any of the following things:

20(i) granting any credit facility to any individual in
Singapore;(ii) offering to grant, or issuing any advertisement
containing any offer to grant, any credit facility to
any individual in Singapore;

2530(iii) making an offer or invitation, or issuing any
advertisement containing any offer or invitation, to
any individual in Singapore to enter into any
agreement relating to the granting of any credit
facility to that individual;(e) a condition relating to the maintenance by the exempt
person, or by any person in the exempt class of persons, of
a licence, under any other written law, that allows that
person to carry on a business of granting any credit facility
to any individual in Singapore.

277(4) Where the Authority, by regulations made undersubsection (1)(a), exempts any person or class of persons fromsection 149, the conditions that may be prescribed include thefollowing conditions:(a) a condition restricting the disposal or further acquisition,by that person or class of persons, of any shares or voting
power in a licensee;

5(b) a condition restricting the exercise, by that person or classof persons, of any voting power in a licensee.
(5) The Authority may, on the application of any person, by written
notice exempt the person from —10(a) all or any of the provisions of this Act; and(b) all or any of the requirements specified in any direction
made by the Authority under this Act,
subject to such conditions or restrictions as the Authority may specify
by written notice.

15(6) The Authority may, at any time, by written notice to a person —(a) revoke any exemption mentioned in subsection (5); or(b) add to, vary or revoke any condition or restriction imposedon the person under subsection (5).

20(7) It is not necessary to publish any exemption granted undersubsection (5) in the Gazette.
(8) A person who contravenes any condition or restriction —(a) prescribed under subsection (1);(b) specified by the Authority under subsection (5); or25(c) added to or varied under subsection (2) or (6),shall be guilty of an offence and shall be liable on conviction —(d) in the case of an individual, to a fine not exceeding$50,000; or(e) in any other case, to a fine not exceeding $100,000.

30

278

(9) In subsection (4), “licensee” has the meaning given by
section 136(1).
Amendment of Schedules
5190.—(1) The Minister may from time to time, by order in theGazette, amend, add to or vary the First or Second Schedule.
(2) The Minister may, in any order made under subsection (1),make such incidental, consequential or supplementary provisions as
may be necessary or expedient.

10(3) Any order made under subsection (1) must be presented to
Parliament as soon as possible after publication in the Gazette.
Power of Minister to make regulations for or in respect toappeals15

191.—(1) The Minister may make regulations for, or in respect of,any appeal to the Minister mentioned in sections 4(6), 7(5), 9(5), 34,
48(6), 55(1), 142, 154 and 157.
(2) Without limiting subsection (1), the Minister may makeregulations for or with respect to —20(a) the appointment of members to, and procedures of, theAppeal Advisory Panel and Appeal Advisory Committees
mentioned in sections 13 and 14;(b) the remuneration of the members of the Appeal Advisory
Panel and Appeal Advisory Committees mentioned in
sections 13 and 14;25(c) the form and manner in which an appeal to the Minister
under this Act may be made; and(d) the fees to be paid in respect of any appeal made to the
Minister under this Act, including the refund or remission,
whether in whole or in part, of such fees.
Power of Authority to make regulations

30

192.—(1) Except as otherwise expressly provided in this Act, theAuthority may make regulations prescribing matters required or279

permitted by this Act to be prescribed, or necessary or convenient tobe prescribed for carrying out or giving effect to this Act.
(2) Except as otherwise expressly provided in this Act, regulations
made by the Authority under this Act —(a) may be of general or specific application;

5(b) may contain such saving and transitional provisions as the
Authority may consider necessary or expedient;(c) may provide that a contravention of any specified
provision of the regulations shall be an offence; and(d) may provide —10(i) in the case of an individual, for penalties notexceeding a fine of $50,000 or imprisonment for aterm not exceeding 2 years or both for each offence
and, in the case of a continuing offence, a further
penalty not exceeding a fine of $5,000 for every dayor part of a day during which the offence continues
after conviction; and(ii) in any other case, for penalties not exceeding a fineof $100,000 and, in the case of a continuing offence,a further penalty not exceeding a fine of $10,000 for
every day or part of a day during which the offence
continues after conviction.

15

20

PART 13CONSEQUENTIAL AND RELATEDAMENDMENTS TO OTHER ACTS

25

Amendment of Banking Act 1970
193.—(1) Subject to subsection (2), section 2(1) of the Banking
Act 1970 is amended by deleting the definition of “financial holding
company” and substituting the following definition:“ “financial holding company” means a company belonging
to a class of financial institutions approved as financial

30

280

holding companies under section 4 of the Financial
Services and Markets Act 2022;”.

5(2) Subsection (1) does not apply if section 78(a) of the Financial
Holding Companies Act 2013 (which also amends section 2(1) of the
Banking Act 1970) is brought into operation before the date on which
subsection (1) and this subsection are brought into operation.
(3) Section 20 of the Banking Act 1970 is amended —(a) by deleting the word
subsection (1)(a)(viii);

10

“or”

at

the

end

of

(b) by inserting the word “or” at the end of sub-paragraph (ix)of subsection (1)(a), and by inserting immediately
thereafter the following sub-paragraph:15“(x) is contravening or has contravened
any provision of the Financial
Services and Markets Act 2022 or
any direction issued by the Authority
under that Act;”; and20(c) by deleting the words “Division 2, 3, 4 or 4A of Part 4B ofthe Monetary Authority of Singapore Act 1970” insubsections (1)(b) and (7) and substituting in each casethe words “Division 2, 4, 5 or 6 of Part 8 of the Financial
Services and Markets Act 2022”.

25

30(4) Section 43(3) of the Banking Act 1970 is amended by deleting
the words “section 27C of the Monetary Authority of Singapore
Act 1970” and substituting the words “section 169 of the Financial
Services and Markets Act 2022”.
(5) Section 45(6A) of the Banking Act 1970 is amended by deleting
the words “section 152 of the Monetary Authority of Singapore
Act 1970” in paragraph (a) and substituting the words “section 17 of
the Financial Services and Markets Act 2022”.
(6) Section 54 of the Banking Act 1970 is amended —(a) by deleting the words “under section 68 of the Financial
Advisers Act 2001, section 74 of the Insurance Act 1966 or281

section 101A or 123ZZC of the Securities and Futures
Act 2001” in subsection (1)(g); and(b) by inserting, immediately before the definition of“regulated financial institution” in subsection (9), thefollowing definition:

5“ “prohibition order” means —(a) a prohibition order made under
section 68(1) of the Financial
Advisers Act 2001 as in force
immediately before the date ofcommencement of section 200(1)(b)and (2) to (7) of the Financial
Services and Markets Act 2022;(b) a prohibition order made under
section 68(1) of the Financial
Advisers Act 2001 as in force
immediately before the date ofcommencement of section 200(1)(b)and (2) to (7) of the Financial
Services and Markets Act 2022, andas continued by section 217(2) of the
Financial Services and Markets
Act 2022;(c) an order made under section 74(1) of
the Insurance Act 1966 as in force
immediately before the date ofcommencement of section 204(1) to(4) of the Financial Services andMarkets Act 2022;(d) an order made under section 74(1) of
the Insurance Act 1966 as in force
immediately before the date ofcommencement of section 204(1) to(4) of the Financial Services andMarkets Act 2022, and as continued

10

15

20

25

30

35

282

by section 218(2) of the Financial
Services and Markets Act 2022;

5

10

15

20

25

30

35

(e) a prohibition order made under
section 101A(1) of the Securities
and Futures Act 2001 as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022;(f) a prohibition order made under
section 101A(1) of the Securities
and Futures Act 2001 as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022, andas continued by section 220(3) of the
Financial Services and Markets
Act 2022;(g) a prohibition order made under
section 123ZZC(1) of the Securities
and Futures Act 2001 as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022;(h) a prohibition order made under
section 123ZZC(1) of the Securities
and Futures Act 2001 as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial

283

Services and Markets Act 2022, andas continued by section 220(5) of the
Financial Services and Markets
Act 2022; or(i) a prohibition order made under
section 7(1) of the Financial
Services and Markets Act 2022;”.

5(7) Section 55ZA of the Banking Act 1970 is amended —(a) by inserting, immediately after the words “Monetary
AuthorityofSingapore
Act
1970”
in
subsection (1)(a)(ii)(B), the words “as in force
immediately before the date of commencement ofsection 205 of the Financial Services and Markets
Act 2022 or to be approved under section 4(2) of the
Financial Services and Markets Act 2022”;(b) by deleting the word
subsection (1)(a)(vii);

“or”

at

the

end

10

15

of

(c) by inserting the word “or” at the end of
sub-paragraph (viii) of subsection (1)(a), and byinserting immediately thereafter the following
sub-paragraph:“(ix) is contravening or has contravened
any direction issued by the Authority
under the Financial Services andMarkets Act 2022 or any provisionof that Act;”; and(d) by deleting the words “Division 2, 3, 4 or 4A of Part 4B ofthe Monetary Authority of Singapore Act 1970” insubsections (1)(b)(ii) and (7)(b) and substituting in eachcase the words “Division 2, 4, 5 or 6 of Part 8 of the
Financial Services and Markets Act 2022”.
(8) Section 57FB of the Banking Act 1970 is amended —(a) by deleting the words “under section 68 of the Financial
Advisers Act 2001, section 74 of the Insurance Act 1966 or

20

25

30

284

section 101A of the Securities and Futures Act 2001” insubsection (1)(g); and5(b) by inserting, immediately before the definition of“regulated financial institution” in subsection (9), thefollowing definition:“ “prohibition order” means —

10

15

20

25

30

35

(a) a prohibition order made under
section 68(1) of the Financial
Advisers Act 2001 as in force
immediately before the date ofcommencement of section 200(1)(b)and (2) to (7) of the Financial
Services and Markets Act 2022;(b) a prohibition order made under
section 68(1) of the Financial
Advisers Act 2001 as in force
immediately before the date ofcommencement of section 200(1)(b)and (2) to (7) of the Financial
Services and Markets Act 2022, andas continued by section 217(2) of the
Financial Services and Markets
Act 2022;(c) an order made under section 74(1) of
the Insurance Act 1966 as in force
immediately before the date ofcommencement of section 204(1) to(4) of the Financial Services andMarkets Act 2022;(d) an order made under section 74(1) of
the Insurance Act 1966 as in force
immediately before the date ofcommencement of section 204(1) to(4) of the Financial Services andMarkets Act 2022, and as continued

285

by section 218(2) of the Financial
Services and Markets Act 2022;(e) a prohibition order made under
section 101A(1) of the Securities
and Futures Act 2001 as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022;(f) a prohibition order made under
section 101A(1) of the Securities
and Futures Act 2001 as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022, andas continued by section 220(3) of the
Financial Services and Markets
Act 2022; or

5

10

15

20

(g) a prohibition order made under
section 7(1) of the Financial
Services and Markets Act 2022;”.
(9) Section 62(1) of the Banking Act 1970 is amended by deleting
the words “(within the meaning of section 98 of the Monetary
Authority of Singapore Act 1970) from the bank under section 103,
104, 105 or 106 of that Act” in paragraph (e) and substituting thewords “within the meaning of section 107 of the Financial Services
and Markets Act 2022 from the bank under section 112, 113, 114 or
115 of that Act”.

25

30

286

(10) Section 62B(3) of the Banking Act 1970 is amended bydeleting the words “(within the meaning of section 98 of theMonetary Authority of Singapore Act 1970) from the merchant bankunder section 103, 104, 105 or 106 of that Act” in paragraph (b) andsubstituting the words “within the meaning of section 107 of the
Financial Services and Markets Act 2022 from the merchant bankunder section 112, 113, 114 or 115 of that Act”.
(11) Part 2 of the Third Schedule to the Banking Act 1970 isamended by deleting items 4B, 4C and 4D and substituting thefollowing items:“
Any —4B. Disclosure is solely inconnection with the transfer(a) transferor or transferee,or proposed transfer of thedefined in section 56 of thebusiness of the bank to a
Monetary Authority ofcompany under Division 2 ofSingapore Act 1970 as inPart 4B of the Monetaryforce immediately before theAuthority of Singapore
date of commencement of
Act 1970 as in force
section 193 of the Financial
immediately before the dateServices and Markets
of commencement of
Act 2022;
section 193 of the Financial(b) person affected by theServices and Markets
transfer;
Act 2022, whether or not thetransfer is subsequently(c) professional adviser
carried out or completed.
appointed by any person

mentioned in paragraph (a) or(b); or(d) independent assessor
appointed by the Authority
under section 57 of theMonetary Authority ofSingapore Act 1970 as inforce immediately before thedate of commencement ofsection 193 of the Financial
Services and Markets
Act 2022.

287

Any —
4BA. Disclosure is solely inconnection with the(a) transferor or transferee,transfer or proposed
defined in section 65 of thetransfer of the business ofFinancial Services andthe bank to a company
Markets Act 2022;
under Division 2 of Part 8(b) person affected by theof the Financial Services
transfer;and Markets Act 2022,
whether or not the transfer(c) professional adviser
is subsequently carried out
appointed by any person
or completed.
mentioned in paragraph (a)or (b); or(d) independent assessor
appointed by the Authority
under section 66 of the
Financial Services andMarkets Act 2022.
4C. Disclosure is solely in
Any —connection with the(a) transferor or transferee,transfer or proposed
defined in section 65 of thetransfer of the shares in the
Monetary Authority ofbank under Division 3 ofSingapore Act 1970 as inPart 4B of the Monetaryforce immediately before
Authority of Singapore
the date of commencement
Act 1970 as in force
of section 193 of theimmediately before the
Financial Services anddate of commencement ofMarkets Act 2022;
section 193 of the Financial(b) professional adviser
Services and Markets
appointed by the transferor
Act 2022, whether or notor transferee; orthe transfer is subsequently
carried out or completed.
(c) independent assessor
appointed by the Authority
under section 66 of theMonetary Authority ofSingapore Act 1970 as inforce immediately before
the date of commencementof section 193 of the
Financial Services andMarkets Act 2022.

288

4CA. Disclosure is solely in
Any —connection with the(a) transferor or transferee,transfer or proposed
defined in section 74 of thetransfer of the shares in the
Financial Services andbank under Division 4 ofMarkets Act 2022;
Part 8 of the Financial(b) professional adviser
Services and Markets
appointed by the transferor
Act 2022, whether or notor transferee; orthe transfer is subsequently
carried out or completed.
(c) independent assessor
appointed by the Authority
under section 75 of the
Financial Services andMarkets Act 2022.
4D. Disclosure is solely in
Any —connection with the(a) shareholder of the bank;restructuring or proposed(b) subscriber defined in
restructuring of the sharesection 68 of the Monetary
capital of the bank under
Authority of Singapore
Division 4 of Part 4B of the
Act 1970 as in force
Monetary Authority of
immediately before the date
Singapore Act 1970 as inof commencement offorce immediately before
section 193 of the Financial
the date of commencement
Services and Markets
of section 193 of the
Act 2022;
Financial Services andMarkets Act 2022, whether(c) professional adviser
or not the restructuring is
appointed by the bank or
carried out or completed.
any person mentioned inparagraph (a) or (b); or(d) independent assessor
appointed by the Authority
under section 69 of theMonetary Authority ofSingapore Act 1970 as inforce immediately before
the date of commencementof section 193 of the
Financial Services andMarkets Act 2022.

289

Any —
4DA. Disclosure is solely inconnection with the(a) shareholder of the bank;restructuring or proposed(b) subscriber defined in
restructuring of the sharesection 77 of the Financial
capital of the bank underServices and Markets
Division 5 of Part 8 of the
Act 2022;
Financial Services andMarkets Act 2022,(c) professional adviser
whether or not theappointed by the bank or
restructuring is carried out
any person mentioned inor completed.
paragraph (a) or (b); or(d) independent assessor
appointed by the Authority
under section 78 of the
Financial Services andMarkets Act 2022.

”.

Amendment of Companies Act 1967
194.—(1) Section 8G of the Companies Act 1967 is amended bydeleting the words “sections 27 and 28 of the Monetary Authority ofSingapore Act 1970” and substituting the words “sections 3 and 4 of
the Financial Services and Markets Act 2022”.
(2) Section 145(6) of the Companies Act 1967 is amended —(a) by inserting, immediately after the words “Financial
Holdings Companies Act 2013,” in paragraph (b), thewords “section 48 of the Financial Services and Markets
Act 2022,”; and(b) by inserting, immediately after the words “Monetary
Authority of Singapore Act 1970” in paragraph (b), thewords “as in force immediately before the date ofcommencement of section 205 of the Financial Services
and Markets Act 2022”.
Amendment of Corruption, Drug Trafficking and Other
Serious Crimes (Confiscation of Benefits) Act 1992
195. Section 2(1) of the Corruption, Drug Trafficking and Other
Serious Crimes (Confiscation of Benefits) Act 1992 is amended by

290

deleting the definition of “financial institution” and substituting thefollowing definition:

5“ “financial institution” has the meaning given by section 2 of
the Financial Services and Markets Act 2022, andincludes a VCC;”.
Amendment of Credit Bureau Act 2016

10

196.—(1) Section 2 of the Credit Bureau Act 2016 is amended bydeleting the words “approved as a financial institution under
section 28 of the Monetary Authority of Singapore Act 1970” inthe definition of “merchant bank” and substituting the words“licensed under the Banking Act 1970”.
(2) Section 46 of the Credit Bureau Act 2016 is amended —15(a) by deleting the words “under section 68 of the Financial
Advisers Act 2001, section 74 of the Insurance Act 1966 or
section 101A of the Securities and Futures Act 2001” insubsection (5)(e); and(b) by inserting, immediately before the definition of“regulated financial institution” in subsection (12), thefollowing definition:

20

25“ “prohibition order” means —(a) a prohibition order made under
section 68(1) of the Financial
Advisers Act 2001 as in force
immediately before the date ofcommencement of section 200(1)(b)and (2) to (7) of the Financial
Services and Markets Act 2022;

291(b) a prohibition order made under
section 68(1) of the Financial
Advisers Act 2001 as in force
immediately before the date ofcommencement of section 200(1)(b)and (2) to (7) of the Financial
Services and Markets Act 2022, andas continued by section 217(2) of the
Financial Services and Markets
Act 2022;(c) an order made under section 74(1) of
the Insurance Act 1966 as in force
immediately before the date ofcommencement of section 204(1) to(4) of the Financial Services andMarkets Act 2022;(d) an order made under section 74(1) of
the Insurance Act 1966 as in force
immediately before the date ofcommencement of section 204(1) to(4) of the Financial Services andMarkets Act 2022, and as continued
by section 218(2) of the Financial
Services and Markets Act 2022;(e) a prohibition order made under
section 101A(1) of the Securities
and Futures Act 2001 as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022;(f) a prohibition order made under
section 101A(1) of the Securities
and Futures Act 2001 as in force
immediately
before
the
date

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292

5

10

of
commencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022, andas continued by section 220(3) of the
Financial Services and Markets
Act 2022; or(g) a prohibition order made under
section 7(1) of the Financial
Services and Markets Act 2022;”.
(3) Section 49(11) of the Credit Bureau Act 2016 is amended byinserting, immediately after paragraph (d), the following paragraph:“(da) Financial Services and Markets Act 2022;”.
Amendment of Criminal Procedure Code 2010

15

197. The Sixth Schedule to the Criminal Procedure Code 2010 isamended —(a) by inserting, immediately after item 2, the following item:“2A. Any offence under section 16(4) of the Financial Services
and Markets Act 2022.”; and2025(b) by inserting, immediately after the words “Monetary
Authority of Singapore Act 1970” in item 3, the words“as in force immediately before the date of commencementof section 205 of the Financial Services and Markets
Act 2022”.
Amendment of Deposit Insurance and Policy Owners’
Protection Schemes Act 2011
198.—(1) Section 2(1) of the Deposit Insurance and Policy
Owners’ Protection Schemes Act 2011 is amended —30(a) by deleting the definitions of “resolution fund” and“resolution measure” and substituting the following
definitions:293“ “resolution fund” means a fund established under
section 108 of the Financial Services andMarkets Act 2022;“resolution measure” has the meaning given by
section 107 of the Financial Services andMarkets Act 2022;”; and(b) by deleting the words “section 99(2) of the Monetary
Authority of Singapore Act 1970” in the definition of“trustee” (in relation to a resolution fund) and substituting
the words “section 108(2) of the Financial Services andMarkets Act 2022”.
(2) Section 10(2) of the Deposit Insurance and Policy Owners’
Protection Schemes Act 2011 is amended by deleting the words“Division 5B of Part 4B of the Monetary Authority of Singapore
Act 1970” and substituting the words “Division 10 of Part 8 of the
Financial Services and Markets Act 2022”.
(3) Section 28A(1) of the Deposit Insurance and Policy Owners’
Protection Schemes Act 2011 is amended by inserting, immediately
after the words “section 54(4) of the Monetary Authority ofSingapore Act 1970” in paragraph (b), the words “as in force
immediately before the date of commencement of section 205 of the
Financial Services and Markets Act 2022 or under section 63(4) of
the Financial Services and Markets Act 2022”.
(4) Section 46(1) of the Deposit Insurance and Policy Owners’
Protection Schemes Act 2011 is amended —

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25

(a) by deleting the word “or” at the end of paragraph (d); and(b) by deleting paragraph (e) and substituting the following
paragraphs:“(e) on or after 1 September 2011 but before thedate of commencement of section 205 of
the Financial Services and Markets
Act 2022, the Authority had exercised its
powers under Part 4B of the Monetary
Authority of Singapore Act 1970 as in

30

294

force immediately before that date inrelation to a PPF Scheme member; or

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15

(f) on or after the date of commencement ofsection 205 of the Financial Services andMarkets Act 2022, the Authority is
exercising or is likely to exercise, or has
exercised, its powers under Part 8 of the
Financial Services and Markets Act 2022
in relation to a PPF Scheme member,”.
(5) Section 54A(1) of the Deposit Insurance and Policy Owners’
Protection Schemes Act 2011 is amended by inserting, immediately
after the words “section 54(4) of the Monetary Authority ofSingapore Act 1970” in paragraph (b), the words “as in force
immediately before the date of commencement of section 205 of the
Financial Services and Markets Act 2022 or under section 63(4) of
the Financial Services and Markets Act 2022”.
Amendment of Finance Companies Act 1967

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199.—(1) Section 15(1) of the Finance Companies Act 1967 isamended by deleting the words “Division 2, 3, 4 or 4A of Part 4B ofthe Monetary Authority of Singapore Act 1970” in paragraph (c)(ii)
and substituting the words “Division 2, 4, 5 or 6 of Part 8 of the
Financial Services and Markets Act 2022”.
(2) Section 44A(1) of the Finance Companies 1967 is amended bydeleting the words “(within the meaning of section 98 of theMonetary Authority of Singapore Act 1970) from the financecompany under section 103, 104, 105 or 106 of that Act” inparagraph (c) and substituting the words “within the meaning ofsection 107 of the Financial Services and Markets Act 2022 from thefinance company under section 112, 113, 114 or 115 of that Act”.
(3) Section 47 of the Finance Companies Act 1967 is amended —(a) by deleting the words “under section 68 of the Financial
Advisers Act 2001, section 74 of the Insurance Act 1966 or
section 101A or 123ZZC of the Securities and Futures
Act 2001” in subsection (1)(e); and295(b) by inserting, immediately before the definition of“regulated financial institution” in subsection (9), thefollowing definition:“ “prohibition order” means —(a) a prohibition order made under
section 68(1) of the Financial
Advisers Act 2001 as in force
immediately before the date ofcommencement of section 200(1)(b)and (2) to (7) of the Financial
Services and Markets Act 2022;(b) a prohibition order made under
section 68(1) of the Financial
Advisers Act 2001 as in force
immediately before the date ofcommencement of section 200(1)(b)and (2) to (7) of the Financial
Services and Markets Act 2022, andas continued by section 217(2) of the
Financial Services and Markets
Act 2022;(c) an order made under section 74(1) of
the Insurance Act 1966 as in force
immediately before the date ofcommencement of section 204(1) to(4) of the Financial Services andMarkets Act 2022;(d) an order made under section 74(1) of
the Insurance Act 1966 as in force
immediately before the date ofcommencement of section 204(1) to(4) of the Financial Services andMarkets Act 2022, and as continued
by section 218(2) of the Financial
Services and Markets Act 2022;

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296

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35

(e) a prohibition order made under
section 101A(1) of the Securities
and Futures Act 2001 as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022;(f) a prohibition order made under
section 101A(1) of the Securities
and Futures Act 2001 as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022, andas continued by section 220(3) of the
Financial Services and Markets
Act 2022;(g) a prohibition order made under
section 123ZZC(1) of the Securities
and Futures Act 2001 as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022;(h) a prohibition order made under
section 123ZZC(1) of the Securities
and Futures Act 2001 as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022, andas continued by section 220(5) of the297

Financial Services
Act 2022; orandMarkets(i) a prohibition order made under
section 7(1) of the Financial
Services and Markets Act 2022;”.

