Conditions for provision of assistance to foreign resolution authority
87.—(1)  The Authority may provide the assistance referred to in section 89 to a foreign resolution authority, if the Authority is satisfied that all of the following conditions are fulfilled:
(a)the request by the foreign resolution authority for assistance is received by the Authority on or after the date of commencement of section 10 of the Monetary Authority of Singapore (Amendment) Act 2013;
[Act 31 of 2017 wef 05/06/2018]
(b)the assistance is intended to enable the foreign resolution authority, or any other authority of the foreign country or territory, to deal with the resolution of a financial institution;
[Act 31 of 2017 wef 05/06/2018]
(c)the foreign resolution authority has given a written undertaking that any material or copy thereof obtained pursuant to its request shall not be used for any purpose other than a purpose that is specified in the request and approved by the Authority;
[Act 31 of 2017 wef 05/06/2018]
(d)the foreign resolution authority has given a written undertaking not to disclose to a third party (other than a designated third party of the foreign country or territory in accordance with paragraph (e)) any material or copy thereof obtained pursuant to the request, unless the foreign resolution authority is compelled to do so by the law or a court of the foreign country or territory;
[Act 31 of 2017 wef 05/06/2018]
(e)the foreign resolution authority has given a written undertaking to obtain the prior consent of the Authority before disclosing any material received pursuant to the request to a designated third party, and to make such disclosure only in accordance with such conditions as may be imposed by the Authority;
[Act 31 of 2017 wef 05/06/2018]
(f)the material requested for is of sufficient importance to the resolution of a financial institution and cannot reasonably be obtained by any other means;
(g)the matter to which the request relates is of sufficient gravity; and
(h)the rendering of assistance will not be contrary to the public interest or the interests of the affected persons of the financial institution.
[Act 31 of 2017 wef 05/06/2018]
[Act 31 of 2017 wef 04/06/2018]
(2)  For the purposes of subsection (1)(d) and (e), “designated third party”, in relation to a foreign country or territory, means such person in, or body or authority of, the foreign country or territory as the Authority may approve, upon an application to the Authority, if the Authority is satisfied that the disclosure —
(a)is necessary, in the interests of the resolution of a financial institution; and
(b)is necessary for the performance of the duties and functions of that person, body or authority, as the case may be.
[Act 31 of 2017 wef 04/06/2018]
[Act 9 of 2013 wef 18/04/2013]