Financial Services and Markets Act 2022

Sections (257)

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• § 1 — Short title and commencement

  1. This Act is the Financial Services and Markets Act 2022 and comes into operation on a date that the Minister appoints by notification in the Gazette.

• § 10 — Date and effect of prohibition orders

  10. A prohibition order, or any variation or revocation of a prohibition order, takes effect on the date specified by the Authority in the order or the notice in section 9(1), as the case may be.

• § 100 — Offences under this Division

  100. Any person who —(a) without reasonable excuse, refuses or fails to comply with an order under section 98(1)(b) or (c); (b) in purported compliance with an order made under section 98(1)(b), provides to the Authority any material, or copy of any material, known to the person to be false or misl

• § 101 — Immunity for providing material, etc.

  101.—(1) No liability, other than for an offence under section 100, shall lie against any person for —(a) providing to the Authority any material or copy of any material, if the person had provided that material or copy with reasonable care and in good faith and in compliance with an order made unde

• § 102 — Interpretation of this Division

  102.—(1) In this Division, unless the context otherwise requires —“determination” means a determination made under section 103; “foreign financial institution” means a financial institution incorporated, formed or established in a foreign country or territory that has —(a) a branch located in Singa

• § 103 — Determination over foreign resolution

  103.—(1) This section applies where a foreign resolution authority of a foreign country or territory makes a request to the Authority to recognise a foreign resolution in relation to a foreign financial institution by the foreign resolution authority.(2) The Authority must make a determination that

• § 104 — Order to give effect to foreign resolution

  104.—(1) If the Minister approves a determination that a foreign resolution should be recognised in whole or in part, the Minister must, as soon as practicable, by order in the Gazette, declare that the foreign resolution is to be recognised.(2) The order may make provision for any of the following

• § 105 — Directions

  105. The Authority may, from time to time, issue such directions to any person that is approved, authorised, designated, recognised, registered, licensed or otherwise regulated by the Authority under this Act or any other MAS scheduled Act, as the Authority considers necessary for the purposes of gi

• § 106 — Offence

  106.—(1) A person that refuses or fails to comply with a provision of the order under section 104 that applies to the person, or a direction issued to the person under section 105, shall be guilty of an offence and shall be liable on conviction —(a) in the case of an individual, to a fine not exceed

• § 107 — Interpretation of this Division

  107. In this Division, unless the context otherwise requires —“Agency” means the company designated by the Minister under section 56 of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 as the deposit insurance and policy owners’ protection fund agency; “DI Fund” means the Deposi

• § 108 — Establishment of resolution fund

  108.—(1) For the purposes of supporting a resolution measure undertaken for a financial institution and other matters relating to the measure, the Minister may, on the recommendation of the Authority, establish a resolution fund.(2) The Minister must appoint a body corporate or unincorporate establi

• § 109 — Trustee of resolution fund

  109.—(1) The duty of the trustee of a resolution fund is to administer and manage the resolution fund, and in particular —(a) to make withdrawals from the resolution fund in accordance with sections 110 and 118(1) and to apply the moneys withdrawn for the purposes mentioned in those provisions; (b)

• § 11 — Power of Authority to publish information

  11. The Authority —(a) must publish the making of a prohibition order under section 7, and the variation or revocation of a prohibition order under section 9, in such manner as the Authority thinks will secure adequate publicity for the fact that the prohibition order was made, varied or revoked, as

• § 110 — Withdrawal from resolution fund

  110.—(1) The trustee of a resolution fund must, at the Minister’s direction, make one or more withdrawals from the resolution fund and apply the moneys withdrawn for one or more of the following purposes:(a) to pay the operating costs of a provisional entity; (b) to discharge a guarantee for, or an

• § 111 — Recovery of sums withdrawn

  111.—(1) Where one or more withdrawals have been made from a resolution fund under section 110, the Minister may direct the trustee of the resolution fund to recover the sum or sums withdrawn in one or both of the following ways:(a) by making a claim for all or part of that sum or those sums from th

• § 112 — Claim from financial institution under resolution

  112.—(1) Where a direction has been given under section 111(1)(a), the trustee of the resolution fund must make a claim mentioned in that provision on the financial institution under resolution to pay the sum mentioned in the direction, at such time and in such manner as the trustee determines, and

• § 113 — Computation and notice of levy

  113.—(1) After the Minister has given a direction under section 111(1)(b) or (2), the Authority must, in accordance with the regulations made under section 135 for the purpose of this section —(a) compute the amount of levy payable by every levy payer; and (b) give a written notice to the trustee o

• § 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

  114.—(1) This section applies where a notice under section 113(3), (5) or (6) is given to a levy payer that is a similar financial institution, or a participant of a market infrastructure or of a payment system operated by a payment system operator.(2) The levy payer must pay to the trustee of the r

• § 115 — Payment of levy by participants of market infrastructure on transaction basis

  115.—(1) This section applies where a notice under section 113(4) is given to a market infrastructure.(2) The market infrastructure must —(a) during the period of collection specified in the notice, collect from each participant on whom the levy is imposed under the notice and in the manner specifie

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

  116.—(1) The levy imposed on a person under section 113(3), (5) or (6), and any late payment fee imposed on the person under section 114(3), are both recoverable as a debt due from that person to the trustee of the resolution fund concerned.(2) The amount of levy that a market infrastructure is requ

• § 117 — Disclosure of information on levy

  117.—(1) This section applies to a notice given under section 113(3), (5) or (6) to a levy payer that is a similar financial institution, or a participant of a market infrastructure or of a payment system operated by a payment system operator.(2) Subject to subsections (3) and (4), the levy payer an

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

  118.—(1) The Minister may, from time to time, direct the trustee of a resolution fund to make a withdrawal from the resolution fund for any of the following purposes:(a) to repay the Authority all or any part of the loan made under section 23(7A) of the Monetary Authority of Singapore Act 1970, toge

• § 119 — Priority of debt of financial institution to trustee

  119. Despite any written law or rule of law relating to the winding up of companies, in the event of a winding up of a financial institution (other than one that is a bank, a finance company licensed under the Finance Companies Act 1967 or an insurer licensed under the Insurance Act 1966) —(a) any s

• § 12 — Records of prohibition orders

  12.—(1) The Authority must keep, in such form as the Authority thinks fit, records on persons —(a) against whom prohibition orders are made under section 7; and (b) whose or which prohibition orders are varied or revoked under section 9. (2) The Authority may publish the records mentioned in subse

• § 120 — Regulations for this Division

  120.—(1) Regulations may be made under section 135 for the purposes of this Division.(2) Without limiting subsection (1), regulations may be made in relation to the imposition and recovery of a levy and late payment fee under section 113, 114, 115 or 116, and in particular in relation to one or more

• § 121 — Interpretation of this Division

  121. In this Division, unless the context otherwise requires —“2nd transferee” has the meaning given by section 69; “Division 11 FI” or Division 11 financial institution means a pertinent financial institution within a class of pertinent financial institutions prescribed by regulations made under s

• § 122 — Meaning of “worse off as a result of the resolution”

  122.—(1) In this Division, a pre‑resolution creditor or pre‑resolution shareholder of a Division 11 FI under resolution is worse off as a result of the resolution if, by reason of one or more of the actions mentioned in subsection (2) taken in relation to the Division 11 FI, the pre‑resolution credi

• § 123 — Eligibility for compensation

  123.—(1) A pre-resolution creditor or pre‑resolution shareholder of a Division 11 FI under resolution that is worse off as a result of the resolution, is eligible for compensation of the amount mentioned in subsection (2).(2) The amount of compensation that the pre-resolution creditor or pre‑resolut

• § 124 — Appointment of valuer

  124.—(1) The Minister must, as soon as practicable, after the resolution date of a Division 11 FI under resolution, appoint a valuer for the Division 11 FI.(2) The role of a valuer appointed under this section is to make a valuation in relation to the Division 11 FI in accordance with section 125, a

• § 125 — Valuation

  125.—(1) A valuer for a Division 11 FI under resolution must conduct the valuation of the Division 11 FI in accordance with the valuation principles that are prescribed by regulations made under section 135, and any other valuation principles specified by the Authority by written notice to the value

• § 126 — Access to information by valuer

  126.—(1) A Division 11 FI under resolution for which a valuer is appointed must —(a) give the valuer access to such of its records and documents as the valuer may reasonably require to conduct the valuation; (b) procure a person who is in possession of such records and documents to give the valuer

• § 127 — Confidentiality and use of information

  127.—(1) A valuer must not use or disclose any information obtained under this Division other than for the performance of its functions under this Division.(2) Any person who comes to know of any information in the course of assisting another person to perform a function under this Division must not