5(4) Section 54(1) of the Finance Companies Act 1967 is amended
by deleting the words “Part 4B of the Monetary Authority ofSingapore Act 1970” and substituting the words “Part 8 of the
Financial Services and Markets Act 2022”.
Amendment of Financial Advisers Act 2001

10

200.—(1) Section 2(1) of the Financial Advisers Act 2001 is
amended —(a) by inserting, immediately after paragraph (b) of thedefinition of “prescribed written law”, the following
paragraph:15“(ba) Financial Services and Markets Act
2022;”; and(b) by inserting, immediately after the definition of“principal”, the following definition:“ “prohibition order” means, unless the context
otherwise requires —(a) a prohibition order made under
section
68(1)
as
in
force
immediately before the date ofcommencement of section 200(1)(b)and (2) to (7) of the Financial
Services and Markets Act 2022;(b) a prohibition order made under
section
68(1)
as
in
force
immediately before the date ofcommencement of section 200(1)(b)and (2) to (7) of the Financial
Services and Markets Act 2022, andas continued by section 217(2) of the

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298

Financial Services
Act 2022; orandMarkets(c) a prohibition order made under
section 7(1) of the Financial
Services and Markets Act 2022;”.

5(2) The Financial Advisers Act 2001 is amended by deleting thewords “under section 68 has been made by the Authority” in thefollowing provisions and substituting in each case the words “hasbeen made”:
10Section 8(1)(l) and (4)(c)Section 15(2)(g) and (5)(c)Section 30(1)(q) and (10)(b)Section 63(7)(b)Section 64(4)(b)15

Section 66(2)(c).
(3) The Financial Advisers Act 2001 is amended by deleting thewords “under section 68” in the following provisions:
Section 11(2)(c)Section 21(2)(a)(iii) and (b)(iii)20

Section 23(4)(c).
(4) Section 64(1) of the Financial Advisers Act 2001 is amended bydeleting the words “under section 68 made by the Authority” inparagraph (g) and substituting the word “made”.

25(5) The Financial Advisers Act 2001 is amended by repealing thefollowing sections:
Section 68
Section 69
Section 70
Section 71.

299(6) Section 72(2) of the Financial Advisers Act 2001 is amended bydeleting the words “are made under section 68” and substituting thewords “had been made under section 68 as in force immediately
before the date of commencement of section 200(1)(b) and (2) to (7)of the Financial Services and Markets Act 2022 or as continued bysection 217(2) of that Act”.
(7) Section 77 of the Financial Advisers Act 2001 is amended byinserting, immediately after the words “section 68” in paragraph (c),the words “as in force immediately before the date of commencementof section 200(1)(b) and (2) to (7) of the Financial Services andMarkets Act 2022 or as continued by section 217(2) of that Act”.
(8) Section 82 of the Financial Advisers Act 2001 is amended bydeleting the words “section 152 of the Monetary Authority ofSingapore Act 1970” in paragraph (a) and substituting the words“section 17 of the Financial Services and Markets Act 2022”.

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15

(9) Section 105 of the Financial Advisers Act 2001 is amended bydeleting the words “section 154(1) of the Monetary Authority ofSingapore Act 1970” and substituting the words “section 19(1) of the
Financial Services and Markets Act 2022”.
Amendment of Financial Holding Companies Act 201320

201.—(1) Section 53 of the Financial Holding Companies Act 2013is amended by inserting, immediately after paragraph (c) of thedefinition of “prescribed written law”, the following paragraph:“(ca) Financial Services and Markets Act 2022;”.
(2) Section 62 of the Financial Holding Companies Act 2013 isamended —25(a) by deleting paragraph (e) of subsection (1) and substituting
the following paragraph:“(e) has had a prohibition order made against
him that remains in force; or”; and(b) by inserting, immediately before the definition of“regulatory authority” in subsection (3), the following
definition:

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“ “prohibition order” means —

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(a) a prohibition order made under
section 68(1) of the Financial
Advisers Act 2001 as in force
immediately before the date ofcommencement of section 200(1)(b)and (2) to (7) of the Financial
Services and Markets Act 2022;(b) a prohibition order made under
section 68(1) of the Financial
Advisers Act 2001 as in force
immediately before the date ofcommencement of section 200(1)(b)and (2) to (7) of the Financial
Services and Markets Act 2022, andas continued by section 217(2) of the
Financial Services and Markets
Act 2022;(c) an order made under section 74(1) of
the Insurance Act 1966 as in force
immediately before the date ofcommencement of section 204(1) to(4) of the Financial Services andMarkets Act 2022;(d) an order made under section 74(1) of
the Insurance Act 1966 as in force
immediately before the date ofcommencement of section 204(1) to(4) of the Financial Services andMarkets Act 2022, and as continued
by section 218(2) of the Financial
Services and Markets Act 2022;(e) a prohibition order made under
section 101A(1) of the Securities
and Futures Act 2001 as in force
immediately
before
the
date

301

of
commencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022;(f) a prohibition order made under
section 101A(1) of the Securities
and Futures Act 2001 as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022, andas continued by section 220(3) of the
Financial Services and Markets
Act 2022;(g) a prohibition order made under
section 123ZZC(1) of the Securities
and Futures Act 2001 as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022;(h) a prohibition order made under
section 123ZZC(1) of the Securities
and Futures Act 2001 as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022, andas continued by section 220(5) of the
Financial Services and Markets
Act 2022; or

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302

(i) a prohibition order made under
section 7(1) of the Financial
Services and Markets Act 2022;”.
Amendment of Income Tax Act 19475

202.—(1) Subject to subsection (2), section 10I(2) of the Income
Tax Act 1947 is amended —(a) by deleting the word “either —” in paragraph (b) of thedefinition of “AT1 instrument” and substituting the words“satisfies any of the following:”;

10(b) by deleting the word “or” at the end of paragraph (b)(i) of
the definition of “AT1 instrument”;(c) by deleting sub-paragraph (ii) of paragraph (b) of thedefinition of “AT1 instrument” and substituting thefollowing sub-paragraphs:

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“(ii) according to a direction issued under
section 28(3) of the Monetary
Authority of Singapore Act 1970 as
in force immediately before the dateof commencement of the Financial
Holding Companies Act 2013 and to
MAS Notice 637, may be used tosatisfythecapitaladequacyrequirement of any other financial
institution within the meaning ofsection 27A(6) of the Monetary
Authority of Singapore Act 1970 as
in force immediately before the dateof commencement of the Financial
Holding Companies Act 2013;(iii) according
toMAS
NoticeFHC-N637, may be used to satisfy
the capital adequacy requirement of afinancialholdingcompany
designated under section 4 of the303

Financial
Holding
Act 2013;”; andCompanies(d) by inserting, immediately after the definition of “fullbanking licence”, the following definition:“ “MAS Notice FHC-N637” means the noticecommonly known as MAS Notice
FHC-N637 that is issued by the Monetary
Authority of Singapore under section 36(1) of
the Financial Holding Companies Act 2013,
and includes any notice that replaces it;”.

510(2) Subsection (1) only applies if the Financial Holding Companies
Act 2013 is brought into operation before Part 2 of this Act is brought
into operation.
(3) Subject to subsection (5), section 10I(2) of the Income Tax
Act 1947 is amended —15(a) by deleting the word “either —” in paragraph (b) of thedefinition of “AT1 instrument” and substituting the words“satisfies any of the following:”;(b) by deleting the word “or” at the end of paragraph (b)(i) of
the definition of “AT1 instrument”; and20(c) by deleting sub-paragraph (ii) of paragraph (b) of thedefinition of “AT1 instrument” and substituting thefollowing sub-paragraphs:“(ii) according to a direction issued under
section 28(3) of the Monetary
Authority of Singapore Act 1970 as
in force immediately before the dateof commencement of Part 2 of the
Financial Services and Markets
Act 2022 and to MAS Notice 637,
may be used to satisfy the capital
adequacy requirement of any otherfinancial institution within themeaning of section 27A(6) of theMonetary Authority of Singapore

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304

Act 1970 as in force immediately
before the date of commencement ofPart 2 of the Financial Services andMarkets Act 2022;
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(iii) according to a direction issued under
section 4(3) of the Financial Services
and Markets Act 2022 and to MAS
Notice 637, may be used to satisfy
the capital adequacy requirement of
any other financial institution within
the meaning of section 2 of the
Financial Services and Markets
Act 2022;”.
(4) Subject to subsection (5), section 10I(2) of the Income Tax
Act 1947, as amended by subsection (3), is further amended —(a) by deleting sub-paragraph (iii) of paragraph (b) of thedefinition of “AT1 instrument” and substituting thefollowing sub-paragraphs:

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“(iii) according to a direction issued under
section 4(3) of the Financial Services
and Markets Act 2022 as in force
immediately before the date ofcommencement of the Financial
Holding Companies Act 2013 andto MAS Notice 637, may be used tosatisfythecapitaladequacyrequirement of any other financial
institution within the meaning ofsection 2 of the Financial Services
and Markets Act 2022 as in force
immediately before the date ofcommencement of the Financial
Holding Companies Act 2013;(iv) according
toMAS
NoticeFHC-N637, may be used to satisfy
the capital adequacy requirement of a

305

financialholdingcompany
designated under section 4 of the
Financial
HoldingCompanies
Act 2013;”; and(b) by inserting, immediately after the definition of “fullbanking licence”, the following definition:“ “MAS Notice FHC-N637” means the noticecommonly known as MAS Notice
FHC-N637 that is issued by the Monetary
Authority of Singapore under section 36(1) of
the Financial Holding Companies Act 2013,
and includes any notice that replaces it;”.
(5) Subsections (3) and (4) only apply if the Financial Holding
Companies Act 2013 is brought into operation on or after the datePart 2 of this Act is brought into operation.

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Amendment of Insolvency, Restructuring and Dissolution
Act 2018
203.—(1) Section 72U(3) of the Insolvency, Restructuring andDissolution Act 2018 is amended —(a) by inserting, immediately after paragraph (h), thefollowing paragraph:“(ha) the Financial Services
Act 2022;”; and

and

20

Markets(b) by deleting paragraph (l).
(2) Section 250(7) of the Insolvency, Restructuring and Dissolution
Act 2018 is amended —25(a) by deleting paragraph (ba) of the definition of “relevant
company”; and(b) by inserting, immediately after paragraph (c) of thedefinition of “relevant company”, the following paragraph:“(ca) a financial institution approved under
section 4 of the Financial Services andMarkets Act 2022;”.

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(3) Paragraph 3 of Article 1 of the Third Schedule to the Insolvency,
Restructuring and Dissolution Act 2018 is amended —(a) by inserting, immediately after sub-paragraph (c), thefollowing sub-paragraph:5“(ca) Part 7 or 8 or section 189 of the Financial Services andMarkets Act 2022;”; and(b) by deleting sub-paragraph (f).
Amendment of Insurance Act 1966
204.—(1) Section 36 of the Insurance Act 1966 is amended —1015(a) by deleting the words “under section 74, or under
section 68 of the Financial Advisers Act 2001 or
section 101A or 123ZZC of the Securities and Futures
Act 2001,” in subsection (1)(g); and(b) by inserting, immediately before the definition of“regulated financial institution” in subsection (3), thefollowing definition:“ “prohibition order” means —

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(a) a prohibition order made under
section 68(1) of the Financial
Advisers Act 2001 as in force
immediately before the date ofcommencement of section 200(1)(b)and (2) to (7) of the Financial
Services and Markets Act 2022;(b) a prohibition order made under
section 68(1) of the Financial
Advisers Act 2001 as in force
immediately before the date ofcommencement of section 200(1)(b)and (2) to (7) of the Financial
Services and Markets Act 2022, andas continued by section 217(2) of the
Financial Services and Markets
Act 2022;

307(c) an order made under section 74(1) as
in force immediately before the dateof commencement of section 204(1)to (4) of the Financial Services andMarkets Act 2022;(d) an order made under section 74(1) as
in force immediately before the dateof commencement of section 204(1)to (4) of the Financial Services andMarkets Act 2022, and as continued
by section 218(2) of the Financial
Services and Markets Act 2022;(e) a prohibition order made under
section 101A(1) of the Securities
and Futures Act 2001 as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022;(f) a prohibition order made under
section 101A(1) of the Securities
and Futures Act 2001 as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022, andas continued by section 220(3) of the
Financial Services and Markets
Act 2022;(g) a prohibition order made under
section 123ZZC(1) of the Securities
and Futures Act 2001 as in force
immediately
beforethedateofcommencement
of

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308

section 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022;
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20

(h) a prohibition order made under
section 123ZZC(1) of the Securities
and Futures Act 2001 as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022, andas continued by section 220(5) of the
Financial Services and Markets
Act 2022; or(i) a prohibition order made under
section 7(1) of the Financial
Services and Markets Act 2022;”.
(2) Section 65 of the Insurance Act 1966 is amended by deleting thewords “, 73 and 74” in subsection (3) and in the section heading andsubstituting in each case the words “and 73”.
(3) Section 74 of the Insurance Act 1966 is repealed.

2530(4) Section 93(1) of the Insurance Act 1966 is amended byinserting, immediately after the words “section 74” inparagraph (c), the words “as in force immediately before the dateof commencement of section 204(1) to (4) of the Financial Services
and Markets Act 2022 or as continued by section 218(2) of that Act”.
(5) Section 100(6) of the Insurance Act 1966 is amended bydeleting the words “section 152 of the Monetary Authority ofSingapore Act 1970” in paragraph (a) and substituting the words“section 17 of the Financial Services and Markets Act 2022”.
(6) Section 109 of the Insurance Act 1966 is amended by inserting,
immediately after paragraph (c) of the definition of “prescribed
written law”, the following paragraph:“(ca) Financial Services and Markets Act 2022;”.

309(7) Section 110 of the Insurance Act 1966 is amended by deleting
the words “section 154(1) of the Monetary Authority of Singapore
Act 1970” and substituting the words “section 19(1) of the Financial
Services and Markets Act 2022”.
(8) Section 120(1) of the Insurance Act 1966 is amended bydeleting the words “section 54 of the Monetary Authority ofSingapore Act 1970” and substituting the words “section 63 of the
Financial Services and Markets Act 2022”.
(9) Section 123(3) of the Insurance Act 1966 is amended bydeleting the words “(within the meaning of section 98 of theMonetary Authority of Singapore Act 1970) from the licensed insurer
under section 103, 104, 105 or 106 of that Act” in paragraph (e) andsubstituting the words “(within the meaning of section 107 of the
Financial Services and Markets Act 2022) from the licensed insurer
under section 112, 113, 114 or 115 of that Act”.

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Amendment of Monetary Authority of Singapore Act 1970
205.—(1) Section 23(7A) of the Monetary Authority of Singapore
Act 1970 is amended —(a) by deleting the words “Part 4B” and substituting the words“Part 8 of the Financial Services and Markets Act 2022”;
and20(b) by deleting the words “Division 5B of that Part” inparagraph (a) and substituting the words “Division 10 ofPart 8 of that Act”.
(2) The Monetary Authority of Singapore Act 1970 is amended —25(a) by repealing sections 27 to 29;(b) by repealing Part 4A (sections 31 to 48);(c) by repealing Part 4B (sections 49 to 126);(d) by repealing Part 5C (sections 152 to 163); and(e) by repealing section 177.

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(3) Section 29A of the Monetary Authority of Singapore Act 1970
is amended by inserting, immediately after subsection (4), thefollowing subsection:
5

10

15

“(4A) The Authority may recover from the relevant
participant the amount of any fees payable to the Authority
under any rules made under subsection (4) as a civil debt due tothe Authority.”.
(4) Section 178 of the Monetary Authority of Singapore Act 1970 isamended by deleting the words “Parts 4A, 5A and 5B and any
regulations made under section 27A, 27B, 28A, 41, 51, 144 or 151” insubsections (1) and (2)(a) and substituting in each case the words“Parts 5A and 5B and any regulations made under section 144 or
151”.
(5) The Schedule to the Monetary Authority of Singapore Act 1970
is amended by inserting, immediately before item 13, the following
item:“12B. Financial Services and Markets Act 2022”.
Amendment of Mutual Assistance in Criminal Matters
Act 200020

206.—(1) Section 2(1) of the Mutual Assistance in Criminal
Matters Act 2000 is amended by deleting the definition of“financial institution” and substituting the following definition:“ “financial institution” has the meaning given by section 2 of
the Financial Services and Markets Act 2022;”.

25(2) The Second Schedule to the Mutual Assistance in Criminal
Matters Act 2000 is amended —(a) by inserting, immediately after item 105, the following
heading and item:

311

“

Financial Services andMarkets Act 2022 —Offence included witheffect from the date ofcommencement ofsection 206 of the
Financial Services andMarkets Act 2022.

105A. Section 15(5)Failure or refusal tocomply with direction, or
contravention ofregulations, issued or
made to discharge
Government’s
international obligations,
etc.

5

10

15

”; and(b) byinserting,
immediately
after
the
words
“Section 27A(5)” in item 171, the words “(as in force
immediately before the date of commencement ofsection 206 of the Financial Services and Markets
Act 2022)”.

20

Amendment of Payment Services Act 2019
207.—(1) Section 2(1) of the Payment Services Act 2019 isamended by inserting, immediately after the definition of “place ofbusiness”, the following definition:

25“ “prohibition order” means —(a) a prohibition order made under section 68(1) of
the Financial Advisers Act 2001 as in force
immediately before the date of commencementof section 200(1)(b) and (2) to (7) of the
Financial Services and Markets Act 2022;(b) a prohibition order made under section 68(1) of
the Financial Advisers Act 2001 as in force
immediately before the date of commencementof section 200(1)(b) and (2) to (7) of the
Financial Services and Markets Act 2022, and

30

35

312

as continued by section 217(2) of the Financial
Services and Markets Act 2022;

5

10

15

20

25

30

(c) an order made under section 74(1) of the
Insurance Act 1966 as in force immediately
before the date of commencement ofsection 204(1) to (4) of the Financial Services
and Markets Act 2022;(d) an order made under section 74(1) of the
Insurance Act 1966 as in force immediately
before the date of commencement ofsection 204(1) to (4) of the Financial Services
and Markets Act 2022, and as continued bysection 218(2) of the Financial Services andMarkets Act 2022;(e) a prohibition order made under section 101A(1)of the Securities and Futures Act 2001 as inforce
immediately
beforethedateof commencement of section 209(1)(a), (c)and (d), (4) to (14), (17) and (18) of the
Financial Services and Markets Act 2022;(f) a prohibition order made under section 101A(1)of the Securities and Futures Act 2001 as inforce
immediately
beforethedateof commencement of section 209(1)(a), (c)and (d), (4) to (14), (17) and (18) of the
Financial Services and Markets Act 2022, andas continued by section 220(3) of the Financial
Services and Markets Act 2022; or(g) a prohibition order made under section 7(1) of
the Financial Services and Markets Act 2022;”.
(2) Section 11(2) of the Payment Services Act 2019 is amended —(a) by deleting the words “, or continues to fail,” inparagraph (d);35(b) by deleting the word “or” at the end of paragraph (k)(ii);
and

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(c) by deleting the full-stop at the end of paragraph (l) andsubstituting the word “; or”, and by inserting immediately
thereafter the following paragraph:“(m) the licensee has failed, or continues to fail,
to comply with any written notice issued by
the Authority under the Financial Services
and Markets Act 2022.”.
(3) The Payment Services Act 2019 is amended by deleting thewords “under section 68 of the Financial Advisers Act 2001,
section 74 of the Insurance Act 1966 or section 101A of the
Securities and Futures Act 2001” in the following provisions:5

10

Section 34(6)(e)Section 35(2)(e)Section 65(6)(e)Section 66(2)(e).

15(4) Section 73(11) of the Payment Services Act 2019 is amended byinserting, immediately after paragraph (f), the following paragraph:“(fa) Financial Services and Markets Act 2022;”.
(5) Section 84 of the Payment Services Act 2019 is amended byinserting, immediately after paragraph (d) of the definition of“prescribed written law”, the following paragraph:20“(da) Financial Services and Markets Act 2022;”.
Amendment of Precious Stones and Precious Metals(Prevention of Money Laundering and Terrorism Financing)Act 201925

208. Section 2 of the Precious Stones and Precious Metals(Prevention of Money Laundering and Terrorism Financing)Act 2019 is amended by deleting the definition of “financial
institution” and substituting the following definition:“ “financial institution” has the meaning given by section 2 of
the Financial Services and Markets Act 2022;”.

30

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Amendment of Securities and Futures Act 2001
209.—(1) Section 2(1) of the Securities and Futures Act 2001 is
amended —5(a) by inserting, immediately after the definition of“franchise”, the following definition:“ “FSMA prohibition order” means a prohibition
order made under section 7(1) of the Financial
Services and Markets Act 2022;”;10(b) by inserting, immediately after paragraph (c) of thedefinition of “prescribed written law”, the following
paragraph:“(ca) Financial
Services
Act 2022;”;

15

and

Markets(c) by inserting, immediately after the definition of “regulated
activity”, the following definition:“ “related Acts prohibition order” means —

20

25

30

(a) a prohibition order made under
section 68(1) of the Financial
Advisers Act 2001 as in force
immediately before the date ofcommencement of section 200(1)(b)and (2) to (7) of the Financial
Services and Markets Act 2022;(b) a prohibition order made under
section 68(1) of the Financial
Advisers Act 2001 as in force
immediately before the date ofcommencement of section 200(1)(b)and (2) to (7) of the Financial
Services and Markets Act 2022, andas continued by section 217(2) of the
Financial Services and Markets
Act 2022;

315(c) an order made under section 74(1) of
the Insurance Act 1966 as in force
immediately before the date ofcommencement of section 204(1) to(4) of the Financial Services andMarkets Act 2022; or(d) an order made under section 74(1) of
the Insurance Act 1966 as in force
immediately before the date ofcommencement of section 204(1) to(4) of the Financial Services andMarkets Act 2022, and as continued
by section 218(2) of the Financial
Services and Markets Act 2022;”; and(d) by inserting, immediately after the definition of“responsible person”, the following definitions:

5

10

15

“ “section 101A prohibition order” means —(a) a prohibition order made under
section
101A
as
in
force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022; or(b) a prohibition order made under
section
101A
as
in
force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022, andas continued by section 220(3) of the
Financial Services and Markets
Act 2022;

20

25

30

316

“section 123ZZC prohibition order” means —(a) a prohibition order made under
section 123ZZC as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022; or

5(b) a prohibition order made under
section 123ZZC(1) as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the Financial
Services and Markets Act 2022, andas continued by section 220(5) of the
Financial Services and Markets
Act 2022;”.

