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Formal Consolidation | Amended Act 28 of 2000
Directions to discharge Government’s international obligations
27A.—(1) The Authority may, from time to time, issue such directions to a financial institution or class of financial institutions as the Authority considers necessary 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.
(2) A financial institution to which a direction is issued shall comply with it notwithstanding any other duty imposed on the financial institution by any rule of law, written law or contract; and the financial institution shall not in carrying out any act in compliance with the direction be treated as being in breach of any such rule of law, written law or contract.
(3) A financial institution shall not disclose any direction issued to it 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.
(4) A financial institution which fails or refuses to comply with a direction issued to it, or which discloses a direction issued to it in contravention of subsection (3), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.
[28/2000 wef 01/11/2000]
Informal Consolidation | Amended Act 42 of 2007
Directions or regulations to discharge Government’s international obligations
27A.—(1) The Authority may, from time to time —
(a)
issue such directions to a financial institution or class of financial institutions; and
(b)
make such regulations concerning any financial institution or class of financial institutions or relating to the activities of any financial institution or class of financial institutions,
as the Authority considers necessary 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.
(2) A financial institution to which a direction is issued under subsection (1)(a) or which is bound by any regulations made under subsection (1)(b) shall comply with the direction or regulations notwithstanding any other duty imposed on the financial institution by any rule of law, written law or contract.
(3) A financial institution shall not in carrying out any act in compliance with any direction or regulations made under subsection (1) be treated as being in breach of any such rule of law, written law or contract.
(4) A financial institution shall 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.
[28/2000 wef 01/11/2000]
(5) A financial institution which —
(a)
fails or refuses to comply with a direction issued to it;
(b)
contravenes any regulations made under subsection (1)(b); or
(c)
discloses a direction issued to it in contravention of subsection (4),
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1 million.
[13/2007 wef 30/06/2007]
[42/2007 wef 01/11/2007]
(6) In this section, “financial institution” means —
(a)
any bank licensed under the Banking Act (Cap. 19);
(b)
any finance company licensed under the Finance Companies Act (Cap. 108);
(c)
any person that is approved as a financial institution under section 28;
[13/2007 wef 30/06/2007]
(d)
any money-changer licensed to conduct money-changing business, or any remitter licensed to conduct remittance business, under the Money-changing and Remittance Businesses Act (Cap. 187);
(e)
any insurer registered or regulated under the Insurance Act (Cap. 142);
(f)
any insurance intermediary registered or regulated under the Insurance Act;
(g)
any licensed financial adviser under the Financial Advisers Act (Cap. 110);
(h)
any approved holding company, securities exchange, futures exchange, recognised market operator, designated clearing house or holder of a capital markets services licence under the Securities and Futures Act (Cap. 289);
(i)
any trustee for a collective investment scheme authorised under section 286 of the Securities and Futures Act, that is approved under that Act;
(j)
any trustee-manager of a business trust that is registered under the Business Trusts Act (Cap. 31A);
(k)
any licensed trust company under the Trust Companies Act (Cap. 336);
(ka)
any holder of a stored value facility under the Payment Systems (Oversight) Act (Cap. 222A); and
[42/2007 wef 1/11/2007]
(l)
any other person licensed, approved, registered or regulated by the Authority under any written law,
but does not include such person or class of persons as the Authority may, by regulations made under this section, prescribe.
[13/2007 wef 30/06/2007]
(7) For the purpose of subsection (6), a reference to a person being licensed, approved, registered or regulated under any of the laws referred to in that subsection includes a person who is exempted under the relevant law from being licensed, approved, registered or regulated.