• § 128 — Disclosure of valuation report

  128.—(1) A valuer of a Division 11 FI under resolution may, with the Authority’s approval, disclose the whole or any part of the valuation report of the Division 11 FI to the Division 11 FI, any pre‑resolution creditor or pre‑resolution shareholder of the Division 11 FI, or the public.(2) In grantin

• § 129 — Appeals

  129.—(1) The Authority may appeal to the Court against a valuation report if the Authority is dissatisfied with —(a) the valuer’s decision on any person’s eligibility for compensation; or (b) the amount of compensation to be paid to any person pursuant to the valuation report. (2) A person may app

• § 13 — Appeals to Minister

  13.—(1) Where an appeal is made to the Minister under this Part, the Minister may confirm, vary or reverse the decision of the Authority on appeal, or give such directions in the matter as the Minister thinks fit, and the decision of the Minister is final.(2) Where an appeal is made to the Minister

• § 130 — Notices to significant associated entities of specified financial institutions

  130.—(1) The Authority may, if the Authority thinks it necessary or expedient in the public interest, in the interests of any affected person or class of affected persons of a specified financial institution or in the interests of the financial system in Singapore, by written notice to a significant

• § 131 — Modification of law of insolvency

  131. Despite anything to the contrary in this Act, the Companies Act 1967 and the Insolvency, Restructuring and Dissolution Act 2018 —(a) any sale, transfer, assignment or other disposition of any property or business of a pertinent financial institution pursuant to section 67 or 73 must not be reve

• § 132 — Power to obtain information under this Part

  132.—(1) The Minister or the Authority may require a person to provide, within the period and in the manner specified by the Minister or the Authority, any information or document that the Minister or the Authority may reasonably require —(a) for the discharge or exercise of the Minister’s or the Au

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

  133.—(1) No civil or criminal liability is incurred by an officer of a specified financial institution, or of a significant associated entity referred to in section 130, for anything done (including any statement made) or omitted to be done with reasonable care and in good faith in complying with an

• § 134 — Cessation of moratorium, etc., under this Part

  134.—(1) The Minister may, by order in the Gazette, direct that section 68(1) or (2), 76(13), 79(13) or 86, or any part of that provision, ceases to apply to a pertinent financial institution, any business (or any part of the business) of a pertinent financial institution, any share in a pertinent f

• § 135 — Regulations for this Part

  135.—(1) The Minister may make such regulations as may be necessary or expedient for carrying out the purposes and provisions of this Part and for prescribing anything that may be required to be prescribed under this Part.(2) Without limiting subsection (1), regulations made under this section may —

• § 136 — Interpretation of this Part

  136.—(1) In this Part, unless the context otherwise requires —“5% controller”, in relation to a corporation (being a licensee), means a person that alone or together with the person’s associates —(a) has an interest in at least 5%, but less than 12%, of the shares in the corporation; or (b) is in a

• § 137 — Licensing of digital token service providers

  137.—(1) Except as provided for in subsection (5), an individual or a partnership must not from a place of business in Singapore carry on a business of providing any type of digital token service outside Singapore unless the individual or the partnership has in force a licence.(2) For the purposes o

• § 138 — Application for licence

  138.—(1) An application for a licence must be made to the Authority in the form and manner required by the Authority.(2) Upon receiving an application under subsection (1), the Authority may —(a) grant a licence to the applicant, with or without conditions; or (b) refuse to grant a licence. (3) Wh

• § 139 — Holding out as licensee

  139.—(1) A person must not hold himself, herself or itself out as a licensee, unless the person has in force a licence.(2) An individual or a partnership must not hold himself, herself or itself (as the case may be) out as carrying on from a place in Singapore a business of providing any type of dig

• § 14 — Appeal Advisory Committees

  14.—(1) For the purpose of enabling Appeal Advisory Committees to be constituted under section 13, the Minister is to appoint a panel (called in this Part the Appeal Advisory Panel) comprising such members from the financial services industry, and the public and private sectors, as the Minister may

• § 140 — Annual fees of licensees

  140.—(1) A licensee must pay to the Authority a prescribed annual fee in such manner as the Authority may specify by written notice.(2) The Authority may, where the Authority considers it to be appropriate in a particular case, waive, refund or remit the whole or any part of any annual fee paid or p

• § 141 — Lapsing, surrender, revocation or suspension of licence

  141.—(1) A licence lapses —(a) in the case of a licensee that is an entity, if the licensee is wound up or otherwise dissolved, whether in Singapore or elsewhere; (b) in the case of a licensee that is an individual, if the licensee dies, becomes mentally incapacitated or is adjudicated a bankrupt;

• § 142 — Appeals to Minister

  142. Any person that is aggrieved —(a) by the refusal of the Authority to grant a licence to the person; or (b) by the revocation or suspension of the person’s licence by the Authority, may, within 30 days after having been informed by the Authority of the refusal, revocation or suspension, appeal

• § 143 — Place of business of licensee

  143.—(1) A licensee must not carry on a business of providing any type of digital token service unless the licensee has a permanent place of business.(2) A licensee must appoint at least one person to be present, on such days and at such hours as the Authority may specify by written notice, at the l

• § 144 — Obligation of licensee to notify Authority of certain events

  144.—(1) A licensee must notify the Authority of the occurrence of any of the following events as soon as practicable after that occurrence:(a) any civil or criminal proceeding instituted against the licensee, whether in Singapore or elsewhere; (b) any event (including an irregularity in the operat

• § 145 — Obligation of licensee to provide information to Authority

  145.—(1) Subject to subsection (4), the Authority may, by written notice, require any licensee, or any person acting on behalf of a licensee, to provide to the Authority, within such period as the Authority may specify in the notice, all such information relating to the licensee’s business of provid

• § 146 — Obligation of licensee to submit periodic reports

  146.—(1) A licensee must submit to the Authority such reports or returns relating to the licensee’s business in such form, manner and frequency as the Authority may specify by written notice.(2) A person that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction

• § 147 — Prohibition from carrying on certain businesses

  147.—(1) A licensee must not carry on a business of granting any credit facility to any individual in Singapore.(2) A licensee that contravenes subsection (1) 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

• § 148 — Application and interpretation of this Subdivision

  148.—(1) This Subdivision applies to —(a) every individual, whether or not resident in Singapore and whether or not a citizen of Singapore; and (b) every entity. (2) In this Subdivision, unless the context otherwise requires, a reference to a licensee is a reference to a licensee incorporated in S

• § 149 — Control of shareholding in licensee

  149.—(1) A person must not become a 20% controller of a licensee without first applying for and obtaining the approval of the Authority under subsection (2).(2) The Authority may approve an application made by any person under subsection (1) if the Authority is satisfied that —(a) having regard to t

• § 15 — Directions or regulations to discharge Government’s international obligations

  15.—(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 under section 192 concerning any financial institution or class of financial institutions or relating to the activities of any financi

• § 150 — Objection to existing control of licensee

  150.—(1) The Authority may serve a written notice of objection on any person that is, or is required to obtain or has obtained the Authority’s approval under section 149(2) to become, a 20% controller of a licensee, if the Authority is satisfied that —(a) any condition for approval under section 149

• § 151 — Power of Authority to issue directions for this Subdivision

  151.—(1) If the Authority is satisfied that a person has contravened section 149(1) or has failed to comply with any condition imposed under section 149(3) or (4), or if the Authority has served a written notice of objection under section 150, the Authority may, by written notice —(a) direct the tra

• § 152 — Power of Authority to obtain information relating to this Subdivision

  152.—(1) The Authority may, by written notice, direct a licensee to obtain from any of its shareholders, and to provide to the Authority, any information relating to the shareholder that the Authority may require for either or both of the following purposes:(a) ascertaining or investigating into the

• § 153 — Offences, penalties and defences

  153.—(1) A person that —(a) contravenes section 149(1) or 150(5) or does any act in contravention of section 151(2); (b) fails to comply with —(i) any written notice issued under section 151(1) or 152(1) or (3); or (ii) any condition imposed under section 149(3) or (4); or (c) in purported compli

• § 154 — Appeals to Minister

  154. Any person that is aggrieved by a decision of the Authority under section 149, 150 or 151 may, within 30 days after receiving the decision of the Authority, appeal in writing to the Minister, whose decision is final.