10

15

20

25

(2) Section 4A(1) of the Securities and Futures Act 2001 is
amended by inserting, immediately after the words “the Finance
Companies Act 1967,” in paragraph (c)(xxiii), the words “theFinancial Services and Markets Act 2022,”.
(3) The Securities and Futures Act 2001 is amended by deleting thewords “Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority ofSingapore Act 1970” in the following provisions and substituting ineach case the words “Division 2, 4, 5 or 6 of Part 8 of the Financial
Services and Markets Act 2022”:
Section 14(1)(e)Section 46H(1)(da)30

Section 56(1)(da)Section 81Z(1)(da)Section 95(2)(ea)Section 289(4A).

317(4) Section 85(2) of the Securities and Futures Act 2001 is amended
by deleting paragraph (d) and substituting the following paragraph:“(d) a section 101A prohibition order or an FSMA
prohibition order has been made against the holder
of a capital markets services licence.”.

5(5) The Securities and Futures Act 2001 is amended by deleting thewords “a prohibition order under section 101A has been made by the
Authority” in the following provisions and substituting in each casethe words “a section 101A prohibition order or an FSMA prohibition
order has been made”:

10Section 86(4)(o) and (6)(d)Section 95(2)(h) and (5)(d)Section 96(4)(aa)Section 97B(2)(c)Section 99M(1)(p) and (10)(c).
(6) The Securities and Futures Act 2001 is amended by deleting thewords “a prohibition order under section 68 of the Financial Advisers
Act 2001, section 74 of the Insurance Act 1966 or section 101A or
123ZZC” in section 97(1)(g) and substituting the words “a related
Acts prohibition order, a section 101A prohibition order, asection 123ZZC prohibition order or an FSMA prohibition order”.

1520(7) Section 99A(2) of the Securities and Futures Act 2001 is
amended —(a) by deleting sub-paragraph (iii) of paragraph (a) andsubstituting the following sub-paragraph:25“(iii) a section 101A prohibition order oran FSMA prohibition order has been
made against it,”; and(b) by deleting sub-paragraph (ia) of paragraph (b) andsubstituting the following sub-paragraph:

30

318

“(ia) a section 101A prohibition order oran FSMA prohibition order has been
made against the representative; or”.
5(8) Section 99D(4) of the Securities and Futures Act 2001 is
amended by deleting the words “or a prohibition order under
section 101A” in paragraph (c) and substituting the words “, or asection 101A prohibition order or an FSMA prohibition order”.
(9) The Securities and Futures Act 2001 is amended by repealing
the following sections:10

Section 101A
Section 101B
Section 101C
Section 101D
Section 123ZZC

15

Section 123ZZD
Section 123ZZE
Section 123ZZF.

20(10) The Securities and Futures Act 2001 is amended by deleting
the words “a prohibition order under section 123ZZC has been madeby the Authority” in the following provisions and substituting in eachcase the words “a section 123ZZC prohibition order or an FSMA
prohibition order has been made”:
Section 123F(6)(p) and (8)(d)Section 123J(1)(l) and (6)(e)25Section 123N(1)(k) and (3)(e)Section 123X(6)(b)Section 123ZA(2)(c)Section 123ZE(5)(o) and (7)(d)Section 123ZG(1)(k) and (6)(e)319

Section 123ZT(6)(b)Section 123ZW(2)(c).
(11) Section 123I(3) of the Securities and Futures Act 2001 is
amended by deleting paragraph (c) and substituting the following
paragraph:5“(c) a section 123ZZC prohibition order or an FSMA
prohibition order has been made against theauthorised benchmark administrator.”.
(12) Section 123M(3) of the Securities and Futures Act 2001 is
amended by deleting paragraph (c) and substituting the following
paragraph:10“(c) a section 123ZZC prohibition order or an FSMA
prohibition order has been made against the exempt
benchmark administrator.”.
(13) The Securities and Futures Act 2001 is amended by deleting
the words “a prohibition order under section 68 of the Financial
Advisers Act 2001, section 74 of the Insurance Act 1966, orsection 101A or 123ZZC” in section 123Y(1)(g) and substituting thewords “a related Acts prohibition order, a section 101A prohibition
order, a section 123ZZC prohibition order or an FSMA prohibition
order”.
(14) The Securities and Futures Act 2001 is amended by deleting
the words “a prohibition order under section 68 of the Financial
Advisers Act 2001, section 74 of the Insurance Act 1966,
section 101A or 123ZZC” in the following provisions andsubstituting in each case the words “a related Acts prohibition
order, a section 101A prohibition order, a section 123ZZC prohibition
order or an FSMA prohibition order”:

15

20

25

Section 123ZU(1)(g)Section 292A(1)(g).
(15) Section 150B of the Securities and Futures Act 2001 is
amended —

30

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(a) by deleting the words “section 152 of the Monetary
Authority of Singapore Act 1970” in subsection (4A)(a)and substituting the words “section 17 of the Financial
Services and Markets Act 2022”; and510(b) by inserting, immediately after the words “Monetary
Authority of Singapore Act 1970” in subsection (5), thewords “or any of the written laws set out in the Schedule tothat Act”.
(16) Section 169A of the Securities and Futures Act 2001 is
amended by deleting the words “section 154(1) of the Monetary
Authority of Singapore Act 1970” and substituting the words“section 19(1) of the Financial Services and Markets Act 2022”.
(17) Section 317 of the Securities and Futures Act 2001 is
amended —

15

20

25

(a) by deleting the words “101A(7) and (8),” in subsection (1);and(b) by inserting, immediately after the words “section 101A(7)and (8)” in subsection (2)(a), the words “as in force
immediately before the date of commencement ofsection 209(1)(a), (c) and (d), (4) to (14), (17) and (18)of the Financial Services and Markets Act 2022”.
(18) Section 322(2) of the Securities and Futures Act 2001 is
amended by deleting the words “prohibition order” in paragraph (b)and substituting the words “section 101A prohibition order or asection 123ZZC prohibition order”.
Amendment of Trust Companies Act 2005

30

210.—(1) Section 10(2) of the Trust Companies Act 2005 isamended by deleting the words “Division 2, 3, 4 or 4A of Part 4B ofthe Monetary Authority of Singapore Act 1970” in paragraph (e) andsubstituting the words “Division 2, 4, 5 or 6 of Part 8 of the Financial
Services and Markets Act 2022”.
(2) Section 47(6) of the Trust Companies Act 2005 is amended bydeleting the words “section 152 of the Monetary Authority of321

Singapore Act 1970” in paragraph (a) and substituting the words“section 17 of the Financial Services and Markets Act 2022”.
Amendment of United Nations Act 2001
211. Section 2(2) of the United Nations Act 2001 is amended bydeleting the words “directions issued or regulations made by the
Monetary Authority of Singapore under section 27A of the Monetary
Authority of Singapore Act 1970” and substituting the words“directions issued by the Monetary Authority of Singapore under
section 15 of the Financial Services and Markets Act 2022, or
regulations made by the Monetary Authority of Singapore under
section 192 of the Financial Services and Markets Act 2022 for the
purposes of section 15 of that Act”.

5

10

Amendment of Variable Capital Companies Act 2018
212.—(1) Section 2(1) of the Variable Capital Companies Act 2018is amended —15(a) by inserting, immediately after the definition of “financialyear”, the following definition:“ “FSMA 2022” means the Financial Services andMarkets Act 2022;”; and(b) by inserting, immediately after the definition of “profit andloss account”, the following definition:

20“ “prohibition order” means —(a) a prohibition order made under
section 101A(1) of the Securities
and Futures Act 2001 as in force
immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the
FSMA 2022;(b) a prohibition order made under
section 101A(1) of the Securities
and Futures Act 2001 as in force

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30

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5

immediately
beforethedateofcommencementofsection 209(1)(a), (c) and (d), (4) to(14), (17) and (18) of the
FSMA 2022, and as continued bysection 220(3) of the FSMA 2022; or(c) a prohibition order made under
section 7(1) of the FSMA 2022;”.

1015(2) Section 58 of the Variable Capital Companies Act 2018 isamended by deleting the words “under section 101A(1) of the
Securities and Futures Act 2001” in subsections (1)(e) and (4)(f).
(3) Section 83(6) of the Variable Capital Companies Act 2018 isamended by deleting the words “section 27A of the MAS Act” andsubstituting the words “section 192 of the FSMA 2022 for the
purposes of section 15 of that Act”.
(4) Section 84(5) of the Variable Capital Companies Act 2018 isamended by deleting the words “section 27B of the MAS Act” andsubstituting the words “section 192 of the FSMA 2022 for the
purposes of section 16 of that Act”.

20(5) Section 85 of the Variable Capital Companies Act 2018 isamended —(a) by deleting the words “section 152(1) of the MAS Act” insubsections (6) and (9) and substituting in each case thewords “section 17(1) of the FSMA 2022”;25

30(b) by deleting the words “section 27F(1) of the MAS Act” insubsection (7)(a) and substituting the words“section 172(1) of the FSMA 2022”;(c) by deleting the words “section 155(1), 157(1) or 160 of the
MAS Act” in subsection (7)(b) and substituting the words“section 20(1), 22(1) or 25 of the FSMA 2022”;(d) by deleting the words “Section 27D of the MAS Act” insubsection (8) and substituting the words “Section 170 of
the FSMA 2022”;

323(e) by deleting the words “section 27C(1)” in subsections (8)and (11) and substituting in each case the words“section 169(1)”;(f) by deleting the words “section 27D of the MAS Act” insubsection (9) and substituting the words “section 170 of
the FSMA 2022”;5(g) by deleting the words “Section 27E of the MAS Act” insubsection (10) and substituting the words “Section 171 of
the FSMA 2022”;(h) by deleting the words “Section 27F of the MAS Act” insubsection (11) and substituting the words “Section 172 of
the FSMA 2022”;(i) by deleting the words “section 27F(1) of the MAS Act” insubsection (11)(a) and (b) and substituting in each case thewords “section 172(1) of the FSMA 2022”;1015(j) by deleting the words “section 152(1)” insubsection (11)(a), (b) and (c) and substituting in eachcase the words “section 17(1)”; and(k) by deleting the words “section 27F(2) of the MAS Act” insubsection (11)(c) and substituting the words“section 172(2) of the FSMA 2022”.

20(6) Section 86 of the Variable Capital Companies Act 2018 isamended —(a) by deleting the words “section 152 of the MAS Act” in thedefinitions of “AML/CFT authority”, “supervision” and“supervisory action” and “AML/CFT requirement”,“applicable offence”, “domestic authority”, “employee”,“enforcement action”, “foreign country”, “information”,“investigation” and “public authority” in subsection (1)and substituting in each case the words “section 17 of the
FSMA 2022”;(b) by deleting the words “section 152 of the MAS Act” inparagraph (c) of the definition of “corresponding

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authority” in subsection (1) and substituting the words“section 17 of the FSMA 2022”;5(c) by deleting the words “section 152 of the MAS Act” in thedefinition of “foreign financial institution” insubsection (1) and substituting the words “section 17 of
the FSMA 2022”; and(d) by deleting the words “section 152 of the MAS Act” insubsection (3) and substituting the words “section 17 of the
FSMA 2022”.

10(7) Section 88 of the Variable Capital Companies Act 2018 isamended —(a) by deleting the words “Division 2 of Part 5C of the MAS
Act” and substituting the words “Subdivision (2) ofDivision 2 of Part 4 of the FSMA 2022”;

15(b) by deleting the words “section 152” and substituting thewords “section 17”;(c) by deleting the words “that Division” and substituting thewords “that subdivision”;(d) by deleting paragraph (a);20(e) by deleting the words “section 154(1)(g)(ii) of the MAS
Act” in paragraph (b) and substituting the words“section 19(1)(g)(ii) of the FSMA 2022”;(f) by deleting paragraph (c) and substituting the following
paragraph:2530“(c) the reference in section 19(3)(a) of the
FSMA 2022 to any direction issued under
section 15 or 16 of that Act, or to any
regulations made under section 192 of thatAct for the purposes of section 15 or 16 ofthat Act (as the case may be), is to a
direction or regulation issued or madeunder section 83 or 84, as the case may
be;”;

325

(g) by deleting the words “section 155 of the MAS Act” inparagraph (d) and substituting the words “section 20 of the
FSMA 2022”;(h) by deleting the words “section 152(1)” in paragraph (d)and substituting the words “section 17(1)”; and5(i) by deleting the words “section 155(2)(a) of the MAS Act”
in paragraphs (e) and (f) and substituting in each case thewords “section 20(2)(a) of the FSMA 2022”.
(8) Section 89 of the Variable Capital Companies Act 2018 isamended —10(a) by deleting the words “Division 3 of Part 5C of the MAS
Act” and substituting the words “Subdivision (3) ofDivision 2 of Part 4 of the FSMA 2022”;(b) by deleting the words “that Division” and substituting thewords “that subdivision”;

15(c) by deleting paragraph (a);(d) by deleting the words “section 157 of the MAS Act” inparagraph (b) and substituting the words “section 22 of the
FSMA 2022”;(e) by deleting the words “section 152(1)” in paragraph (b)and substituting the words “section 17(1)”; and20(f) by deleting the words “section 157(2) of the MAS Act” inparagraphs (c) and (d) and substituting in each case thewords “section 22(2) of the FSMA 2022”.
(9) Section 90 of the Variable Capital Companies Act 2018 isamended —(a) by deleting the words “Division 4 of Part 5C of the MAS
Act” in subsection (1) and substituting the words“Subdivision (4) of Division 2 of Part 4 of the
FSMA 2022”;(b) by deleting the words “section 160 of the MAS Act” insubsection (2) and substituting the words “section 25 of the
FSMA 2022”; and

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(c) by deleting the words “section 152(1) of the MAS Act” insubsection (2) and substituting the words “section 17(1) of
the FSMA 2022”.
5(10) Section 91 of the Variable Capital Companies Act 2018 isamended —(a) by deleting the words “Sections 161 and 162 of the MAS
Act” in subsection (1) and substituting the words“Sections 26 and 27 of the FSMA 2022”;

10(b) by deleting the words “section 152 of the MAS Act” insubsection (1) and substituting the words “section 17 of the
FSMA 2022”;(c) by deleting the words “section 161(5) of the MAS Act” insubsection (1)(a) and substituting the words “section 26(5)of the FSMA 2022”;1520(d) by deleting the words “section 162(3) of the MAS Act” insubsection (1)(b) and substituting the words “section 27(3)of the FSMA 2022”;(e) by deleting the words “sections 161 and 162 of the MAS
Act” in subsection (1)(c) and substituting the words“sections 26 and 27 of the FSMA 2022”;(f) by deleting the words “Section 163 of the MAS Act” insubsection (2) and substituting the words “Section 28 of
the FSMA 2022”; and25(g) by deleting the words “section 161 of the MAS Act”
wherever they appear in subsection (2) and substituting ineach case the words “section 26 of the FSMA 2022”.
(11) Section 92 of the Variable Capital Companies Act 2018 isamended —30(a) by deleting subsection (1) and substituting the following
subsection:“(1) Section 174 (except subsection (7)) andsection 175 (except subsection (7)) of the
FSMA 2022 apply in relation to an offence

327

committed under this Part as they apply in relation to
an offence committed under the FSMA 2022.”; and(b) by deleting the words “section 28B of the MAS Act” insubsection (2) and substituting the words “sections 174 and175 of the FSMA 2022”.

5(12) Section 95 of the Variable Capital Companies Act 2018 isamended by deleting subsection (5).
Amendment of Securities and Futures (Amendment) Act 2017
213.—(1) Subject to subsection (2), section 203 of the Securities
and Futures (Amendment) Act 2017 is repealed.

10(2) Subsection (1) only applies if section 203 of the Securities andFutures (Amendment) Act 2017 has not been brought into operation
before the date on which section 201(2) of this Act is brought into
operation.
Amendment of Financial Services and Markets Act 2022

15

214. Section 6 of the Financial Services and Markets Act 2022 isamended by deleting the definition of “digital payment token
instrument” and substituting the following definition:“ “digital payment token instrument” has the meaning given
by section 2(1) of the Payment Services Act 2019;”.

20

PART 14SAVINGS AND TRANSITIONAL PROVISIONS
Saving and transitional provisions in relation to amendments
to Banking Act 1970
215. For the purposes of sections 20(1)(b) and (7) and
55ZA(1)(b)(ii) and (7)(b) of the Banking Act 1970, the exercise ofany power by the Minister under Division 2, 3, 4 or 4A of Part 4B ofthe Monetary Authority of Singapore Act 1970 as in force
immediately before the date of commencement of section 193 of
this Act (called in this section the repeal date) —

25

30

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5

10

15

20

25

30

35

(a) in relation to a bank mentioned in section 20(1)(b) of the
Banking Act 1970 as in force before the repeal date, is on
and after the repeal date treated as the exercise of the powerof the Minister under the corresponding provision of
Division 2, 4, 5 or 6 of Part 8 of this Act in relation to thatbank;(b) in relation to a bank mentioned in section 20(7) of the
Banking Act 1970 as in force before the repeal date, is on
and after the repeal date treated as the exercise of the powerof the Minister under the corresponding provision of
Division 2, 4, 5 or 6 of Part 8 of this Act in relation to thatbank;(c) in relation to a merchant bank mentioned in
section 55ZA(1)(b)(ii) of the Banking Act 1970 as inforce before the repeal date, is on and after the repeal datetreated as the exercise of the power of the Minister under
the corresponding provision of Division 2, 4, 5 or 6 ofPart 8 of this Act in relation to that merchant bank; and(d) in relation to a merchant bank mentioned in
section 55ZA(7)(b) of the Banking Act 1970 as in force
before the repeal date, is on and after the repeal date treatedas the exercise of the power of the Minister under thecorresponding provision of Division 2, 4, 5 or 6 of Part 8 ofthis Act in relation to that merchant bank.
Saving and transitional provisions in relation to amendments
to Finance Companies Act 1967
216. For the purposes of section 15(1)(c)(ii) of the Finance
Companies Act 1967, the exercise of any power by the Minister
under Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority ofSingapore Act 1970 as in force immediately before the date ofcommencement of section 199 of this Act (called in this section therepeal date) in relation to a finance company mentioned in
section 15(1)(c)(ii) of the Finance Companies Act 1967 as in force
before the repeal date, is on and after the repeal date treated as theexercise of the power of the Minister under the corresponding

329

provision of Division 2, 4, 5 or 6 of Part 8 of this Act in relation to that
finance company.
Saving and transitional provisions in relation to amendments
to Financial Advisers Act 2001
217.—(1) Any prohibition order made under section 68(1) of the
Financial Advisers Act 2001 as in force immediately before the dateof commencement of section 200(1)(b) and (2) to (7) of this Act(called in this section the repeal date) and which was in force
immediately before the repeal date continues in force until theprohibition order expires or is revoked and sections 68 to 71,
section 77 and Part 9 (“Appeals”), of the Financial Advisers Act 2001
in force immediately before the repeal date continue to apply to thatprohibition order as if section 200(1)(b) and (2) to (7) of this Act had
not been enacted.
(2) Where —(a) the Authority had under section 68(3) of the Financial
Advisers Act 2001 as in force immediately before therepeal date given a person an opportunity to be heard
against the making of a proposed prohibition order under
section 68(1) of that Act as in force immediately before therepeal date; and

5

10

15

20

(b) the Authority had not before the repeal date —(i) made the prohibition order against the person under
section 68(1) of the Financial Advisers Act 2001; or(ii) informed the person that the Authority would not bemaking the prohibition order against the person
under section 68(1) of the Financial Advisers
Act 2001,25(c) the Authority may make the prohibition order against theperson under section 68(1) of the Financial Advisers
Act 2001 as in force immediately before the repeal date;and30

then —

330(d) sections 68 to 71, section 77 and Part 9 (“Appeals”), of the
Financial Advisers Act 2001 as in force immediately
before the repeal date continue to apply to the prohibition
order,
5

as if section 200(1)(b) and (2) to (7) of this Act had not been enacted.
Saving and transitional provisions in relation to amendments
to Insurance Act 1966

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218.—(1) Any order made under section 74(1) of the Insurance
Act 1966 as in force immediately before the date of commencementof section 204(1) to (4) of this Act (called in this section the repealdate) and which was in force immediately before the repeal datecontinues in force until the order expires or is revoked and section 74
and Part 3B (“Appeals”) of the Insurance Act 1966 in force before therepeal date continue to apply to that order as if section 204(1) to (4) of
this Act had not been enacted.
(2) Where —2025(a) the Authority had under section 74(2) of the Insurance
Act 1966 as in force immediately before the repeal dategiven a person written notice of the Authority’s intention to
make an order under section 74(1) of the Insurance
Act 1966 as in force immediately before the repeal date;(b) the Authority had in the notice called upon the person toshow cause why the person should not be prohibited fromthe activities mentioned in section 74(2)(b) of the
Insurance Act 1966 as in force immediately before therepeal date; and(c) the Authority had not before the repeal date —30(i) made the order against the person under
section 74(1) of the Insurance Act 1966 as in force
before the repeal date; or331(ii) informed the person that the Authority would not bemaking the order against the person under
section 74(1) of the Insurance Act 1966 as in force
before the repeal date,then —

5(d) the Authority may make the order against the person under
section 74(1) of the Insurance Act 1966 as in force
immediately before the repeal date; and(e) section 74 and Part 3B (“Appeals”) of the Insurance
Act 1966 as in force immediately before the repeal datecontinue to apply to the order,10

as if section 204(1) to (4) of this Act had not been enacted.
Saving and transitional provisions in relation to amendments
to Monetary Authority of Singapore Act 1970
219. So far as it is not inconsistent with the provisions of this Act —(a) any request for information by, recommendation made or
direction of, the Authority under section 27(1) of theMonetary Authority of Singapore Act 1970 as in force
immediately before the date of commencement ofsection 205(2)(a) of this Act and which was in force
immediately before that date continues in force as if madeunder section 3(1) of this Act;(b) any direction of the Authority under section 27(3) of theMonetary Authority of Singapore Act 1970 as in force
immediately
beforethecommencementofsection 205(2)(a) of this Act and which was in force
immediately before that date continues in force as if madeunder section 3(3) of this Act;(c) any direction issued by the Authority under
section 27A(1)(a) of the Monetary Authority ofSingapore Act 1970 as in force immediately before thedate of commencement of section 205(2)(a) of this Act andwhich was in force immediately before that date continues
in force as if made under section 15(1)(a) of this Act;

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(d) any regulations made by the Authority under
section 27A(1)(b) of the Monetary Authority ofSingapore Act 1970 as in force immediately before thedate of commencement of section 205(2)(a) of this Act andwhich were in force immediately before that date continue
in force as if made under section 192 of this Act until they
are repealed by regulations made under section 192 of thisAct;(e) any direction issued by the Authority under section 27B(1)of the Monetary Authority of Singapore Act 1970 as inforce immediately before the date of commencement ofsection 205(2)(a) of this Act and which was in force
immediately before that date continues in force as if madeunder section 16(1) of this Act;(f) any regulations made by the Authority under
section 27B(1) of the Monetary Authority of Singapore
Act 1970 as in force immediately before the date ofcommencement of section 205(2)(a) of this Act and whichwere in force immediately before that date continue inforce as if made under section 192 of this Act until they are
repealed by regulations made under section 192 of this Act;(g) any inspection carried out or being carried out by the
Authority under section 27C(1) of the Monetary Authorityof Singapore Act 1970 as in force immediately before thedate of commencement of section 205(2)(a) of this Act istreated as if the inspection were carried out or is being
carried out under section 169(1) of this Act and theprovisions of sections 169 and 170 of this Act apply to that
inspection accordingly;(h) any obligation of confidentiality imposed in respect of awritten report under section 27E of the Monetary Authorityof Singapore Act 1970 as in force immediately before thedate of commencement of section 205(2)(a) of this Act andwhich was in force immediately before that date continues
as if the written report were a written report mentioned in
section 171 of this Act;333(i) any approval granted in respect of a written report under
section 27E(2)(c), and any condition or restriction of
approval imposed under section 27E(3), of the Monetary
Authority of Singapore Act 1970 as in force immediately
before the date of commencement of section 205(2)(a) of
this Act and which were in force immediately before thatdate continue in force as if granted and imposed(respectively) under section 171(2)(c) or (3) of this Act;(j) the power of the Authority or any person authorised by the
Authority to transmit any information obtained by the
Authority from an inspection under section 27F(1) of theMonetary Authority of Singapore Act 1970 as in force
immediately before the date of commencement ofsection 205(2)(a) of this Act continues as if theinformation
were
information
mentionedin
section 172(1) of this Act;(k) any approval granted by the Authority under section 28(1),and any condition of approval imposed under
section 28(2)(c), of the Monetary Authority of Singapore
Act 1970 as in force immediately before the date ofcommencement of section 205(2)(a) of this Act and whichwere in force immediately before that date continue inforce as if granted and imposed (respectively) under
section 4(1) and (2)(b) of this Act;(l) any direction issued to an approved financial institution ora class of approved financial institutions by the Authority
under section 28(3) of the Monetary Authority ofSingapore Act 1970 as in force immediately before thedate of commencement of section 205(2)(a) of this Act andwhich was in force immediately before that date continues
in force as if issued under section 4(3) of this Act to theapproved financial institution or class of approved
financial institutions;(m) any guidelines issued and conditions imposed by the
Authority under section 28(4) of the Monetary Authorityof Singapore Act 1970 as in force immediately before the

