Monetary Authority of Singapore Act(CHAPTER 186)
Table of Contents
Long Title
Part I PRELIMINARY
1 Short title
2 Interpretation
Part II 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 Preservation of secrecy
15 Remuneration not to be related to profits
16 Public servants and public officers
Part III 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21 (Repealed)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 IV 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 IVA CONTROL OVER FINANCIAL INSTITUTIONS
30AA Application and interpretation of this Part
30AAA Information of insolvency, etc.
30AAB Action by Authority if relevant financial institution unable to meet obligations, etc.
30AAC Effect of assumption of control under section 30AAB
30AAD Duration of control
30AAE Responsibilities of officers, member, etc., of relevant financial institution
30AAF Remuneration and expenses of Authority and others in certain cases
30AAG Voluntary transfer of business of relevant financial institution
30AAH Approval of transfer of business of relevant financial institution
30AAI Disqualification or removal of director or executive officer of relevant financial institution
30AAJ Power of Authority to make regulations for this Part
Part IVB RESOLUTION OF FINANCIAL INSTITUTIONS
Division 1 General provisions
30AAK Interpretation of this Part
30AAL Exercise of powers under Divisions 2, 3 and 4 of this Part
30AAM Directions or regulations concerning persons that have ceased to be specified financial institutions
30AAN Directions and notices issued under Act or written laws in Schedule to continue to apply to persons who cease to be specified financial institutions
30AAO Moratorium
30AAP General provisions as to winding up
30AAQ Power of Court to take action against directors and executive officers
Division 2 Compulsory transfer of business of pertinent financial institution
30AAR Interpretation of this Division
30AAS Compulsory transfer of business
30AAT Certificate of transfer
30AAU Moratorium, avoidance of disposition of property, etc.
Division 3 Compulsory transfer of shares of pertinent financial institution
30AAV Interpretation of this Division
30AAW Compulsory transfer of shares
30AAX Certificate of transfer
Division 4 Compulsory restructuring of share capital of pertinent financial institution
30AAY Interpretation of this Division
30AAZ Compulsory restructuring of share capital
30AAZA Certificate of restructuring of share capital
Division 5 Assistance to foreign resolution authorities and domestic authorities
30AAZB Interpretation of this Division
30AAZC Conditions for provision of assistance to foreign resolution authority
30AAZD Other factors to consider for provision of assistance to foreign resolution authority
30AAZE Assistance that may be rendered to foreign resolution authority
30AAZF Assistance to domestic authority
30AAZG Offences under this Division
30AAZH Immunity for furnishing material, etc.
Division 6 Miscellaneous
30AAZI Notices to significant associated entities of specified financial institutions
30AAZJ Modification of law of insolvency
30AAZK Power to obtain information under this Part
30AAZL Immunity for officer of specified financial institution or significant associated entity
30AAZM Cessation of moratorium, etc., under this Part
30AAZN Regulations for this Part
Part V FINANCIAL SECTOR DEVELOPMENT FUND
30A Establishment of Financial Sector Development Fund
30B Objects of Fund and expenditure of moneys of Fund
30C Investment
30D Financial provisions
Part VA BOOK-ENTRY SECURITIES ISSUED BY AUTHORITY
30E Interpretation of this Part
30F Issue of book-entry MAS securities
30G Transfers and pledges effected by Authority under book-entry clearing system
30H Transfers and pledges effected by other means
30I Authority to be discharged by action on instructions
30J Confirmation of transaction
30K Payment of interest
30L Redemption of book-entry MAS securities
30M Early redemption
30N Invitation to take up book-entry MAS securities and refusal of application
30O Securities lending arrangements
30P Power of Authority to make regulations for this Part
Part VB PRIMARY DEALERS FOR SECURITIES ISSUED BY AUTHORITY
30Q Appointment as primary dealer
30R Conditions of appointment as primary dealer
30S Directions to primary dealers
30T Cancellation, etc., of appointment as primary dealer
30U Appeal to Minister
30V Inspection of books
30W Power of Authority to make regulations for this Part
Part VC ASSISTANCE TO FOREIGN AUTHORITIES AND DOMESTIC AUTHORITIES FOR THEIR SUPERVISORY AND OTHER ACTIONS IN RESPECT OF MONEY LAUNDERING, TERRORISM FINANCING AND OTHER OFFENCES
30X Interpretation of this Part
30Y Purposes of this Part
Division 2 Assistance to AML/CFT authorities
30Z Conditions for provision of assistance to AML/CFT authority
30ZA Assistance that may be rendered to AML/CFT authority
Division 3 Assistance to domestic authorities
30ZB Conditions for provision of assistance to domestic authority
30ZC Assistance that may be rendered to domestic authority
Division 4 Additional provisions for Divisions 2 and 3
30ZD Offences under this Part
30ZE Immunities
30ZF Authority may provide assistance
Division 5 Inspection by AML/CFT authority
30ZG Conditions for inspection by AML/CFT authority
30ZH Duty of financial institution under inspection
30ZI Confidentiality of inspection reports
Part VI MISCELLANEOUS
31 Statistics
32 Authority’s financial year
32A Budget
33 Audit
34 Preparation and publication of financial statements and annual report
35 Borrowing from Authority by employees
36 Power to appoint attorney
37 Validity of acts and transactions of Authority
38 Guarantee by Government
39 Consent of Public Prosecutor
39A Legal officer of Authority may act for Authority in civil proceedings
40 (Repealed)
41 Jurisdiction of District Court
41A Composition of offences
41B Recovery of fees, expenses, etc.
41C Exemption
42 Power of Authority to make regulations relating to objects and purposes of Act
43 Operation of Act not to affect Currency Act
THE SCHEDULE Written Laws
Legislative History
Comparative Table