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

  155.—(1) Subject to subsections (4) and (5) —(a) an individual may not be appointed as a chief executive officer or as a director of a licensee that is a corporation; (b) an individual may not be appointed as manager, or become a partner, of a licensee that is a limited liability partnership; and

• § 156 — Removal of chief executive officer, director, partner or manager

  156.—(1) Despite the provisions of any other written law, where the Authority is satisfied that an individual who is a chief executive officer, director, partner or manager of a licensee is not a fit and proper person under the Guidelines on Fit and Proper Criteria to act as such chief executive off

• § 157 — Appeals to Minister

  157.—(1) A licensee that is aggrieved by a decision of the Authority under section 155(3)(b) may, within 30 days after receiving the decision of the Authority, appeal in writing to the Minister, whose decision is final.(2) A licensee, or any chief executive officer, director, partner or manager of t

• § 158 — Auditing

  158.—(1) Despite the provisions of the Companies Act 1967, a licensee —(a) must, on an annual basis and at its own expense, appoint an auditor; and (b) if for any reason its auditor ceases to be its auditor, must appoint another auditor as soon as practicable after such cessation. (2) The Authorit

• § 159 — Powers of auditor appointed by Authority

  159.—(1) An auditor appointed by the Authority under section 158(2) may, for the purpose of carrying out an examination or audit —(a) examine, on oath or affirmation, any officer or employee of the licensee or any other auditor of the licensee; (b) require any officer or employee of the licensee, o

• § 16 — Requirements for prevention of money laundering and terrorism financing

  16.—(1) The Authority may, from time to time, issue such directions, or make such regulations under section 192, concerning any financial institution or class of financial institutions as the Authority considers necessary for the prevention of money laundering or the financing of terrorism.(2) In pa

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

  160.—(1) Except as may be necessary for the carrying into effect of the provisions of this Part or so far as may be required for the purposes of any legal proceedings, whether civil or criminal —(a) an auditor appointed under section 158(1) or (2); or (b) any employee of such auditor, must not dis

• § 161 — Offence to destroy, conceal, alter, etc., records

  161.—(1) An individual who, with intent to prevent, delay or obstruct the carrying out of any examination or audit under section 158 or 159 —(a) destroys, conceals or alters any book relating to the business of a licensee; or (b) sends, or conspires with any other person to send, out of Singapore a

• § 162 — Falsification of records by officers, etc.

  162.—(1) An officer, auditor, employee or agent of a licensee who —(a) wilfully makes, or causes to be made, a false entry in any book, or in any report, slip, document or statement of the business, affairs, transactions, conditions or assets of the licensee; (b) wilfully omits to make an entry in

• § 163 — General penalty

  163. A person guilty of an offence under this Part for which no penalty is expressly provided shall be liable on conviction — (a) in the case of an individual, to a fine not exceeding $50,000; or (b) in any other case, to a fine not exceeding $100,000.

• § 164 — Power of court to make certain orders

  164.—(1) Where, on an application of the Authority, it appears to the court that a person —(a) has committed an offence under this Part; or (b) is about to do an act that, if done, would be an offence under this Part, the court may (without prejudice to any other order it may make) make one or mor

• § 165 — Codes, guidelines, etc., by Authority

  165.—(1) The Authority may issue and publish by notification in the Gazette or in any other manner the Authority considers appropriate, such codes, guidelines, policy statements, practice notes and no‑action letters as the Authority considers appropriate for providing guidance —(a) in furtherance of

• § 166 — Power of Authority to issue written notice

  166.—(1) The Authority may, if the Authority thinks it necessary or expedient for the effective administration of this Part, for the protection of consumers or in the interest of the public or a section of the public, issue to any of the following persons or classes of persons a written notice, eith

• § 167 — Power of Authority to make regulations

  167.—(1) Regulations may be made under section 192 for or with respect to —(a) the fees to be paid in respect of any matter or thing required for the purposes of this Part, and the refund or remission of the whole or any part of any such fees; (b) the granting, lapsing, surrender, revocation or sus

• § 168 — Interpretation of this Part

  168. In this Part, unless the context otherwise requires —“book” has the meaning given by section 17; “licensee” has the meaning given by section 136(1); “prescribed financial institution” has the meaning given by section 28B;[Act 19 of 2023 wef 01/04/2024] “relevant person” means a person mentio

• § 169 — Inspection by Authority

  169.—(1) The Authority may from time to time inspect, under conditions of secrecy, the books of any of the following persons: (a) a financial institution, for the purpose of determining the extent of compliance by the financial institution with the directions issued under, and the regulations mentio

• § 17 — Interpretation of this Division

  17.—(1) In this Division, unless the context otherwise requires —“agent” means an insurance agent in respect of policies which relate to general business within the meaning of section 3(1)(b) of the Insurance Act 1966; “AML/CFT authority” or Anti-Money Laundering/Countering the Financing of Terrori

• § 170 — Obligation of relevant person under inspection, etc.

  170.—(1) For the purposes of an inspection under section 169(1), a relevant person must —(a) give the Authority access to such of the books of the relevant person as the Authority may reasonably require to conduct the inspection; (b) procure any other person who is in possession of such of the book

• § 171 — Confidentiality of inspection reports

  171.—(1) Except as provided in subsection (2), where a written report has been produced in respect of a relevant person by the Authority following an inspection under section 169(1), the report must not be disclosed to any other person by —(a) the relevant person; or (b) any officer or auditor of t

• § 172 — Authority may transmit information from inspection to corresponding authority

  172.—(1) The Authority or any person authorised by the Authority may, on the Authority’s own motion, and subject to the satisfaction of such conditions as the Authority may determine, transmit any information obtained by the Authority from an inspection under section 169(1) to a corresponding author

• § 173 — Self-incrimination

  173.—(1) A person is not excused from disclosing information to the Authority pursuant to a requirement made of the person under this Part on the grounds that the disclosure of the information might tend to incriminate the person.(2) Where a person claims, before making a statement disclosing inform

• § 173A — Interpretation of this Part

  173A. In this Part —“advocate and solicitor” means an advocate and solicitor of the Supreme Court or a foreign lawyer as defined in section 2(1) of the Legal Profession Act 1966; “auditor” means a public accountant who is registered or deemed to be registered under the Accountants Act 2004; “book”

• § 173B — Investigation by Authority

  173B.—(1) The Authority may conduct such investigation as it considers necessary or expedient for any of the following purposes:(a) to perform any of its functions and duties under this Act; (b) to ensure compliance with this Act or any written direction issued under this Act; (c) to investigate a

• § 173C — Confidentiality of investigation reports

  173C.—(1) Where a written report or any part of a written report (called in this section the report) has been produced by the Authority in respect of any investigation under section 173B and is provided by the Authority to the person under investigation (called in this section the investigated perso

• § 173D — Self-incrimination and saving for advocates and solicitors

  173D.—(1) A person is not excused from disclosing information to the Authority, or an investigator or authorised person mentioned in Subdivision (2) or (3), pursuant to a requirement made of the person under any provision of this Division, on the ground that the disclosure of the information might t

• § 173E — Requirement to appear for examination

  173E.—(1) For the purpose of an investigation under this Division, the Authority may, in writing, require a person —(a) to give to the Authority all reasonable assistance in connection with the investigation; and (b) to appear before an officer of the Authority duly authorised by the Authority for

• § 173F — Proceedings at examination

  173F. The provisions of this Subdivision apply where, pursuant to a requirement made under section 173E for the purposes of an investigation under this Division, a person (called in this Subdivision the examinee) appears before another person (called in this Subdivision the investigator) for examina

• § 173G — Requirements made of examinee

  173G.—(1) The investigator may examine the examinee on oath or affirmation, and may, for that purpose, administer an oath or affirmation to the examinee.(2) The oath or affirmation to be taken or made by the examinee for the purposes of the examination is an oath or affirmation that the statements t

• § 173H — Examination to take place in private

  173H.—(1) The examination must take place in private and the investigator may give directions as to who may be present during the examination or part thereof.(2) A person must not be present at the examination unless the person is —(a) the investigator or the examinee; (b) a person approved by the

• § 173I — Record of examination

  173I.—(1) The investigator may, and must if the examinee so requests, cause a record to be made of statements made at the examination.(2) If a record made under subsection (1) is in writing or is reduced to writing —(a) the investigator may require the examinee to read the record, or to have it read

• § 173J — Giving copies of record to other persons

  173J.—(1) The Authority may, subject to such conditions or restrictions as it may impose, give a copy of a written record of the examintion, or such a copy together with a copy of any related book, to an advocate and solicitor acting on behalf of a person who is carrying on, or is contemplating in g

• § 173K — Copies given subject to conditions

  173K. If a copy of any written record or book is given to a person under section 173I(2) or 173J(1) or (3) subject to conditions or restrictions imposed by the investigator or the Authority (as the case may be), the person, and any other person who has possession, custody or control of the copy or t

• § 173L — Power of Authority to order production of books, provision of information or giving of access to data

  173L. For the purpose of an investigation under this Division, the Authority may, in writing, require —(a) a person who is believed to possess, or to have power to access, any book, or who is believed to possess any information, relating to any matter under investigation; or (b) a person who is bel

• § 173M — Power to enter premises without warrant

  173M.—(1) In connection with an investigation under this Division, any officer of the Authority who is authorised by the Authority to do so (called in this section an investigator) and such other officers or persons as the Authority has authorised in writing to accompany the investigator (each calle

• § 173N — Warrant to seize books, etc.

