Banking Act 1970
Table of Contents
Long Title
Part 1 PRELIMINARY
1 Short title
2 Interpretation
Part 2 APPOINTMENT OF ASSISTANTS
3 Appointment of assistants
Part 3 LICENSING OF BANKS
4 Licensing of banks
4A Restriction on deposit-taking business and soliciting deposits
4B Application of section 4A
4C Examination of persons suspected of contravening section 4A and access to premises
5 Use of word "bank"
5A Use of bank name, etc.
6 Examination of persons suspected of transacting banking business and access to premises
7 Application for bank licence or variation of condition as to banking business
8 Licence fees
9 Minimum capital requirements
9A Capital requirements for qualifying subsidiaries
10 Risk-based capital requirements
10A Leverage ratio requirement
10B Public disclosure requirement
10C Stable funding requirement
11 (Repealed)
11A Appeal to Minister
12 New place of business and change of location of existing place of business
13 Fees to be paid in respect of branches of banks
13A Registration of representative office
14 Mergers
14A Approval by Minister for merger of certain banks
14B Condition for issue of certificate of approval
14C Effect of merger
15 Application and interpretation of sections 15A to 18
15A Control of substantial shareholdings in designated financial institutions
15B Control of shareholdings and voting power in designated financial institutions
15C Approval of applications
15D Power to exempt and make further transitional provisions
15E Objection to existing control of designated financial institutions, and notification of Authority of contravention, etc.
16 Power to make directions
17 Offences, penalties and defences
18 Power of Authority to obtain information
19 Amendment of bank’s constitution
20 Revocation of bank licence
21 Effect of revocation of bank licence
Part 4 RESERVE FUNDS, DIVIDENDS, balance sheets AND INFORMATION
22 (Repealed)
23 Maintenance of adequate provision for bad and doubtful debts
24 (Repealed)
25 Publication and exhibition of audited accounts
26 Information to be provided by banks
27 Information on exposures, etc., to related parties
28 Disclosure of interest by directors
Part 5 PROHIBITED BUSINESS
29 Exposures and credit facilities resulting in concentration risk
29A Credit facilities, exposures and transactions that may result in conflict of interest
30 Businesses which banks in Singapore may carry out
31 Limit on equity investments
32 Major stake in entity
33 Immovable property
34 Grace period for sections 30 to 33
35 Exposure to immovable property sector
36 (Repealed)
37 (Repealed)
Part 6 MINIMUM ASSET REQUIREMENTS
38 Liquid assets requirement
39 Minimum cash balances
39A Use of minimum cash balances in liquidity stress situation
40 Asset maintenance requirement
Part 7 POWERS OF CONTROL OVER BANKS, ETC.
40A Interpretation of this Part
41 Regulation of interest rates of banks
42 Recommendations to banks concerning credits and investments
43 Inspection of banks and their local subsidiaries
44 Special investigation of banks
44A Provisions supplementary to sections 43 and 44
45 Inspection in Singapore by parent supervisory authority
46 Confidentiality of inspection and investigation reports
46A (Repealed)
46B Inspection outside Singapore of subsidiaries of banks incorporated in Singapore
47 Privacy of customer information
47A Relevant services obtained or received by bank in Singapore
48 Information of insolvency, etc.
48AA Information of material adverse development, etc.
