Interpretation of this Part
Open ↗56. In this Part, unless the context otherwise requires —“advertisement” means the dissemination or conveyance of information, or an invitation or solicitation by any means or in any form, including by means of —(a)
publication in a newspaper, magazine, journal or other periodical;
(b)
display of posters or notices;
(c)
circulars, handbills, brochures, pamphlets, books or other documents;
(d)
letters addressed to individuals or bodies;
(e)
photographs or cinematograph films; or
(f)
sound broadcasting, television, the Internet or other media;
“credit card” or “charge card” means any article, whether in physical or electronic form, of a kind commonly known as a credit card or charge card or any similar article intended for use in purchasing goods or services on credit, whether or not the card is valid for immediate use;
“licence” means a licence to carry on the business of issuing credit cards or charge cards in Singapore;
“licensee” means a person who is granted a licence under section 57B;
“place of business”, in relation to a licensee, includes a head or main office, a branch, an agency, a mobile branch of the licensee, any office established and maintained for a limited period only, and any other place used by the licensee for the conduct of any business of the licensee.[5/2016]
Restrictions on issuing and promoting credit card and charge card
Open ↗57.—(1) A person must not, in the course of carrying on (whether in Singapore or elsewhere) a business of issuing credit cards or charge cards, accept or receive in Singapore any application for a credit card or charge card unless the person is a licensee.
(2) A person must not accept or receive in Singapore any application for a credit card or charge card on behalf of any person other than a licensee or a person specified in subsection (9).
(3) A person must not, whether in Singapore or elsewhere, offer or invite or issue any advertisement containing any offer or invitation to the public or any section of the public in Singapore to apply for a credit card or charge card except where the credit card or charge card is to be issued by a licensee or a person specified in subsection (9).
(4) Subject to subsection (5), any advertisement containing information which is intended or might reasonably be presumed to be intended to lead, directly or indirectly, to an application for a credit card or charge card is treated as an advertisement mentioned in subsection (3).
(5) Any advertisement issued outside Singapore is not treated as an advertisement mentioned in subsection (3) if it is made available —(a)
in a newspaper, magazine, journal or other periodical published and circulating principally outside Singapore;
(b)
in a sound or television broadcast transmitted principally for reception outside Singapore; or
(c)
by any other means of broadcasting or communication principally for circulation or reception outside Singapore.
(6) For the purposes of subsection (3), in determining whether an offer, invitation or advertisement is made or issued to the public or any section of the public in Singapore, regard must be had to such considerations as may be prescribed.
(7) Any person who contravenes subsection (1), (2) or (3) shall be guilty of an offence and shall be liable on conviction —(a)
in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction; or
(b)
in any other case, to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
(8) A person whose business it is to publish or to arrange for the publication of advertisements shall not be guilty of an offence under subsection (7) if the person proves that —(a)
the person received the advertisement for publication in the ordinary course of the person’s business;
(b)
the matters contained in the advertisement were not, wholly or in part, devised or selected by the person or by any other person under the person’s direction or control; and
(c)
the person did not know and had no reason for believing that the publication of the advertisement would constitute an offence.
(9) Subsection (1) does not apply to —(a)
any bank in Singapore; and
(b)
such other person or class of persons as may be prescribed, subject to such conditions as may be prescribed.
Application to be licensed credit card or charge card issuer
Open ↗57A.—(1) An application for a licence to carry on the business of issuing credit cards or charge cards in Singapore must be made in such manner as may be required by the Authority.
(2) An application under subsection (1) must be accompanied by a non‑refundable application fee of a prescribed amount, which must be paid in the manner specified by the Authority.
(3) The Authority may require an applicant to provide it with such information as it considers necessary in relation to the application.
Requirements for grant of licence
Open ↗57B.—(1) The Authority may grant a licence subject to such conditions or restrictions as it thinks fit, or refuse to grant a licence.
(2) The Authority may at any time add to, vary or revoke any condition or restriction of a licence.
(3) Any licensee who contravenes any condition or restriction imposed by the Authority under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.
Licence fees
Open ↗57C.—(1) Every licensee must pay to the Authority such licence fees as may be prescribed.
(2) Any licence fee paid to the Authority under this Act must not be refunded or remitted if, during the period to which the licence fee relates —(a)
the licence is revoked under section 57E; or
(b)
the licensee ceases to carry on the business of issuing credit cards or charge cards in Singapore.
(3) Subject to subsection (2), the Authority may, where it considers appropriate, refund or remit the whole or part of any licence fee paid or payable to it.
