PART V
FINANCIAL SECTOR DEVELOPMENT FUND
Establishment of Financial Sector Development Fund
127.—(1)  There shall be established a fund to be called the Financial Sector Development Fund (referred to in this Part as the Fund) which shall, subject to the directions of the Minister, be controlled and administered by the Authority.
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(2)  The Fund shall consist of —
(a)such proceeds raised in connection with the sale of the transferee holding company’s shares as is referred to in section 10 of the Exchanges (Demutualisation and Merger) Act 1999 (Act 27 of 1999);
(b)all moneys contributed by the Government to the Fund;
(c)all donations and gifts accepted by the Authority for the Fund; and
(d)any interest, dividend and other income derived from the investment of the moneys in the Fund.
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(3)  The Fund shall be used for the objects and purposes set out in section 128 and shall be deemed not to be a fund of the Authority for the purposes of any written law.
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Objects of Fund and expenditure of moneys of Fund
128.—(1)  The objects for which moneys of the Fund may be applied are as follows:
(a)the promotion of Singapore as a financial centre;
(b)the development and upgrading of skills and expertise required by the financial services sector;
(c)the development and support of educational and research institutions, research and development programmes and projects relating to the financial services sector; and
(d)the development of infrastructure to support the financial services sector in Singapore.
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(2)  In carrying out the objects of the Fund, the Authority may, from time to time, authorise moneys of the Fund to be paid out and expended for all or any of the following purposes carried out in Singapore or elsewhere:
(a)establishing or expanding facilities or assisting in the maintenance of facilities for training courses and training programmes designed to promote the skills or expertise for purposes consistent with the objects of the Fund;
(b)the provision of scholarships, grants, subsidies, rebates, loans or other financial assistance or incentives for purposes consistent with the objects of the Fund; and
(c)such other purposes not inconsistent with the objects of the Fund as the Minister may approve.
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(3)  The Authority may also authorise moneys of the Fund to be used to pay the following:
(a)all claims in satisfaction of any indemnity or warranty given by the Authority in relation to the sale of the transferee holding company’s shares as defined in the Exchanges (Demutualisation and Merger) Act 1999 (Act 27 of 1999);
(b)all expenses incurred by the Authority or its employees or agents in the administration of the Fund; and
(c)the fees referred to in section 129(3).
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(4)  The Minister may, from time to time, approve the payment of such sums in the Fund to the Consolidated Fund as the Minister may determine.
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[Act 31 of 2017 wef 04/06/2018]
Investment
129.—(1)  The Authority may invest the moneys of the Fund in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act (Cap. 1).
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(2)  The Authority may delegate all or any of its powers and functions under subsection (1) to any employee or agent as it may appoint.
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(3)  The Authority may pay to any person appointed under subsection (2) a fee for any service rendered in exercise of any power and function delegated to that person under that subsection.
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Financial year of Fund
130.  The financial year of the Fund begins on 1 April of each year and ends on 31 March of the succeeding year.
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Audit
131.  The accounts of the Fund are to be audited by the Auditor-General or such other auditor as may be appointed annually by the Minister in consultation with the Auditor-General.
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Preparation and publication of financial statements and annual report of Fund
132.—(1)  The Authority must, within 6 months from the close of the financial year of the Fund, send to the Minister —
(a)a copy of the audited financial statements of the Fund, together with a copy of the auditor’s report; and
(b)a report on the activities concerning the Fund during that financial year.
(2)  The Authority must publish the audited financial statements and the auditor’s report mentioned in subsection (1)(a) in the Gazette.
(3)  The Authority must publish the report mentioned in subsection (1)(b) in such manner as the Authority may determine.
(4)  The Minister must, within 6 months from the close of the financial year of the Fund, cause a copy of the audited financial statements and a copy of the auditor’s report mentioned in subsection (1)(a), and a copy of the report mentioned in subsection (1)(b), to be presented to Parliament.
[Act 31 of 2017 wef 05/06/2018]