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date of commencement of section 205(2)(a) of this Act andwhich were in force immediately before that date continue
in force as if issued and imposed (respectively) under
section 4(4) of this Act;
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(n) any approval of a dispute resolution scheme under
section 28A(1) of the Monetary Authority of Singapore
Act 1970 as in force immediately before the date ofcommencement of section 205(2)(a) of this Act and which
was in force immediately before that date continues and isdeemed to be an approval under section 31(1) of this Act;(o) any regulations made by the Authority under
section 28A(2) of the Monetary Authority of Singapore
Act 1970 as in force immediately before the date ofcommencement of section 205(2)(a) of this Act and whichwere in force immediately before that date continue inforce (to the extent that it is not inconsistent with Part 6 ofthis Act) as if made under section 192 of this Act until they
are repealed by regulations made under section 192 of thisAct;(p) any conditions or restrictions of registration, licence orapproval mentioned in section 28A(4)(b) of the Monetary
Authority of Singapore Act 1970 as in force immediately
before the date of commencement of section 205(2)(a) of
this Act that were imposed by the Authority before thatdate and in force immediately before that date, continue inforce as if they were conditions or restrictions mentioned in
section 36(3)(b) of this Act;(q) any requirement by the Authority to pay any fee under
section 29 of the Monetary Authority of Singapore
Act 1970 as in force immediately before the date ofcommencement of section 205(2)(a) of this Act and which
was in force immediately before that date continues inforce as if it were a requirement under section 5 of this Act;(r) where the Authority or the Minister (as the case may be)
has exercised in relation to any person or matter any power
under any provision of Part 4A of the Monetary Authority

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of Singapore Act 1970 as in force immediately before thedate of commencement of section 205(2)(b) of this Act(called in this paragraph the repeal date), and the matter forwhich the power was exercised is still ongoing on or after
the repeal date, the Authority or the Minister (as the casemay be) is on and after the repeal date treated as having
exercised the power in relation to that person or matter
under the corresponding provision of Part 7 of this Act, andthe provisions of Part 7 of this Act apply accordingly;(s) any requirement of the Authority, appointment of statutory
adviser by the Authority, assumption of control ormanagement of the business of a relevant financial
institution by the Authority, or appointment of astatutory manager by the Authority, made under
section 33(2) of the Monetary Authority of Singapore
Act 1970 and in force immediately before the date ofcommencement of section 205(2)(b) of this Act and which
was in force immediately before that date is treated as if itwere made under section 41(2) of this Act, and theprovisions of Part 7 of this Act apply accordingly;(t) in addition to paragraph (s), any person appointed by the
Authority under section 13B of the Monetary Authority ofSingapore Act 1970 in relation to the assumption of control
or management of the business of a relevant financial
institution by the Authority under section 33(2) of theMonetary Authority of Singapore Act 1970 as in force
immediately before the date of commencement ofsection 205(2)(b) of this Act, and whose appointment assuch was in force immediately before that date, is treated asa person appointed in relation to that matter under
section 179 of this Act;(u) where the Authority or the Minister (as the case may be)
has exercised in relation to any person or matter any power
under any provision of Part 4B of the Monetary Authorityof Singapore Act 1970 as in force immediately before thedate of commencement of section 205(2)(c) of this Act(called in this paragraph the repeal date), and the matter for

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which the power was exercised is still ongoing on or after
the repeal date, the Authority or the Minister (as the casemay be) is on and after the repeal date treated as having
exercised the power in relation to that person or matter
under the corresponding provision of Part 8 of this Act, andthe provisions of Part 8 of this Act apply accordingly;(v) any request by a foreign resolution authority for assistancementioned in section 87(1) of the Monetary Authority ofSingapore Act 1970 as in force immediately before the dateof commencement of section 205(2)(c) of this Act andwhich had not been dealt with immediately before thatdate, is treated as made, and may be dealt with, under thecorresponding provisions of Division 8 of Part 8 of thisAct;(w) any request by a domestic authority for any material in
relation to the resolution of a specified financial institution
mentioned in section 90 of the Monetary Authority ofSingapore Act 1970 as in force immediately before the dateof commencement of section 205(2)(c) of this Act andwhich had not been dealt with immediately before thatdate, is treated as made, and may be dealt with, under thecorresponding provisions of Division 8 of Part 8 of thisAct;(x) where the Minister has established a resolution fund andappointed a trustee of the resolution fund under
section 99(1) and (2), respectively, of the Monetary
Authority of Singapore Act 1970 in force immediately
before the date of commencement of section 205(2)(c) of
this Act —(i) the resolution fund and the appointment of the trusteeof the resolution fund continue in force as if
established and appointed under section 108(1) and(2) respectively of this Act; and(ii) any sum claimed by the trustee under section 103,
104, 105 or 106 of the Monetary Authority ofSingapore Act 1970 as in force immediately before

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the date of commencement of section 205(2)(c) of
this Act is, on or after that date, treated as a sum
claimed by the trustee under section 112, 113, 114 or
115 of this Act;(y) any reference in any written law to a “resolution measure”
as defined in section 98 of the Monetary Authority ofSingapore Act 1970 as in force immediately before the dateof commencement of section 205(2)(c) of this Act, is on
and after that date taken to be a resolution measure as
defined in section 107 of this Act;(z) any valuer appointed under section 115(1) of the Monetary
Authority of Singapore Act 1970 as in force immediately
before the date of commencement of section 205(2)(c) of
this Act for a Division 5C FI, that is also a Division 11 FI
under resolution within the meaning of section 121 of thisAct because of the operation of paragraph (u), is on andafter that date, treated as a valuer appointed under
section 124 of this Act for the Division 11 FI; and any
valuation conducted by the valuer before that date of that
Division 5C FI is treated as a valuation conducted under
section 124 of this Act;(za) any order, direction or approval of a Court under any
provision of Parts 4A and 4B of the Monetary Authority ofSingapore Act 1970 as in force immediately before the dateof commencement of section 205(2)(b) and (c) of this Act
and which was in force immediately before that datecontinues as an order, direction or approval of the Court
under the corresponding provision of Part 7 or 8 of thisAct;(zb) any regulations made by the Authority under Part 4A of theMonetary Authority of Singapore Act 1970 as in force
immediately before the date of commencement ofsection 205(2)(b) of this Act and which were in force
immediately before that date continue in force as if madeunder section 192 of this Act until they are repealed byregulations made under section 192 of this Act;

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(zc) any regulations made by the Minister under Part 4B of theMonetary Authority of Singapore Act 1970 as in force
immediately before the date of commencement ofsection 205(2)(c) of this Act and which were in force
immediately before that date continue in force as if madeunder section 135 of this Act until they are repealed byregulations made under section 135 of this Act;(zd) any request for assistance under section 154 or 156 of theMonetary Authority of Singapore Act 1970 as in force
immediately before the date of commencement ofsection 205(2)(d) of this Act and which had not been
dealt with immediately before that date is treated to be
made, and may be dealt with, under the corresponding
provisions of Division 2 of Part 4 of this Act;(ze) any request to provide information under section 155(2)(b)of the Monetary Authority of Singapore Act 1970 as inforce immediately before the date of commencement ofsection 205(2)(d) of this Act and which had not been dealt
with immediately before that date is treated to be madeunder section 20(2)(b) of this Act and may be dealt withaccordingly;(zf) any —(i) order under section 155(2)(a) or 157(2); or(ii) requirement under section 155(5) or 157(5),30of the Monetary Authority of Singapore Act 1970 as inforce immediately before the date of commencement ofsection 205(2)(d) of this Act and which was in force
immediately before that date, continues in force as ifordered or required under the corresponding provisions ofDivision 2 of Part 4 of this Act;35(zg) any inspection conducted or being conducted under
section 161(1) of the Monetary Authority of Singapore
Act 1970 as in force immediately before the date ofcommencement of section 205(2)(d) of this Act is treatedas if the inspection were conducted or is being conducted

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under section 26(1) of this Act, and the provisions ofsections 26, 27 and 28 of this Act apply accordingly;(zh) any approval given under section 161(1) of the Monetary
Authority of Singapore Act 1970 as in force immediately
before the date of commencement of section 205(2)(d) of
this Act for an inspection that has yet to commence on thatdate, and any condition imposed by the Authority under
section 161(3) or (6) of the Monetary Authority ofSingapore Act 1970 as in force immediately before thatdate, being an approval and a condition that were in force
immediately before that date, are treated as given andimposed under section 26(1), (3) and (6) respectively ofthis Act, and the provisions of sections 26, 27 and 28 of thisAct apply accordingly; and(zi) any obligation of confidentiality imposed in respect of awritten report under section 163 of the Monetary Authorityof Singapore Act 1970 as in force immediately before thedate of commencement of section 205(2)(d) of this Act andwhich was in force immediately before that date continues
as if the written report were a written report mentioned in
section 28 of this Act.

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Saving and transitional provisions in relation to amendments
to Securities and Futures Act 2001
220.—(1) For the purposes of sections 14(1)(e), 46H(1)(da),56(1)(da), 81Z(1)(da), 95(2)(ea) and 289(4A) of the Securities andFutures Act 2001, the exercise by the Minister of any power under
Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority ofSingapore Act 1970 as in force immediately before the date ofcommencement of section 209(3) of this Act (called in this subsection
the repeal date) —(a) in relation to a corporation mentioned in section 14(1)(e) of
the Securities and Futures Act 2001 as in force before therepeal date, is on and after the repeal date treated as theexercise of the power of the Minister under thecorresponding provision of Division 2, 4, 5 or 6 ofPart 8 of this Act in relation to that corporation;

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(b) in relation to a corporation mentioned in
section 46H(1)(da) of the Securities and Futures
Act 2001 as in force before the repeal date, is on andafter the repeal date treated as the exercise of the power ofthe Minister under the corresponding provision of
Division 2, 4, 5 or 6 of Part 8 of this Act in relation tothat corporation;(c) in relation to a corporation mentioned in section 56(1)(da)of the Securities and Futures Act 2001 as in force before
the repeal date, is on and after the repeal date treated as theexercise of the power of the Minister under thecorresponding provision of Division 2, 4, 5 or 6 ofPart 8 of this Act in relation to that corporation;(d) in relation to a corporation mentioned in
section 81Z(1)(da) of the Securities and Futures
Act 2001 as in force before the repeal date, is on andafter the repeal date treated as the exercise of the power ofthe Minister under the corresponding provision of
Division 2, 4, 5 or 6 of Part 8 of this Act in relation tothat corporation;(e) in relation to a holder of a capital markets services licencementioned in section 95(2)(ea) of the Securities andFutures Act 2001 as in force before the repeal date, is on
and after the repeal date treated as the exercise of the powerof the Minister under the corresponding provision of
Division 2, 4, 5 or 6 of Part 8 of this Act in relation to that
holder; and(f) in relation to an approved trustee mentioned in
section 289(4A) of the Securities and Futures Act 2001
as in force before the repeal date, is on and after the repeal
date treated as the exercise of the power of the Minister
under the corresponding provision of Division 2, 4, 5 or 6
of Part 8 of this Act in relation to that approved trustee.
(2) Any prohibition order made under section 101A(1) of the
Securities and Futures Act 2001 as in force immediately before thedate of commencement of section 209(1)(a), (c) and (d), (4) to (14),341(17) and (18) (called in this subsection the repeal date) and which was
in force immediately before the repeal date, continues in force until
the prohibition order expires or is revoked and sections 101A to
101D, section 322 and Part 14 (“Appeals”), of the Securities andFutures Act 2001 as in force immediately before the repeal datecontinue to apply to that prohibition order as if section 209(1)(a), (c)and (d), (4) to (14), (17) and (18) of this Act had not been enacted.

5(3) Where —(a) the Authority had under section 101A(4) of the Securities
and Futures Act 2001 as in force immediately before thedate of commencement of section 209(1)(a), (c) and (d),(4) to (14), (17) and (18) (called in this subsection therepeal date) given a person an opportunity to be heard
against the making of a proposed prohibition order under
section 101A(1) of the Securities and Futures Act 2001 as
in force immediately before the repeal date; and1015(b) the Authority had not before the repeal date —(i) made the prohibition order against the person under
section 101A(1) of the Securities and Futures
Act 2001; or20(ii) informed the person that the Authority would not bemaking the prohibition order against the person
under section 101A(1) of the Securities and Futures
Act 2001,
then —(c) the Authority may make the prohibition order against theperson under section 101A(1) of the Securities and Futures
Act 2001 as in force immediately before the repeal date;
and

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(d) sections 101A to 101D, section 322 and Part 14(“Appeals”), of the Securities and Futures Act 2001 as inforce immediately before the repeal date continue to apply
to the prohibition order,
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as if section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of thisAct had not been enacted.
(4) Any prohibition order made under section 123ZZC(1) of the
Securities and Futures Act 2001 as in force immediately before thedate of commencement of section 209(1)(a), (c) and (d), (4) to (14),(17) and (18) (called in this subsection the repeal date) and which was
in force immediately before the repeal date continues in force until
the order expires or is revoked and sections 123ZZC to 123ZZF,
section 322 and Part 14 (“Appeals”), of the Securities and Futures
Act 2001 as in force immediately before the repeal date continue toapply to that prohibition order as if section 209(1)(a), (c) and (d), (4)to (14), (17) and (18) of this Act had not been enacted.
(5) Where —2025(a) the Authority had under section 123ZZC(4) of the
Securities and Futures Act 2001 as in force immediately
before the date of commencement of section 209(1)(a), (c)and (d), (4) to (14), (17) and (18) (called in this subsection
the repeal date) given a person an opportunity to be heard
against the making of a proposed prohibition order under
section 123ZZC(1) of the Securities and Futures Act 2001
as in force immediately before the repeal date; and(b) the Authority had not before the repeal date —(i) made the prohibition order under section 123ZZC(1)of the Securities and Futures Act 2001; or30(ii) informed the person that the Authority would not bemaking the prohibition order against the person
under section 123ZZC(1) of the Securities andFutures Act 2001,

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then —(c) the Authority may make the prohibition order against theperson under section 123ZZC(1) of the Securities andFutures Act 2001 as in force immediately before the repeal
date; and5(d) sections 123ZZC to 123ZZF, section 322 and Part 14(“Appeals”), of the Securities and Futures Act 2001 as inforce immediately before the repeal date continue to apply
to the prohibition order,
as if section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of thisAct had not been enacted.

10

Saving and transitional provisions in relation to amendments
to Trust Companies Act 2005
221. For the purposes of section 10(2)(e) of the Trust Companies
Act 2005, the exercise of any power by the Minister under Division 2,
3, 4 or 4A of Part 4B of the Monetary Authority of Singapore
Act 1970 as in force immediately before the date of commencementof section 210 (called in this section the repeal date) in relation to alicensed trust company mentioned in section 10(2)(e) of the Trust
Companies Act 2005 as in force before the repeal date, is on and after
the repeal date treated as the exercise of the power of the Minister
under the corresponding provision of Division 2, 4, 5 or 6 of Part 8 ofthis Act in relation to that licensed trust company.

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Other saving and transitional provisions
222. For a period of 2 years after the date of commencement of any
provision of this Act, the Minister may, by regulations, prescribe such
additional provisions of a saving or transitional nature consequent to
the enactment of that provision as the Minister may consider
necessary or expedient.

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FIRST SCHEDULE
Sections 136(1) and 190(1)DIGITAL TOKEN SERVICESPART 15

SERVICES THAT ARE DIGITAL TOKEN SERVICES
1. Except where Part 2 of this Schedule provides otherwise, each of thefollowing services is a digital token service for the purposes of this Part:(a) any service of dealing in digital tokens (other than any such service
that the Authority may prescribe);

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(b) any service of facilitating the exchange of digital tokens (other thanany such service that the Authority may prescribe);(c) any service of accepting (whether as principal or agent) digital tokens
from one digital token account (whether in Singapore or elsewhere),
for the purposes of transmitting, or arranging for the transmission of,
the digital tokens to another digital token account (whether in
Singapore or elsewhere);(d) any service of arranging (whether as principal or agent) for thetransmission of digital tokens from one digital token account (whether
in Singapore or elsewhere) to another digital token account (whether in
Singapore or elsewhere);(e) any service of inducing or attempting to induce any person to enter into
or to offer to enter into any agreement for or with a view to buying or
selling any digital tokens in exchange for any money or any otherdigital tokens (whether of the same or a different type);

25(f) any service of safeguarding a digital token, where the service provider
has control over the digital token;(g) any service of carrying out for a customer an instruction relating to adigital token, where the service provider has control over the digitaltoken;

3035(h) any service of safeguarding a digital token instrument, where theservice provider has control over one or more digital tokens associatedwith the digital token instrument;(i) any service of carrying out for a customer an instruction relating to one
or more digital tokens associated with a digital token instrument,
where the service provider has control over the digital token
instrument;

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FIRST SCHEDULE — continued(j) any service relating to the sale or offer for sale of digital tokens which
involves —(i) providing advice, either directly or through publications or
writings, and whether in electronic, print or other form, relating
to any digital tokens; or5(ii) providing advice by issuing or promulgating research analyses
or research reports, whether in electronic, print or other form,
relating to any digital tokens.
PART 210

SERVICES THAT ARE NOT DIGITAL TOKEN SERVICES
1. Despite Part 1 of this Schedule, the following services are not digital token
services for the purposes of this Part:(a) any service provided by any technical service provider that supports
the provision of any digital token service, but that does not at any timeenter into possession of any money or digital token under that digitaltoken service, such as —15(i) the service of processing and storing data;(ii) any information technology security, trust or privacy protection
service;20(iii) any data and entity authentication service;(iv) any information technology service;(v) the service of providing a communication network; and(vi) the service of providing and maintaining any terminal or device
used for any digital token service;(b) any digital token service that is provided, in respect of any central bankdigital token, by any central bank or financial institution;(c) any digital payment token service that is provided in respect of any
limited purpose digital payment token.

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FIRST SCHEDULE — continued
PART 3
INTERPRETATION
1. In this Schedule, unless the context otherwise requires —5“central bank digital token” means any digital token that is issued by a central
bank, or by any entity authorised by a central bank to issue a digital token
on behalf of the central bank;“currency” means currency notes and coins that are legal tender in Singapore
or a country or territory other than Singapore;

10“dealing in”, in relation to any digital token, means the buying or selling ofthat digital token in exchange for any money or any other digital token(whether of the same or a different type), but does not include any of thefollowing:(a) facilitating the exchange of digital tokens;15(b) accepting any digital token as a means of payment for theprovision of goods or services;(c) using any digital token as a means of payment for the provisionof goods or services;20“digital payment token”, “digital payment token service” and “digital token”
have the meanings given by section 136(1);“digital token account” means any account, or any device or facility (whether
in physical or electronic form), that contains digital tokens;“digital token exchange” —25(a) means a place, or a facility (whether electronic or otherwise),
where —(i) offers or invitations to buy or sell any digital token in
exchange for any money or any other digital token(whether of the same or a different type), are regularly
made on a centralised basis;

3035(ii) those offers or invitations are intended, or may
reasonably be expected, to result (whether directly or
indirectly) in the acceptance of those offers or in themaking of offers to buy or sell digital tokens in
exchange for money or other digital tokens (whether ofthe same or a different type), as the case may be; and347

FIRST SCHEDULE — continued(iii) the person making any such offer or invitation, and theperson accepting that offer or making an offer in
response to that invitation, are different persons; but(b) does not include a place or facility (whether electronic orotherwise) that is used exclusively by one person to do only
either or both of the following things:(i) to make offers or invitations to buy or sell any digitaltoken in exchange for any money, or any digital token(whether of the same or a different type);

510(ii) to accept any offer to buy or sell any digital token in
exchange for any money, or any digital token (whetherof the same or a different type);“digital token instrument” means any password, code, cipher, cryptogram,private cryptographic key or other instrument that enables a person —15(a) to control access to one or more digital tokens; or(b) to execute a transaction involving one or more digital tokens;“e-money”, “employee” and “entity” have the meanings given by
section 136(1);“facilitating the exchange of digital tokens” means establishing or operatinga digital token exchange, in a case where the person that establishes oroperates that digital token exchange, for the purposes of an offer or
invitation (made or to be made on that digital token exchange) to buy orsell any digital token in exchange for any money or any digital token(whether of the same or a different type), comes into possession of any
money or any digital token, whether at the time that offer or invitation ismade or otherwise;

20

25“financial institution” means any person that —(a) is a financial institution as defined in section 2; or(b) is licensed, approved, registered or regulated, or is exempt frombeing licensed, approved, registered or regulated, under any law
administered by an authority in a foreign country (the functionsof which correspond to the functions of the Authority in
Singapore) to carry on any financial activity in that country;

30“financial product” means any product or service that is provided by afinancial institution;

35

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FIRST SCHEDULE — continued“in-game asset” means any digital representation of value that —(a) is purchased or otherwise acquired by a person (called in thisdefinition the game player);5(b) is not denominated in any currency;(c) is issued as part of an online game; and(d) is used by the game player to pay or exchange for virtual objects
or services in the online game;10“limited purpose digital payment token” means any non-monetary customer
loyalty or reward point, any in-game asset, or any similar digital
representation of value that —(a) cannot be returned to its issuer, transferred or sold in exchange
for money; and(b) may only be used —15(i) in the case of a non-monetary customer loyalty or
reward point or a similar digital representation ofvalue — for the payment or part payment of, or in
exchange for, goods or services, or both, provided by
its issuer or any merchant specified by its issuer; or20(ii) in the case of an in-game asset or a similar digital
representation of value — for the payment of, or in
exchange for, virtual objects or virtual services within
an online game, or any similar thing within, that is partof, or in relation to, an online game;25“merchant” means a person (other than an individual who is not required tobe registered under the Business Names Registration Act 2014) who, inthe course of the person’s business —(a) provides goods or services;(b) promotes the use or purchase of goods or services; or30(c) receives, or is entitled to receive, any money or otherconsideration for providing goods or services,
and includes any employee or agent of the person;“money” has the meaning given by section 136(1);35“non-monetary customer loyalty or reward point” means any digital
representation of value, by whatever name called, that satisfies all of
the following conditions:

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FIRST SCHEDULE — continued(a) it is not denominated in any currency;(b) it is issued as part of a scheme, the dominant purpose of which isto promote the purchase of goods, or the use of services,
provided by its issuer or any merchant specified by its issuer;

5(c) it is issued to a person upon the purchase of goods, or the use ofservices, provided by its issuer or any merchant specified by its
issuer;(d) it is used for the payment or part payment of, or in exchange for,goods or services (or both) provided by its issuer or any
merchant specified by its issuer;

10(e) it is not part of a financial product.
2. For the purposes of this Schedule, a person has control over a digital token
whether the person has control over the digital token solely or jointly with one ormore other persons.

