Monetary Authority of Singapore Act 1970
Table of Contents
Long Title
Part 1 PRELIMINARY
1 Short title
2 General interpretation
Part 2 ESTABLISHMENT, CAPITAL AND ADMINISTRATION OF AUTHORITY
3 Establishment of Authority
4 Principal objects and functions of Authority
5 Paid-up capital
6 General Reserve Fund
6A Transfer of Currency Fund to Authority’s accounts
7 Board of directors
8 Appointment of directors
9 Appointment of managing director
10 Disqualification of directors
11 Vacancies in office of director
11A Presidential concurrence
12 Meetings and decisions of board
13 Director’s interest in contract to be made known
13A Appointment of committees and delegation of powers
13B Appointment of assistants
14 Interpretation of sections 14A, 14B and 14C
14A Preservation of secrecy
14B Improper use of information
14C Unauthorised re-identification of anonymised information
14D Power of Authority to make regulations for sections 14A, 14B and 14C
15 Remuneration not to be related to profits
16 Public servants and public officers
Part 3 PROVISIONS RELATING TO STAFF, ETC.
17 Appointment of employees
18 Transfer of employees
19 Pension schemes, provident fund, etc.
20 No entitlement in respect of abolition or reorganisation of office
21 (Repealed)
22 Immunity of Authority, directors and employees, etc.
22A Indemnity for Authority’s officers against cost of action to which section 22 applies
Part 4 POWERS, DUTIES AND FUNCTIONS OF AUTHORITY
23 Powers, duties and functions of Authority
24 Investment of funds
25 Authority as a banker to, and financial agent of, Government and manager of its external assets
26 Special loans to banks, financial institutions, etc.
27 Power to issue directions to financial institutions
27A Directions or regulations to discharge Government’s international obligations
27B Requirements for prevention of money laundering and terrorism financing
27C Inspection of financial institutions for compliance with directions and regulations under sections 27A and 27B
27D Obligation of financial institution under inspection
27E Confidentiality of inspection reports
27F Authority may transmit information from inspection to corresponding authority
28 Power to approve financial institutions and control their operations
28A Power of Authority in relation to dispute resolution schemes
28B Corporate offenders and unincorporated associations
29 Fees
29A Real-time gross settlement system
30 Agents
Part 4A CONTROL OVER FINANCIAL INSTITUTIONS
Division 1 — General provisions
31 Application and interpretation of this Part
32 Information of insolvency, etc.
33 Action by Authority if relevant financial institution unable to meet obligations, etc.
34 Effect of assumption of control under section 33
35 Duration of control
36 Responsibilities of officers, member, etc., of relevant financial institution
37 Remuneration and expenses of Authority and others in certain cases
38 Voluntary transfer of business of relevant financial institution
39 Approval of transfer of business of relevant financial institution
40 Disqualification or removal of director or executive officer of relevant financial institution
40A Provisions as to compromise or arrangement relating to certain financial institutions, etc.
41 Power of Authority to make regulations for this Part
Division 2 — Recovery and resolution planning
42 Notice concerning recovery and resolution plans
43 Direction for recovery plan and its implementation
44 Resolution planning
45 Power to direct removal of impediments
46 Appeal against direction to remove impediment
47 Provisions concerning directions and notices under this Division
48 Offences under this Division
Part 4B RESOLUTION OF FINANCIAL INSTITUTIONS
49 Interpretation of this Part
50 Exercise of powers under Divisions 2, 3, 4 and 4A of this Part
51 Directions or regulations concerning persons that have ceased to be specified financial institutions
52 Directions and notices issued under Act or written laws in Schedule to continue to apply to persons who cease to be specified financial institutions
53 Moratorium
54 General provisions as to winding up
55 Power of Court to take action against directors and executive officers
Division 2 — Compulsory transfer of business of pertinent financial institution
56 Interpretation of this Division
57 Compulsory transfer of business
58 Certificate of transfer
59 Moratorium, avoidance of disposition of property, etc.
Division 2A — Reverse transfer of business and onward transfer of business
60 Interpretation of this Division
61 Reverse transfer of business
62 Reverse transfer certificate
63 Onward transfer of business
64 Onward transfer certificate
Division 3 — Compulsory transfer of shares of pertinent financial institution
65 General provisions
66 Compulsory transfer of shares
67 Certificate of transfer
Division 4 — Compulsory restructuring of share capital of pertinent financial institution
68 Interpretation of this Division
69 Compulsory restructuring of share capital
70 Certificate of restructuring of share capital
Division 4A — Bail-in powers
71 Interpretation of this Division
72 Exercise of powers under this Division
73 Determination by Authority
74 Approval by Minister of determination
75 Bail-in certificate
76 Effects of bail-in certificate
77 Moratorium
78 Significant shareholder by reason of bail-in certificate
79 Directions for disposal
80 Offence
81 Restriction on eligible instruments
Division 4B — Termination rights
82 Interpretation of this Division
83 Effect of resolution measure on contracts where substantive obligations continue to be performed
84 Right to temporarily suspend termination right for contracts because of resolution measure
85 When suspension takes effect
Division 5 — Assistance to foreign resolution authorities and domestic authorities