Power of Authority to issue written directions
Open ↗57D.—(1) The Authority may, if it thinks it necessary or expedient in the public interest, issue written directions, either of a general or specific nature, to —(a)
any licensee or class of licensees; or
(b)
any person or class of persons specified in section 57(9),
to comply with such requirements as the Authority may specify in the directions, or for any other purpose.
(2) It is not necessary to publish any direction issued under subsection (1) in the Gazette.[10/2013]
(3) The Authority may at any time vary or revoke any direction issued under subsection (1).
(4) Any person who fails to comply with any direction issued under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.
Revocation of licence
Open ↗57E.—(1) The Authority may revoke a licence if —(a)
the licensee has contravened —(i)
any provision of this Part;
(ii)
any regulation made by the Authority with respect to the operations or activities of issuers of credit cards or charge cards;
(iii)
any condition or restriction imposed by the Authority under section 57B; or
(iv)
any direction issued by the Authority under section 57D;
(b)
it appears to the Authority that the licensee is carrying on its business in a manner that is contrary to the public interest;
(c)
any information or document provided by the licensee to the Authority is false or misleading; or
(d)
the licensee ceases to carry on the business for which it was licensed.
(2) Upon the revocation of a licence under this section, the licensee must not permit any credit card or charge card issued by the licensee prior to the revocation to be used to purchase any goods or services on credit.
(3) Any revocation of a licence shall not operate so as to affect any right, obligation or liability arising under any transaction before the revocation of the licence on a credit card or charge card issued by the licensee.
(4) Any person who, without reasonable excuse, contravenes subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.
Place of business
Open ↗57EA.—(1) Except with the approval of the Authority, a licensee must not —(a)
open a new place of business in Singapore for the conduct of any business mentioned in subsection (2);
(b)
change the location of an existing place of business in Singapore for the conduct of any business mentioned in subsection (2); or
(c)
conduct any business mentioned in subsection (2) from the new place of business mentioned in paragraph (a) or the relocated place of business mentioned in paragraph (b).[5/2016]
(2) Subsection (1) applies to the following businesses:(a)
the business of issuing credit cards or charge cards;
(b)
such other business as may be prescribed.[5/2016]
(3) An application for approval under subsection (1) must be made in such form and manner as the Authority may specify.[5/2016]
(4) On receiving an application, the Authority may —(a)
approve the application, with or without conditions; or
(b)
reject the application.[5/2016]
(5) The Authority may at any time vary or revoke any existing condition, or impose conditions or additional conditions.[5/2016]
(6) Any licensee who contravenes subsection (1) or fails to comply with any condition imposed under subsection (4) or (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.[5/2016]
Information to be provided on business of issuing credit cards or charge cards
Open ↗57EB.—(1) The Authority may, by written notice, require —(a)
any licensee;
(b)
any bank in Singapore; or
(c)
any person prescribed under section 57(9),
to provide to the Authority such information or statement relating to its business of issuing credit cards or charge cards, at such time and in such manner as the Authority may specify, if, in the opinion of the Authority, it requires that information or statement for the proper discharge of its functions under this Act.
[5/2016]
(2) The Authority may require any information or statement submitted to it under subsection (1) to be accompanied by —(a)
in the case of a bank —(i)
a certificate of the auditor appointed by the bank under section 58(1); or
(ii)
a certificate of any auditor appointed by the Authority under section 58(3); or
(b)
in the case of any other person, a certificate of an auditor appointed by that person,
as to whether, in the opinion of the auditor, the information or statement is correct.