15

SECOND SCHEDULE
Sections 137(5)(b) and 190(1)EXCLUDED PERSONS
1. For the purpose of section 137(5)(b), the specified persons are —(a) any public statutory corporation established under any Act inSingapore;20(b) any —(i) advocate and solicitor who has in force a practising certificate
or regulated foreign lawyer;(ii) licensed foreign law practice, Singapore law practice, Joint
Law Venture or Qualifying Foreign Law Practice, as defined in
section 2(1) of the Legal Profession Act 1966; or(iii) public accountant who is registered under the Accountants
Act 2004 or accounting corporation which is approved underthat Act,
whose carrying on of the business in providing digital token service issolely incidental to the practice of law or accounting, as the case may
be;

25

30

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SECOND SCHEDULE — continued(c) the Official Assignee or Official Receiver in exercising his or her
powers under the Insolvency, Restructuring and Dissolution Act 2018
or under any other written law;5(d) the Public Trustee in exercising his or her powers under the Public
Trustee Act 1915;(e) a person acting in relation to a company as its liquidator, provisionalliquidator, receiver, receiver and manager or judicial manager;

10(f) a statutory manager appointed under section 61(2)(d) of the
Moneylenders Act 2008;(g) a person acting in relation to a limited liability partnership as its
liquidator, provisional liquidator, receiver or receiver and manager;(h) a person acting in relation to a partnership as its receiver or receiverand manager; and15(i) a person acting in relation to a VCC as the liquidator or provisionalliquidator of the VCC or any of its sub-funds, or the receiver or thereceiver and manager of the property of the VCC or any of its
sub-funds.
2. For the purpose of paragraph 1 —20“advocate and solicitor”, “practising certificate” and “regulated foreign
lawyer” have the meanings given by section 2(1) of the Legal Profession
Act 1966;“Official Assignee” and “Official Receiver” have the meanings given by
section 2(1) of the Insolvency, Restructuring and Dissolution Act 2018;25“sub-fund” has the meaning given by section 2(1) of the Variable CapitalCompanies Act 2018;“VCC” has the meaning given by section 2(1) of the Variable CapitalCompanies Act 2018.

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EXPLANATORY STATEMENT
This Bill seeks to provide for —(a) a financial-sector wide regulation of financial services and markets andthe exercise of control over and the resolution of financial institutions
and their related entities, through the consolidation of the powers of theMonetary Authority of Singapore (the Authority) in several Acts that
regulate financial services and markets, or financial institutions andtheir related entities, and the repeal of certain provisions in the
Monetary Authority of Singapore Act 1970 that relate to the regulationof financial services and markets, or financial institutions and theirrelated entities; and(b) the licensing and regulation of certain digital token service providers.
The Bill also contains consequential and related amendments to the Banking
Act 1970, Financial Advisers Act 2001, Insurance Act 1966, Monetary Authorityof Singapore Act 1970, Securities and Futures Act 2001 and other Acts.
The Bill in addition amends section 10I of the Income Tax Act 1947 consequent
upon the operation of the Financial Holding Companies Act 2013.
PART 1PRELIMINARYPart 1 (comprising clauses 1 and 2) contains the preliminary provisions of theBill.
Clause 1 relates to the short title and commencement.
Clause 2 defines certain terms used generally in the Bill.
PART 2
GENERAL POWERS OVER FINANCIAL INSTITUTIONSPart 2 (comprising clauses 3, 4 and 5) relates to the Authority’s general powers
over financial institutions.
Clause 3 empowers the Authority to request information from, and makerecommendations to, a financial institution if the Authority thinks it is necessary in
the public interest. The Authority is also empowered to issue directions for the
purpose of securing that effect is given to any such request or recommendation.
Clause 4 deals with the power of the Authority to approve financial institutions
and to control their operations. Sub-clause (1) empowers the Authority to require
certain financial institutions (relevant financial institutions) — whose operations
are considered to affect monetary stability and credit and exchange conditions in352

Singapore, the development of Singapore as a financial centre or the financial
situation in Singapore generally — to be approved by the Authority for the
purpose of carrying on business in Singapore. The Authority may under
sub-clause (2) —(a) grant approval;(b) grant approval subject to conditions; or(c) refuse to grant approval (without any obligation to give reasons).
Further, the Authority is empowered under sub-clause (3) to give directions toa relevant financial institution approved under sub-clause (2) if the Authority
thinks it is necessary or expedient in the public interest, in relation to such matters
as —(a) the range of activities it may engage in or the range of services that it
may provide;(b) the terms and conditions under which a particular activity is carried on
or a particular service is provided; and(c) all matters in which it appears to the Authority that the activities thatthe relevant financial institution engages in, or the services that therelevant financial institution provides, affect or are likely to affectmonetary or economic policy or credit conditions, etc.
Additionally, the Authority may under sub-clause (4) issue guidelines to, andimpose conditions of operation on, a relevant financial institution.
The Authority may under sub-clause (5) withdraw its approval of a relevant
financial institution in certain circumstances but an aggrieved relevant financial
institution has a right of appeal against such a decision to the Minister under
sub-clause (6).
Clause 5 enables the Authority to charge relevant financial institutions
approved under clause 4 such fees as may be prescribed.
PART 3PROHIBITION ORDER
Part 3 (comprising clauses 6 to 14) relates to the Authority’s powers to makeprohibition orders against certain persons.
Division 1 is made up of 7 clauses (clauses 6 to 12) and sets out the generalprovisions on prohibition orders.
Clause 6 defines certain terms used in Part 3.
Clause 7 empowers the Authority to make a prohibition order against any
person if the Authority is satisfied that the person is not a fit and proper person in353

accordance with the Guidelines on Fit and Proper Criteria. The prohibition ordermay, amongst other things, prohibit the person from —(a) carrying on any activity or business, or providing any service (thecarrying on or provision of which is regulated or authorised by the
Authority);(b) performing certain functions;(c) taking part in the management of any financial institution;(d) becoming a substantial shareholder of any financial institution; or(e) acquiring any additional interest in any voting share of a financial
institution where the person is a substantial shareholder of the financial
institution.
Clause 8 requires a person (A) against whom a prohibition order is made tocomply with it. A financial institution must not employ, enter into any
arrangement with, or use the services of, A if this is prohibited by the order.
Clause 9 enables the Authority to vary or revoke a prohibition order on achange of circumstances by giving written notice to the person against whom theorder was made.
Clause 10 provides that a prohibition order, or any variation or revocation of aprohibition order, takes effect on the date specified by the Authority in the order or
the notice in clause 9, as the case may be.
Clause 11 provides that the Authority must publish the making of a prohibition
order and the variation or revocation of a prohibition order, and may publish
information relating to —(a) the making of any prohibition order;(b) the variation or revocation of a prohibition order; or(c) the person in respect of whom a prohibition order was made, varied or
revoked.
Clause 12 requires the Authority to keep records on persons against whomprohibition orders are made, and whose or which prohibition orders are varied or
revoked.
Division 2 is made up of 2 clauses (clauses 13 and 14) and relates to theprocedures for appeals on prohibition orders.
Clause 13 provides that where an appeal is made to the Minister under Part 3,
the Minister may confirm, vary or reverse the decision of the Authority, or givesuch directions as the Minister thinks fit. The Minister must refer every appeal that
the Minister receives under Part 3 to an Appeal Advisory Committee. However,354

the Minister is not bound by the recommendations of the Appeal Advisory
Committee. The Minister’s decision on any appeal is final.
Clause 14 requires the Minister to appoint an Appeal Advisory Panel for the
purpose of constituting an Appeal Advisory Committee. The clause also sets out
the powers of an Appeal Advisory Committee as well as the protection conferredon every member of the Appeal Advisory Committee.
PART 4POWERS REGARDING INTERNATIONALOBLIGATIONS AND PREVENTION OF MONEY
LAUNDERING AND TERRORISM FINANCING, AND
ASSISTANCE TO FOREIGN AUTHORITIES ANDDOMESTIC AUTHORITIES CONCERNING MONEY
LAUNDERING, TERRORISM FINANCING AND
OTHER OFFENCES
Part 4 (comprising clauses 15 to 28) relates to the Authority’s powers regarding
international obligations, powers to prevent money laundering and terrorism
financing, and powers to assist foreign authorities and domestic authorities
concerning money laundering, terrorism financing and other offences.
Division 1 is made up of 2 clauses (clauses 15 and 16) and empowers the
Authority to issue directions or make regulations for the purposes of discharging
the Government’s international obligations and the prevention of money
laundering and terrorism financing.
Clause 15 empowers the Authority to —(a) issue directions to a financial institution or class of financial
institutions; and(b) make regulations under clause 192 concerning any financial institution
or class of financial institutions or relating to their activities,
in order to discharge or facilitate the discharge of any obligation binding on
Singapore by virtue of a decision of the Security Council of the United Nations.
Clause 16 enables the Authority to issue directions, or make regulations underclause 192, concerning any financial institution or class of financial institutions as
the Authority considers necessary for the prevention of money laundering or
terrorism financing.
Division 2 is made up of 5 Subdivisions and 12 clauses (clauses 17 to 28), andrelates to the Authority’s powers to provide assistance to foreign authorities anddomestic authorities for their supervisory functions and other actions in respect ofmoney laundering, terrorism financing and other offences.

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Subdivision (1) (clauses 17 and 18) sets out the general provisions on the
Authority’s powers to provide assistance to foreign authorities and domestic
authorities.
Clause 17 defines certain terms used in Division 2.
Clause 18 sets out the purposes of Division 2.
Subdivision (2) (clauses 19 and 20) enables the Authority to assist the publicauthorities of foreign countries responsible for the supervision of foreign financial
institutions in their respective foreign countries (the AML/CFT authorities).
Clause 19 lists the conditions under which the Authority will provide
assistance to an AML/CFT authority for the purpose of its supervision offoreign financial institutions for compliance with requirements for the detection or
prevention of money laundering or terrorism financing (the AML/CFT
requirements).
Clause 20 describes the types of assistance that the Authority may provide to an
AML/CFT authority. These include —(a) transmitting information in the Authority’s possession to the
AML/CFT authority (sub-clause (1));(b) ordering a financial institution or certain persons with the financial
institution to provide the requested information to the Authority fortransmission to the AML/CFT authority (sub-clause (2)(a)); and(c) requesting a domestic authority to provide the Authority with theinformation for transmission to the AML/CFT authority(sub-clause (2)(b)).
The clause overrides any duty of confidentiality of the Authority, the financial
institution and its officers as regards the information to be provided andtransmitted, except legal professional privilege.
Subdivision (3) (clauses 21 and 22) enables the Authority to assist domestic
authorities.
Clause 21 lists the conditions under which the Authority may provide theassistance mentioned in clause 22 to a domestic authority for the purpose ofinvestigating or enforcing a drug dealing offence or serious offence as defined in
the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation ofBenefits) Act 1992, or taking supervisory action against a person for
non-compliance with an AML/CFT requirement.
Clause 22 describes the types of assistance that the Authority may provide to adomestic authority on a request mentioned in clause 21. These include —(a) transmitting information in the Authority’s possession to the domestic
authority (sub-clause (1)); and356(b) ordering a financial institution or certain persons with the financial
institution to provide the requested information to the Authority fortransmission to the domestic authority (sub-clause (2)).
The clause overrides any duty of confidentiality of the Authority and thefinancial institution and its officers as regards the information to be provided andtransmitted, except legal professional privilege.
Subdivision (4) (clauses 23, 24 and 25) sets out additional provisions inrelation to Subdivisions (2) and (3).
Clause 23 makes it an offence for a person who does not comply with an orderfrom the Authority for information under clause 20 or 22, or who in purported
compliance with such order gives false or misleading information to the Authority.
It also makes it an offence for an advocate and solicitor or a legal counsel to refuse
to give to the Authority particulars of the person to whom or by whom a privileged
communication was made, or who gave false or misleading particulars of theperson to the Authority.
Clause 24 confers immunities from civil and criminal liability on persons whocomply with an order for information under clause 20 or 22, as well as on an
advocate and solicitor or a legal counsel who gave to the Authority particulars of
the person to whom or by whom a privileged communication was made.
Clause 25 allows the Authority or a person authorised by the Authority toprovide on the Authority’s own motion any information in the Authority’s
possession to an AML/CFT authority or a domestic authority.
Subdivision (5) (clauses 26, 27 and 28) enables an AML/CFT authority, withthe approval of the Authority, and under conditions of secrecy, to conduct aninspection in Singapore of the books of a financial institution over which the
AML/CFT authority exercises consolidated supervision authority.
Clause 26 lists the conditions under which the Authority may permit an
AML/CFT authority to inspect the books of a financial institution over which the
AML/CFT authority exercises consolidated supervision authority for the purposesof preventing money laundering and terrorism financing. The AML/CFT authority
may, with the Authority’s approval, appoint other persons to conduct theinspection on the AML/CFT authority’s behalf.
Clause 27 requires a financial institution under inspection to give the
AML/CFT authority access to the books of the financial institution and provide
the AML/CFT authority with information and facilities for the inspection. The
clause also confers on the financial institution and its officers immunity from civil
and criminal liability for doing so.
Clause 28 provides for the confidentiality of any resulting inspection report by
the AML/CFT authority in the hands of the financial institution or any officer or
auditor of the financial institution. The report may only be disclosed —357(a) by the financial institution to any of its officers or auditors solely inconnection with the officer’s or auditor’s duties;(b) by any of the financial institution’s officers or auditors to another of its
officers or auditors solely in connection with their respective duties inthat financial institution;(c) to the Authority; or(d) to such other person as the Authority may approve.
PART 5TECHNOLOGY RISK MANAGEMENTPart 5 (comprising clause 29) relates to the Authority’s power to issue
directions or make regulations to manage technology risks.
Clause 29 empowers the Authority to issue directions to a financial institution
or class of financial institutions, and to make regulations under clause 192,
concerning any financial institution or class of financial institutions for —(a) managing technology risks (including cyber security risks);(b) the safe and sound use of technology to deliver financial services; and(c) the safe and sound use of technology to protect data.
PART 6DISPUTE RESOLUTION SCHEMESPart 6 (comprising clauses 30 to 38) relates to the approval of dispute
resolution schemes, the conditions of such approval, the requirement of financial
institutions to be a member of an approved dispute resolution scheme, and theprotection from personal liability for mediators, adjudicators and employees of an
operator of an approved dispute resolution scheme.
Clause 30 defines certain terms used in Part 6.
Clause 31 enables the Authority to approve dispute resolution schemes for the
resolution of disputes arising from or relating to the provision of financial services
by financial institutions. The clause also sets out the procedure for an application
for approval of a dispute resolution scheme.
Clause 32 requires, as a condition of an approval of any dispute resolution
scheme, an operator of the approved dispute resolution scheme to obtain the priorapproval of the Authority before appointing a person as its chief executive officer
or director.

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Clause 33 empowers the Authority to direct an operator of an approved dispute
resolution scheme to remove the chief executive officer or a director of theoperator from his or her office or employment, where the Authority is satisfied
that the chief executive officer or director is not a fit and proper person.
Clause 34 enables an operator, or a chief executive officer or director of an
operator, who is aggrieved by a decision of the Authority under clause 33(1) toappeal to the Minister.
Clause 35 requires, as a condition of an approval of any dispute resolution
scheme, an operator of the approved dispute resolution scheme that is a company
to obtain the prior approval of the Authority before amending its constitution.
Clause 36 provides that, if so required by regulations made under clause 192, afinancial institution must be a member of an approved dispute resolution scheme
and must comply with the prescribed terms of membership.
Clause 37 provides protection from personal liability for any mediator,
adjudicator or employee of an operator of an approved dispute resolution scheme
for acts or omissions done with reasonable care and in good faith in the course of,or in connection with, any mediation or adjudication of a dispute under theapproved dispute resolution scheme.
Clause 38 specifies the regulations the Authority may make under clause 192
for the purposes of Part 6.
PART 7
CONTROL OVER FINANCIAL INSTITUTIONSPart 7 (comprising clauses 39 to 57) relates to the Authority’s regulatory
control over relevant financial institutions.
Division 1 is made up of 12 clauses (clauses 39 to 50) and sets out the generalprovisions for Part 7.
Clause 39 provides that Part 7 applies to and in relation to every relevant
financial institution (that is, a financial institution that is approved by the
Authority under clause 4 and that belongs to a class of prescribed financial
institutions). The clause further defines certain terms used in Part 7.
Clause 40 requires a relevant financial institution to immediately notify the
Authority if —(a) the relevant financial institution is or is likely to become insolvent or
unable to meet its obligations; or(b) the relevant financial institution has suspended or is about to suspend
payments.

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Clause 41 empowers the Authority to exercise one or more of the following
powers with respect to a relevant financial institution in certain circumstances:(a) require the relevant financial institution immediately to take any action
or to do or not to do any act in relation to its business as the Authority
may consider necessary;(b) appoint a statutory adviser to advise the relevant financial institution
on the proper management of such business of the relevant financial
institution as the Authority may determine;(c) assume control of and manage such business of the relevant financial
institution as the Authority may determine, or appoint a statutory
manager to do so.
Clause 42 sets out the powers and obligations of the Authority or a statutory
manager upon assuming control of the relevant business of a relevant financial
institution. The clause also states the effects of such assumption of control on any
appointment of an individual as chief executive or director of the relevant
financial institution.
Clause 43 specifies the circumstances in which the Authority must cease to be
in control of the relevant business of a relevant financial institution, and thecircumstances in which the appointment of a statutory manager may be revokedby the Authority. The clause also specifies when a statutory manager is treated tohave assumed control of the relevant business of a relevant financial institution.
Clause 44 sets out the responsibilities of a current or former chief executive,
director, member, executive officer, employee, agent, banker, auditor or
office-holder of, or trustee for, a relevant financial institution, during the period
when the Authority or a statutory manager is in control of the relevant business of
the relevant financial institution.
Clause 45 empowers the Authority to fix the remuneration and expenses a
relevant financial institution has to pay to —(a) a statutory manager;(b) a statutory adviser; or(c) the Authority and any person appointed by the Authority (where theAuthority has assumed control of the relevant business of the relevant
financial institution).
Clauses 46 and 47 provide for certain matters relating to the voluntary transferof the business of a relevant financial institution. A relevant financial institution(the transferor) may transfer the whole or part of its business (including any
business that is not the significant business of the relevant financial institution) toa transferee, if (among other things) —360(a) the Authority has consented to the transfer (where the transferor isincorporated in Singapore);(b) the business to be transferred is reflected in the books of the transferorin Singapore in relation to its operations in Singapore (where thetransferor is incorporated outside Singapore); and(c) the Court has approved the transfer.
Clauses 46 and 47 do not apply to the transfer of any business of a relevant
financial institution under any other law.
Clause 48 prohibits a relevant financial institution from permitting a person toact as its executive officer or (where the relevant financial institution is establishedor incorporated in Singapore) director, without the prior written consent of the
Authority, in certain circumstances. The clause also provides for the removal of an
executive officer, or (where the relevant financial institution is established orincorporated in Singapore) a director of a relevant financial institution in
Singapore, from his or her office or employment in certain circumstances.
Clause 49 provides that in any proceedings under section 210 of the Companies
Act 1967, or section 71 of the Insolvency, Restructuring and Dissolution Act 2018,
in relation to certain prescribed companies, the Authority has the same powers andrights as a creditor of the company concerned but does not have the right to vote at
any meeting summoned under section 210 of the Companies Act 1967. The clausealso specifies certain circumstances where the Court must not —(a) approve a compromise or arrangement; or(b) transfer the whole or part of the undertaking or property of a company,
without the consent of the Minister (where the company is a Type B financial
institution) or Authority (where the company is a Type C financial institution).
Clause 50 specifies the regulations the Authority may make under clause 192
for the purposes of Part 7.
Division 2 is made up of 7 clauses (clauses 51 to 57) and enables the Authority
to issue directions for recovery and resolution planning.
Clause 51 empowers the Authority to issue a notice to pertinent financial
institutions requiring each pertinent financial institution to which a direction underclause 52(1) is issued (amongst other things) —(a) to prepare a recovery plan (i.e. a plan to restore the pertinent financial
institution’s financial strength or viability should the pertinent
financial institution suffer financial pressure or stress);(b) to review and keep up-to-date its recovery plan;(c) to adopt certain procedures in preparing its recovery plan;

361(d) to maintain information for the purpose of preparing, reviewing andkeeping up-to-date its recovery plan; and(e) to take action for the effective implementation of a plan underclause 53.
Clause 52 empowers the Authority to issue a direction to a pertinent financial
institution to comply with the requirements of a notice issued under clause 51. The
direction must specify the dates for the submission and frequency of review of thefinancial institution recovery plan. The Authority may also direct a pertinent
financial institution —(a) to amend its recovery plan;(b) to remove any impediment to its implementation;(c) to implement a part of the plan; or(d) to implement any other arrangement or measure for the restoration of
its financial strength or viability.
Clause 53 provides that the Authority may prepare resolution plans for a
pertinent financial institution, and may to this end require the pertinent financial
institution to provide information and documents to the Authority.
Clause 54 empowers the Authority to direct a pertinent financial institution toremove any impediment to its orderly resolution.
Clause 55 provides for an appeal process to the Minister against a direction
given to a pertinent financial institution under clause 52(2)(b) or 54(2) for theremoval of impediments.
Clause 56 specifies that a direction or notice under Division 2 must be inwriting but need not be published in the Gazette.
Clause 57 makes it an offence for a pertinent financial institution —(a) to fail to comply with a direction or notice of the Authority under
Division 2; or(b) to knowingly or recklessly provide any false or misleading informationor document in purported compliance with such direction or notice.
PART 8RESOLUTION OF FINANCIAL INSTITUTIONSPart 8 (comprising clauses 58 to 135) empowers the Authority to exercise
certain forms of control over certain specified financial institutions in certain
circumstances.

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Division 1 is made up of 7 clauses (clauses 58 to 64) and sets out the generalprovisions for Part 8.
Clause 58 defines certain terms used in Part 8.
Clause 59 specifies the matters which the Authority may have regard to when
determining whether to exercise its powers under Divisions 2, 4, 5 and 6 of Part 8.
Clause 60 empowers the Authority to issue directions, or make regulations
under clause 192, concerning any person that has ceased to be a specified financial
institution, or any class of persons that has ceased to be a class of specified
financial institutions, in certain circumstances.
Clause 61 provides for the continued application, to a person that has ceased to
be a specified financial institution, of any direction or notice issued under the Billor any other MAS scheduled Act (being a direction or notice which was in force,
and which applied to the person, immediately before the person ceased to be a
specified financial institution), until the direction or notice is cancelled by the
Authority.
Clause 62 empowers the Authority, if the Authority considers it to be in theinterests of the affected persons of a specified financial institution, to —(a) make an order prohibiting the specified financial institution fromdoing certain things; or(b) apply to the Court for certain orders in relation to the specified
financial institution.
Clause 63 provides additional grounds upon which the Court may, on theapplication of the Authority, order the winding up of a company which is carrying
on or has carried on the significant business of a specified financial institution in
Singapore. The clause also provides for certain matters relating to the winding up
of such a company.
Clause 64 empowers the Authority to apply to the Court for, and empowers the
Court to make, certain orders against any past or present director or executive
officer of a specified financial institution who —(a) has failed to discharge the duties of his or her office;(b) has misapplied or retained, or become liable or accountable for, any
money or property of the specified financial institution; or(c) has been guilty of any misfeasance or breach of trust or duty in relation
to the specified financial institution.
Division 2 is made up of 4 clauses (clauses 65 to 68) and empowers the
Minister to transfer the whole or any part of the business of a pertinent financial
institution (transferor) to a transferee in certain circumstances.