  173N.—(1) A Magistrate may, on the application of the Authority —(a) issue a warrant, if the Magistrate is satisfied that there are reasonable grounds to suspect that there is, on any particular premises, any book, or a computer in which any data is contained or to which any data is available —(i) b

• § 173O — Powers where books are produced, etc.

  173O.—(1) This section applies where —(a) any book is produced to the Authority, or access to any book, or any data contained in or available to a computer, is given to the Authority —(i) pursuant to a requirement under section 173L; or (ii) during an entry into any premises by an investigator or a

• § 173P — Powers where books not produced, information not provided or access to book or data not given

  173P. Where a person fails to comply with a requirement imposed by the Authority under section 173L to produce any book, provide any information or give access to any book or data, the Authority may require the person to state, to the best of his or her knowledge and belief —(a) the place where such

• § 173Q — Copies of or extracts from books to be admitted in evidence

  173Q.—(1) Subject to this section, a copy of or extract from any book referred to in this Division that is proved to be a true copy of the book, or of the relevant part of the book, is admissible in evidence as if it were the original book, or the relevant part of the original book.(2) For the purpo

• § 173R — Offences under this Division

  173R.—(1) An advocate and solicitor or legal counsel who, without reasonable excuse, fails to comply with section 173D(5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.(2) A person who, without reasonable excuse, refuses or fails to comply with —(a)

• § 173S — Interpretation of this Division

  173S. In this Division ––“Commercial Affairs Officer” means a Commercial Affairs Officer appointed under section 64 of the Police Force Act 2004; “police officer” means a member of the Singapore Police Force.[Act 12 of 2024 wef 24/01/2025]

• § 173T — Evidence obtained by Authority may be used in criminal investigations and proceedings

  173T.—(1) Despite the provisions of any written law or rule of law, the Authority may provide any book, written record of any examination or other information, or access to any data, obtained by the Authority under this Part to ––(a) a police officer; (b) a Commercial Affairs Officer; or (c) the P

• § 173U — Evidence obtained under Criminal Procedure Code 2010 may be used for purposes of Act

  173U. Despite the provisions of any written law or any rule of law, any book, data, statement or other information obtained by —(a) a police officer or a Commercial Affairs Officer in the exercise of his or her powers under Divisions 1 and 2 of Part 4 of the Criminal Procedure Code 2010; or (b) an

• § 174 — Offences by corporations

  174.—(1) Where, in a proceeding for an offence under this Act, it is necessary to prove the state of mind of a corporation in relation to a particular conduct, evidence that —(a) an officer, employee or agent of the corporation engaged in that conduct within the scope of his or her actual or apparen

• § 175 — Offences by unincorporated associations or partnerships

  175.—(1) Where, in a proceeding for an offence under this Act, it is necessary to prove the state of mind of an unincorporated association or a partnership in relation to a particular conduct, evidence that —(a) an employee or agent of the unincorporated association or partnership engaged in that co

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

  176.—(1) A person who provides the Authority with any information —(a) under or for the purposes of any provision of this Act; or (b) in circumstances in which the person providing the information intends, or could reasonably be expected to know, that the information would be used by the Authority

• § 177 — Composition of offences

  177.—(1) The Authority may compound any offence under this Act that is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the amount of the maximum fine prescribed for that offence.(2) The Aut

• § 178 — Agents

  178. In the exercise of its powers and the performance of its functions under this Act, the Authority may —(a) establish agencies at such places outside Singapore as the Authority thinks fit; (b) arrange with and authorise a person to act as agent of the Authority outside Singapore; (c) act as age

• § 179 — Appointment of assistants

  179.—(1) Subject to subsection (2), the Authority may appoint any person to exercise any of the Authority’s powers or perform any of the Authority’s functions or duties under this Act, either generally or in any particular case, except —(a) the power of appointment conferred by this subsection; and

• § 18 — Purposes of this Division

  18. The purposes of this Division are —(a) to enable the Authority to provide information to an AML/CFT authority of a foreign country in connection with the AML/CFT authority’s supervision of foreign financial institutions carrying on any financial activities in that country for compliance with the

• § 180 — Consent of Public Prosecutor

  180. No prosecution in respect of any offence under this Act may be instituted without the written consent of the Public Prosecutor.

• § 181 — Jurisdiction of Courts

  181. Despite the Criminal Procedure Code 2010, a District Court or a Magistrate’s Court has jurisdiction to try any offence under this Act and has power to impose the full punishment for that offence.

• § 182 — Opportunity to be heard

  182. Where this Act provides for a person to be given an opportunity to be heard by the Authority, the Authority may prescribe the manner in which the person is to be given such opportunity to be heard.

• § 183 — Recovery of fees, expenses, etc.

  183. The Authority may recover as a civil debt due to the Authority from the financial institution concerned —(a) the amount of any fees payable to the Authority under section 5; (b) the amount of any fees payable to the Authority under section 138; (c) the amount of any fees payable to the Author

• § 184 — Publication of certain information

  184.—(1) The Authority may prepare and publish —(a) consolidated statements aggregating any information provided under this Act; or (b) for statistical purposes, statements that relate to or are derived from any information provided under this Act in respect of a digital token service. (2) The Aut

• § 185 — Disclosure of information

  185. Nothing in this Act requires the Minister or any public servant (including a member of an Appeal Advisory Committee deemed to be a public servant under section 14(6)(a)) to disclose facts which he or she considers to be against the interest of the public to disclose.

• § 186 — Service of documents

  186.—(1) A document that is permitted or required by this Act to be served on a person may be served as described in this section.(2) A document permitted or required by this Act to be served on an individual may be served —(a) by giving it to the individual personally; (b) by sending it by prepaid

• § 187 — Electronic service

  187.—(1) The Authority may provide an electronic service for the service of any document that is required or authorised by this Act to be served on any person.(2) For the purposes of the electronic service, the Authority may assign to any person —(a) an authentication code; and (b) an account with

• § 188 — Guidelines on Fit and Proper Criteria

  188.—(1) For the purpose of determining whether a person is a fit and proper person in relation to this Act or any provision of this Act, the Authority may issue or adopt Guidelines on Fit and Proper Criteria.(2) The Authority may, at any time, vary or revoke the Guidelines on Fit and Proper Criteri

• § 189 — Exemption

  189.—(1) The Authority may, by regulations, exempt —(a) any person or class of persons from this Act or any provision of this Act; and (b) any of the following from all or any of the provisions of Part 9:(i) any digital token service or class of digital token services; (ii) any shares or interests

• § 19 — Conditions for provision of assistance to AML/CFT authority

  19.—(1) The Authority may, on the request of an AML/CFT authority of a foreign country, provide the assistance referred to in section 20 to the AML/CFT authority, if the Authority is satisfied that all of the following conditions are fulfilled:(a) the request is received by the Authority on or after

• § 190 — Amendment of Schedules

  190.—(1) The Minister may from time to time, by order in the Gazette, amend, add to or vary the First, Second or Third Schedule. [Act 19 of 2023 wef 01/04/2024] (2) The Minister may, in any order made under subsection (1), make such incidental, consequential or supplementary provisions as may be nec

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

  191.—(1) The Minister may make regulations for, or in respect of, any appeal to the Minister mentioned in sections 4(6), 7(5), 9(5), 34, 48(6), 55(1), 142, 154 and 157.(2) Without limiting subsection (1), the Minister may make regulations for or with respect to —(a) the appointment of members to, an

• § 192 — Power of Authority to make regulations

  192.—(1) Except as otherwise expressly provided in this Act, the Authority may make regulations prescribing matters required or permitted by this Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to this Act. (1A) Without limiting subsection (1), reg

• § 193 — Amendment of Banking Act 1970

  193.—(1) Subject to subsection (2), section 2(1) of the Banking Act 1970 is amended by deleting the definition of “financial holding company” and substituting the following definition:“ “financial holding company” means a company belonging to a class of financial institutions approved as financial h

• § 194 — Amendment of Companies Act 1967

  194.—(1) Section 8G of the Companies Act 1967 is amended by deleting the words “sections 27 and 28 of the Monetary Authority of Singapore Act 1970” and substituting the words “sections 3 and 4 of the Financial Services and Markets Act 2022”.(2) Section 145(6) of the Companies Act 1967 is amended —(a

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

  195. Section 2(1) of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992 is amended by deleting the definition of “financial institution” and substituting the following definition:“ “financial institution” has the meaning given by section 2 of the Financial

