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Monetary Authority of Singapore Act 1970

Status:

Current version
as at 27 Apr 2024

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Monetary Authority of Singapore Act 1970

Table of Contents

Long Title

Part 1 PRELIMINARY

1 Short title

2 General interpretation

Part 2 ESTABLISHMENT, CAPITAL AND ADMINISTRATION OF AUTHORITY

3 Establishment of Authority

4 Principal objects and functions of Authority

5 Paid-up capital

6 General Reserve Fund

6A Transfer of Currency Fund to Authority’s accounts

7 Board of directors

8 Appointment of directors

9 Appointment of managing director

10 Disqualification of directors

11 Vacancies in office of director

11A Presidential concurrence

12 Meetings and decisions of board

13 Director’s interest in contract to be made known

13A Appointment of committees and delegation of powers

13B Appointment of assistants

14 Interpretation of sections 14A, 14B and 14C

14A Preservation of secrecy

14B Improper use of information

14C Unauthorised re-identification of anonymised information

14D Power of Authority to make regulations for sections 14A, 14B and 14C

15 Remuneration not to be related to profits

16 Public servants and public officers

Part 3 PROVISIONS RELATING TO STAFF, ETC.

17 Appointment of employees

18 Transfer of employees

19 Pension schemes, provident fund, etc.

20 No entitlement in respect of abolition or reorganisation of office

21 (Repealed)

22 Immunity of Authority, directors and employees, etc.

22A Indemnity for Authority’s officers against cost of action to which section 22 applies

Part 4 POWERS, DUTIES AND FUNCTIONS OF AUTHORITY

23 Powers, duties and functions of Authority

24 Investment of funds

25 Authority as a banker to, and financial agent of, Government and manager of its external assets

26 Special loans to banks, financial institutions, etc.

27 (Repealed)

27A (Repealed)

27B (Repealed)

27C (Repealed)

27D (Repealed)

27E (Repealed)

27F (Repealed)

28 (Repealed)

28A (Repealed)

28B (Repealed)

29 (Repealed)

29A Real-time gross settlement system

30 Agents

Part 4A CONTROL OVER FINANCIAL INSTITUTIONS

Division 1 — General provisions

31 Application and interpretation of this Part

32 Information of insolvency, etc.

33 Action by Authority if relevant financial institution unable to meet obligations, etc.

34 Effect of assumption of control under section 33

35 Duration of control

36 Responsibilities of officers, member, etc., of relevant financial institution

37 Remuneration and expenses of Authority and others in certain cases

38 Voluntary transfer of business of relevant financial institution

39 Approval of transfer of business of relevant financial institution

40 Disqualification or removal of director or executive officer of relevant financial institution

40A Provisions as to compromise or arrangement relating to certain financial institutions, etc.

41 Power of Authority to make regulations for this Part

Division 2 — Recovery and resolution planning

42 Notice concerning recovery and resolution plans

43 Direction for recovery plan and its implementation

44 Resolution planning

45 Power to direct removal of impediments

46 Appeal against direction to remove impediment

47 Provisions concerning directions and notices under this Division

48 Offences under this Division

Part 4B RESOLUTION OF FINANCIAL INSTITUTIONS

Division 1 — General provisions

49 Interpretation of this Part

50 Exercise of powers under Divisions 2, 3, 4 and 4A of this Part

51 Directions or regulations concerning persons that have ceased to be specified financial institutions

52 Directions and notices issued under Act or written laws in Schedule to continue to apply to persons who cease to be specified financial institutions

53 Moratorium

54 General provisions as to winding up

55 Power of Court to take action against directors and executive officers

Division 2 — Compulsory transfer of business of pertinent financial institution

56 Interpretation of this Division

57 Compulsory transfer of business

58 Certificate of transfer

59 Moratorium, avoidance of disposition of property, etc.

Division 2A — Reverse transfer of business and onward transfer of business

60 Interpretation of this Division

61 Reverse transfer of business

62 Reverse transfer certificate

63 Onward transfer of business

64 Onward transfer certificate

Division 3 — Compulsory transfer of shares of pertinent financial institution

65 General provisions

66 Compulsory transfer of shares

67 Certificate of transfer

Division 4 — Compulsory restructuring of share capital of pertinent financial institution