363

Clause 65 defines certain terms used in Division 2.
Clause 66 provides that the Authority may make a determination that the wholeor part of a business of a transferor be transferred to a transferee. The
determination is to be submitted to the Minister for approval. The Minister’s
approval may be made subject to conditions. The consent of the transferor is not
required. However, the Minister will give the transferor a written notice of the
Minister’s intention to approve the determination to transfer the business and an
opportunity to make written representations on the proposed transfer, unless the
Minister decides that it is not practicable or desirable to do so.
Clause 67 requires the Minister to issue a certificate of transfer setting out thedetails of the transfer, if the Minister decides to approve the determination for thetransfer of the business (or part of the business). The certificate must specify
information prescribed by regulations made under clause 135, and may provide
for any matter which is relevant to the transfer or necessary to secure that thetransfer is fully effective. The certificate must be served on the transferor andtransferee. The certificate will be binding on —(a) the transferor;(b) the transferee; and(c) any other person who is affected by the transfer.
A transferor or transferee that fails to comply with any provision in thecertificate will be guilty of an offence.
Clause 68 prohibits the passing of a resolution and the making of an order for
the winding up of a transferor, and the appointment of a judicial manager in
relation to a transferor, in certain circumstances.
Division 3 is made up of 5 clauses (clauses 69 to 73) and enables subsequentadjustments to be made to a compulsory transfer of business made under
Division 2, through a transfer back to the transferor or an onward transfer to a third
entity.
Clause 69 defines certain terms used in Division 3.
Clause 70 provides that the Authority may make a determination that the whole
or any part of a business that has been compulsorily transferred to another betransferred back to the transferor. For example, such reverse transfer may benecessary if, upon obtaining further information, the Authority determines that
assets are over-valued or liabilities are under-valued at the point of the transfer.
The determination is to be submitted to the Minister for approval. The Minister’s
approval may be made subject to conditions. The transferor or transferee mustcomply with every condition that applies to it and of which it has been notified.
Clause 71 provides that if the Minister approves the Authority’s determination
for a reverse transfer, the Minister must issue a reverse transfer certificate. The

364

clause specifies the provisions which the certificate may make, the date the reverse
transfer is to come into effect, the Minister’s right to add to, vary or revoke any
matter in the certificate before it comes into effect, and for the certificate to beserved on the affected entities and to be published. The clause also provides forvarious matters necessary to effect the reverse transfer, such as the novation ofagreements and the change of parties to legal proceedings that relate to thebusiness transferred back.
Clause 72 provides that the Authority may make a determination that the whole
or any part of a business that has been compulsorily transferred to a transferee betransferred to another transferee. Such onward transfer may be made to an entity
established or incorporated to temporarily hold and manage the assets andliabilities of the transferor or to do any other act for the orderly resolution of thetransferor, or both. The determination is to be submitted to the Minister for
approval. The Minister’s approval may be made subject to conditions. The
transferee or 2nd transferee must comply with every condition that applies to it
and of which it has been notified.
Clause 73 provides that if the Minister approves the Authority’s determination
for an onward transfer, the Minister must issue an onward transfer certificate. The
clause specifies the provisions which the certificate may make, the date theonward transfer is to come into effect, the Minister’s right to add to, vary or revoke
any matter in the certificate before it comes into effect, and for the certificate to beserved on the affected entities and to be published. The clause also provides forvarious matters necessary to effect the onward transfer, such as the novation ofagreements and the change of parties to legal proceedings that relate to thebusiness that is transferred.
Division 4 is made up of 3 clauses (clauses 74, 75 and 76) and empowers the
Minister to transfer the shares of a person (transferor) in a pertinent financial
institution to another person (transferee) in certain circumstances.
Clause 74 defines certain terms used in Division 4.
Clause 75 provides that the Authority may make a determination that all or anyof the shares held by a transferor in a pertinent financial institution incorporated in
Singapore be transferred to a transferee. The determination is to be submitted to
the Minister for approval. The Minister’s approval may be made subject toconditions. The consent of the transferor is not required. However, the Minister
will give the transferor a written notice of the Minister’s intention to approve thedetermination to transfer the shares and an opportunity to make written
representations on the proposed transfer, unless the Minister decides that it is
not practicable or desirable to do so.
Clause 76 requires the Minister to issue a certificate of transfer setting out thedetails of the transfer of shares of the transferor and providing for any matter
which is relevant to the transfer or necessary to secure that the transfer is fully

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effective, if the Minister decides to approve the determination to transfer theshares of the transferor. The certificate will not be served on the transferor andtransferee, but will be served on the pertinent financial institution and published in
the Gazette and in such newspapers as the Minister may determine. The transfer ofthe shares will take effect in accordance with the certificate. The certificate will bebinding on —(a) the transferor;(b) the transferee; and(c) any other person who is affected by the transfer.
A transferor or transferee that fails to comply with any provision in thecertificate will be guilty of an offence.
Division 5 is made up of 3 clauses (clauses 77, 78 and 79) and empowers the
Minister to restructure the share capital of a pertinent financial institution incertain circumstances.
Clause 77 defines certain terms used in Division 5.
Clause 78 provides that the Authority may make a determination that the sharecapital of a pertinent financial institution be restructured by —(a) cancelling the whole or any part of the share capital of the pertinent
financial institution which is not paid up;(b) cancelling the whole or any part of the paid-up share capital of thepertinent financial institution, if (among other things) such paid-up
capital is lost or not represented by the available assets of the pertinent
financial institution; or(c) requiring the pertinent financial institution to issue new shares tospecified subscribers.
The determination is to be submitted to the Minister for approval. The
Minister’s approval may be made subject to conditions. The consent of thepertinent financial institution or its shareholders is not required. However, theMinister will give the shareholders (by publication in the Gazette and in such
newspapers as the Minister may determine) a notice, and the pertinent financial
institution a written notice, of the Minister’s intention to approve thedetermination to restructure the share capital and an opportunity to makerepresentations on the proposed restructuring, unless the Minister decides that it is
not practicable or desirable to do so.
Clause 79 requires the Minister to issue a certificate of restructuring of sharecapital setting out the information prescribed by regulations, if the Minister
decides to approve the determination to restructure the share capital. The
certificate will be served on the pertinent financial institution and will be366

published in the Gazette and in such newspapers as the Minister may determine.
The restructuring of the share capital of the pertinent financial institution will takeeffect in accordance with the certificate. The certificate will be binding on —(a) the pertinent financial institution;(b) the shareholders;(c) the subscribers; and(d) any other person who is affected by the restructuring of the sharecapital.
A pertinent financial institution or subscriber that fails to comply with any
provision in the certificate will be guilty of an offence.
Division 6 is made up of 11 clauses (clauses 80 to 90) and provides for powers
to bail-in instruments of ownership and liabilities of a distressed financial
institution.
The powers of bail-in include powers —(a) to cancel an instrument or liability;(b) to convert the instrument or liability from one form or class to another(e.g., from debt to equity);(c) to create a new instrument or liability in connection with modifying an
existing instrument or liability; and(d) to treat an instrument or liability as having effect as if a right ofmodification or conversion of its form had been exercised.
Both the types of instruments and liabilities that may be bailed in, and thefinancial institutions (the Division 6 financial institutions) whose ownership
instruments and liabilities may be the subject of a bail-in, will be prescribed inregulations.
Clause 80 defines certain terms used in Division 6.
Clause 81 provides that in exercising a power under Division 6, the Authority
must have regard to the desirability of giving pre-resolution creditors andshareholders the priority and treatment they would have enjoyed in a winding upof the Division 6 financial institution concerned. The exercise of any power under
Division 6 does not affect the exercise of any other resolution power, i.e. theAuthority and the Minister may exercise a power of bail-in in conjunction withother powers under the Bill or another relevant Act applicable to the pertinent
financial institution concerned.
Clause 82 provides that the Authority may make a determination that
instruments and liabilities relating to a Division 6 financial institution should
be bailed in. The clause provides for the grounds for making the determination. It

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also provides that the Authority may call for an independent assessment before
making a determination. The determination is to be submitted to the Minister for
approval.
Clause 83 requires the Minister, before approving a determination, to publish a
notice of the Minister’s intention to approve the determination and the date bywhich the holder of an affected instrument or liability may make representations to
the Minister, unless the Minister decides that it is not practicable or desirable topublish the notice. The Minister must also give the affected Division 6 financial
institution a notice of such intention and a date by which it may makerepresentations to the Minister, unless the Minister decides that it is notpracticable or desirable to do so. The Minister is to consider all representations
when deciding whether to approve the determination. The Minister’s approval
may be given subject to conditions. The affected Division 6 financial institution
must comply with every condition that applies to it and of which it is notified.
Clause 84 provides that if the Minister approves the Authority’s determination,
the Minister must issue a bail-in certificate. The clause also provides for the datethe certificate is to come into effect, the provisions which the certificate may
contain, the Minister’s power to add to, vary or revoke matters in the certificate,service of the certificate on the affected Division 6 financial institution, and the
publication of the certificate.
Clause 85 provides for the effects of a bail-in certificate. A bail-in certificate —(a) takes effect according to its tenor;(b) does not require any further act by the affected Division 6 financial
institution, or the Division 6 financial institution required by thecertificate to issue any ownership instrument (the resulting financial
institution), for it to take effect; and(c) is binding on affected persons.
Where the bail-in certificate contains a direction to a person to do a specified
act, non-compliance with that direction is an offence.
Clause 86 provides for a stay on certain actions in the period starting on thedate of the publication of the notice of the Minister’s intention to approve a bail-inor (where the notice is not published) of the bail-in certificate, and ending on thedate the certificate takes effect. These actions include —(a) the passing of resolutions for the winding up of, and the making of awinding up order against, the affected Division 6 financial institution;and(b) the commencement and continuation of proceedings against it.
Further, starting from the date of the publication of the notice of the Minister’s
intention to approve a bail-in or (where the notice is not published) of the bail-in

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certificate, no shareholder may exercise any voting power in the Division 6
financial institution. Voting power may only be exercised from the date the
Minister publishes a notice that the stay on such exercise ceases.
Clause 87 contains provisions that apply to a person —(a) who becomes a significant shareholder of the affected Division 6
financial institution as a result of the bail-in certificate; or(b) who becomes a significant shareholder of the resulting financial
institution.
The person is treated as having obtained the requisite approval under any law
that requires a significant shareholder to seek approval from the Minister or the
Authority to become a significant shareholder. The person is also not required tomake a take-over offer to other shareholders. However, the person must comply
with any condition reasonably imposed by the Minister, including any
restriction —(a) on the disposal or further acquisition of shares or voting power; and(b) on the exercise of voting power.
Lastly, the person must take steps to cease to be a significant shareholder if
required by a notice of the Minister to do so. The Minister may require the person
to take such steps if, among other grounds, the Authority is not satisfied that theperson is a fit and proper person to be a significant shareholder of the financial
institution concerned, and that, having regard to the person’s likely influence, thefinancial institution will or will continue to conduct its business prudently orcomply with the relevant written laws. Until the person has disposed of ortransferred the shares specified in the notice —(a) no voting rights may be exercised in respect of the shares except withthe permission of the Minister;(b) no rights, bonuses or dividends may be issued, offered or paid inrespect of the shares except with the permission of the Minister; and(c) except in a liquidation of the Division 6 financial institution or
resulting financial institution, the Division 6 financial institution or
resulting financial institution may not make any payment in respect of
the shares except with the permission of the Minister.
Clause 88 enables the Minister to direct a person who has failed to comply witha condition imposed by the Minister under clause 87(2) or (3), or a notice underclause 87(5) to take steps to cease to be a significant shareholder. The direction
may be one —(a) requiring the transfer or disposal of shares in the affected Division 6
financial institution or resulting financial institution; or369(b) restricting such transfer or disposal.
Clause 89 criminalises the non-compliance by a person with a condition
imposed by the Minister under clause 87(2) or (3), or with a notice underclause 87(5) or 88(1).
Clause 90 enables the Minister to make regulations under clause 135 to require
a contract governing an instrument or liability, which falls within a prescribedclass of instruments or liabilities, to contain a provision to the effect that theparties agree that the instrument or liability may be bailed in under Division 6.
Division 7 is made up of 4 clauses (clauses 91 to 94) and provides for thesuspension of certain contractual rights in the event of a resolution of a financial
institution. These rights include —(a) the right to terminate the contract;(b) the right to accelerate, close out, set off or net an obligation under thecontract that would result in a suspension or modification or theextinguishment of the obligation;(c) the right to suspend, modify or extinguish an obligation under thecontract; and(d) (in the case of a reinsurance contract) the reinsurer’s right to terminate
or not reinstate coverage.
Clause 91 defines certain terms used in Division 7.
Clause 92 provides that a resolution measure and the occurrence of any event
directly linked to the resolution measure, are to be disregarded in determining theapplicability of a provision in a contract enabling a party to exercise a terminationright. The clause applies to a contract —(a) where one of the parties to the contract is a pertinent financial
institution that is the subject of a resolution measure, or an entity
within the same group of companies as that pertinent financial
institution and whose obligations under the contract are guaranteed orotherwise supported by that pertinent financial institution; and(b) whose substantive obligations continue to be performed.
Clause 93 gives the Authority a power to temporarily stay the exercise of atermination right under a contract if one of the parties to the contract is —(a) a pertinent financial institution that is the subject or proposed subjectof a resolution measure;(b) a pertinent financial institution that is the subject of a foreign
resolution, or for which there are grounds for carrying out suchforeign resolution; or370(c) an entity within the same group of companies as a pertinent financial
institution that is the subject or proposed subject of a resolution
measure, and whose obligations under the contract are guaranteed orotherwise supported by that pertinent financial institution, where thecontract has a termination right that may be exercised if the pertinent
financial institution becomes insolvent or is in a certain financial
condition.
Any suspension of the exercise of a termination right by the Authority does notextend to a termination right —(a) that is exercisable for a breach of a basic substantive obligation;(b) under a contract with a person specified in regulations; or(c) under a contract prescribed in regulations.
Clause 94 provides that a suspension of a termination right under clause 93 —(a) takes effect from (and including) the time the notice of it is publishedin the Gazette or a time on another date specified in the notice; and(b) expires (if the contract is not a reinsurance contract) at the same timeon the second business day after the date it commences or (if thecontract is a reinsurance contract) at the prescribed time and date.
During the period of suspension of a termination right, any purported exerciseof the termination right has no effect. During the suspension period, a person may
nevertheless exercise a termination right if the Authority gives written notice tothe person that the person may exercise that right because —(a) the contract does not or will not form part of any business that will becompulsorily transferred under clause 67; or(b) the Authority has decided not to make a determination under
Division 6 (bail-in powers) in relation to the pertinent financial
institution in question.
However, the person may still not exercise a termination right after the expiryof the suspension period on the basis of —(a) a resolution measure or an event directly linked to the resolution
measure;(b) (if the contract forms part of a business compulsorily transferred toanother person pursuant to a certificate of transfer or an onward
transfer certificate) any act of the pertinent financial institution before
the transfer; or(c) the suspension itself.

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Division 8 is made up of 7 clauses (clauses 95 to 101) and deals with theassistance that may be rendered by the Authority to foreign resolution authorities
that are responsible for the resolution, or for preparing plans for dealing with theresolution, of a financial institution, and to domestic authorities.
Clause 95 defines certain terms used in Division 8.
Clause 96 sets out the conditions that must be fulfilled before the Authority
may provide assistance under Division 8 at the request of a foreign resolution
authority. For example —(a) the assistance must be intended for one of several specified purposes;(b) the requesting authority must undertake —(i) not to disclose any acquired material to any person (other thana designated third party);(ii) to obtain the prior consent of the Authority before disclosing
any acquired material to a designated third party; and(iii) to make such disclosure only in accordance with conditions
imposed by the Authority; and(c) the matter to which the request relates is of sufficient gravity.
Clause 97 provides that in considering whether to grant the request, theAuthority may also have regard to —(a) whether the foreign resolution authority is preparing plans, or is in theprocess of determining whether to exercise powers, for dealing withthe resolution of any financial institution;(b) whether the requesting authority has given or is willing to give an
undertaking to extend similar assistance to the Authority; and(c) whether the foreign resolution authority has given or is willing to givean undertaking to the Authority to contribute towards the costs ofproviding the requested assistance.
Clause 98 sets out the types of assistance that may be rendered to a foreign
resolution authority. These include the transmission of material in the Authority’s
possession to the requesting authority, and the ordering of a person to provide
material or an oral statement to the Authority for onward transmission to therequesting authority.
Clause 99 enables the Authority, on its own motion or upon receiving a request,
to transmit to a domestic authority any material in relation to the resolution of a
specified financial institution, despite any obligation as to secrecy or otherrestriction upon the disclosure of information.

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Clause 100 makes it an offence for a person to do certain acts, namely —(a) refusing or failing to comply with an order made under clause 98(1)(b)or (c);(b) providing to the Authority any material or copy of material that theperson knows to be false or misleading in a material particular;(c) making to the Authority a statement that is false or misleading in amaterial particular; or(d) refusing or failing (without reasonable excuse) to comply withclause 98(4).
Clause 101 provides certain immunities to a person that complies with an ordermade under clause 98(1)(b) or (c).
Division 9 is made up of 5 clauses (clauses 102 to 106) and provides for therecognition and support of resolution actions taken by a foreign resolution
authority on a financial institution operating in Singapore whether through abranch or a subsidiary (a foreign financial institution).
Clause 102 defines certain terms used in Division 9.
Clause 103 provides that where a foreign resolution authority makes a request
to the Authority for recognition of a foreign resolution action taken on a foreign
financial institution, the Authority must make a determination whether torecognise it in whole or part or to refuse to recognise it. The Authority must
submit its determination to the Minister who may approve the determination withor without modification, or refuse to approve it.
Clause 104 provides that where the Minister approves a determination forrecognition of a foreign resolution action, the Minister must make an orderdeclaring that the action is recognised. The order may make provision for the same
matters as those for which provision may be made in —(a) a certificate of transfer of business;(b) a certificate of transfer of shares;(c) a certificate of restructuring of share capital; or(d) a bail-in certificate.
Those matters may be modified in order to give effect to the foreign resolution
action. The provisions of the Bill that apply to those certificates also apply in
relation to the corresponding provisions made in the order.
Clause 105 allows the Authority to issue directions to persons regulated by the
Authority in order to give effect to an order made under clause 104.
Clause 106 criminalises non-compliance with an order under clause 104 or adirection under clause 105.

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Division 10 is made up of 14 clauses (clauses 107 to 120) and provides for theestablishment of resolution funds to finance resolution measures under Part 8 andto pay compensation under Division 11 for losses connected with those measures.
Clause 107 defines certain terms used in Division 10.
Clause 108 enables the Minister (on the Authority’s recommendation) toestablish a resolution fund for the purpose of supporting a resolution measure
undertaken under Part 8. The Minister must appoint an entity to be the trustee ofthe resolution fund. The trustee of a resolution fund may obtain a loan from the
Authority to constitute the fund. The following sums must be paid into theresolution fund:(a) all income from moneys withdrawn from the resolution fund;(b) all proceeds from the resolution measure;(c) all levies collected from levy payers and moneys recovered from thefinancial institution under resolution;(d) any moneys paid out of the Deposit Insurance Fund under section 29Aof the Deposit Insurance and Policy Owners’ Protection Schemes
Act 2011 to the trustee;(e) any additional loan from the Authority.
Clause 109 sets out the duties of the trustee of a resolution fund. Essentially, thetrustee administers and manages the resolution fund. The trustee’s duties
include —(a) making withdrawals from the fund in accordance with Division 10;(b) collecting and recovering payments from the financial institution
under resolution and levies from the industry; and(c) distributing the balance in the fund after completion of the resolution.
The trustee as well as the trustee’s directors, officers, employees and agentsand persons acting on the trustee’s direction are immune from suit for anything
done in good faith pursuant to Division 10.
Clause 110 provides for the withdrawals which must be made from theresolution fund. A withdrawal may be made for various purposes to support theresolution measure as well as to pay compensation under Division 11. A
withdrawal may only be made by the trustee if directed by the Minister on therecommendation of the Authority. The Authority may only recommend that the
Minister direct the trustee to make a withdrawal from the fund to provide capital to
the financial institution under resolution if —(a) firstly, the Authority is of the view that such provision of capital isnecessary for the orderly resolution of the financial institution; and374(b) secondly, after the Authority has taken into account whether
appropriate losses have been imposed on shareholders andunsecured creditors of the financial institution.
Clause 111 provides that the Minister may (on a recommendation of the
Authority) direct the trustee of a resolution fund to recover moneys withdrawn
from the fund —(a) from the financial institution under resolution;(b) from the industry in the form of levies; or(c) from both.
The persons on whom a levy may be imposed will be prescribed in regulations.
The following levy payers may be prescribed:(a) a financial institution that belongs to the same category as the financial
institution under resolution, as defined in the regulations (a similar
financial institution);(b) if the financial institution under resolution is a market infrastructure,
the participants of the market infrastructure as well as participants ofother market infrastructures;(c) if the financial institution under resolution is a payment system
operator, the participants of the payment system operated by thepayment system operator.
Clause 112 provides for the manner of recovery of moneys withdrawn from aresolution fund from the financial institution under resolution. The clause also
provides that any sum claimed by the trustee of the fund from the financial
institution is a debt due from the financial institution to the trustee and any sum
recovered must be paid into the resolution fund.
Clause 113 provides that after the Minister has directed that moneys withdrawn
from a resolution fund be recovered by way of imposition of levies, the Authority
must proceed to compute the amount of levy due from each levy payer, in
accordance with regulations. The clause also sets out the notices that must be
given to levy payers. Where the levy payers are participants of market
infrastructures, the levy may be collected directly from the participants, orindirectly through the market infrastructures, for example, by deducting fromtransaction fees due from participants to the market infrastructures.
Clause 114 provides for the manner of payment of the levy by similar financial
institutions, participants of a market infrastructure (in the case where the levy is tobe collected directly from them) and participants of a payment system operated bya payment system operator. The clause also provides that if the levy is not paid by
the due date, the trustee may impose a late payment fee. The late payment fee must
not exceed the amount of the unpaid levy.