[5/2016]
(3) Any information received from any person under this section must be treated as secret by the Authority.[5/2016]
(4) The Authority may disclose any information or statement received under this section if —(a)
it is in the public domain;
(b)
it is disclosed in such a manner that the identity of the person who provided it cannot be ascertained;
(c)
the person who provided it, or the person from whom it is obtained, consents to the disclosure;
(d)
the person to whom the information or statement relates consents to the disclosure;
(e)
its disclosure is necessary for the performance of any principal object or function, or the exercise of any power, of the Authority under this Act or any other written law; or
(f)
its disclosure is pursuant to any requirement under any written law or order of court in Singapore.[5/2016]
(5) Nothing in this section prevents the Authority from preparing and publishing consolidated statements aggregating information provided under subsection (1).[5/2016]
(6) Any person who fails to comply with a requirement under subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.[5/2016]
(7) Where a person mentioned in subsection (1)(a), (b) or (c), in purported compliance with a requirement in subsection (1) or (2), provides any information to the Authority, knowing or reckless that the information is false or misleading in a material particular, the person shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000.[5/2016]
(8) Where a person mentioned in subsection (1)(a), (b) or (c) is guilty of an offence under subsection (6), any individual charged with the duty of securing the person’s compliance with the requirement under subsection (1) or (2), and was in the position to discharge that duty, shall also be guilty of an offence and shall be liable on conviction —(a)
if the individual committed the offence wilfully, to a fine not exceeding $12,500 or to imprisonment for a term not exceeding 12 months or to both; or
(b)
if the individual did not commit the offence wilfully, to a fine not exceeding $12,500.[5/2016]
(9) Where a person mentioned in subsection (1)(a), (b) or (c) is guilty of an offence under subsection (7), any individual charged with the duty of securing the person’s compliance with the requirement under subsection (1) or (2), and was in the position to discharge that duty, shall also be guilty of an offence and shall be liable on conviction —(a)
if the individual committed the offence wilfully, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both; or
(b)
if the individual did not commit the offence wilfully, to a fine not exceeding $125,000.[5/2016]
(10) A person mentioned in subsection (1)(a), (b) or (c) who fails to take reasonable care that any information provided to the Authority in purported compliance with a requirement under subsection (1) or (2) is accurate, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000. [5/2016]
Inspection and investigation
Open ↗57F.—(1) The Authority may from time to time inspect, under conditions of secrecy, the books of a licensee for the purpose of ensuring that —(a)
any provision of this Part;
(b)
any regulation made by the Authority with respect to the operations or activities of issuers of credit cards or charge cards;
(c)
any condition or restriction imposed by the Authority under section 57B; or
(d)
any direction issued by the Authority under section 57D,
has been or is being complied with.
(2) The Authority may at any time make an investigation, under conditions of secrecy, of the books of any licensee, if it has reason to believe that the licensee is contravening —(a)
any provision of this Part;
(b)
any regulation made by the Authority with respect to the operations or activities of issuers of credit cards or charge cards;
(c)
any condition or restriction imposed by the Authority under section 57B; or
(d)
any direction issued by the Authority under section 57D.
(3) For the purposes of an inspection or investigation under this section, the licensee must produce such books (and afford the Authority access thereto) and provide such information and facilities as may be required by the Authority to conduct the inspection or investigation.
(4) The books mentioned in subsection (3) must not be required to be produced at such times or at such places as would unduly interfere with the proper conduct of the normal daily business of the licensee.
(5) The Authority may appoint an auditor, other than the auditor appointed by the licensee or by the Authority under section 58, to exercise the powers of the Authority under subsection (1) or (2).
(6) The remuneration and expenses of any auditor appointed under subsection (5) must be paid by the licensee.
(7) Any licensee who, without reasonable excuse, contravenes subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.
Appointment of chief executive officer and other persons
Open ↗57FA.—(1) A licensee incorporated in Singapore must obtain the prior approval of the Authority for the appointment of any of the following:(a)
any director;
(b)
the chairperson of the board of directors;
(c)
the chief executive officer and the deputy chief executive officer;
(d)
a person holding a prescribed appointment in the licensee.[1/2020]
(2) A licensee incorporated outside Singapore must obtain the prior approval of the Authority for the appointment of the following persons for each of its branches in Singapore:(a)
the chief executive officer and the deputy chief executive officer;
(b)
a person holding a prescribed appointment in the branch.[1/2020]
