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 5B — Resolution funding |
| Interpretation of this Division |
98. In this Division, unless the context otherwise requires —
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| Establishment of resolution fund |
| Trustee of resolution fund |
100.—(1) The duty of the trustee of a resolution fund is to administer and manage the fund, and in particular —
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| Withdrawal from resolution fund |
101.—(1) The trustee of a resolution fund must, at the Minister’s direction, make one or more withdrawals from the fund and apply the moneys withdrawn for one or more of the following purposes:
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| Recovery of sums withdrawn |
102.—(1) Where one or more withdrawals have been made from a resolution fund under section 101, the Minister may direct the trustee of the resolution fund to recover the sum or sums withdrawn in one or both of the following ways:
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| Claim from financial institution under resolution |
103.—(1) Where a direction has been given under section 102(1)(a), the trustee of the resolution fund must make a claim mentioned in that provision on the financial institution under resolution to pay the sum mentioned in the direction, at such time and in such manner as the trustee determines, and the sum claimed is recoverable as a debt due from the financial institution under resolution to the trustee.
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| Computation and notice of levy |
104.—(1) After the Minister has given a direction under section 102(1)(b) or (2), the Authority must, in accordance with the regulations made under section 126 for the purpose of this section —
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| Payment of levy by similar financial institutions, participants of market infrastructure on lump sum basis, or participants of payment system operator |
105.—(1) This section applies where a notice under section 104(3), (5) or (6) is given to a levy payer that is a similar financial institution or a participant of a market infrastructure or payment system operator.
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| Payment of levy by participants of market infrastructure on transaction basis |
106.—(1) This section applies where a notice under section 104(4) is given to a market infrastructure.
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| Recovery, refund and remission of levies and late payment fees, etc. |
107.—(1) The levy imposed on a person under section 104(3), (5) or (6), and any late payment fee imposed on the person under section 105(3), are both recoverable as a debt due from that person to the trustee of the resolution fund concerned.
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| Disclosure of information on levy |
108.—(1) This section applies to a notice given under section 104(3), (5) or (6) to a levy payer that is a similar financial institution or a participant of a market infrastructure or payment system operator.
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| Use of resolution fund to pay loan, etc., and balance in resolution fund |
109.—(1) The Minister may, from time to time, direct the trustee of a resolution fund to make a withdrawal from the resolution fund for any of the following purposes:
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| Priority of debt of financial institution to trustee |
110. Despite the provisions of any written law or rule of law relating to the winding up of companies, in the event of a winding up of a financial institution (other than one that is a bank, a finance company or a licensed insurer) —
[Act 31 of 2017 wef 29/10/2018] [Act 40 of 2018 wef 30/07/2020] |
| Regulations for this Division |
111.—(1) Regulations may be made under section 126 for the purposes of this Division.
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