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Clause 115 provides for the manner of payment of the levy by participants of amarket infrastructure, in the case where the market infrastructure is required tocollect the levy from the participants. The clause sets out the duties of the market
infrastructure to collect the levy from the participants and pay the total amount of
the levies due from the participants to the trustee. The market infrastructure does
not incur any civil liability for carrying out those duties in good faith and withreasonable care. If the market infrastructure fails to pay to the trustee the total
amount of the levies due from its participants by the date of payment specified in
the notice, the trustee may impose a late payment fee on the market infrastructure.
The late payment fee must not exceed the amount of the unpaid levy.
Clause 116 provides that levies and late payment fees that are imposed under
Division 10 are recoverable as a debt due to the trustee. All levies and latepayment fees collected or recovered are to be paid into the resolution fundconcerned. The clause also provides that where the trustee has commenced
proceedings for recovering any levy or late payment fee, the trustee is entitled toclaim costs on a full indemnity basis. Lastly, the clause provides for the refund andremission of levies.
Clause 117 provides for the confidentiality of notices for payment of a levy
given to a levy payer that is a similar financial institution, a participant of a market
infrastructure (in the case where the levy is to be collected directly fromparticipants) or a participant of a payment system operated by a payment system
operator.
Clause 118 provides that the Minister may, from time to time, direct the trustee
of a resolution fund to make a withdrawal from the fund —(a) to repay the loan from the Authority; and(b) to reimburse the deposit insurance and policy owners’ protection fundagency for moneys withdrawn from the Deposit Insurance Fund under
section 29A of the Deposit Insurance and Policy Owners’ Protection
Schemes Act 2011.
Any amount that is left in a resolution fund after completion of the resolution is
to be dealt with in accordance with regulations, and the fund is to be dissolved
thereafter in accordance with the regulations.
Clause 119 provides that (subject to certain exceptions) any sum claimed by thetrustee of a resolution fund (including any levy or late payment fee) from afinancial institution has priority over unsecured liabilities of the financial
institution in the event of its winding up.
Clause 120 provides for matters which may be prescribed in regulations underclause 135 for the purposes of Division 10.
Division 11 is made up of 9 clauses (clauses 121 to 129) and sets out acompensation scheme for pre-resolution shareholders and creditors of a financial

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institution under resolution who are worse off as a result of a resolution. The
compensation scheme only applies to such shareholders and creditors of apertinent financial institution of a type prescribed in regulations for this purpose (aDivision 11 financial institution).
Clause 121 defines terms used in Division 11. In particular, the clause defines
the term “resolution date” for a Division 11 financial institution. The resolution
date is used to determine who a pre-resolution shareholder, or a pre-resolution
creditor, of the Division 11 financial institution is. It is also used to determine
whether such a shareholder or creditor is worse off as a result of the resolution of
the Division 11 financial institution.
It should be noted that the resolution date of a Division 11 financial institution
is the date of publication of the applicable certificate or order for any of 5 types ofresolution actions taken against the financial institution, namely —(a) the compulsory transfer of business;(b) the compulsory transfer of shares;(c) the compulsory restructuring of share capital;(d) a bail-in of instruments or liabilities; and(e) a recognition of a foreign resolution action that corresponds to any of
those 4 actions.
However, when determining if a pre-resolution shareholder or creditor is worse
off as a result of a resolution, other resolution actions taken against the Division 11
financial institution, such as a reverse transfer or onward transfer of business are to
be taken into account.
Clause 122 defines the term “worse off as a result of the resolution”.
A pre-resolution shareholder or creditor of a financial institution is worse off as aresult of a resolution if, by reason of —(a) one or more of the 5 types of resolution actions as defined inclause 121;(b) a reverse transfer of business; or(c) an onward transfer of business,the shareholder or creditor has received, is receiving or is likely to receive lessfavourable treatment than what the shareholder or creditor would have received if
winding up proceedings were commenced against the Division 11 financial
institution immediately before the resolution date.
The clause also provides for 5 cases where a pre-resolution creditor or
pre-resolution shareholder is presumed not to be worse off as a result of aresolution.

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Clause 123 provides that a pre-resolution creditor, or pre-resolution
shareholder, of a financial institution who is worse off as a result of theresolution of the financial institution is eligible for compensation under
Division 11. The amount of compensation is the difference between —(a) what the person would have received had winding up proceedings beencommenced against the Division 11 financial institution immediately
before the resolution date; and(b) what the person has received, is receiving or is likely to receive as aresult of the resolution.
The amount of compensation is to be paid out of the relevant resolution fundestablished under Division 10 by the trustee of the fund on the direction of the
Minister (on the recommendation of the Authority).
Clause 124 provides for the appointment of a valuer for a Division 11 financial
institution after its resolution date. The valuer’s role is to —(a) make a valuation of the Division 11 financial institution; and(b) decide whether any pre-resolution creditor or shareholder is eligible
for compensation along with the amount of compensation to be paid toan eligible pre-resolution creditor or shareholder.
Clause 125 provides for the manner for carrying out a valuation and computing
compensation amounts. The clause requires the valuer to issue a report after
completing the valuation, and provide it to the Minister and the Authority. The
Authority may in certain circumstances request the valuer to reconsider thevaluation report. The Authority may cause the valuation report to be published.
Clause 126 gives the valuer a right to access information that the valuer
reasonably requires for conducting the valuation. The duty of a person to provide
such information to the valuer overrides any duty of confidentiality that the person
is subject to. The person incurs no liability in doing any act or omitting to do any
act for the purpose of complying with the clause, if the act is done or omitted to bedone with reasonable care and in good faith.
Clause 127 imposes a duty of confidentiality on the valuer and any person
assisting another person to perform a function under Division 11, in relation to thevaluation report and any information obtained when carrying out functions under
Division 11.
Clause 128 provides that the valuation report may, with the Authority’s
approval, be disclosed to the Division 11 financial institution under resolution, a
pre-resolution creditor or shareholder, or the public.
Clause 129 gives the Authority a right to appeal to the Court against a valuation
report if it is dissatisfied with the valuer’s decision on any person’s eligibility forcompensation, or any amount of compensation to be paid to any person. It also

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gives a person dissatisfied with the valuer’s decision on the person’s eligibility forcompensation, or the amount of the compensation, a right to appeal to the Court.
Division 12 is made up of 6 clauses (clauses 130 to 135) and contains
miscellaneous provisions applicable to Part 8.
Clause 130 empowers the Authority to give directions or impose requirementson or relating to the operations or activities of a significant associated entity of a
specified financial institution, by written notice to the significant associated entity,
if the Authority thinks it necessary or expedient —(a) in the public interest;(b) in the interests of any affected person or class of affected persons of thespecified financial institution; or(c) in the interests of the financial system in Singapore.
Clause 131 generally precludes the reversal, repayment, setting aside,
rectification or stay of any sale, transfer, assignment or other disposition of any
property or business of a pertinent financial institution pursuant to clause 67 or 73,
despite anything to the contrary in the Bill, the Companies Act 1967 and theInsolvency, Restructuring and Dissolution Act 2018.
Clause 132 empowers the Minister and the Authority to require a person toprovide any information or document that the Minister or the Authority may
reasonably require for —(a) the discharge of the Minister’s or the Authority’s duties or functions
under Part 8;(b) the exercise of the Minister’s or the Authority’s powers under Part 8; or(c) transmission to a valuer appointed under clause 124.
Clause 133 provides an officer of a specified financial institution, or of asignificant associated entity referred to in clause 130, with immunity from civil or
criminal liability for anything done (including any statement made) or omitted to
be done with reasonable care and in good faith in complying —(a) with any provision of Part 8; or(b) any direction given, notice issued or requirement imposed by the
Minister or the Authority under Part 8.
Clause 134 empowers the Minister to direct, by order in the Gazette, thatcertain provisions in Part 8 will cease to apply to —(a) a pertinent financial institution;(b) any business (or part of the business) of or share in a pertinent financial
institution; or379(c) any eligible instrument issued by a Division 6 financial institution or towhich it is a party or is subject.
Clause 135 empowers the Minister to make regulations for the purposes ofPart 8.
PART 9DIGITAL TOKEN SERVICE PROVIDERS
Part 9 (comprising clauses 136 to 167) provides for the oversight, licensing andregulation of certain digital token service providers.
Division 1 is made up of clause 136, which defines certain terms used in Part 9.
The clause also explains —(a) when a person has an interest in a share;(b) what constitutes control of a percentage of the votes in a corporation;(c) when a person is an associate of another person; and(d) (for the purposes of clause 137(2) and (4)) when the provision of adigital token service is incidental to any other business carried on by aperson.
Division 2 is made up of 25 clauses (clauses 137 to 161) and deals with thelicensing and regulation of digital token service providers.
Subdivision (1) (clauses 137 to 142) sets out the procedure and requirements
for licensing of digital token service providers.
Clause 137 prohibits (with certain exceptions) —(a) under sub-clause (1), an individual or a partnership from carrying on,
from a place of business in Singapore, a business of providing any typeof digital token service outside Singapore unless the individual or thepartnership has in force a licence. (Under this sub-clause, an individual
or a partnership who carries on, from a place of business in Singapore,a business of providing any type of digital token service outside
Singapore must have in force a licence even though the digital token
service is provided outside Singapore, for example, by the individualor partnership or the individual’s or partnership’s agents); and(b) under sub-clause (3), a Singapore corporation (a body corporate
formed or incorporated in Singapore, including a limited liability
partnership) from carrying on, whether from Singapore or elsewhere, abusiness of providing any type of digital token service outside
Singapore unless the Singapore corporation has in force a licence.

380

The clause also provides that —(a) for the purposes of sub-clause (1), a person who provides any type ofdigital token service while the person carries on any business (theprimary business) from a place of business in Singapore is presumed tocarry on a secondary business of providing that type of digital token
service from a place of business in Singapore, regardless whether theprovision of that type of digital token service is related or incidental tothe primary business; and(b) for the purposes of sub-clause (3), a person who provides any type ofdigital token service while the person carries on any business (theprimary business) is presumed to carry on a secondary business ofproviding that type of digital token service regardless whether theprovision of that type of digital token service is related or incidental tothe primary business.
The presumptions are not rebutted merely by proof that the provision of thetype of digital token service is related or incidental, or is both related andincidental, to the primary business.
Clause 138 provides for matters related to an application for, and the grant of, alicence.
Clause 139 prohibits —(a) a person from holding himself, herself or itself out as a licensee, unlessthe person has in force a licence;(b) (with certain exceptions) an individual or a partnership from holding
the individual or the partnership (as the case may be) out as carrying on
from a place in Singapore a business of providing any type of digitaltoken service outside of Singapore, unless the individual or partnershipis a licensee or exempt from clause 137(1) under clause 189; and(c) (with certain exceptions) a Singapore corporation (a body corporate
formed or incorporated in Singapore, including a limited liability
partnership) from holding itself out as carrying on a business ofproviding digital token service outside of Singapore, unless it is alicensee or exempt from clause 137(3) under clause 189.
Clause 140 requires a licensee to pay a prescribed annual fee to the Authority.
The clause also empowers the Authority to waive, refund or remit the whole or any
part of any annual fee where the Authority considers it to be appropriate in aparticular case.
Clause 141 provides for the surrender of a licence, and sets out thecircumstances in which a licence lapses or may be revoked by the Authority.
The Authority may suspend a licence instead of revoking it, and may extend or381

cancel the suspension. The clause also sets out the obligations of a licensee on thelapsing, revocation or suspension of a licence.
Clause 142 enables a person aggrieved by the Authority’s refusal to grant alicence to the person, or the revocation or suspension of the person’s licence, toappeal to the Minister.
Subdivision (2) (clauses 143 to 147) sets out the requirements for a licensee’s
conduct of business.
Clause 143 requires a licensee to have a permanent place of business in
Singapore.
Clause 144 requires a licensee to notify the Authority of the occurrence of
certain events, such as —(a) any civil or criminal proceedings instituted against the licensee(whether in Singapore or elsewhere); and(b) any event (including an irregularity in the operations of the licensee)that materially impedes or impairs the operations of the licensee.
Clause 145 empowers the Authority to require a licensee to provide to the
Authority information relating to the licensee’s business of providing any digitaltoken service.
Clause 146 empowers the Authority to require a licensee to submit periodic
reports or returns relating to the licensee’s business to the Authority.
Clause 147 prohibits a licensee from carrying on a business of granting any
credit facility to any individual in Singapore.
Subdivision (3) (clauses 148 to 154) deals with the Authority’s control ofcontrollers of licensees.
Clause 148 specifies the persons to whom Subdivision (3) applies.
Clause 149 requires a person to apply for and obtain the Authority’s approval to
become a 20% controller of a licensee.
Clause 150 enables the Authority to serve a written notice of objection on a
person that is, or is required to obtain or has obtained the Authority’s approval to
become, a 20% controller of a licensee. The notice of objection may require theperson —(a) to cease to be a 20% controller of a licensee; or(b) to comply with a direction under clause 151 (relating to the transfer or
disposal of shares in the licensee).
A person served with a notice of objection must comply with the notice within
the time specified by the Authority in the notice.

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Clause 151 empowers the Authority, in a case where the Authority is satisfied
that a person has contravened certain provisions of, or has failed to comply withany condition under, clause 149, or where the Authority has served a written
notice of objection under clause 150, to do any of the following by written notice:(a) direct the transfer or disposal of all or any of the person’s shares in thelicensee;(b) restrict the transfer or disposal of all or any of those shares;(c) make such other direction as the Authority considers appropriate.
Clause 152 empowers the Authority to direct a licensee, by written notice, toprovide to the Authority any information relating to any of the licensee’s
shareholders that the Authority may require for certain regulatory purposes. The
clause also empowers the Authority to direct a shareholder of the licensee, or aperson that appears to have an interest in any share in the licensee, to provide to the
Authority certain information relating to that shareholder or person.
Clause 153 sets out certain offences, penalties and defences applicable to
Subdivision (3).
Clause 154 enables certain persons aggrieved by certain decisions of the
Authority under Subdivision (3) to appeal to the Minister.
Subdivision (4) (clauses 155, 156 and 157) deals with the Authority’s control
of officers of licensees.
Clause 155 requires a licensee to apply for and obtain the Authority’s approval
before an individual —(a) may be appointed as a chief executive officer, a director or a managerof the licensee; or(b) may become a partner of the licensee.
Clause 156 empowers the Authority to direct a licensee to remove a chief
executive officer, a director, a manager or a partner of the licensee on certain
grounds.
Clause 157 enables certain persons aggrieved by certain decisions of the
Authority under Subdivision (4) to appeal to the Minister.
Subdivision (5) (clauses 158 to 161) deals with the auditing of licensees.
Clause 158 requires a licensee to appoint an auditor on an annual basis, andprovides for matters concerning the duties and remuneration of an auditor of alicensee. The clause also empowers the Authority —(a) to appoint an auditor for a licensee in certain circumstances;(b) to impose additional duties on an auditor of a licensee; and383(c) to require a licensee to replace an auditor of the licensee, if the
Authority is not satisfied with the auditor’s performance of any duty.
Clause 159 sets out the powers that an auditor, who is appointed by the
Authority, may exercise for the purpose of carrying out an examination or audit.
Clause 160 prohibits an auditor of a licensee, and an employee of the auditor,
from disclosing information that comes to the auditor’s or employee’s knowledge
in the course of performing the auditor’s or employee’s duties, except in certain
cases.
Clause 161 criminalises certain acts done with the intention to prevent, delay or
obstruct the carrying out of an examination or audit.
Division 3 is made up of 2 clauses (clauses 162 and 163) and provides formatters relating to offences under Part 9.
Clause 162 makes it an offence for any officer, auditor, employee or agent of alicensee to —(a) wilfully falsify any book or other document of the licensee;(b) wilfully omit to make an entry in any book or other document of thelicensee; or(c) wilfully alter, extract, conceal or destroy an entry in any book or otherdocument of the licensee.
Clause 163 prescribes the penalties for offences under Part 9 where no penalty
is expressly provided.
Division 4 is made up of 4 clauses (clauses 164 to 167) and deals withmiscellaneous matters for Part 9.
Clause 164 empowers the court, on the application of the Authority, to makecertain orders against a person that has committed or is about to commit an offence
under Part 9. A person that, without reasonable excuse, contravenes an order madeby the court may be punished either under this provision or for contempt of court.
The provision further makes it clear that if a person is punished under thisprovision, the person cannot be punished again for contempt of court and viceversa. This is to ensure that a person is not punished twice for the same
contravention.
Clause 165 empowers the Authority to issue codes, guidelines, policy
statements, practice notes and no-action letters as it considers necessary forproviding guidance on certain matters. These instruments are not subsidiarylegislation.
Clause 166 empowers the Authority to impose requirements on the following
persons, with respect to certain matters and in certain circumstances, by written
notice:384(a) any licensee or class of licensees;(b) any person, or class of persons, exempt under clause 189;(c) any person that contravenes, has contravened, or is likely tocontravene, any provision of Part 9.
Clause 167 empowers the Authority to make regulations for certain mattersrelated to Part 9.
PART 10INSPECTION POWERS OF AUTHORITY
Part 10 (comprising clauses 168 to 173) confers certain additional powers ofinspection on the Authority.
Clause 168 defines certain terms used in Part 10.
Clause 169 empowers the Authority to conduct an inspection of the books of —(a) a financial institution and of the subsidiaries, branches, agencies andoffices outside Singapore of a financial institution incorporated or
established in Singapore, to determine if the financial institution has
complied with certain directions and regulations issued or made underthe Bill;(b) a licensee; and(c) a person exempt under clause 189.
If the inspection is carried out because the Authority has reason to believe thata relevant person has contravened or is contravening certain directions or
regulations issued or mentioned in clause 15, 16 or 29, or certain provisions ofPart 9 of the Bill, the Authority may direct that the relevant person be liable to pay
for the remuneration and expenses of the person carrying out the inspection.
Under clause 170, a failure by a relevant person to produce its books or toprovide information or facilities for the inspection, or to procure another person to
do the same, is a criminal offence. The obligation by the relevant person to
produce the books or provide the information or facilities for the inspection
overrides any duty of confidentiality of the relevant person or its officers.
Clause 171 provides for the confidentiality of any resulting inspection report in
the hands of the relevant person or any officer or auditor of the relevant person.
The report may be disclosed —(a) by the relevant person to any of the officers or auditors of that relevant
person solely in connection with the officer’s or auditor’s duties;(b) by any officers or auditors of that relevant person to any other officers
or auditors of that relevant person, solely in connection with the duties

385

of both the officer or auditor disclosing the report, and the officer or
auditor to whom it is disclosed; or(c) to any other person approved in writing by the Authority.
Clause 172 enables the Authority or any person authorised by the Authority totransmit any information obtained from an inspection under clause 169(1) to acorresponding authority (as defined in clause 17(1)) exercising consolidated
supervision authority over the relevant person under inspection.
Clause 173 provides that a person is not excused from disclosing information
to the Authority under Part 10 on the ground that the disclosure of the information
might tend to incriminate the person. However, if the person claims (before
making a statement disclosing the information) that the statement might tend toincriminate the person, that statement is not admissible in evidence against theperson in criminal proceedings other than proceedings for an offence underclause 176(4).
PART 11
OFFENCES
Part 11 (comprising clauses 174 to 177) provides for matters relating tooffences under the Bill.
Clause 174 provides for the circumstances under which certain persons of acorporation assume liability for an offence that the corporation commits under theBill. The clause also states what constitutes evidence that a corporation had aparticular state of mind, where it is necessary to prove the state of mind of thecorporation in a proceeding for an offence under the Bill. The clause also
empowers the Authority to make rules to provide for the application of this clause,with such modifications as the Authority considers appropriate, to any corporation
formed or recognised under the law of a territory outside Singapore.
Clause 175 provides for the circumstances under which certain persons of anunincorporated association or a partnership assume liability for an offence that theunincorporated association or partnership commits under the Bill. The clause also
states what constitutes evidence that an unincorporated association or apartnership had a particular state of mind, where it is necessary to prove thestate of mind of the unincorporated association or partnership in a proceeding for
an offence under the Bill. The clause also empowers the Authority to make rules toprovide for the application of this clause, with such modifications as the Authority
considers appropriate, to any unincorporated association or partnership formed orrecognised under the law of a territory outside Singapore.
Clause 176 requires a person who provides the Authority with any information
under the Bill, or in circumstances in which the person intends or could reasonably
be expected to know that the information would be used by the Authority for the386

purposes of discharging the Authority’s functions under the Bill, to use reasonablecare to ensure that the information or document is not false or misleading in any
material particular.
Clause 177 empowers the Authority to compound any offence under the Bill,that is or was prescribed as a compoundable offence.
PART 12MISCELLANEOUS
Part 12 (comprising clauses 178 to 192) deals with miscellaneous matters.
Clause 178 empowers the Authority, in the exercise of its powers and theperformance of its functions under the Bill, to —(a) establish agencies outside Singapore;(b) arrange with and authorise persons to act as agents of the Authority
outside Singapore;(c) act as agent of a bank carrying on business inside or outside Singapore;and(d) act as agent of any public authority or company in which theGovernment or a public authority has a substantial interest, or of any
company that is related to that company.
Clause 179 empowers the Authority to appoint any person to exercise any of
the Authority’s powers, or perform any of the Authority’s functions or duties,
under the Bill, subject to certain restrictions.
Clause 180 provides for the consent of the Public Prosecutor to be obtained forthe prosecution of any offence under the Bill.
Clause 181 empowers a District Court or a Magistrate’s Court to try any
offence under the Bill, and to impose the full punishment in respect of suchoffence, despite the Criminal Procedure Code 2010.
Clause 182 empowers the Authority to prescribe the manner in which a person
is to be given an opportunity to be heard, where the Bill provides for suchopportunity.
Clause 183 enables the Authority to recover certain fees, and other sums,
payable by a financial institution as a civil debt due to the Authority.
Clause 184 empowers the Authority to prepare and publish certain statements.
Clause 185 provides that the Bill does not require the disclosure of informationthat the Minister or any public servant (including a member of an Appeal Advisory
Committee deemed as such under clause 14(6)(a)) considers to be against the
public interest to disclose.

387

Clause 186 makes provision for the service of documents under the Bill.
Clause 187 provides for the electronic service of documents under the Bill.
Clause 188 empowers the Authority to issue or adopt Guidelines on Fit andProper Criteria for the purpose of determining whether a person is fit and proper
under the Bill or any provision of the Bill. The Authority may, at any time, vary or
revoke the Guidelines on Fit and Proper Criteria or any part of the Guidelines. The
Guidelines on Fit and Proper Criteria are not subsidiary legislation.
Clause 189 empowers the Authority, on its own initiative, to exempt (subject toconditions), by regulations —(a) any person or class of persons from the Bill or any provision of theBill; and(b) any digital token service or class of digital token services, any shares orinterests in shares, or class or description of shares or interests inshares, or any other thing or class or description of things from any
provision of Part 9.
The clause also empowers the Authority to grant certain exemptions by written
notice upon a person’s application.
Clause 190 empowers the Minister to amend the First or Second Schedule byorder in the Gazette, and in the order to make such incidental, consequential or
supplementary provisions as the Minister may consider necessary or expedient.
Clause 191 empowers the Minister to make regulations for or in respect of any
appeal to the Minister under the Bill.
Clause 192 empowers the Authority to make regulations to, among otherthings, prescribe matters required or permitted to be prescribed by the Bill.
PART 13CONSEQUENTIAL AND RELATEDAMENDMENTS TO OTHER ACTS
Part 13 (comprising clauses 193 to 214) contains consequential and related
amendments to other Acts, arising from the consolidation in the Bill of certain
regulatory powers under certain Acts that regulate financial services and markets,or financial institutions and their related entities.
Clause 193 makes related amendments to the Banking Act 1970.
Clause 194 makes related amendments to the Companies Act 1967.
Clause 195 makes related amendments to the Corruption, Drug Trafficking andOther Serious Crimes (Confiscation of Benefits) Act 1992.
Clause 196 makes related amendments to the Credit Bureau Act 2016.

388

Clause 197 makes related amendments to the Criminal Procedure Code 2010.
Clause 198 makes related amendments to the Deposit Insurance and Policy
Owners’ Protection Schemes Act 2011.
Clause 199 makes related amendments to the Finance Companies Act 1967.
Clause 200 makes related amendments to the Financial Advisers Act 2001.
Clause 201 makes related amendments to the Financial Holding Companies
Act 2013.
Clause 202 amends section 10I of the Income Tax Act 1947 primarily to deal
with the consequences of the bringing into operation of the Financial Holding
Companies Act 2013 as the direction issued under section 28(3) of the Monetary
Authority of Singapore Act 1970 mentioned in the definition of “AT1 instrument”
in that section of the Income Tax Act 1947 will be replaced with a notice in writing
issued under section 36(1) of the Financial Holding Companies Act 2013. The
clause amends section 10I of the Income Tax Act 1947 in the alternative,
depending on whether the Financial Holding Companies Act 2013 is brought into
operation before, or on or after, Part 2 of the Bill is brought into operation. This isnecessary because the Bill will repeal section 28(3) of the Monetary Authority ofSingapore Act 1970, so if the Financial Holding Companies Act 2013 is brought
into operation after Part 2 of the Bill is brought into operation, there may be a need
to issue a direction under clause 4(3) of the Bill to a financial holding company
that is approved under clause 4 of the Bill. When the Financial Holding
Companies Act 2013 is subsequently brought into operation, the directions issued
under section 28(3) of the Monetary Authority of Singapore Act 1970 andclause 4(3) of the Bill (as the case may be) will be replaced with a notice in writing
issued under section 36(1) of the Financial Holding Companies Act 2013.
Clause 203 makes related amendments to the Insolvency, Restructuring andDissolution Act 2018.
Clause 204 makes related amendments to the Insurance Act 1966.
Clause 205 makes related amendments to the Monetary Authority of Singapore
Act 1970.
Clause 206 makes related amendments to the Mutual Assistance in Criminal
Matters Act 2000.
Clause 207 makes related amendments to the Payment Services Act 2019.
Clause 208 makes a related amendment to the Precious Stones and Precious
Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019.
Clause 209 makes related amendments to the Securities and Futures Act 2001.
Clause 210 makes related amendments to the Trust Companies Act 2005.