48A Interpretation of sections 49 to 53
49 Action by Authority if bank is unable to meet obligations, etc., or is conducting business to detriment of depositors
50 Effect of assumption of control under section 49
51 Duration of control
52 Responsibilities of officers, member, etc., of bank
53 Remuneration and expenses of Authority and others in certain cases
53A Appointment of chief executive officer and other persons
54 Disqualification or removal of director or executive officer
54A (Repealed)
54B (Repealed)
55 Notices to banks
Part 7A TRANSFER OF BUSINESS
Division 1 — Transfer of business of bank
55A Interpretation of this Division
55B Conditions for transfer of business
55BA Power to require incorporation and transfer of business
55C Approval of transfer
Division 2 — [Repealed by Act 10 of 2013]
55D (Repealed)
55E (Repealed)
55F (Repealed)
55G (Repealed)
Division 3 — [Repealed by Act 10 of 2013]
55H (Repealed)
55I (Repealed)
55J (Repealed)
Division 4 — [Repealed by Act 10 of 2013]
55K (Repealed)
55L (Repealed)
55M (Repealed)
Division 5 — Miscellaneous
55N Power to obtain information under this Part
55O (Repealed)
55P Regulations for this Part
Part 7B MERCHANT BANKS
Division 1 — Interpretation and application of provisions in Parts 3 to 7A
55Q Interpretation of this Part
55R Application of provisions in Parts 3 to 7A
Division 2 — Licensing of merchant banks, etc.
55S Application for merchant bank licence
55T Minimum capital requirements of merchant banks
55U Restrictions on merchant banks in Singapore accepting or soliciting deposit or raising money in Singapore dollars
55V Businesses that merchant banks in Singapore may carry on
55W Duty to inform Authority of change in shareholding
55X Shareholder must be fit and proper person
55Y Duty to inform Authority if shareholder, etc., is not fit and proper person
55Z Power of Authority to obtain information
55ZA Revocation of merchant bank licence
55ZB Application of provisions in Part 3
Division 3 — Balance sheets and information
55ZC Maintenance of adequate provisions for bad and doubtful debts
55ZD Application of provisions in Part 4
Division 4 — Additional restrictions on business of merchant banks
55ZE Exposures and credit facilities resulting in concentration risk
55ZF Application of provisions in Part 5
Division 5 — Minimum asset requirements
55ZG Application of provisions in Part 6
Division 6 — Powers of control over merchant banks, etc.
55ZH Regulation of interest rates of merchant banks
55ZI Privacy of customer information
55ZJ Application of other provisions in Part 7
Division 7 — Transfer of business of merchant banks
55ZK Application of provisions in Part 7A
Division 8 — Application of Fifth Schedule
55ZL Application of Fifth Schedule
Part 8 CREDIT CARD AND CHARGE CARD BUSINESSES
56 Interpretation of this Part
57 Restrictions on issuing and promoting credit card and charge card
57A Application to be licensed credit card or charge card issuer
57B Requirements for grant of licence
57C Licence fees
57D Power of Authority to issue written directions
57E Revocation of licence
57EA Place of business
57EB Information to be provided on business of issuing credit cards or charge cards
57F Inspection and investigation
57FA Appointment of chief executive officer and other persons
57FB Disqualification or removal of director or executive officer
57FC Application and interpretation of sections 57FD and 57FE
57FD Control of shareholdings and voting power in licensee
57FE Approval of applications
57G Non-application of this Part
Part 9 MISCELLANEOUS
58 Auditing
59 Clearing House settlements and control over Clearing House
60 Declaration of holidays
61 Priority of specified liabilities
62 Priority of specified liabilities inter se
62A Priorities for set-off in winding up of bank
62B Priority of specified liabilities for merchant banks
63 Redemption of securities held by bank or merchant bank under liquidation
64 Execution of instruments under seal
65 Power of Authority to secure compliance with Act
65A Power of Authority to secure compliance by merchant bank
66 Offences by directors or executive officers and false or misleading information
67 Offences by directors, employees and agents
68 (Repealed)
69 Composition of offences
70 Publication of information on banks and merchant banks
71 General penalty
72 Offences triable in District Court
73 Consent of Public Prosecutor
74 Recovery of fees, expenses, etc.
74A Power to refund, reduce, etc., financial penalty
75 Operation of this Act not to affect Companies Act 1967
75A Service of documents, etc.
75B Electronic service
76 Exemption
76A Authority’s powers of exemption
77 (Repealed)
77A Amendment of Schedules
78 Regulations
79 Transitional licensing provisions
Legislative History
Abbreviations