86 Interpretation of this Division
87 Conditions for provision of assistance to foreign resolution authority
88 Other factors to consider for provision of assistance to foreign resolution authority
89 Assistance that may be rendered to foreign resolution authority
90 Assistance to domestic authority
91 Offences under this Division
92 Immunity for providing material, etc.
Division 5A — Recognition of foreign resolutions
93 General provisions
94 Determination over foreign resolution
95 Order to give effect to foreign resolution
96 Directions
97 Offence
Division 5B — Resolution funding
98 Interpretation of this Division
99 Establishment of resolution fund
100 Trustee of resolution fund
101 Withdrawal from resolution fund
102 Recovery of sums withdrawn
103 Claim from financial institution under resolution
104 Computation and notice of levy
105 Payment of levy by similar financial institutions, participants of market infrastructure on lump sum basis, or participants of payment system operator
106 Payment of levy by participants of market infrastructure on transaction basis
107 Recovery, refund and remission of levies and late payment fees, etc.
108 Disclosure of information on levy
109 Use of resolution fund to pay loan, etc., and balance in resolution fund
110 Priority of debt of financial institution to trustee
111 Regulations for this Division
Division 5C — Compensation
112 Interpretation of this Division
113 Meaning of "worse off as a result of the resolution"
114 Eligibility for compensation
115 Appointment of valuer
116 Valuation
117 Access to information by valuer
118 Confidentiality and use of information
119 Disclosure of valuation report
120 Appeals
Division 6 — Miscellaneous
121 Notices to significant associated entities of specified financial institutions
122 Modification of law of insolvency
123 Power to obtain information under this Part
124 Immunity for officer of specified financial institution or significant associated entity
125 Cessation of moratorium, etc., under this Part
126 Regulations for this Part
Part 5 FINANCIAL SECTOR DEVELOPMENT FUND
127 Establishment of Financial Sector Development Fund
128 Objects of Fund and expenditure of moneys of Fund
129 Investment
130 Financial year of Fund
131 Audit
132 Preparation and publication of financial statements and annual report of Fund
Part 5A BOOK-ENTRY SECURITIES ISSUED BY AUTHORITY
133 Interpretation of this Part
134 Issue of book-entry MAS securities
135 Transfers and pledges effected by Authority under book‑entry clearing system
136 Transfers and pledges effected by other means
137 Authority to be discharged by action on instructions
138 Confirmation of transaction
139 Payment of interest
140 Redemption of book-entry MAS securities
141 Early redemption
142 Invitation to take up book‑entry MAS securities and refusal of application
143 Securities lending arrangements
144 Power of Authority to make regulations for this Part
Part 5B PRIMARY DEALERS FOR SECURITIES ISSUED BY AUTHORITY
145 Appointment as primary dealer
146 Conditions of appointment as primary dealer
147 Directions to primary dealers
148 Cancellation, etc., of appointment as primary dealer
149 Appeal to Minister
150 Inspection of books
151 Power of Authority to make regulations for this Part
Part 5C ASSISTANCE TO FOREIGN AUTHORITIES AND DOMESTIC AUTHORITIES FOR THEIR SUPERVISORY AND OTHER ACTIONS IN RESPECT OF MONEY LAUNDERING, TERRORISM FINANCING AND OTHER OFFENCES
152 Interpretation of this Part
153 Purposes of this Part
Division 2 — Assistance to AML/CFT authorities
154 Conditions for provision of assistance to AML/CFT authority
155 Assistance that may be rendered to AML/CFT authority
Division 3 — Assistance to domestic authorities
156 Conditions for provision of assistance to domestic authority
157 Assistance that may be rendered to domestic authority
Division 4 — Additional provisions for Divisions 2 and 3
158 Offences under this Part
159 Immunities
160 Authority may provide assistance
Division 5 — Inspection by AML/CFT authority
161 Conditions for inspection by AML/CFT authority
162 Duty of financial institution under inspection
163 Confidentiality of inspection reports
Part 6 MISCELLANEOUS
164 Statistics
165 Authority’s financial year
166 Budget
167 Audit
168 Preparation and publication of financial statements and annual report
169 Borrowing from Authority by employees
170 Power to appoint attorney
171 Validity of acts and transactions of Authority
172 Guarantee by Government
173 Consent of Public Prosecutor
174 Legal officer of Authority may act for Authority in civil proceedings
175 Jurisdiction of District Court
176 Composition of offences
177 Recovery of fees, expenses, etc.
178 Exemption
179 Power of Authority to make regulations relating to objects and purposes of Act
180 Operation of Act not to affect Currency Act 1967
Legislative History
Abbreviations