68 Interpretation of this Division

69 Compulsory restructuring of share capital

70 Certificate of restructuring of share capital

Division 4A — Bail-in powers

71 Interpretation of this Division

72 Exercise of powers under this Division

73 Determination by Authority

74 Approval by Minister of determination

75 Bail-in certificate

76 Effects of bail-in certificate

77 Moratorium

78 Significant shareholder by reason of bail-in certificate

79 Directions for disposal

80 Offence

81 Restriction on eligible instruments

Division 4B — Termination rights

82 Interpretation of this Division

83 Effect of resolution measure on contracts where substantive obligations continue to be performed

84 Right to temporarily suspend termination right for contracts because of resolution measure

85 When suspension takes effect

Division 5 — Assistance to foreign resolution authorities and domestic authorities

86 Interpretation of this Division

87 Conditions for provision of assistance to foreign resolution authority

88 Other factors to consider for provision of assistance to foreign resolution authority

89 Assistance that may be rendered to foreign resolution authority

90 Assistance to domestic authority

91 Offences under this Division

92 Immunity for providing material, etc.

Division 5A — Recognition of foreign resolutions

93 General provisions

94 Determination over foreign resolution

95 Order to give effect to foreign resolution

96 Directions

97 Offence

Division 5B — Resolution funding

98 Interpretation of this Division

99 Establishment of resolution fund

100 Trustee of resolution fund

101 Withdrawal from resolution fund

102 Recovery of sums withdrawn

103 Claim from financial institution under resolution

104 Computation and notice of levy

105 Payment of levy by similar financial institutions, participants of market infrastructure on lump sum basis, or participants of payment system operator

106 Payment of levy by participants of market infrastructure on transaction basis

107 Recovery, refund and remission of levies and late payment fees, etc.

108 Disclosure of information on levy

109 Use of resolution fund to pay loan, etc., and balance in resolution fund

110 Priority of debt of financial institution to trustee

111 Regulations for this Division

Division 5C — Compensation

112 Interpretation of this Division

113 Meaning of "worse off as a result of the resolution"

114 Eligibility for compensation

115 Appointment of valuer

116 Valuation

117 Access to information by valuer

118 Confidentiality and use of information

119 Disclosure of valuation report

120 Appeals

Division 6 — Miscellaneous

121 Notices to significant associated entities of specified financial institutions

122 Modification of law of insolvency

123 Power to obtain information under this Part

124 Immunity for officer of specified financial institution or significant associated entity

125 Cessation of moratorium, etc., under this Part

126 Regulations for this Part

Part 5 FINANCIAL SECTOR DEVELOPMENT FUND

127 Establishment of Financial Sector Development Fund

128 Objects of Fund and expenditure of moneys of Fund

129 Investment

130 Financial year of Fund

131 Audit

132 Preparation and publication of financial statements and annual report of Fund

Part 5A BOOK-ENTRY SECURITIES ISSUED BY AUTHORITY

133 Interpretation of this Part

134 Issue of book-entry MAS securities

135 Transfers and pledges effected by Authority under book‑entry clearing system

136 Transfers and pledges effected by other means

137 Authority to be discharged by action on instructions

138 Confirmation of transaction

139 Payment of interest

140 Redemption of book-entry MAS securities

141 Early redemption

142 Invitation to take up book‑entry MAS securities and refusal of application

143 Securities lending arrangements

144 Power of Authority to make regulations for this Part

Part 5B PRIMARY DEALERS FOR SECURITIES ISSUED BY AUTHORITY

145 Appointment as primary dealer

146 Conditions of appointment as primary dealer

147 Directions to primary dealers

148 Cancellation, etc., of appointment as primary dealer

149 Appeal to Minister

150 Inspection of books

151 Power of Authority to make regulations for this Part

Part 5C (Repealed)

