Financial Services and Markets Bill - Singapore Statutes Online

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Financial Services and Markets Bill

Table of Contents

Bill No: 4/2022
Read the first time: 14 February 2022

Long Title

Enacting Formula

Part 1 PRELIMINARY

1 Short title and commencement

2 Interpretation

Part 2 GENERAL POWERS OVER FINANCIAL INSTITUTIONS

3 Power to issue directions to financial institutions

4 Power to approve financial institutions and control their operations

5 Fees

Part 3 PROHIBITION ORDER

Division 1 — General provisions on prohibition order

6 Interpretation of this Part

7 Power of Authority to make prohibition orders

8 Effect of prohibition orders

9 Variation or revocation of prohibition orders

10 Date and effect of prohibition orders

11 Power of Authority to publish information

12 Records of prohibition orders

Division 2 — Appeals on prohibition orders and miscellaneous

13 Appeals to Minister

14 Appeal Advisory Committees

Part 4 POWERS REGARDING INTERNATIONAL OBLIGATIONS AND PREVENTION OF MONEY LAUNDERING AND TERRORISM FINANCING, AND ASSISTANCE TO FOREIGN AUTHORITIES AND DOMESTIC AUTHORITIES CONCERNING MONEY LAUNDERING, TERRORISM FINANCING AND OTHER OFFENCES

Division 1 — Power to issue directions or make regulations

15 Directions or regulations to discharge Government’s international obligations

16 Requirements for prevention of money laundering and terrorism financing

Division 2 — Assistance to foreign authorities and domestic authorities for their supervisory functions and other actions in respect of money laundering, terrorism financing and other offences

Subdivision 1 General provisions

17 Interpretation of this Division

18 Purposes of this Division

Subdivision 2 Assistance to AML/CFT authorities

19 Conditions for provision of assistance to AML/CFT authority

20 Assistance that may be rendered to AML/CFT authority

Subdivision 3 Assistance to domestic authorities

21 Conditions for provision of assistance to domestic authority

22 Assistance that may be rendered to domestic authority

Subdivision 4 Additional provisions for Subdivisions (2) and (3)

23 Offences under this Division

24 Immunities

25 Authority may provide assistance

Subdivision 5 Inspection by AML/CFT authority

26 Conditions for inspection by AML/CFT authority

27 Duty of financial institution under inspection

28 Confidentiality of inspection reports

Part 5 TECHNOLOGY RISK MANAGEMENT

29 Power of Authority in relation to technology risk management

Part 6 DISPUTE RESOLUTION SCHEMES

30 Interpretation of this Part

31 Approval of dispute resolution schemes

32 Approval of chief executive officer and directors of dispute resolution scheme operator

33 Removal of chief executive officer or director of dispute resolution scheme operator

34 Appeals to Minister

35 Approval of amendment to constitution of dispute resolution scheme operator

36 Requirement for financial institution to be member of approved dispute resolution scheme

37 Protection from personal liability

38 Regulations for this Part

Part 7 CONTROL OVER FINANCIAL INSTITUTIONS

Division 1 — General provisions

39 Application and interpretation of this Part

40 Information of insolvency, etc.

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

42 Effect of assumption of control under section 41

43 Duration of control

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

45 Remuneration and expenses of Authority and others in certain cases

46 Voluntary transfer of business of relevant financial institution

47 Approval of transfer of business of relevant financial institution

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

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

50 Regulations for this Part

Division 2 — Recovery and resolution planning

51 Notice concerning recovery and resolution plans

52 Direction for recovery plan and its implementation

53 Resolution planning

54 Power to direct removal of impediments

55 Appeal against direction to remove impediment

56 Provisions concerning directions and notices under this Division

57 Offences under this Division

Part 8 RESOLUTION OF FINANCIAL INSTITUTIONS

Division 1 — General provisions

58 Interpretation of this Part

59 Exercise of powers under Divisions 2, 4, 5 and 6 of this Part

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

61 Directions and notices issued under this Act or other MAS scheduled Act to continue to apply to persons who cease to be specified financial institutions

62 Moratorium

63 General provisions as to winding up

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

Division 2 — Compulsory transfer of business of pertinent financial institution

65 Interpretation of this Division

66 Compulsory transfer of business

67 Certificate of transfer

68 Moratorium, avoidance of disposition of property, etc.

Division 3 — Reverse transfer of business and onward transfer of business

69 Interpretation of this Division

70 Reverse transfer of business

71 Reverse transfer certificate

72 Onward transfer of business

73 Onward transfer certificate

Division 4 — Compulsory transfer of shares of pertinent financial institution

74 Interpretation of this Division

75 Compulsory transfer of shares

76 Certificate of transfer

Division 5 — Compulsory restructuring of share capital of pertinent financial institution

77 Interpretation of this Division

78 Compulsory restructuring of share capital

79 Certificate of restructuring of share capital

Division 6 — Bail-in powers

80 Interpretation of this Division

81 Exercise of powers under this Division

82 Determination by Authority

83 Approval by Minister of determination

84 Bail-in certificate

85 Effects of bail-in certificate

86 Moratorium

87 Significant shareholder by reason of bail-in certificate

88 Directions for disposal

89 Offence

90 Restriction on eligible instruments

Division 7 — Termination rights

91 Interpretation of this Division

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

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

94 When suspension takes effect

Division 8 — Assistance to foreign resolution authorities and domestic authorities

