Division 6 — Miscellaneous
Notices to significant associated entities of specified financial institutions
30AAZI.—(1)  The Authority may, if it 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 the interests of the financial system in Singapore, by notice in writing to a significant 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 that the 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
(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, as part of the group of companies of the specified financial institution.
(2)  A significant associated entity of a specified financial institution shall comply with any direction given to the significant associated entity, or any requirement imposed on the significant associated entity, by any notice issued to the significant associated entity under subsection (1).
(3)  It shall not be necessary to publish any notice issued under subsection (1) in the Gazette.
(4)  Any significant associated entity (of a specified financial institution) which 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 exceeding $25,000 for every day or part thereof during which the offence continues after conviction.
(5)  In this section —
“Accounting Standards” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);
“group of companies”, in relation to a specified financial institution, means —
(a)the specified financial institution;
(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;
“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 of companies of the specified financial institution;
(b)which is not approved, authorised, designated, recognised, registered, licensed or otherwise regulated under this Act or any of the written laws set out in the Schedule; and
(c)which —
(i)is significant to the business 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 the group of companies of the specified financial institution; or
(ii)provides any service which is essential or necessary 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 the group of companies of the specified financial institution.
[Act 9 of 2013 wef 18/04/2013]
Modification of law of insolvency
30AAZJ.  Notwithstanding anything to the contrary in this Act, the Bankruptcy Act (Cap. 20) and the Companies Act (Cap. 50) —
(a)any sale, transfer, assignment or other disposition of any property or business of a pertinent financial institution pursuant to section 30AAS shall not be reversed, repaid or set aside; and
(b)no order shall be made by any court for the rectification or stay of any such sale, transfer, assignment or other disposition.
[Act 9 of 2013 wef 18/04/2013]
Power to obtain information under this Part
30AAZK.—(1)  The Minister or the Authority may require a person to furnish, within the period and in the manner specified by the Minister or the Authority, any information or document that the Minister or the Authority may reasonably require for the discharge of his or its duties or functions, or the exercise of his or its powers, under this Part.
(2)  Any person who —
(a)without reasonable excuse, fails to comply with any requirement under subsection (1); or
(b)in purported compliance with any requirement under subsection (1), knowingly or recklessly furnishes any information or document 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 $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 thereof during which the offence continues after conviction.
(3)  Where a person claims, before furnishing the Minister or the Authority with any information or document that the person is required to furnish under subsection (1), that the information or document might tend to incriminate the person, the information or document shall not be admissible in evidence against the person in criminal proceedings other than proceedings under subsection (2).
[Act 9 of 2013 wef 18/04/2013]
Immunity for officer of specified financial institution or significant associated entity
30AAZL.—(1)  No criminal or civil liability shall be incurred by an officer of a specified financial institution, or of a significant associated entity referred to in section 30AAZI, for anything done (including any statement made) or omitted to be done with reasonable care and in good faith in complying 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 30AAZI, includes —
(a)a director, a secretary or an executive officer of the specified financial institution or significant associated entity (as the case may be);
(b)a receiver or manager of any part of the undertaking of the specified financial institution or significant associated entity (as the case may be) appointed under a power contained in any instrument; and
(c)a liquidator of the specified financial institution or significant associated entity (as the case may be) appointed in a voluntary winding up.
[Act 9 of 2013 wef 18/04/2013]
Cessation of moratorium, etc., under this Part
30AAZM.—(1)  The Minister may, by order published in the Gazette, direct that section 30AAU(1) or (2), 30AAX(13) or 30AAZA(13), or any provision thereof, shall cease to apply to any pertinent financial institution, any business (or any part thereof) of any pertinent financial institution or any share in any pertinent financial institution, and on the date specified by the Minister in the order, section 30AAU(1) or (2), 30AAX(13) or 30AAZA(13), or the provision thereof, as the case may be, shall cease to apply to the pertinent financial institution, the business (or the part thereof) of the pertinent financial institution or the share in the pertinent financial institution, as the case may be.
(2)  In this section, “business” includes affairs, property, right, obligation and liability.
[Act 9 of 2013 wef 18/04/2013]
Regulations for this Part
30AAZN.—(1)  The Minister may make such regulations as may be necessary or expedient for carrying out the purposes and provisions of this Part and for prescribing anything that may be required to be prescribed under this Part.
(2)  Without prejudice to the generality of subsection (1), regulations made under this section may —
(a)restrict, or impose conditions on, any transfer of only part (but not the whole) of the business (as defined in section 30AAR) of a pertinent financial institution under Division 2;
(b)provide for either or both of the following:
(i)that any arrangement is exempted from any provision of this Part;
(ii)that the Minister or the Authority shall not exercise any power under this Part in relation to any arrangement;
(c)prescribe —
(i)any set-off arrangement, netting arrangement or other type of arrangement as an arrangement referred to in paragraph (b)(i) or (ii);
(ii)for any arrangement referred to in paragraph (b)(i), each provision of this Part which that arrangement is exempted from; and
(iii)for any arrangement referred to in paragraph (b)(ii), each power which the Minister or the Authority shall not exercise in relation to that arrangement;
(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 the operation 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 provision of the regulations shall be an offence punishable —
(i)in the case of an individual, with a fine not exceeding $125,000 or with imprisonment for a term not exceeding 3 years or with both and, in the case of a continuing offence, with a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; or
(ii)in any other case, with a fine not exceeding $250,000 and, in the case of a continuing offence, with a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction; and
(f)exempt any person or class of persons from all or any of the provisions of this Part and the regulations, subject to such conditions or restrictions as may be prescribed.
(3)  For the purposes of the definition of “affected person” in section 30AAK, the Minister may prescribe, in relation to any specified institution, different persons for different purposes.
(4)  For the purposes of the definitions of “excluded financial institution” and “pertinent financial institution” in section 30AAK, the Minister may prescribe different financial institutions for different purposes.
(5)  All regulations made under this section shall be presented to Parliament as soon as possible after publication in the Gazette.
(6)  In this section —
“netting arrangement” means an arrangement under which 2 or more 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 or more debts, claims or obligations can be set-off against each other.
[Act 9 of 2013 wef 18/04/2013]