(3) Without limiting any other matter that the Authority may consider relevant, the Authority, in determining whether to grant its approval under subsection (1) or (2), must have regard to whether the person is a fit and proper person to hold the office or appointment in accordance with the Guidelines on Fit and Proper Criteria.[1/2020]
(4) The Authority may —(a)
grant its approval under subsection (1) or (2), with or without conditions; and
(b)
at any time vary or revoke any existing condition or impose conditions or additional conditions.[1/2020]
(5) Without limiting section 78, the Authority may by regulations made under section 78 prescribe —(a)
the duties of a person appointed under subsection (1) or (2); and
(b)
the maximum term for which a person appointed under subsection (1) or (2) may hold that office or appointment.[1/2020]
(6) A licensee incorporated in Singapore must immediately inform the Authority after the licensee becomes aware that a person who holds an office or appointment mentioned in subsection (1) is, in accordance with the Guidelines on Fit and Proper Criteria, no longer a fit and proper person to hold that office or appointment.[1/2020]
(7) A licensee incorporated outside Singapore must immediately inform the Authority after the licensee becomes aware that a person who holds an office or appointment mentioned in subsection (2) is, in accordance with the Guidelines on Fit and Proper Criteria, no longer a fit and proper person to hold that office or appointment.[1/2020]
(8) Any licensee which contravenes subsection (1) or (2), or fails to comply with any condition imposed by the Authority under subsection (4), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.[1/2020]
(9) Any licensee which contravenes subsection (6) or (7) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000.[1/2020]
Disqualification or removal of director or executive officer
Open ↗57FB.—(1) Despite the provisions of any other written law —(a)
a licensee incorporated outside Singapore must not, without the prior written consent of the Authority, permit a person to act as an executive officer of its branch in Singapore; and
(b)
a licensee incorporated in Singapore must not, without the prior written consent of the Authority, permit a person to act as its executive officer or director,
if the person —
(c)
has been convicted, whether in Singapore or elsewhere, of an offence whether committed before, on or after 1 October 2020, being an offence —(i)
involving fraud or dishonesty;
(ii)
the conviction for which involved a finding that the person had acted fraudulently or dishonestly; or
(iii)
that is specified in the Third Schedule to the Registration of Criminals Act 1949;
(d)
is an undischarged bankrupt, whether in Singapore or elsewhere;
(e)
has had an enforcement order against the person in respect of a judgment debt returned unsatisfied in whole or in part;[Act 25 of 2021 wef 01/04/2022]
(f)
has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with the person’s creditors, being a compromise or scheme of arrangement that is still in operation;
(g)
has had a prohibition order made against the person that remains in force; or[Act 18 of 2022 wef 31/07/2024]
(h)
has been a director of, or directly concerned in the management of, a regulated financial institution, whether in Singapore or elsewhere —(i)
which is being or has been wound up by a court; or
(ii)
the approval, authorisation, designation, recognition, registration or licence of which has been withdrawn, cancelled or revoked by the Authority or, in the case of a regulated financial institution in a foreign country or territory, by the regulatory authority in that foreign country or territory.[1/2020]
(2) Despite the provisions of any other written law, where the Authority is satisfied that —(a)
a director of a licensee incorporated in Singapore; or
(b)
an executive officer of a licensee,
is not a fit and proper person to be a director or an executive officer (as the case may be), the Authority may, by written notice to the licensee, direct the licensee to remove the director or executive officer from his or her office or employment within the period specified by the Authority in the notice, and the licensee must comply with the notice.
[1/2020]
(3) In assessing whether to direct a licensee to remove a director or an executive officer from his or her office or employment under subsection (2), the Authority may consider any matter which it considers relevant, including (but not limited to) whether —(a)
he or she has wilfully contravened or wilfully caused the licensee to contravene any provision of this Act;
(b)
he or she has, without reasonable excuse, failed to secure the compliance of the licensee with this Act, the Monetary Authority of Singapore Act 1970 or any of the written laws set out in the Schedule to that Act;
(c)
he or she has failed to discharge any of the duties of his or her office or employment; or
(d)
his or her removal is necessary in the public interest or for the protection of customers of the licensee.[1/2020]
(4) Before directing a licensee to remove a person from the person’s office or employment under subsection (2), the Authority must —(a)
give the licensee and the person written notice of its intention to do so; and
(b)
in the notice mentioned in paragraph (a), call upon the licensee and the person to show cause, within the time specified in the notice, why the person should not be removed.[1/2020]
(5) If the licensee and the person mentioned in subsection (4) —(a)
fail to show cause within the time specified under subsection (4)(b) or within an extended period of time allowed by the Authority; or
(b)
fail to show sufficient cause,
the Authority may direct the licensee to remove the person under subsection (2).
