Division 5 — Assistance to foreign resolution authorities
and domestic authorities
Interpretation of this Division
30AAZB.  In this Division, unless the context otherwise requires —
“domestic authority” means any ministry or department of the Government, any Organ of State in Singapore and any statutory body (other than the Authority) established under a public Act for a public function, and 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 (Cap. 77B);
“material” includes any information, book, document or other record in any form whatsoever, and any container or article relating thereto;
“prescribed written law” means the following Acts and the subsidiary legislation made under those Acts:
(a)this Act;
(b)the Banking Act (Cap. 19);
(c)the Deposit Insurance and Policy Owners’ Protection Schemes Act;
(d)the Finance Companies Act (Cap. 108);
(e)the Financial Advisers Act (Cap. 110);
(f)the Insurance Act (Cap. 142);
(g)the Money-changing and Remittance Businesses Act (Cap. 187);
(h)the Payment Systems (Oversight) Act (Cap. 222A);
(i)the Securities and Futures Act (Cap. 289);
(j)the Trust Companies Act (Cap. 336); and
(k)such other Act or Acts as the Authority may prescribe by regulations made under section 30AAZN;
“resolution” means any action by an authority (being an authority charged with responsibility for such action) to do either or both of the following:
(a)to maintain financial stability;
(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 a financial institution, and which, if not dealt with, may cause the financial institution to be no longer able to continue its business or operations as a financial institution;
“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 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.
[Act 9 of 2013 wef 18/04/2013]
Conditions for provision of assistance to foreign resolution authority
30AAZC.—(1)  The Authority may provide the assistance referred to in section 30AAZE to a resolution authority of a foreign country or territory, if the Authority is satisfied that all of the following conditions are fulfilled:
(a)the request by the resolution authority for assistance is received by the Authority on or after the date of commencement of section 10 of the Monetary Authority of Singapore (Amendment) Act 2013;
(b)the assistance is intended to enable the resolution authority, or any other authority of the foreign country or territory, to deal with the resolution of a financial institution;
(c)the resolution authority has given a written undertaking that any material or copy thereof obtained pursuant to its request shall not be used for any purpose other than a purpose that is specified in the request and approved by the Authority;
(d)the resolution authority has given a written undertaking not to disclose to a third party (other than a designated third party of the foreign country or territory in accordance with paragraph (e)) any material or copy thereof obtained pursuant to the request, unless the resolution authority is compelled to do so by the law or a court of the foreign country or territory;
(e)the resolution authority has given a written undertaking to obtain the prior consent of the Authority before disclosing any material received pursuant to the request to a designated third party, and to make such disclosure only in accordance with such conditions as may be imposed by the Authority;
(f)the material requested for is of sufficient importance to the resolution of a financial institution and cannot reasonably be obtained by any other means;
(g)the matter to which the request relates is of sufficient gravity; and
(h)the rendering of assistance will not be contrary to the public interest or the interests of the affected persons of the financial institution.
(2)  For the purposes of 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 is satisfied 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 functions of that person, body or authority, as the case may be.
[Act 9 of 2013 wef 18/04/2013]
Other factors to consider for provision of assistance to foreign resolution authority
30AAZD.  In deciding whether to grant a request for assistance referred to in section 30AAZE from a resolution authority of a foreign country or territory, the Authority may also have regard to the following:
(a)whether the resolution authority is preparing plans for 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 the financial institution;
(b)whether the resolution authority has given or is willing to give an undertaking to the Authority to comply with a future request by the Authority to the resolution authority for similar assistance;
(c)whether the resolution authority has given or is willing to give an undertaking to the Authority to contribute towards the costs of providing the assistance that the resolution authority has requested for.
[Act 9 of 2013 wef 18/04/2013]
Assistance that may be rendered to foreign resolution authority
30AAZE.—(1)  Notwithstanding 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 resolution authority of a foreign country or territory for assistance —
(a)transmit to the resolution authority any material in the possession of the Authority that is requested by the resolution authority or a copy thereof;
(b)order any person to furnish to the Authority any material that is requested by the resolution authority or a copy thereof, and transmit the material or copy to the resolution authority;
(c)order any person to make an oral statement to the Authority on any information requested by the resolution authority, record such statement, and transmit the recorded statement to the resolution authority; or
(d)request any ministry or department of the Government, or any statutory authority in Singapore, to furnish to the Authority any material that is requested by the resolution authority or a copy thereof, and transmit the material or copy to the resolution authority.
(2)  An order under subsection (1)(b) or (c) shall have effect notwithstanding 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.
(3)  Nothing in this section shall compel an advocate and solicitor, or a legal counsel referred to in section 128A of the Evidence Act (Cap. 97), to furnish or transmit any material or copy thereof that contains, or to disclose, a privileged communication made by or to him in that capacity.
(4)  An advocate and solicitor, or a legal counsel referred to in section 128A of the Evidence Act, who refuses to furnish or transmit any material or copy thereof that contains, or to disclose, any privileged communication shall nevertheless be obliged to give the name and address (if he knows them) of the person to whom, 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)(d) on the ground that the statement might tend to incriminate him but, where the person claims before making the statement that the statement might tend to incriminate him, that statement shall not be admissible in evidence against him in criminal proceedings other than proceedings for an offence under section 30AAZG.
[Act 9 of 2013 wef 18/04/2013]
Assistance to domestic authority
30AAZF.—(1)  Notwithstanding 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 its own motion or upon receiving a written request from 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 possession of the Authority or a copy thereof.
(2)  In deciding whether to transmit any material to a domestic authority under subsection (1), the Authority may have regard to the following:
(a)whether the assistance is intended to enable the domestic authority —
(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; or
(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 to give a written undertaking —
(i)that any material or copy thereof obtained pursuant to its request shall not be used for any purpose other than a purpose that is specified in the request and approved by the Authority; or
(ii)that any material or copy thereof transmitted by the Authority on its own motion shall not be used 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 thereof obtained pursuant to the request or transmitted by the Authority on its own motion, unless the domestic authority is compelled to do so by the law or the Court.
[Act 9 of 2013 wef 18/04/2013]
Offences under this Division
30AAZG.  Any person who —
(a)without reasonable excuse, refuses or fails to comply with an order under section 30AAZE(1)(b) or (c);
(b)in purported compliance with an order under section 30AAZE(1)(b), furnishes to the Authority any material or copy thereof known to the person to be false or misleading in a material particular; or
(c)in purported compliance with an order made under section 30AAZE(1)(c), makes a statement to the Authority that 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 $10,000 or to imprisonment for a term not exceeding 2 years or to both.
[Act 9 of 2013 wef 18/04/2013]
Immunity for furnishing material, etc.
30AAZH.—(1)  No liability, other than for an offence under section 30AAZG, shall lie against any person for —
(a)furnishing to the Authority any material or copy thereof, if he had furnished that material or copy with reasonable care and in good faith in compliance with an order made under section 30AAZE(1)(b);
(b)making a statement to the Authority with reasonable care and in good faith and in compliance with an order made under section 30AAZE(1)(c); or
(c)doing or omitting to do any act, if he had done or omitted to do the act with reasonable care and in good faith and as a result of complying with an order made under section 30AAZE(1)(b) or (c).
(2)  Any person who complies with an order made under section 30AAZE(1)(b) or (c) shall not be treated as being in breach of any restriction upon the disclosure of information or thing imposed by any prescribed written law or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct.
[Act 9 of 2013 wef 18/04/2013]