95 Interpretation of this Division

96 Conditions for provision of assistance to foreign resolution authority

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

98 Assistance that may be rendered to foreign resolution authority

99 Assistance to domestic authority

100 Offences under this Division

101 Immunity for providing material, etc.

Division 9 — Recognition of foreign resolutions

102 Interpretation of this Division

103 Determination over foreign resolution

104 Order to give effect to foreign resolution

105 Directions

106 Offence

Division 10 — Resolution funding

107 Interpretation of this Division

108 Establishment of resolution fund

109 Trustee of resolution fund

110 Withdrawal from resolution fund

111 Recovery of sums withdrawn

112 Claim from financial institution under resolution

113 Computation and notice of levy

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

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

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

117 Disclosure of information on levy

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

119 Priority of debt of financial institution to trustee

120 Regulations for this Division

Division 11 — Compensation

121 Interpretation of this Division

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

123 Eligibility for compensation

124 Appointment of valuer

125 Valuation

126 Access to information by valuer

127 Confidentiality and use of information

128 Disclosure of valuation report

129 Appeals

Division 12 — Miscellaneous

130 Notices to significant associated entities of specified financial institutions

131 Modification of law of insolvency

132 Power to obtain information under this Part

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

134 Cessation of moratorium, etc., under this Part

135 Regulations for this Part

Part 9 DIGITAL TOKEN SERVICE PROVIDERS

Division 1 — Preliminary

136 Interpretation of this Part

Division 2 — Licensing of digital token service providers

Subdivision 1 Licensing of digital token service providers

137 Licensing of digital token service providers

138 Application for licence

139 Holding out as licensee

140 Annual fees of licensees

141 Lapsing, surrender, revocation or suspension of licence

142 Appeals to Minister

Subdivision 2 Conduct of business

143 Place of business of licensee

144 Obligation of licensee to notify Authority of certain events

145 Obligation of licensee to provide information to Authority

146 Obligation of licensee to submit periodic reports

147 Prohibition from carrying on certain businesses

Subdivision 3 Control of controllers of licensees

148 Application and interpretation of this Subdivision

149 Control of shareholding in licensee

150 Objection to existing control of licensee

151 Power of Authority to issue directions for this Subdivision

152 Power of Authority to obtain information relating to this Subdivision

153 Offences, penalties and defences

154 Appeals to Minister

Subdivision 4 Control of officers of licensees

155 Approval of chief executive officer, director, partner or manager of licensee

156 Removal of chief executive officer, director, partner or manager

157 Appeals to Minister

Subdivision 5 Audit of licensees

158 Auditing

159 Powers of auditor appointed by Authority

160 Restriction on auditor’s and employee’s right to communicate certain matters

161 Offence to destroy, conceal, alter, etc., records

Division 3 — Offences

162 Falsification of records by officers, etc.

163 General penalty

Division 4 — Miscellaneous

164 Power of court to make certain orders

165 Codes, guidelines, etc., by Authority

166 Power of Authority to issue written notice

167 Power of Authority to make regulations

Part 10 INSPECTION POWERS OF AUTHORITY

168 Interpretation of this Part

169 Inspection by Authority

170 Obligation of relevant person under inspection, etc.

171 Confidentiality of inspection reports

172 Authority may transmit information from inspection to corresponding authority

173 Self-incrimination

Part 11 OFFENCES

174 Offences by corporations

175 Offences by unincorporated associations or partnerships

176 General duty to use reasonable care not to provide false information to Authority

177 Composition of offences

Part 12 MISCELLANEOUS

178 Agents

179 Appointment of assistants

180 Consent of Public Prosecutor

181 Jurisdiction of Courts

182 Opportunity to be heard

183 Recovery of fees, expenses, etc.

184 Publication of certain information

185 Disclosure of information

186 Service of documents

187 Electronic service

188 Guidelines on Fit and Proper Criteria

189 Exemption

190 Amendment of Schedules

191 Power of Minister to make regulations for or in respect to appeals

192 Power of Authority to make regulations

Part 13 CONSEQUENTIAL AND RELATED AMENDMENTS TO OTHER ACTS

193 Amendment of Banking Act 1970

194 Amendment of Companies Act 1967

195 Amendment of Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992

196 Amendment of Credit Bureau Act 2016

197 Amendment of Criminal Procedure Code 2010

198 Amendment of Deposit Insurance and Policy Owners’ Protection Schemes Act 2011

199 Amendment of Finance Companies Act 1967

200 Amendment of Financial Advisers Act 2001

201 Amendment of Financial Holding Companies Act 2013

202 Amendment of Income Tax Act 1947

203 Amendment of Insolvency, Restructuring and Dissolution Act 2018

204 Amendment of Insurance Act 1966

205 Amendment of Monetary Authority of Singapore Act 1970

206 Amendment of Mutual Assistance in Criminal Matters Act 2000

207 Amendment of Payment Services Act 2019

208 Amendment of Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019

209 Amendment of Securities and Futures Act 2001

210 Amendment of Trust Companies Act 2005

211 Amendment of United Nations Act 2001

212 Amendment of Variable Capital Companies Act 2018

213 Amendment of Securities and Futures (Amendment) Act 2017

214 Amendment of Financial Services and Markets Act 2022

Part 14 SAVINGS AND TRANSITIONAL PROVISIONS

215 Saving and transitional provisions in relation to amendments to Banking Act 1970

216 Saving and transitional provisions in relation to amendments to Finance Companies Act 1967

217 Saving and transitional provisions in relation to amendments to Financial Advisers Act 2001

218 Saving and transitional provisions in relation to amendments to Insurance Act 1966

219 Saving and transitional provisions in relation to amendments to Monetary Authority of Singapore Act 1970

220 Saving and transitional provisions in relation to amendments to Securities and Futures Act 2001

221 Saving and transitional provisions in relation to amendments to Trust Companies Act 2005

222 Other saving and transitional provisions

Explanatory Statement

Expenditure of Public Money

Table of Derivations

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