• § 196 — Amendment of Credit Bureau Act 2016

  196.—(1) Section 2 of the Credit Bureau Act 2016 is amended by deleting the words “approved as a financial institution under section 28 of the Monetary Authority of Singapore Act 1970” in the definition of “merchant bank” and substituting the words “licensed under the Banking Act 1970”.(2) Section 4

• § 197 — Amendment of Criminal Procedure Code 2010

  197. The Sixth Schedule to the Criminal Procedure Code 2010 is amended —(a) by inserting, immediately after item 2, the following item:“2A. Any offence under section 16(4) of the Financial Services and Markets Act 2022.”; and (b) by inserting, immediately after the words “Monetary Authority of Sing

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

  198.—(1) Section 2(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 is amended —(a) by deleting the definitions of “resolution fund” and “resolution measure” and substituting the following definitions:“ “resolution fund” means a fund established under section 108 of the Fin

• § 199 — Amendment of Finance Companies Act 1967

  199.—(1) Section 15(1) of the Finance Companies Act 1967 is amended by deleting the words “Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority of Singapore Act 1970” in paragraph (c)(ii) and substituting the words “Division 2, 4, 5 or 6 of Part 8 of the Financial Services and Markets Act 202

• § 2 — Interpretation

  2. In this Act, unless the context otherwise requires —“Authority” means the Monetary Authority of Singapore established by the Monetary Authority of Singapore Act 1970; “bank” means a bank licensed under the Banking Act 1970; “corporation” has the meaning given by section 4(1) of the Companies Ac

• § 20 — Assistance that may be rendered to AML/CFT authority

  20.—(1) Despite the provisions of any prescribed written law or any requirement imposed under any such written law, any rule of law, any contract or any rule of professional conduct, the Authority or any person authorised by the Authority may, in relation to a request by an AML/CFT authority for ass

• § 200 — Amendment of Financial Advisers Act 2001

  200.—(1) Section 2(1) of the Financial Advisers Act 2001 is amended —(a) by inserting, immediately after paragraph (b) of the definition of “prescribed written law”, the following paragraph:“(ba) Financial Services and Markets Act 2022;”; and (b) by inserting, immediately after the definition of “p

• § 201 — Amendment of Financial Holding Companies Act 2013

  201.—(1) Section 53 of the Financial Holding Companies Act 2013 is amended by inserting, immediately after paragraph (c) of the definition of “prescribed written law”, the following paragraph:“(ca) Financial Services and Markets Act 2022;”. (2) Section 62 of the Financial Holding Companies Act 2013

• § 202 — Amendment of Income Tax Act 1947

  202.—(1) Subject to subsection (2), section 10I(2) of the Income Tax Act 1947 is amended —(a) by deleting the word “either —” in paragraph (b) of the definition of “AT1 instrument” and substituting the words “satisfies any of the following:”; (b) by deleting the word “or” at the end of paragraph (b

• § 203 — Amendment of Insolvency, Restructuring and Dissolution Act 2018

  203.—(1) Section 72U(3) of the Insolvency, Restructuring and Dissolution Act 2018 is amended —(a) by inserting, immediately after paragraph (h), the following paragraph:“(ha) the Financial Services and Markets Act 2022;”; and (b) by deleting paragraph (l). (2) Section 250(7) of the Insolvency, Res

• § 204 — Amendment of Insurance Act 1966

  204.—(1) Section 36 of the Insurance Act 1966 is amended —(a) by deleting the words “under section 74, or under section 68 of the Financial Advisers Act 2001 or section 101A or 123ZZC of the Securities and Futures Act 2001,” in subsection (1)(g); and (b) by inserting, immediately before the definit

• § 205 — Amendment of Monetary Authority of Singapore Act 1970

  205.—(1) Section 23(7A) of the Monetary Authority of Singapore Act 1970 is amended —(a) by deleting the words “Part 4B” and substituting the words “Part 8 of the Financial Services and Markets Act 2022”; and (b) by deleting the words “Division 5B of that Part” in paragraph (a) and substituting the

• § 206 — Amendment of Mutual Assistance in Criminal Matters Act 2000

  206.—(1) Section 2(1) of the Mutual Assistance in Criminal Matters Act 2000 is amended by deleting the definition of “financial institution” and substituting the following definition:“ “financial institution” has the meaning given by section 2 of the Financial Services and Markets Act 2022;”. (2) T

• § 207 — Amendment of Payment Services Act 2019

  207.—(1) Section 2(1) of the Payment Services Act 2019 is amended by inserting, immediately after the definition of “place of business”, the following definition:“ “prohibition order” means —(a) a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately b

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

  208. Section 2 of the Precious Stones and Precious Metals (Prevention of Money Laundering and Terrorism Financing) Act 2019 is amended by deleting the definition of “financial institution” and substituting the following definition:“ “financial institution” has the meaning given by section 2 of the F

• § 209 — Amendment of Securities and Futures Act 2001

  209.—(1) Section 2(1) of the Securities and Futures Act 2001 is amended —(a) by inserting, immediately after the definition of “franchise”, the following definition:“ “FSMA prohibition order” means a prohibition order made under section 7(1) of the Financial Services and Markets Act 2022;”; (b) by

• § 21 — Conditions for provision of assistance to domestic authority

  21. The Authority may, on the request of a domestic authority, provide the assistance referred to in section 22 to the domestic authority, if the Authority is satisfied that all of the following conditions, and all such other conditions as the Authority may determine, are fulfilled:(a) the request i

• § 210 — Amendment of Trust Companies Act 2005

  210.—(1) Section 10(2) of the Trust Companies Act 2005 is amended by deleting the words “Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority of Singapore Act 1970” in paragraph (e) and substituting the words “Division 2, 4, 5 or 6 of Part 8 of the Financial Services and Markets Act 2022”.(2)

• § 211 — Amendment of United Nations Act 2001

  211. Section 2(2) of the United Nations Act 2001 is amended by deleting the words “directions issued or regulations made by the Monetary Authority of Singapore under section 27A of the Monetary Authority of Singapore Act 1970” and substituting the words “directions issued by the Monetary Authority o

• § 212 — Amendment of Variable Capital Companies Act 2018

  212.—(1) Section 2(1) of the Variable Capital Companies Act 2018 is amended —(a) by inserting, immediately after the definition of “financial year”, the following definition:“ “FSMA 2022” means the Financial Services and Markets Act 2022;”; and (b) by inserting, immediately after the definition of

• § 213 — Amendment of Securities and Futures (Amendment) Act 2017

  213.—(1) Subject to subsection (2), section 203 of the Securities and Futures (Amendment) Act 2017 is repealed. (2) Subsection (1) only applies if section 203 of the Securities and Futures (Amendment) Act 2017 has not been brought into operation before the date on which section 201(2) of this Act is

• § 214 — Amendment of Financial Services and Markets Act 2022

  214. Section 6 of the Financial Services and Markets Act 2022 is amended by deleting the definition of “digital payment token instrument” and substituting the following definition:“ “digital payment token instrument” has the meaning given by section 2(1) of the Payment Services Act 2019;”.

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

  215. For the purposes of sections 20(1)(b) and (7) and 55ZA(1)(b)(ii) and (7)(b) of the Banking Act 1970, the exercise of any power by the Minister under Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of secti

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

  216. For the purposes of section 15(1)(c)(ii) of the Finance Companies Act 1967, the exercise of any power by the Minister under Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 199 of this Act (calle

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

  217.—(1) Any 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 this Act (called in this section the repeal date) and which was in force immediately before the repeal date contin

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

  218.—(1) Any 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 this Act (called in this section the repeal date) and which was in force immediately before the repeal date continues in force until the order exp

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

  219. So far as it is not inconsistent with the provisions of this Act —(a) any request for information by, recommendation made or direction of, the Authority under section 27(1) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(

• § 22 — Assistance that may be rendered to domestic authority

  22.—(1) Despite the provisions of any prescribed written law or any requirement imposed under any such written law, any rule of law, any contract or any rule of professional conduct, the Authority or any person authorised by the Authority may, in relation to a request by a domestic authority for ass

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

  220.—(1) For the purposes of sections 14(1)(e), 46H(1)(da), 56(1)(da), 81Z(1)(da), 95(2)(ea) and 289(4A) of the Securities and Futures Act 2001, the exercise by the Minister of any power under Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority of Singapore Act 1970 as in force immediately b

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

  221. For the purposes of section 10(2)(e) of the Trust Companies Act 2005, the exercise of any power by the Minister under Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 210 (called in this section

• § 222 — Other saving and transitional provisions

  222. For a period of 2 years after the date of commencement of any provision of this Act, the Minister may, by regulations, prescribe such additional provisions of a saving or transitional nature consequent to the enactment of that provision as the Minister may consider necessary or expedient.