389

Clause 211 makes a related amendment to the United Nations Act 2001.
Clause 212 makes related amendments to the Variable Capital Companies
Act 2018.
Clause 213 provides for the repeal of section 203 of the Securities and Futures(Amendment) Act 2017. The clause is required if section 203 of the Securities andFutures (Amendment) Act 2017 has not been brought into operation before thedate on which clause 201(2) of the Bill is brought into operation. In such a case,the amendment to be made by section 203 of the Securities and Futures(Amendment) Act 2017 (which amends section 62(1)(e) of the Financial Holding
Companies Act 2013) is redundant because clause 201(2) of the Bill will repeal
and replace section 62(1)(e) of the Financial Holding Companies Act 2013.
Clause 214 provides for the definition of “digital payment token instrument”
given by clause 6 of the Bill to be amended. The clause is intended to come into
operation when section 2 of the Payment Services (Amendment) Act 2021, whichinserts a definition for the term, comes into operation.
PART 14SAVINGS AND TRANSITIONAL PROVISIONSPart 14 (comprising clauses 215 to 222) deals with savings and transitional
provisions to facilitate the consolidation in the Bill of certain regulatory powers
under certain Acts.
Clause 215 contains saving and transitional provisions for the exercise of any
power by the Minister under Division 2, 3, 4 or 4A of Part 4B of the Monetary
Authority of Singapore Act 1970 (as in force immediately before the date ofcommencement of clause 193 of the Bill), in relation to certain banks andmerchant banks, for the purposes of sections 20(1)(b) and (7) and 55ZA(1)(b)(ii)and (7)(b) of the Banking Act 1970.
Clause 216 contains a saving and transitional provision for the exercise of any
power by the Minister under Division 2, 3, 4 or 4A of Part 4B of the Monetary
Authority of Singapore Act 1970 (as in force immediately before the date ofcommencement of clause 199 of the Bill), in relation to certain finance companies,
for the purposes of section 15(1)(c)(ii) of the Finance Companies Act 1967.
Clause 217 contains a saving and transitional provision for any prohibition
order made under section 68(1) of the Financial Advisers Act 2001, as in force
immediately before the date of commencement of clause 200(1)(b) and (2) to (7)of the Bill. The clause also includes a saving and transitional provision for aprohibition order to continue to be made under section 68(1) of that Act, as inforce immediately before the date of commencement of clause 200(1)(b) and (2)to (7) of the Bill, under certain circumstances.

390

Clause 218 contains a saving and transitional provision for any order madeunder section 74(1) of the Insurance Act 1966, as in force immediately before thedate of commencement of clause 204(1) to (4) of the Bill. The clause also includes
a saving and transitional provision for a prohibition order to continue to be madeunder section 74(1) of that Act, as in force immediately before the date ofcommencement of clause 204(1) to (4) of the Bill, under certain circumstances.
Clause 219 contains saving and transitional provisions for the imposition ofcertain obligations, the exercise of certain powers by the Minister or the Authority,and the making of orders, directions and approvals of a Court, under the Monetary
Authority of Singapore Act 1970, as in force immediately before the dates ofcommencement of clause 205(2)(a), (b), (c) or (d) (as the case may be) of the Bill.
Clause 220 contains saving and transitional provisions for the exercise of any
power by the Minister under Division 2, 3, 4 or 4A of Part 4B of the Monetary
Authority of Singapore Act 1970 (as in force immediately before the date ofcommencement of clause 209(3) of the Bill), in relation to certain corporations,licensees and approved trustees, for the purposes of sections 14(1)(e), 46H(1)(da),56(1)(da), 81Z(1)(da), 95(2)(ea) and 289(4A) of the Securities and Futures
Act 2001. The clause also contains saving and transitional provisions for —(a) any prohibition order made under section 101A(1) or 123ZZC(1) of
the Securities and Futures Act 2001, as in force immediately before thedate of commencement of clause 209(1)(a), (c) and (d), (4) to (14),(17) and (18) of the Bill; and(b) a prohibition order to continue to be made under sections 101A(1) and
123ZZC(1) of the Securities and Futures Act 2001, as in force
immediately before the date of commencement of clause 209(1)(a), (c)and (d), (4) to (14), (17) and (18) of the Bill, under certain
circumstances.
Clause 221 contains a saving and transitional provision for the exercise of any
power by the Minister under Division 2, 3, 4 or 4A of Part 4B of the Monetary
Authority of Singapore Act 1970 (as in force immediately before the date ofcommencement of clause 210 of the Bill), in relation to certain licensed trust
companies, for the purposes of section 10(2)(e) of the Trust Companies Act 2005.
Clause 222 empowers the Minister to make regulations of a saving andtransitional nature for a limited time.
The First Schedule sets out the services that are digital token services, and theservices that are not digital token services, for the purposes of the definition ofdigital token service in clause 136(1). In addition, Part 3 of the First Scheduledefines certain terms used in that Schedule.

391

The Second Schedule sets out certain persons to whom the requirement to havein force a licence to carry on a business of providing digital token services underclause 137(5) of the Bill does not apply.

EXPENDITURE OF PUBLIC MONEYThis Bill will not involve the Government in any extra financial expenditure.

392

TABLE OF DERIVATIONSThis Table of Derivations is provided for the convenience of users of the Act.
It is not part of the Act.
Financial Services and Markets Bill 2022
Section Heading

Derivations

ClauseMonetary
Authority ofSingaporeAct 1970

Others(Section).

.

PRELIMINARYPART 1

Short title andcommencement

1

—

—

Interpretation

2

—

—

GENERAL POWERSOVER FINANCIAL
INSTITUTIONSPART 2

Power to issue
directions to financial
institutions

3

27

—

Power to approvefinancial institutions andcontrol their operations

4

28

—

Fees

5

29

—

PROHIBITIONORDERPART 3General provisions on
prohibition order

Division 1

Interpretation of this
Part

6

—

—

Power of Authority tomake prohibition orders

7—

Section 68 of FAA
Section 74 of IA
Sections 101A and
123ZZC of SFA

393

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Effect of prohibition
orders8

Variation or revocationof prohibition orders

9

Date and effect ofprohibition orders

10

Power of Authority to
publish information

11

Records of prohibition
orders12—

Section 69 of FAA
Sections 101B and
123ZZD of SFA—

Section 70 of FAA
Sections 101C and
123ZZE of SFA—

Section 71 of FAA
Sections 101D and
123ZZF of SFA—

Section 77 of FAA
Section 322 of SFA—

Section 72(2)of FAA
Sections 101A(7)and 123ZZC(6)of SFA

Appeals on prohibition
orders andmiscellaneous

Division 2

Appeals to Minister

13—

Section 119 of FAA
Section 127 of IA
Section 310 of SFA

Appeal Advisory
Committees

14—

Section 120 of FAA
Section 128 of IA
Section 311 of SFA

394

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
POWERSREGARDING
INTERNATIONALOBLIGATIONS ANDPREVENTION OF
MONEY
LAUNDERING AND
TERRORISM
FINANCING, AND
ASSISTANCE TO
FOREIGN
AUTHORITIES ANDDOMESTIC
AUTHORITIESCONCERNING
MONEY
LAUNDERING,TERRORISM
FINANCING AND
OTHER OFFENCES

PART 4

Power to issue
directions or makeregulations

Division 1

Directions or
regulations to discharge
Government’s
international obligations

15

27A(1) to (5)—Requirements forprevention of money
laundering and terrorism
financing

16

27B

—

395

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Assistance to foreignauthorities and domestic
authorities for theirsupervisory functions
and other actions in
respect of money
laundering, terrorism
financing and otheroffences

Division 2

General provisions

Subdivision (1)Interpretation of this
Division

17

152

—

Purposes of this
Division

18

153

—

Assistance to AML/CFT
authorities

Subdivision (2)Conditions for provisionof assistance to
AML/CFT authority

19

154

—

Assistance that may berendered to AML/CFT
authority

20

155

—

Assistance to domestic
authorities

Subdivision (3)Conditions for provisionof assistance to domestic
authority

21

156

—

Assistance that may berendered to domestic
authority

22

157

—

396

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Additional provisions
for Subdivisions (2)and (3)

Subdivision (4)Offences under this
Division

23

158

—

Immunities

24

159

—

Authority may provide
assistance

25

160

—

Inspection by AML/CFT
authority

Subdivision (5)Conditions forinspection by
AML/CFT authority

26

161

—

Duty of financial
institution underinspection

27

162

—

Confidentiality ofinspection reports

28

163

—

—

—

TECHNOLOGY RISKMANAGEMENTPART 5

Power of Authority inrelation to technology
risk management

29

DISPUTERESOLUTIONSCHEMESPART 6

Interpretation of this
Part

30

—

—

Approval of dispute
resolution schemes

31

28A(1)

Regulation 2 of
MAS (DRS)
Regulations 2007

397

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Approval of chief
executive officer anddirectors of dispute
resolution scheme
operator

32—

Regulations 9 and
9A of MAS (DRS)
Regulations 2007

Removal of chief
executive officer ordirector of dispute
resolution scheme
operator

33——

Appeals to Minister

34

—

—

Approval of amendment
to constitution of dispute
resolution scheme
operator

35—

Regulation 8 of
MAS (DRS)
Regulations 2007

Requirement for
financial institution to
be member of approved
dispute resolution
scheme36

28A(2) to (5)—Protection frompersonal liability

37

—

—

Regulations for this Part

38

28A(6) and (7)—CONTROL OVERFINANCIALINSTITUTIONSPART 7

General provisions

Division 1

Application andinterpretation of this
Part

39

31

—

Information of
insolvency, etc.

40

32

—

398

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Action by Authority if
relevant financial
institution unable tomeet obligations, etc.

41

33

—

Effect of assumption ofcontrol under section 41

42

34

—

Duration of control

43

35

—

Responsibilities ofofficers, member, etc.,of relevant financial
institution

44

36

—

Remuneration and
expenses of Authority
and others in certain
cases

45

37

—

Voluntary transfer ofbusiness of relevant
financial institution

46

38

—

Approval of transfer ofbusiness of relevant
financial institution

47

39

—

Disqualification or
removal of director or
executive officer of
relevant financial
institution

48

40

—

Provisions as tocompromise or
arrangement relating tocertain financial
institutions, etc.

49

40A

—

Regulations for this Part

50

41

—

399

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Recovery and resolution
planning

Division 2

Notice concerning
recovery and resolution
plans

51

42

—

Direction for recovery
plan and its
implementation

52

43

—

Resolution planning

53

44

—

Power to direct removalof impediments

54

45

—

Appeal against direction
to remove impediment

55

46

—

Provisions concerning
directions and notices
under this Division

56

47

—

Offences under this
Division

57

48

—

RESOLUTION OF
FINANCIALINSTITUTIONSPART 8General provisions

Division 1

Interpretation of this
Part

58

49

—

Exercise of powers
under Divisions 2, 4, 5
and 6 of this Part

59

50

—

Directions or
regulations concerning
persons that have ceased
to be specified financial
institutions

60

51

—

400

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Directions and notices
issued under this Act orother MAS scheduled
Act to continue to apply
to persons who cease to
be specified financial
institutions

61

52

—

Moratorium

62

53

—

General provisions as towinding up

63

54

—

Power of Court to takeaction against directors
and executive officers

64

55

—

Compulsory transfer ofbusiness of pertinent
financial institution

Division 2

Interpretation of this
Division

65

56

—

Compulsory transfer ofbusiness

66

57

—

Certificate of transfer

67

58

—

Moratorium, avoidanceof disposition ofproperty, etc.

68

59

—

Reverse transfer ofbusiness and onward
transfer of business

Division 3

Interpretation of this
Division

69

60

—

Reverse transfer ofbusiness

70

61

—

Reverse transfer
certificate

71

62

—

401

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Onward transfer ofbusiness

72

63

—

Onward transfer
certificate

73

64

—

Compulsory transfer ofshares of pertinent
financial institution

Division 4Interpretation of this
Division

74

65

—

Compulsory transfer ofshares

75

66—

Certificate of transfer

76

67

—

Compulsory
restructuring of sharecapital of pertinent
financial institution

Division 5Interpretation of this
Division

77

68

—

Compulsory
restructuring of sharecapital78

69—

Certificate ofrestructuring of sharecapital79

70—

Bail-in powers

Division 6

Interpretation of this
Division

80

71

—

Exercise of powers
under this Division

81

72

—

Determination by
Authority

82

73

—

402

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Approval by Minister ofdetermination

83

74

—

Bail-in certificate

84

75

—

Effects of bail-in
certificate

85

76

—

Moratorium

86

77

—

Significant shareholder
by reason of bail-in
certificate

87

78

—

Directions for disposal

88

79

—

Offence8980—

Restriction on eligible
instruments

90

81

—

Termination rights

Division 7

Interpretation of this
Division

91

82

—

Effect of resolution
measure on contracts
where substantive
obligations continue tobe performed

92

83

—

Right to temporarilysuspend terminationright for contracts
because of resolution
measure93

84—

When suspension takes
effect

94

85

—

403

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Assistance to foreign
resolution authorities
and domestic authorities

Division 8Interpretation of this
Division

95

86

—

Conditions for provisionof assistance to foreign
resolution authority

96

87

—

Other factors to consider
for provision ofassistance to foreign
resolution authority

97

88

—

Assistance that may berendered to foreign
resolution authority

98

89

—

Assistance to domestic
authority

99

90

—

Offences under this
Division

100

91

—

Immunity for providing
material, etc.

101

92

—

Recognition of foreign
resolutions

Division 9

Interpretation of this
Division

102

93

—

Determination overforeign resolution

103

94

—

Order to give effect toforeign resolution

104

95

—

Directions

105

96

—

Offence

106

97

—

404

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Resolution funding

Division 10

Interpretation of this
Division

107

98

—

Establishment of
resolution fund

108

99

—

Trustee of resolution
fund

109

100

—

Withdrawal fromresolution fund

110

101

—

Recovery of sums
withdrawn

111

102

—

Claim from financial
institution underresolution

112

103

—

Computation and noticeof levy

113

104

—

Payment of levy bysimilar financial
institutions, participantsof market infrastructure
on lump sum basis, orparticipants of payment
system operated by
payment system
operator

114

105

—

Payment of levy byparticipants of market
infrastructure ontransaction basis

115

106

—

Recovery, refund andremission of levies andlate payment fees, etc.

116

107

—

Disclosure of
information on levy

117

108

—

405

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Use of resolution fund to
pay loan, etc., andbalance in resolution
fund

118

109

—

Priority of debt offinancial institution totrustee

119

110

—

Regulations for this
Division

120

111

—

Compensation

Division 11

Interpretation of this
Division

121

112

—

Meaning of “worse off
as a result of theresolution”

122

113

—

Eligibility forcompensation

123

114

—

Appointment of valuer

124

115

—

Valuation

125

116

—

Access to information
by valuer

126

117

—

Confidentiality and useof information

127

118

—

Disclosure of valuation
report

128

119

—

Appeals

129

120

—

406

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Miscellaneous

Division 12

Notices to significant
associated entities of
specified financial
institutions

130

121

—

Modification of law ofinsolvency

131

122

—

Power to obtain
information under this
Part

132

123

—

Immunity for officer of
specified financial
institution or significant
associated entity

133

124

—

Cessation of
moratorium, etc., under
this Part

134

125

—

Regulations for this Part

135

126

—

—

Section 2 of PSA

DIGITAL TOKENSERVICEPROVIDERSPART 9Preliminary

Division 1

Interpretation of this
Part

136

Licensing of digitaltoken service providers

Division 2

Licensing of digitaltoken service providers

Subdivision (1)Licensing of digitaltoken service providers

137

—

—

Application for licence

138—

Section 6(1) and (7)to (16) of PSA

407

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Holding out as licensee

139—

Section 8 of PSA

Annual fees of licensees

140—

Section 10 of PSA

Lapsing, surrender,
revocation orsuspension of licence

141—

Section 11 of PSA

Appeals to Minister

142—

Section 12 of PSA

Conduct of businessSubdivision (2)Place of business oflicensee

143—

Section 14(1) to (4)and (9) to (10)of PSA

Obligation of licensee tonotify Authority ofcertain events

144—

Section 15 of PSA

Obligation of licensee toprovide information to
Authority

145—

Section 16 of PSA

Obligation of licensee tosubmit periodic reports

146—

Section 17 of PSA

Prohibition fromcarrying on certain
businesses

147—

Section 20(1) and (4)to (5) of PSA

Control of controllers oflicensees

Subdivision (3)Application andinterpretation of thisSubdivision

148—

Section 27 of PSA

Control of shareholdingin licensee

149—

Section 28 of PSA

Objection to existing
control of licensee

150—

Section 29 of PSA

408

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Power of Authority toissue directions for thisSubdivision

151—

Section 30 of PSA

Power of Authority toobtain information
relating to thisSubdivision

152—

Section 31 of PSA

Offences, penalties anddefences

153—

Section 32 of PSA

Appeals to Minister

154—

Section 33 of PSA

Control of officers oflicensees

Subdivision (4)Approval of chief
executive officer,
director, partner ormanager of licensee

155—

Section 34 of PSA

Removal of chief
executive officer,
director, partner ormanager

156—

Section 35 of PSA

Appeals to Minister

157—

Section 36 of PSA

Audit of licensees

Subdivision (5)Auditing

158—

Section 37 of PSA

Powers of auditor
appointed by Authority

159—

Section 38 of PSA

Restriction on auditor’sand employee’s right tocommunicate certain
matters

160—

Section 39 of PSA

Offence to destroy,
conceal, alter, etc.,
records

161—

Section 40 of PSA

409

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Offences

Division 3

Falsification of records
by officers, etc.

162—

Section 93 of PSA

General penalty

163—

Section 95 of PSA

Miscellaneous

Division 4Power of court to makecertain orders

164—

Section 99 of PSA

Codes, guidelines, etc.,
by Authority

165—

Section 101 of PSA

Power of Authority toissue written notice

166—

Section 102 of PSA

Power of Authority tomake regulations

167—

Section 103(2)of PSA

INSPECTION
POWERS OF
AUTHORITY

PART 10

Interpretation of this
Part

168

—

—

Inspection by Authority

169

27C

—

Obligation of relevant
person under inspection,
etc.

170

27D and 150(2)to (6)—

Confidentiality ofinspection reports

171

27E

—

Authority may transmit
information from
inspection tocorresponding authority

172

27F

—

410

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Self-incrimination

173

89(5)

Section 51 of CBA
Section 78 of FAA
Section 75 of PSA
Section 145 of SFA

OFFENCESPART 11

Offences bycorporations

174

Offences byunincorporated
associations orpartnerships

175

General duty to use
reasonable care not toprovide false
information to Authority

176

28B

Section 60 of CBA
Section 90 of PSA

28B

Section 61 of CBA
Section 91 of PSA—

Section 114 of FAA
Section 142(1) of IA
Section 94 of PSA
Section 329 of SFA

Composition of offences
MISCELLANEOUS

177

176

—

PART 12Agents17830—

Appointment ofassistants

179

13B

Section 75 of FAA
Section 137 of IA
Section 4 of PSA
Section 320 of SFA

Consent of Public
Prosecutor

180

173

—

Jurisdiction of Courts

181

175

—

Opportunity to be heard

182—

Section 124 of FAA
Section 98 of PSA
Section 316 of SFA

411

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Recovery of fees,
expenses, etc.

183

177

—

Publication of certain
information

184—

Section 77 of FAA
Section 104 of PSA
Section 322 of SFA

Disclosure of
information

185—

Section 121 of FAA
Section 129 of IA
Section 312 of SFA

Service of documents

186—

Section 105 of PSA

Electronic service

187—

Section 106 of PSA

Guidelines on Fit andProper Criteria

188

—

—

Exemption

189

178

Section 100 of PSA

Amendment of
Schedules

190—

Section 5 of FAA
Section 153 of IA
Section 340 of SFA

Power of Minister tomake regulations for orin respect to appeals

191—

Section 122 of FAA
Section 130 of IA
Section 313 of SFA

Power of Authority tomake regulations

192—

Section 135 of FAA
Section 154 of IA
Section 103 of PSA
Section 341 of SFA

412

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
CONSEQUENTIAL
AND RELATEDAMENDMENTS TOOTHER ACTS

PART 13

Amendment of Banking
Act 1970

193

—

—

Amendment ofCompanies Act 1967

194

—

—

Amendment ofCorruption, Drug
Trafficking and Other
Serious Crimes(Confiscation ofBenefits) Act 1992

195

—

—

Amendment of Credit
Bureau Act 2016

196

—

—

Amendment of Criminal
Procedure Code 2010

197

—

—

Amendment of Deposit
Insurance and Policy
Owners’ Protection
Schemes Act 2011

198

—

—

Amendment of Finance
Companies Act 1967

199

—

—

Amendment of
Financial Advisers
Act 2001

200

—

—

Amendment of
Financial Holding
Companies Act 2013

201

—

—

Amendment of Income
Tax Act 1947

202

—

—

413

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Amendment of
Insolvency,
Restructuring andDissolution Act 2018

203

—

—

Amendment of
Insurance Act 1966

204

—

—

Amendment ofMonetary Authority ofSingapore Act 1970

205

—

—

Amendment of Mutual
Assistance in Criminal
Matters Act 2000

206

—

—

Amendment of Payment
Services Act 2019

207

—

—

Amendment of Precious
Stones and Precious
Metals (Prevention of
Money Laundering andTerrorism Financing)Act 2019

208

—

—

Amendment ofSecurities and Futures
Act 2001

209

—

—

Amendment of Trust
Companies Act 2005

210

—

—

Amendment of United
Nations Act 2001

211

—

—

Amendment of Variable
Capital Companies
Act 2018

212

—

—

Amendment ofSecurities and Futures(Amendment) Act 2017

213

—

—

414

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Amendment of
Financial Services andMarkets Act 2022
SAVINGS AND
TRANSITIONALPROVISIONS

214

—

—

PART 14

Saving and transitional
provisions in relation toamendments to Banking
Act 1970

215

—

—

Saving and transitional
provisions in relation toamendments to Finance
Companies Act 1967

216

—

—

Saving and transitional
provisions in relation toamendments to
Financial Advisers
Act 2001

217

—

—

Saving and transitional
provisions in relation toamendments toInsurance Act 1966

218

—

—

Saving and transitional
provisions in relation toamendments to
Monetary Authority ofSingapore Act 1970

219

—

—

Saving and transitional
provisions in relation toamendments toSecurities and Futures
Act 2001

220

—

—

415

Financial Services and Markets Bill 2022
Section Heading

ClauseDerivations
Monetary
Authority ofSingaporeAct 1970

Others(Section)
Saving and transitional
provisions in relation toamendments to Trust
Companies Act 2005

221

—

—

Other saving andtransitional provisions

222

—

—

Digital token services

First Schedule——Excluded persons

Second Schedule——Abbreviations
CBA

Credit Bureau Act 2016

FAA

Financial Advisers Act 2001

IA

Insurance Act 1966

PSA

Payment Services Act 2019

SFA

Securities and Futures Act 2001

MAS (DRS)
Regulations 2007

Monetary Authority of Singapore (Dispute
Resolution Schemes) Regulations 2007 (S 436/2007)