152 (Repealed)

153 (Repealed)

154 (Repealed)

155 (Repealed)

156 (Repealed)

157 (Repealed)

158 (Repealed)

159 (Repealed)

160 (Repealed)

161 (Repealed)

162 (Repealed)

163 (Repealed)

Part 6 MISCELLANEOUS

164 Statistics

165 Authority’s financial year

166 Budget

167 Audit

168 Preparation and publication of financial statements and annual report

169 Borrowing from Authority by employees

170 Power to appoint attorney

171 Validity of acts and transactions of Authority

172 Guarantee by Government

173 Consent of Public Prosecutor

174 Legal officer of Authority may act for Authority in civil proceedings

175 Jurisdiction of District Court

176 Composition of offences

177 Recovery of fees, expenses, etc.

178 Exemption

179 Power of Authority to make regulations relating to objects and purposes of Act

180 Operation of Act not to affect Currency Act 1967

THE SCHEDULE Written Laws

Legislative History

Abbreviations

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Table Of Contents

Monetary Authority of Singapore Act 1970

Status:

Current version
as at 27 Apr 2024

Please check the legislation timeline to ensure that you are viewing the correct legislation version. See also FAQ B3.

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Versions

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find current version as at

28 Apr 2023

Amended by
Act 18 of 2022
30 Jun 2022

Amended by
Act 13 of 2013
01 Apr 2022

Amended by
Act 25 of 2021
21 Feb 2022

Amended by
Act 5 of 2022
31 Jan 2022

Amended by
Act 35 of 2021
31 Dec 2021

2020 RevEd
03 Aug 2021

Amended by
Act 15 of 2021
01 Jul 2021

Amended by
Act 1 of 2020
31 May 2021

Amended by
Act 27 of 2016
01 Feb 2021

Amended by
Act 40 of 2020
02 Jan 2021

Amended by
Act 40 of 2019
30 Jul 2020

Amended by
Act 40 of 2018
28 Jan 2020

Amended by
Act 2 of 2019
29 Oct 2018

Amended by
Act 31 of 2017
08 Oct 2018

Amended by
Act 4 of 2017
05 Jun 2018

Amended by
Act 31 of 2017
04 Jun 2018

Amended by
Act 31 of 2017
15 Aug 2017

Amended by
Act 31 of 2017
26 Jun 2015

Amended by
Act 14 of 2015
01 Aug 2013

Amended by
Act 34 of 2012
18 Apr 2013

Amended by
Act 11 of 2013
18 Apr 2013

Amended by
Act 9 of 2013
01 May 2011

Amended by
Act 15 of 2011
02 Jan 2011

Amended by
Act 15 of 2010
01 Jul 2010

Amended by
Act 2 of 2012
01 Mar 2010

Amended by
Act 21 of 2008
15 Jan 2010

Amended by
S 21/2010
01 Nov 2007

Amended by
Act 42 of 2007
30 Jun 2007

Amended by
Act 13 of 2007
30 Jan 2006

Amended by
Act 21 of 2005
18 Oct 2005

Amended by
Act 31 of 2005
15 Dec 2004

Amended by
Act 45 of 2004
12 Oct 2004

Amended by
Act 30 of 2004
01 Jan 2004

Amended by
Act 24 of 2003
09 Dec 2002

Amended by
Act 39 of 2002
01 Oct 2002

Amended by
Act 25 of 2002
01 Oct 2002

Amended by
Act 42 of 2001
30 Sep 2002

Amended by
Act 16 of 2002
01 Nov 2000

Amended by
Act 28 of 2000
06 Mar 2000

Amended by
Act 2 of 2000
30 Dec 1999

1999 RevEd
08 Oct 1999

Amended by
Act 27 of 1999
10 Jul 1998

Amended by
Act 28 of 1998
30 Nov 1991

Amended by
Act 11 of 1991
30 Mar 1987

1985 RevEd

28 Apr 2023

Amended by
Act 18 of 2022
31 Dec 2021

2020 RevEd
30 Dec 1999

1999 RevEd

Table of Contents

Monetary Authority of Singapore Act 1970
Long Title Part 1 PRELIMINARY

2 General interpretation

