Division 1 General provisions
Division 2 Recovery and resolution planning
Division 1 General provisions
Division 2 Compulsory transfer of business of pertinent financial institution
Division 2A Reverse transfer of business and onward transfer of business
Division 3 Compulsory transfer of shares of pertinent financial institution
Division 4 Compulsory restructuring of share capital of pertinent financial institution
Division 4A Bail-in powers
Division 4B Termination rights
Division 5 Assistance to foreign resolution authorities and domestic authorities
Division 5A Recognition of foreign resolutions
Division 5B Resolution funding
Division 5C Compensation
Division 6 Miscellaneous
Division 1 General provisions
Division 2 Assistance to AML/CFT authorities
Division 3 Assistance to domestic authorities
Division 4 Additional provisions for Divisions 2 and 3
Division 5 Inspection by AML/CFT authority
| Division 2 — Recovery and resolution planning |
| Notice concerning recovery and resolution plans |
| Direction for recovery plan and its implementation |
43.—(1) The Authority may issue a direction to a pertinent financial institution —
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| Resolution planning |
| 44. The Authority may prepare plans for the orderly resolution of a pertinent financial institution, and may for that purpose issue a direction to the pertinent financial institution requiring it to furnish, within the time and in the form and manner set out in the direction, any information or document that the Authority may reasonably require for that purpose. [Act 31 of 2017 wef 05/06/2018] |
| Power to direct removal of impediments |
45.—(1) This section applies if the Authority is of the opinion that an impediment exists to the orderly resolution of a pertinent financial institution in accordance with a plan of the Authority under section 44.
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| Appeal against direction to remove impediment |
46.—(1) A pertinent financial institution that is aggrieved by a direction to it under section 43(2)(b) or 45(2) may, within 30 days after receiving the direction, appeal to the Minister whose decision is final.
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| Provisions concerning directions and notices under this Division |
47.—(1) A direction or notice under this Division must be in writing.
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| Offences under this Division |
48.—(1) A pertinent financial institution that does not comply with a direction or notice of the Authority under this Division 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 of a day during which the offence continues after conviction.
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