Directions or regulations to discharge Government’s international obligations
27A.—(1)  The Authority may, from time to time —
(a)issue such directions to a financial institution or class of financial institutions; and
(b)make such regulations concerning any financial institution or class of financial institutions or relating to the activities of any financial institution or class of financial institutions,
as the Authority considers necessary in order to discharge or facilitate the discharge of any obligation binding on Singapore by virtue of a decision of the Security Council of the United Nations.
[16/2002]
(2)  A financial institution to which a direction is issued under subsection (1)(a) or which is bound by any regulations made under subsection (1)(b) must comply with the direction or regulations despite any other duty imposed on the financial institution by any rule of law, written law or contract.
[16/2002]
(3)  A financial institution, in carrying out any act in compliance with any direction or regulations made under subsection (1), is not to be treated as being in breach of any such rule of law, written law or contract.
[16/2002]
(4)  A financial institution must not disclose any direction issued under subsection (1)(a) if the Authority notifies the financial institution that the Authority is of the opinion that the disclosure of the direction is against the public interest.
[16/2002]
(5)  A financial institution which —
(a)fails or refuses to comply with a direction issued to it;
(b)contravenes any regulations made under subsection (1)(b); or
(c)discloses a direction issued to it in contravention of subsection (4),
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1 million.
[16/2002; 42/2007]
(6)  In this section, “financial institution” means —
(a)any bank licensed under the Banking Act 1970;
(b)any merchant bank licensed under the Banking Act 1970;
(c)any finance company licensed under the Finance Companies Act 1967;
(d)any person that is approved as a financial institution under section 28;
(e)a person granted a licence under the Payment Services Act 2019;
(f)any insurer licensed or regulated under the Insurance Act 1966;
(g)any insurance intermediary registered or regulated under the Insurance Act 1966;
(h)any licensed financial adviser under the Financial Advisers Act 2001;
(i)any approved holding company, approved exchange, recognised market operator, licensed trade repository, licensed foreign trade repository, approved clearing house, recognised clearing house or holder of a capital markets services licence under the Securities and Futures Act 2001;
(j)any trustee for a collective investment scheme authorised under section 286 of the Securities and Futures Act 2001, that is approved under that Act;
(k)any trustee-manager of a business trust that is registered under the Business Trusts Act 2004;
(l)any licensed trust company under the Trust Companies Act 2005;
(m)any designated financial holding company under the Financial Holding Companies Act 2013;
(n)any person licensed under the Banking Act 1970 to carry on the business of issuing credit cards or charge cards in Singapore; and
(o)any other person licensed, approved, registered or regulated by the Authority under any written law,
but does not include such person or class of persons as the Authority may, by regulations made under this section, prescribe.
[16/2002; 13/2007; 42/2007; 11/2013; 34/2012; 14/2015; 4/2017; 2/2019; 1/2020]
(7)  For the purpose of subsection (6), a reference to a person being licensed, approved, registered or regulated under any of the laws referred to in that subsection includes a person who is exempted under the relevant law from being licensed, approved, registered or regulated, but does not include such person or class of persons as the Authority may, by regulations made under this section, prescribe.
[16/2002; 13/2007]