• § 23 — Offences under this Division

  23.—(1) A person shall be guilty of an offence if the person —(a) without reasonable excuse, refuses or fails to comply with an order made under section 20(2)(a) or 22(2); (b) without reasonable excuse, refuses or fails to comply with section 20(5) or 22(5); or (c) in purported compliance with an

• § 24 — Immunities

  24.—(1) No civil or criminal liability is incurred by any person for —(a) providing to the Authority any information or copy of any information, if the person had provided the information or copy with reasonable care and in good faith and in compliance with an order under section 20(2)(a) or 22(2) o

• § 25 — Authority may provide assistance

  25. Despite the provisions of any prescribed written law or any requirement imposed under any such written law, any rule of law, any contract or any rule of professional conduct, the Authority or any person authorised by the Authority may, on the Authority’s own motion, and subject to the satisfacti

• § 26 — Conditions for inspection by AML/CFT authority

  26.—(1) An AML/CFT authority may, with the prior written approval of the Authority and under conditions of secrecy, conduct an inspection in Singapore of the books of a financial institution in accordance with this section, if all of the following conditions are satisfied:(a) the financial instituti

• § 27 — Duty of financial institution under inspection

  27.—(1) For the purposes of an inspection under section 26, and subject to subsection (2), the financial institution must —(a) give the AML/CFT authority access to such of the books of the financial institution; and (b) provide such information (including information relating to the internal contro

• § 28 — Confidentiality of inspection reports

  28.—(1) Except as provided in subsection (2), where a written report has been produced by an AML/CFT authority in respect of a financial institution following an inspection under section 26, and is provided by the AML/CFT authority to the financial institution, the report must not be disclosed to an

• § 28A — Purpose of this Part

  28A.—(1) The purpose of this Part is to permit the disclosure, publication and sharing of certain information (despite any restriction against the disclosure, publication or sharing of that information imposed by law, contract or rules of professional conduct) between or amongst the persons mentione

• § 28B — Interpretation of this Part

  28B. In this Part —“bank in Singapore” has the meaning given by section 2(1) of the Banking Act 1970; “beneficial owner”, in relation to a relevant party of a prescribed financial institution, means —(a) an individual who ultimately owns or controls the relevant party; (b) an individual who exerci

• § 28C — Prescribed financial institutions

  28C. For the purposes of this Part, the Authority may by regulations made under section 192 prescribe —(a) a bank in Singapore as a bank in Singapore to which this Part applies; and (b) a financial institution (other than a bank) as a financial institution to which this Part applies.[Act 19 of 2023

• § 28D — Request for risk information

  28D.—(1) Subject to this section, a prescribed financial institution (called in this section the requester) may request from another prescribed financial institution (called in this section the discloser) any risk information relating to —(a) a relevant party of the requester which the requester kno

• § 28E — Provision of risk information

  28E.—(1) Subject to this section, a prescribed financial institution (called in this section the discloser) may on its own motion disclose to another prescribed financial institution (called in this section the recipient) any risk information relating to —(a) a relevant party of the discloser which

• § 28F — Publication on electronic information sharing system

  28F.—(1) Subject to this section, a prescribed financial institution (called in this section a lister) that —(a) has made a suspicious transaction report in respect of any property; and (b) has —(i) declined to establish a relationship, or decided to decline to establish a relationship, with a rele

• § 28G — Threshold criteria and high-risk indicators

  28G.—(1) The Authority must issue to each prescribed financial institution (A) —(a) the criteria applicable to A for determining whether —(i) risk information relating to a relevant party may be requested by A under section 28D; and (ii) risk information relating to a relevant party may be disclose

• § 28H — Power of Authority to issue written notice

  28H.—(1) The Authority may, if it thinks it necessary or expedient for the effective administration of this Part, issue a written notice, either of a general or specific nature, to any prescribed financial institution or any class of prescribed financial institutions, to comply with any requirement

• § 28I — Immunity and negation of secrecy obligations

  28I. A prescribed financial institution or an officer of a prescribed financial institution authorised to act for the prescribed financial institution, or both —(a) may —(i) in accordance with the provisions of section 28D, 28E or 28F; or (ii) as required by a written notice issued under section 28

• § 28J — False or misleading disclosures

  28J. A prescribed financial institution, or an officer of the prescribed financial institution, that knowingly or recklessly —(a) discloses any risk information under section 28D or 28E; (b) publishes any risk information under section 28F; or (c) makes any correction to the risk information menti

• § 28K — Use of disclosed risk information by prescribed financial institution

  28K.—(1) A prescribed financial institution must not disclose any risk information that it receives or accesses under this Part to any other person except as expressly provided for in subsection (2) or (3).(2) A prescribed financial institution may, for a purpose specified in the first column of Par

• § 28L — Use of disclosed risk information by Authority and STROs

  28L.—(1) The Authority is entitled —(a) to a copy of every disclosure of risk information made by a prescribed financial institution under section 28D or 28E, including any correction to such risk information; and (b) to access every publication of risk information by a prescribed financial institu

• § 28M — Application of sections 21 and 22 of Personal Data Protection Act 2012

  28M. Sections 21 and 22 of the Personal Data Protection Act 2012 do not apply to a prescribed financial institution in relation to any personal data about an individual that is in the possession or under the control of the prescribed financial institution if —(a) the personal data was risk informati

• § 28N — Establishment of electronic information sharing system

  28N.—(1) The Authority must establish and maintain an electronic information sharing system for the purpose of —(a) enabling requests for risk information under section 28D to be made by prescribed financial institutions; (b) enabling disclosures of risk information under sections 28D and 28E to be

• § 29 — Power of Authority in relation to technology risk management

  29.—(1) The Authority may, from time to time, issue such directions, or make such regulations under section 192, concerning any financial institution or class of financial institutions as the Authority considers necessary for —(a) the management of technology risks, including cyber security risks;

• § 3 — Power to issue directions to financial institutions

  3.—(1) The Authority may, if the Authority thinks it necessary in the public interest, request information from and make recommendations to such financial institutions as the Authority may, from time to time, determine and issue directions for the purpose of securing that effect is given to any such

• § 30 — Interpretation of this Part

  30. In this Part, unless the context otherwise requires —“approved dispute resolution scheme” means a dispute resolution scheme approved by the Authority under section 31(1); “operator”, in relation to a dispute resolution scheme approved under section 31(1), means a person who administers a disput

• § 31 — Approval of dispute resolution schemes

  31.—(1) For the purposes of this Part, the Authority may approve any dispute resolution scheme for the resolution of disputes arising from or relating to the provision of financial services by financial institutions.(2) An application for approval of a dispute resolution scheme must —(a) be made by

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

  32.—(1) It is a condition of an approval for any dispute resolution scheme approved under section 31(1) that the operator of an approved dispute resolution scheme must not appoint a person as its chief executive officer or director without the prior approval of the Authority. (2) Without limiting an

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

  33.—(1) Despite the provisions of any other written law, where the Authority is satisfied that an individual appointed as chief executive officer or director of an operator of an approved dispute resolution scheme is not a fit and proper person under the Guidelines on Fit and Proper Criteria to be a

• § 34 — Appeals to Minister

  34. An operator, or a chief executive officer or director of an operator, who is aggrieved by a decision of the Authority under section 33(1) may, within 30 days after receiving the direction, appeal in writing to the Minister, whose decision is final.

• § 35 — Approval of amendment to constitution of dispute resolution scheme operator

  35. It is a condition of an approval for any dispute resolution scheme approved under section 31(1) that the operator of the approved dispute resolution scheme that is a company must not amend its constitution without the prior approval of the Authority.

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

  36.—(1) The Authority may, by regulations made under section 192, require a financial institution to be a member of such approved dispute resolution scheme and to comply with such terms of membership of the scheme as may be prescribed.(2) A financial institution that, without reasonable excuse, cont

• § 37 — Protection from personal liability

  37. No liability shall lie against any mediator, adjudicator or employee of an operator of an approved dispute resolution scheme, for doing or omitting to do any act, if the act is done or omitted to be done with reasonable care and in good faith in the course of or in connection with any mediation

• § 38 — Regulations for this Part

  38.—(1) Regulations may be made under section 192 —(a) to provide for the matters that the Authority may have regard to in determining whether to approve a dispute resolution scheme under section 31(1); (b) to prescribe a list of dispute resolution schemes approved under section 31(1); (c) to prov

• § 39 — Application and interpretation of this Part

  39.—(1) This Part applies to, and in relation to, every relevant financial institution.(2) In this Part, unless the context otherwise requires —“chief executive”, in relation to a relevant financial institution, means any person, by whatever name called, who —(a) is in the direct employment of, or a

• § 4 — Power to approve financial institutions and control their operations

  4.—(1) The Authority may require any relevant financial institution which operations are considered by the Authority to affect —(a) monetary stability and credit and exchange conditions in Singapore; (b) the development of Singapore as a financial centre; or (c) the financial situation of Singapor

• § 40 — Information of insolvency, etc.