Part 2 ESTABLISHMENT, CAPITAL AND ADMINISTRATION OF AUTHORITY

3 Establishment of Authority

4 Principal objects and functions of Authority

5 Paid-up capital

6 General Reserve Fund

6A Transfer of Currency Fund to Authority’s accounts

7 Board of directors

8 Appointment of directors

9 Appointment of managing director

10 Disqualification of directors

11 Vacancies in office of director

11A Presidential concurrence

12 Meetings and decisions of board

13 Director’s interest in contract to be made known

13A Appointment of committees and delegation of powers

13B Appointment of assistants

14 Interpretation of sections 14A, 14B and 14C

14A Preservation of secrecy

14B Improper use of information

14C Unauthorised re-identification of anonymised information

14D Power of Authority to make regulations for sections 14A, 14B and 14C

15 Remuneration not to be related to profits

16 Public servants and public officers

Part 3 PROVISIONS RELATING TO STAFF, ETC.

17 Appointment of employees

18 Transfer of employees

19 Pension schemes, provident fund, etc.

20 No entitlement in respect of abolition or reorganisation of office

22 Immunity of Authority, directors and employees, etc.

22A Indemnity for Authority’s officers against cost of action to which section 22 applies

Part 4 POWERS, DUTIES AND FUNCTIONS OF AUTHORITY

23 Powers, duties and functions of Authority

24 Investment of funds

25 Authority as a banker to, and financial agent of, Government and manager of its external assets

26 Special loans to banks, financial institutions, etc.

29A Real-time gross settlement system

Part 4A CONTROL OVER FINANCIAL INSTITUTIONS Division 1 — General provisions

31 Application and interpretation of this Part

32 Information of insolvency, etc.

33 Action by Authority if relevant financial institution unable to meet obligations, etc.

34 Effect of assumption of control under section 33

35 Duration of control

36 Responsibilities of officers, member, etc., of relevant financial institution

37 Remuneration and expenses of Authority and others in certain cases

38 Voluntary transfer of business of relevant financial institution

39 Approval of transfer of business of relevant financial institution

40 Disqualification or removal of director or executive officer of relevant financial institution

40A Provisions as to compromise or arrangement relating to certain financial institutions, etc.

41 Power of Authority to make regulations for this Part

Division 2 — Recovery and resolution planning

42 Notice concerning recovery and resolution plans

43 Direction for recovery plan and its implementation

44 Resolution planning

45 Power to direct removal of impediments

46 Appeal against direction to remove impediment

47 Provisions concerning directions and notices under this Division

48 Offences under this Division

Part 4B RESOLUTION OF FINANCIAL INSTITUTIONS Division 1 — General provisions

49 Interpretation of this Part

50 Exercise of powers under Divisions 2, 3, 4 and 4A of this Part

51 Directions or regulations concerning persons that have ceased to be specified financial institutions

52 Directions and notices issued under Act or written laws in Schedule to continue to apply to persons who cease to be specified financial institutions