[1/2020]
(6) Any licensee which, or any director or executive officer of a licensee who, is aggrieved by a direction of the Authority under subsection (2) may, within 30 days after receiving the direction, appeal in writing to the Minister whose decision is final.[1/2020]
(7) Any licensee which contravenes subsection (1) or fails to comply with a notice issued under subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.[1/2020]
(8) No criminal or civil liability is incurred by a licensee, or any person acting on behalf of the licensee, in respect of anything done or omitted to be done with reasonable care and in good faith in the discharge or purported discharge of the obligations of the licensee under this section.[1/2020]
(9) In this section, unless the context otherwise requires —“prohibition order” means —(a)
a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022;
(b)
a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022, and as continued by section 217(2) of the Financial Services and Markets Act 2022;
(c)
an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022;
(d)
an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022, and as continued by section 218(2) of the Financial Services and Markets Act 2022;
(e)
a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022;
(f)
a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(3) of the Financial Services and Markets Act 2022; or
(g)
a prohibition order made under section 7(1) of the Financial Services and Markets Act 2022;[Act 18 of 2022 wef 31/07/2024]
“regulated financial institution” means a person carrying on a business, the conduct of which is regulated or authorised by the Authority or, if carried on in Singapore, would be regulated or authorised by the Authority;
“regulatory authority”, in relation to a foreign country or territory, means an authority of the foreign country or territory exercising any function that corresponds to a regulatory function of the Authority under this Act, the Monetary Authority of Singapore Act 1970 or any of the written laws set out in the Schedule to that Act.[1/2020]
Application and interpretation of sections 57FD and 57FE
Open ↗57FC.—(1) This section and sections 57FD and 57FE apply to, and in relation to, all individuals whether resident in Singapore or not and whether citizens of Singapore or not, and to all bodies corporate and unincorporate, whether incorporated or carrying on business in Singapore or not.[1/2020]
(2) In sections 57FD and 57FE —“arrangement” includes any formal or informal scheme, arrangement or understanding, and any trust whether express or implied;
“licensee” means a person who is granted a licence under section 57B and is incorporated in Singapore.[1/2020]
Control of shareholdings and voting power in licensee
Open ↗57FD.—(1) A person must not, on or after 1 October 2020, become a 20% controller of a licensee without first obtaining the approval of the Authority.[1/2020]
(2) Subject to section 57FE(5), a person who, immediately before 1 October 2020, is a 20% controller of a licensee must not continue to be such a controller unless the person has, within 6 months after 1 October 2020 or a longer period allowed by the Authority, applied to the Authority for approval to continue to be such a controller.[1/2020]
(3) In this section, “20% controller” means a person who, alone or together with the person’s associates —(a)
holds at least 20% of the total number of issued shares in the licensee; or
(b)
is in a position to control voting power of at least 20% in the licensee.[1/2020]
(4) For the purposes of subsection (3) —(a)
a person holds a share if —(i)
the person is deemed to have an interest in that share under section 7 of the Companies Act 1967; or
(ii)
the person otherwise has a legal or an equitable interest in that share except for such interest as is to be disregarded under section 7 of the Companies Act 1967;
(b)
a reference to the control of a percentage of the voting power in a licensee is a reference to the control, whether direct or indirect, of that percentage of the total number of votes that might be cast in a general meeting of the licensee; and
(c)
a person, A, is an associate of another person, B, if —(i)
A is the spouse or a parent, remoter lineal ancestor or step‑parent or a son, daughter, remoter issue, stepson or stepdaughter or a brother or sister, of B;
(ii)
A is a body corporate that is, or a majority of the directors of which are, accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of B;
(iii)
A is a person who is accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of B;
(iv)
A is a subsidiary of B;
(v)
A is a body corporate in which B, alone or together with other associates of B as described in sub‑paragraphs (ii), (iii) and (iv), is in a position to control at least 20% of the voting power in A; or
(vi)
A is a person with whom B has an agreement or arrangement, whether oral or in writing and whether express or implied, to act together with respect to the acquisition, holding or disposal of shares or other interests in, or with respect to the exercise of their voting power in relation to, the licensee.[1/2020]
Approval of applications
Open ↗57FE.—(1) The Authority may approve an application made by any person under section 57FD if —(a)
the Authority is satisfied that —(i)
the person is a fit and proper person; and
(ii)
having regard to the likely influence of the person, the licensee will or will continue to conduct its business prudently and comply with the provisions of this Act; and
(b)
the Authority is satisfied that it is in the public interest to do so.[1/2020]
(2) Any approval under this section may be granted to any person subject to any conditions imposed by the Authority, including but not limited to any condition —(a)
restricting the person’s disposal or further acquisition of shares or voting power in the licensee; or
(b)
restricting the person’s exercise of voting power in the licensee.[1/2020]
(3) The Authority may at any time add to, vary or revoke any condition imposed under subsection (2).[1/2020]
(4) Any condition imposed under subsection (2) has effect despite any of the provisions of the Companies Act 1967 or anything contained in the memorandum or articles of association of the licensee.[1/2020]
(5) Where the Authority disapproves an application made by any person under section 57FD(2), the person must, within the time specified by the Authority, take such steps as are necessary to cease to be a 20% controller.[1/2020]
Non-application of this Part
Open ↗57G. This Part does not apply to any credit card or charge card issued or to be issued by a person if —(a)
the credit card or charge card is for purchasing goods or services on credit with and from the person only and the person bears the whole credit risk of the cardholder;
(b)
the aggregate credit limit that is granted by the person and, where the person is a corporation, the related corporations of the person to the cardholder does not exceed $500; or
(c)
the issue of the credit card or charge card satisfies such other criteria as may be prescribed.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