  40.—(1) Any relevant financial institution which is or is likely to become insolvent, which is or is likely to become unable to meet its obligations, or which has suspended or is about to suspend payments, must immediately inform the Authority of that fact.(2) A relevant financial institution that c

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

  41.—(1) The Authority may exercise any one or more of the powers specified in subsection (2) as appears to it to be necessary, where —(a) a relevant financial institution informs the Authority that it is or is likely to become insolvent, or that it is or is likely to become unable to meet its obliga

• § 42 — Effect of assumption of control under section 41

  42.—(1) Upon assuming control of the relevant business of a relevant financial institution, the Authority or statutory manager (as the case may be) must take custody or control of the relevant business.(2) During the period when the Authority or statutory manager is in control of the relevant busine

• § 43 — Duration of control

  43.—(1) The Authority must cease to control the relevant business of a relevant financial institution when the Authority is satisfied that —(a) the reasons for the Authority’s assumption of control of the relevant business have ceased to exist; or (b) it is no longer necessary for the protection of

• § 44 — Responsibilities of officers, member, etc., of relevant financial institution

  44.—(1) During the period when the Authority or statutory manager is in control of the relevant business of a relevant financial institution —(a) the Court may, on an application by the Authority or statutory manager, direct any person who has ceased to be or who is still any chief executive, direct

• § 45 — Remuneration and expenses of Authority and others in certain cases

  45. The Authority may at any time fix the remuneration and expenses to be paid by a relevant financial institution —(a) to a statutory manager or statutory adviser appointed in relation to the relevant financial institution, whether or not the appointment has been revoked; and (b) where the Authori

• § 46 — Voluntary transfer of business of relevant financial institution

  46.—(1) A transferor may transfer the whole or any part of its business (including any business that is not the significant business of the transferor) to a transferee, if —(a) where the transferor is incorporated in Singapore, the Authority has consented to the transfer; (b) where the transferor i

• § 47 — Approval of transfer of business of relevant financial institution

  47.—(1) A transferor must apply to the Court for its approval of the transfer of the whole or any part of the business of the transferor to the transferee under section 46(1).(2) Before making an application under subsection (1) —(a) the transferor must lodge with the Authority a report setting out

• § 48 — Disqualification or removal of director or executive officer of relevant financial institution

  48.—(1) Despite the provisions of any other written law —(a) a relevant financial institution must not, without the prior written consent of the Authority, permit a person to act as its executive officer; and (b) a relevant financial institution which is established or incorporated in Singapore mus

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

  49.—(1) This section applies despite any other written law.(2) In any proceedings under section 210 of the Companies Act 1967 or section 71 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a company that is a Type A financial institution, the Authority —(a) has the same power

• § 5 — Fees

  5.—(1) Every financial institution approved by the Authority under section 4 may be required to pay such fees in respect of anything done under or by virtue of that section as the Authority may by notification in the Gazette prescribe.(2) The Authority may prescribe different fees in respect of diff

• § 50 — Regulations for this Part

  50. Regulations made under section 192 for this Part may prescribe —(a) that any contravention of a provision of the regulations shall be an offence punishable (despite section 192(2)(d)) —(i) in the case of an individual, with a fine not exceeding $125,000 or with imprisonment for a term not exceed

• § 51 — Notice concerning recovery and resolution plans

  51.—(1) The Authority may issue a notice to pertinent financial institutions requiring each pertinent financial institution to which a direction is issued under section 52(1) —(a) to prepare, in the form and manner and containing the information specified in the notice, a plan to restore the financi

• § 52 — Direction for recovery plan and its implementation

  52.—(1) The Authority may issue a direction to a pertinent financial institution —(a) requiring the pertinent financial institution to comply with the requirements of a notice issued under section 51; and (b) specifying the dates for the submission of the recovery plan and the submission of any oth

• § 53 — Resolution planning

  53. The Authority may prepare plans for the orderly resolution of a pertinent financial institution, and may for that purpose issue a direction to the pertinent financial institution requiring the pertinent financial institution to provide, within the time and in the form and manner set out in the d

• § 54 — Power to direct removal of impediments

  54.—(1) This section applies if the Authority is of the opinion that an impediment exists to the orderly resolution of a pertinent financial institution in accordance with a plan of the Authority under section 53.(2) The Authority may issue a direction to the pertinent financial institution, requiri

• § 55 — Appeal against direction to remove impediment

  55.—(1) A pertinent financial institution that is aggrieved by a direction issued to it under section 52(2)(b) or 54(2) may, within 30 days after receiving the direction, appeal to the Minister whose decision is final.(2) An appeal may only be made if the direction requires the pertinent financial i

• § 56 — Provisions concerning directions and notices under this Division

  56.—(1) A direction or notice under this Division must be in writing.(2) It is not necessary to publish a direction or notice under this Division in the Gazette. —(1) A direction or notice under this Division must be in writing. (2) It is not necessary to publish a direction or notice under this Di

• § 57 — Offences under this Division

  57.—(1) A pertinent financial institution that does not comply with a direction or notice of the Authority under this Division 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 $2

• § 58 — Interpretation of this Part

  58. In this Part, unless the context otherwise requires — “affected person”, in relation to a specified financial institution, means any person prescribed by regulations made under section 135 as an affected person for that specified financial institution; “business” includes affairs and property;

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

  59. In determining whether to exercise its powers under Divisions 2, 4, 5 and 6 of this Part in relation to a pertinent financial institution, the Authority may have regard to one or more of the following matters:(a) whether a failure of the pertinent financial institution would have a widespread ad

• § 6 — Interpretation of this Part

  6. In this Part, unless the context otherwise requires —“appointee”, in relation to a financial institution, or any other person who carries on a business or an activity, provides a relevant service or performs a relevant function —(a) means a person, by whatever name called, in the employment of, o

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

  60.—(1) The Authority may, from time to time, issue such directions, or make such regulations under section 192, concerning any person that has ceased to be a specified financial institution, or any class of persons that has ceased to be a class of specified financial institutions, as the Authority

• § 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

  61.—(1) Where a person ceases to be a specified financial institution, any direction or notice issued under this Act or any other MAS scheduled Act (being a direction or notice which was in force, and which applied to that person, immediately before that person ceased to be a specified financial ins

• § 62 — Moratorium

  62.—(1) The Authority may, if the Authority considers it to be in the interests of the affected persons of a specified financial institution, make an order prohibiting that specified financial institution from carrying on its significant business or from doing or performing any act or function conne

• § 63 — General provisions as to winding up

  63.—(1) On the application of the Authority, the Court may, in addition to the grounds specified in section 125(1) of the Insolvency, Restructuring and Dissolution Act 2018, order under that Act the winding up of a company incorporated in Singapore which is carrying on or has carried on the signific

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

  64.—(1) Without affecting any provision of this Act or any other MAS scheduled Act, if, in the course of exercising the Authority’s powers under this Part or the relevant provisions, it appears to the Authority that any past or present director or executive officer of a specified financial instituti

• § 65 — Interpretation of this Division

  65. In this Division, unless the context otherwise requires —“business” includes affairs, property, right, obligation and liability; “certificate” means a certificate of transfer issued by the Minister under section 67(1); “debenture” has the meaning given by section 4(1) of the Companies Act 1967

• § 66 — Compulsory transfer of business

  66.—(1) Subject to subsections (2), (3) and (7), the Authority may make a determination that the whole or any part of the business of a transferor must be transferred to a transferee, if —(a) any ground exists for the Authority to exercise any power under the relevant provisions in relation to the t

• § 67 — Certificate of transfer

  67.—(1) If the Minister approves a determination, the Minister must, as soon as practicable, issue a certificate of transfer, which comes into effect on the date specified by the Minister in the certificate.(2) The certificate must specify such information as may be prescribed by regulations made un

• § 68 — Moratorium, avoidance of disposition of property, etc.