54 General provisions as to winding up

55 Power of Court to take action against directors and executive officers

Division 2 — Compulsory transfer of business of pertinent financial institution

56 Interpretation of this Division

57 Compulsory transfer of business

58 Certificate of transfer

59 Moratorium, avoidance of disposition of property, etc.

Division 2A — Reverse transfer of business and onward transfer of business

60 Interpretation of this Division

61 Reverse transfer of business

62 Reverse transfer certificate

63 Onward transfer of business

64 Onward transfer certificate

Division 3 — Compulsory transfer of shares of pertinent financial institution

65 General provisions

66 Compulsory transfer of shares

67 Certificate of transfer

Division 4 — Compulsory restructuring of share capital of pertinent financial institution

68 Interpretation of this Division

69 Compulsory restructuring of share capital

70 Certificate of restructuring of share capital

Division 4A — Bail-in powers

71 Interpretation of this Division

72 Exercise of powers under this Division

73 Determination by Authority

74 Approval by Minister of determination

75 Bail-in certificate

76 Effects of bail-in certificate

78 Significant shareholder by reason of bail-in certificate

79 Directions for disposal

81 Restriction on eligible instruments

Division 4B — Termination rights

82 Interpretation of this Division

83 Effect of resolution measure on contracts where substantive obligations continue to be performed

84 Right to temporarily suspend termination right for contracts because of resolution measure

85 When suspension takes effect

Division 5 — Assistance to foreign resolution authorities and domestic authorities

86 Interpretation of this Division

87 Conditions for provision of assistance to foreign resolution authority

88 Other factors to consider for provision of assistance to foreign resolution authority

89 Assistance that may be rendered to foreign resolution authority

90 Assistance to domestic authority

91 Offences under this Division

92 Immunity for providing material, etc.

Division 5A — Recognition of foreign resolutions

93 General provisions

94 Determination over foreign resolution

95 Order to give effect to foreign resolution

Division 5B — Resolution funding

98 Interpretation of this Division

99 Establishment of resolution fund

100 Trustee of resolution fund

101 Withdrawal from resolution fund

102 Recovery of sums withdrawn

103 Claim from financial institution under resolution

104 Computation and notice of levy

105 Payment of levy by similar financial institutions, participants of market infrastructure on lump sum basis, or participants of payment system operator

106 Payment of levy by participants of market infrastructure on transaction basis

107 Recovery, refund and remission of levies and late payment fees, etc.

108 Disclosure of information on levy

109 Use of resolution fund to pay loan, etc., and balance in resolution fund

110 Priority of debt of financial institution to trustee

111 Regulations for this Division

Division 5C — Compensation

112 Interpretation of this Division

113 Meaning of "worse off as a result of the resolution"

114 Eligibility for compensation

115 Appointment of valuer

117 Access to information by valuer

118 Confidentiality and use of information

119 Disclosure of valuation report

Division 6 — Miscellaneous

121 Notices to significant associated entities of specified financial institutions

122 Modification of law of insolvency

123 Power to obtain information under this Part

124 Immunity for officer of specified financial institution or significant associated entity

125 Cessation of moratorium, etc., under this Part

126 Regulations for this Part

Part 5 FINANCIAL SECTOR DEVELOPMENT FUND

127 Establishment of Financial Sector Development Fund

128 Objects of Fund and expenditure of moneys of Fund

130 Financial year of Fund

132 Preparation and publication of financial statements and annual report of Fund

Part 5A BOOK-ENTRY SECURITIES ISSUED BY AUTHORITY

133 Interpretation of this Part

134 Issue of book-entry MAS securities

135 Transfers and pledges effected by Authority under book‑entry clearing system

136 Transfers and pledges effected by other means

137 Authority to be discharged by action on instructions

138 Confirmation of transaction

139 Payment of interest

140 Redemption of book-entry MAS securities

141 Early redemption

142 Invitation to take up book‑entry MAS securities and refusal of application

143 Securities lending arrangements

144 Power of Authority to make regulations for this Part

Part 5B PRIMARY DEALERS FOR SECURITIES ISSUED BY AUTHORITY

145 Appointment as primary dealer

146 Conditions of appointment as primary dealer

147 Directions to primary dealers

148 Cancellation, etc., of appointment as primary dealer

149 Appeal to Minister

150 Inspection of books

151 Power of Authority to make regulations for this Part

Part 5C (Repealed)

