§ 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 Deposit Insurance Fund reconstituted under section 9 of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;

“financial institution” means 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;

“financial institution under resolution” —(a)

means the pertinent financial institution that is the subject of a resolution measure; and

(b)

in relation to a resolution fund, means the pertinent financial institution that is the subject of the resolution measure for which the fund is established;

“market infrastructure” means a pertinent financial institution that performs the functions of —(a)

a market;

(b)

a central clearing counterparty;

(c)

a trade repository;

(d)

a central securities depository; or

(e)

a securities settlement system;

“participant” —(a)

in relation to a market infrastructure, means a participant of the market infrastructure, and includes a client of such participant; and

(b)

in relation to a payment system operator, means a participant of the payment system (within the meaning of the Payment Services Act 2019) operated by the payment system operator;

“payment system operator” means a person who operates a payment system within the meaning of the Payment Services Act 2019;

“provisional entity”, in relation to a resolution fund, means an entity established or incorporated to do one or more of the following:(a)

temporarily hold and manage the assets and liabilities of the financial institution under resolution;

(b)

to be the transferee of any part of the business of the financial institution under resolution under Division 2;

(c)

do any other act for the orderly resolution of the financial institution under resolution;

“resolution fund” means a fund established under section 108;

“resolution measure” means —(a)

the making of a determination under Division 2, 3, 4, 5, 6 or 9, the issue of any certificate under Division 2, 3, 4, 5 or 6, the making of an order under Division 9, or the exercise of any power under any such certificate or order; or

(b)

the exercise of any power under any relevant provision applicable to the financial institution concerned;

“resolution measure”, in relation to a resolution fund, means the resolution measure or measures for which the fund was established;

“similar financial institution” means a financial institution that is prescribed by regulations made under section 135 for the purposes of section 111(1)(b)(i), as belonging to the same category as the financial institution under resolution;

“trustee”, in relation to a resolution fund, means the entity appointed under section 108(2) as the trustee of the resolution fund.