  68.—(1) Despite section 62(2) but subject to section 134, no resolution may be passed, and no order may be made, for the winding up of a transferor, and no judicial manager may be appointed under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to a transferor, during the

• § 69 — Interpretation of this Division

  69. In this Division —“2nd transferee” means the person to which the whole or part of a transferor’s business that was transferred to a transferee by a certificate of transfer, is or is to be transferred from the transferee in accordance with an onward transfer certificate under section 73; “busine

• § 7 — Power of Authority to make prohibition orders

  7.—(1) The Authority may, by written notice, make a prohibition order against any person, if the Authority is satisfied that the person is not a fit and proper person in accordance with the Guidelines on Fit and Proper Criteria to carry out any one or more of the acts mentioned in subsection (2)(a),

• § 70 — Reverse transfer of business

  70.—(1) Subject to this section, the Authority may, at any time after the transfer of any business under a certificate of transfer, make a determination that the whole or any part of the business transferred to the transferee by the certificate be transferred back to the transferor. (2) The Authorit

• § 71 — Reverse transfer certificate

  71.—(1) If the Minister approves a determination under section 70, the Minister must, as soon as practicable, issue a certificate (called in this section the reverse transfer certificate), which is to come into effect on the date specified in the certificate.(2) The reverse transfer certificate must

• § 72 — Onward transfer of business

  72.—(1) Subject to this section, the Authority may, at any time after the transfer of any business under a certificate of transfer, make a determination that the whole or any part of the business transferred to the transferee by the certificate be transferred to another transferee.(2) The Authority

• § 73 — Onward transfer certificate

  73.—(1) If the Minister approves a determination under section 72, the Minister must, as soon as practicable, issue a certificate (called in this section the onward transfer certificate), which is to come into effect on the date specified in the certificate.(2) The onward transfer certificate must s

• § 74 — Interpretation of this Division

  74.—(1) In this Division, unless the context otherwise requires —“business” includes affairs, property, right, obligation and liability; “certificate” means a certificate of transfer issued by the Minister under section 76(1); “determination” means a determination made by the Authority under secti

• § 75 — Compulsory transfer of shares

  75.—(1) The Authority may make a determination that all or any of the shares held by a transferor in a pertinent financial institution incorporated in Singapore be transferred to a transferee, if —(a) any ground exists for the Authority to exercise any power under the relevant provisions in relation

• § 76 — Certificate of transfer

  76.—(1) If the Minister approves a determination, the Minister must, as soon as practicable, issue a certificate of transfer, which comes into effect on the date specified by the Minister in the certificate.(2) The certificate must specify such information as may be prescribed by regulations made un

• § 77 — Interpretation of this Division

  77. In this Division, unless the context otherwise requires —“business” includes affairs, property, right, obligation and liability; “certificate” means a certificate of restructuring of share capital issued by the Minister under section 79(1); “determination” means a determination made by the Aut

• § 78 — Compulsory restructuring of share capital

  78.—(1) The Authority may make a determination that the share capital of a pertinent financial institution incorporated in Singapore be reduced by the cancellation of the whole or any part of any share capital not paid up, or of any paid‑up share capital, if —(a) any ground exists for the Authority

• § 79 — Certificate of restructuring of share capital

  79.—(1) If the Minister approves a determination, the Minister must, as soon as practicable, issue a certificate of restructuring of share capital, which comes into effect on the date specified by the Minister in the certificate.(2) The certificate must specify such information as may be prescribed

• § 8 — Effect of prohibition orders

  8.—(1) A person against whom a prohibition order is made must comply with the prohibition order.(2) Where a prohibition order is made against a person (A), a financial institution must not employ or enter into any arrangement with A, or use A’s service, whether directly or indirectly —(a) to carry o

• § 80 — Interpretation of this Division

  80.—(1) In this Division, unless the context otherwise requires —“appointed date”, in relation to a bail‑in certificate, means the date appointed for the bail‑in certificate to take effect, as specified in the notification under section 84(2); “bail‑in certificate” means a bail-in certificate issue

• § 81 — Exercise of powers under this Division

  81.—(1) In exercising any power under this Division, the Authority must have regard to the desirability of giving each pre‑resolution creditor or pre‑resolution shareholder of a Division 6 FI the priority and treatment the pre‑resolution creditor or pre‑resolution shareholder would have enjoyed had

• § 82 — Determination by Authority

  82.—(1) Subject to subsection (2), the Authority may make one or more of the following determinations concerning one or more eligible instruments issued by a Division 6 FI, or to which the Division 6 FI is a party or is subject:(a) that the eligible instrument or instruments should be cancelled; (b

• § 83 — Approval by Minister of determination

  83.—(1) Before approving a determination of the Authority, the Minister must, unless the Minister decides that it is not practicable or desirable to do so —(a) publish in the Gazette and in such newspaper or newspapers as the Minister determines, a notice specifying —(i) the Minister’s intention to

• § 84 — Bail-in certificate

  84.—(1) If the Minister approves a determination, the Minister must, as soon as practicable, issue a bail‑in certificate.(2) The bail-in certificate comes into effect on such date as the Minister appoints by notification in the Gazette. (3) The bail-in certificate may make provision for one or more

• § 85 — Effects of bail-in certificate

  85.—(1) A provision in a bail-in certificate has effect despite any restriction arising by reason of contract, any written law or rule of law in force before the appointed date of the bail‑in certificate, or the constitution of the Division 6 FI.(2) Where a bail-in certificate provides for the cance

• § 86 — Moratorium

  86.—(1) Despite section 62(2) but subject to section 134, during the period beginning on the date of publication of the notice in section 83(1)(a) in the Gazette or (where the notice is not published in the Gazette) the date of publication of the bail‑in certificate in the Gazette under section 84(7

• § 87 — Significant shareholder by reason of bail-in certificate

  87.—(1) Where any person becomes a significant shareholder of a Division 6 FI or resulting FI as a result of a provision of a bail‑in certificate, that person —(a) is treated as having obtained the approval of the Minister or the Authority (as the case may be) under the significant shareholder provi

• § 88 — Directions for disposal

  88.—(1) If the Minister is satisfied that any person has failed to comply with a condition imposed on the person in section 87(2) or (3), or if the Minister has served a notice on the person in section 87(5), the Minister may, by written notice —(a) direct the transfer or disposal of all or any of t

• § 89 — Offence

  89. A person that fails to comply with a condition imposed on the person in section 87(2) or (3), or a notice served on the person in section 87(5) or 88(1), shall be guilty of an offence and shall be liable on conviction —(a) in the case of an individual, to a fine not exceeding $125,000 and, in th

• § 9 — Variation or revocation of prohibition orders

  9.—(1) The Authority may vary or revoke a prohibition order, by giving written notice to the person against whom the order was made, if the Authority is satisfied that it is appropriate to do so because of a change in any of the circumstances based on which the Authority made the order.(2) The Autho

• § 90 — Restriction on eligible instruments

  90.—(1) To ensure the effective operation of the provisions of this Division on an eligible instrument, regulations made under section 135 may impose a requirement on a Division 6 FI to ensure that the contract governing the eligible instrument contains a provision to the effect that the parties to

• § 91 — Interpretation of this Division

  91. In this Division, unless the context otherwise requires —“approved clearing house” has the meaning given by section 2(1) of the Securities and Futures Act 2001; “basic substantive obligation”, in relation to a contract, means an obligation provided by the contract for payment, delivery or the p

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

  92.—(1) This section applies to a contract that satisfies both of the following:(a) one of the parties to the contract is —(i) a pertinent financial institution that is the subject of a resolution measure; or (ii) an entity that is part of the same group of companies as that of a pertinent financia

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

  93.—(1) This section applies to a contract one of the parties to which is —(a) a pertinent financial institution that is the subject or proposed subject of a resolution measure; (b) a pertinent financial institution in respect of which a foreign resolution authority of a foreign country or territor

• § 94 — When suspension takes effect

  94.—(1) A suspension by a notice under section 93 takes effect from (and including) the time of publication of the notice under that section in the Gazette or a time on another date specified in the notice, and —(a) if the contract is not a reinsurance contract, expires no later than the same time o

• § 95 — Interpretation of this Division

  95. In this Division, unless the context otherwise requires —“domestic authority” —(a) means any ministry or department of the Government, any Organ of State in Singapore and any statutory body (other than the Authority) established by a public Act for a public function; and (b) includes the compan

• § 96 — Conditions for provision of assistance to foreign resolution authority

  96.—(1) The Authority may provide the assistance referred to in section 98 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 t

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

  97. In deciding whether to grant a request for assistance referred to in section 98 from a foreign resolution authority, the Authority may also have regard to the following:(a) whether the foreign resolution authority is preparing plans for dealing with the resolution of any financial institution, o

• § 98 — Assistance that may be rendered to foreign resolution authority

  98.—(1) Despite the provisions of any prescribed written law or any requirement imposed thereunder or any rule of law, the Authority or any person authorised by the Authority may, in relation to a request by a foreign resolution authority for assistance —(a) transmit to the foreign resolution author

• § 99 — Assistance to domestic authority

  99.—(1) Despite any obligation as to secrecy or other restriction upon the disclosure of information imposed by any prescribed written law or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct, the Authority may, on the Authority’s own motion or upo