Part 6 MISCELLANEOUS

165 Authority’s financial year

168 Preparation and publication of financial statements and annual report

169 Borrowing from Authority by employees

170 Power to appoint attorney

171 Validity of acts and transactions of Authority

172 Guarantee by Government

173 Consent of Public Prosecutor

174 Legal officer of Authority may act for Authority in civil proceedings

175 Jurisdiction of District Court

176 Composition of offences

177 Recovery of fees, expenses, etc.

179 Power of Authority to make regulations relating to objects and purposes of Act

180 Operation of Act not to affect Currency Act 1967

THE SCHEDULE Written Laws Legislative History Abbreviations

Monetary Authority of Singapore Act 1970

Status:

Current version as at 27 Apr 2024

Timeline
Subsidiary Legislation
Amendment Annotation

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Document
Provision

30 Mar 1987

1985 RevEd
30 Nov 1991

Amended by
Act 11 of 1991
10 Jul 1998

Amended by
Act 28 of 1998
08 Oct 1999

Amended by
Act 27 of 1999
30 Dec 1999

1999 RevEd
06 Mar 2000

Amended by
Act 2 of 2000
01 Nov 2000

Amended by
Act 28 of 2000
30 Sep 2002

Amended by
Act 16 of 2002
01 Oct 2002

Amended by
Act 42 of 2001
01 Oct 2002

Amended by
Act 25 of 2002
09 Dec 2002

Amended by
Act 39 of 2002
01 Jan 2004

Amended by
Act 24 of 2003
12 Oct 2004

Amended by
Act 30 of 2004
15 Dec 2004

Amended by
Act 45 of 2004
18 Oct 2005

Amended by
Act 31 of 2005
30 Jan 2006

Amended by
Act 21 of 2005
30 Jun 2007

Amended by
Act 13 of 2007
01 Nov 2007

Amended by
Act 42 of 2007
15 Jan 2010

Amended by
S 21/2010
01 Mar 2010

Amended by
Act 21 of 2008
01 Jul 2010

Amended by
Act 2 of 2012
02 Jan 2011

Amended by
Act 15 of 2010
01 May 2011

Amended by
Act 15 of 2011
18 Apr 2013

Amended by
Act 9 of 2013
18 Apr 2013

Amended by
Act 11 of 2013
01 Aug 2013

Amended by
Act 34 of 2012
26 Jun 2015

Amended by
Act 14 of 2015
15 Aug 2017

Amended by
Act 31 of 2017
04 Jun 2018

Amended by
Act 31 of 2017
05 Jun 2018

Amended by
Act 31 of 2017
08 Oct 2018

Amended by
Act 4 of 2017
29 Oct 2018

Amended by
Act 31 of 2017
28 Jan 2020

Amended by
Act 2 of 2019
30 Jul 2020

Amended by
Act 40 of 2018
02 Jan 2021

Amended by
Act 40 of 2019
01 Feb 2021

Amended by
Act 40 of 2020
31 May 2021

Amended by
Act 27 of 2016
01 Jul 2021

Amended by
Act 1 of 2020
03 Aug 2021

Amended by
Act 15 of 2021
31 Dec 2021

2020 RevEd
31 Jan 2022

Amended by
Act 35 of 2021
21 Feb 2022

Amended by
Act 5 of 2022
01 Apr 2022

Amended by
Act 25 of 2021
30 Jun 2022

Amended by
Act 13 of 2013
28 Apr 2023

Amended by
Act 18 of 2022

Versions

or find current version as at

30 Dec 1999

1999 RevEd
31 Dec 2021

2020 RevEd

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28 Apr 2023

Amended by
Act 18 of 2022

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28. [Repealed by Act 18 of 2022 wef 28/04/2023]

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