§ 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 in shares, or class or description of shares or interests in shares;

(iii)

any other thing or class or description of things,

subject to such conditions or restrictions as may be prescribed.

(2) The Authority may at any time —(a)

revoke any exemption mentioned in subsection (1); or

(b)

add to, vary or revoke any condition or restriction imposed under subsection (1).

(3) Where the Authority, by regulations made under subsection (1)(a), exempts any person or class of persons from section 147(1) and (2), the conditions that may be prescribed include the following conditions:(a)

a condition relating to the operations or activities of the exempt person, or of any person in the exempt class of persons, relating to the grant of any credit facility within the meaning given by section 147(3) (called in this section a credit facility);

(b)

a condition relating to the criteria that must be satisfied in order for the exempt person, or any person in the exempt class of persons, to grant any credit facility to any individual in Singapore;

(c)

a condition relating to the standards to be maintained by the exempt person, or by any person in the exempt class of persons, when carrying on a business of granting any credit facility to any individual in Singapore;

(d)

a condition relating to the duties to be undertaken by the exempt person, or by any person in the exempt class of persons, when doing any of the following things:(i)

granting any credit facility to any individual in Singapore;

(ii)

offering to grant, or issuing any advertisement containing any offer to grant, any credit facility to any individual in Singapore;

(iii)

making an offer or invitation, or issuing any advertisement containing any offer or invitation, to any individual in Singapore to enter into any agreement relating to the granting of any credit facility to that individual;

(e)

a condition relating to the maintenance by the exempt person, or by any person in the exempt class of persons, of a licence, under any other written law, that allows that person to carry on a business of granting any credit facility to any individual in Singapore.

(4) Where the Authority, by regulations made under subsection (1)(a), exempts any person or class of persons from section 149, the conditions that may be prescribed include the following conditions:(a)

a condition restricting the disposal or further acquisition, by that person or class of persons, of any shares or voting power in a licensee;

(b)

a condition restricting the exercise, by that person or class of persons, of any voting power in a licensee.

(5) The Authority may, on the application of any person, by written notice exempt the person from —(a)

all or any of the provisions of this Act; and

(b)

all or any of the requirements specified in any direction made by the Authority under this Act,

subject to such conditions or restrictions as the Authority may specify by written notice.

(6) The Authority may, at any time, by written notice to a person —(a)

revoke any exemption mentioned in subsection (5); or

(b)

add to, vary or revoke any condition or restriction imposed on the person under subsection (5).

(7) It is not necessary to publish any exemption granted under subsection (5) in the Gazette.

(8) A person who contravenes any condition or restriction —(a)

prescribed under subsection (1);

(b)

specified by the Authority under subsection (5); or

(c)

added to or varied under subsection (2) or (6),

shall be guilty of an offence and shall be liable on conviction —

(d)

in the case of an individual, to a fine not exceeding $50,000; or

(e)

in any other case, to a fine not exceeding $100,000.

(9) In subsection (4), “licensee” has the meaning given by section 136(1).

—(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 in shares, or class or description of shares or interests in shares;

(iii)

any other thing or class or description of things,

subject to such conditions or restrictions as may be prescribed.

(2) The Authority may at any time —(a)

revoke any exemption mentioned in subsection (1); or

(b)

add to, vary or revoke any condition or restriction imposed under subsection (1).

(3) Where the Authority, by regulations made under subsection (1)(a), exempts any person or class of persons from section 147(1) and (2), the conditions that may be prescribed include the following conditions:(a)

a condition relating to the operations or activities of the exempt person, or of any person in the exempt class of persons, relating to the grant of any credit facility within the meaning given by section 147(3) (called in this section a credit facility);

(b)

a condition relating to the criteria that must be satisfied in order for the exempt person, or any person in the exempt class of persons, to grant any credit facility to any individual in Singapore;

(c)

a condition relating to the standards to be maintained by the exempt person, or by any person in the exempt class of persons, when carrying on a business of granting any credit facility to any individual in Singapore;

(d)

a condition relating to the duties to be undertaken by the exempt person, or by any person in the exempt class of persons, when doing any of the following things:(i)

granting any credit facility to any individual in Singapore;

(ii)

offering to grant, or issuing any advertisement containing any offer to grant, any credit facility to any individual in Singapore;

(iii)

making an offer or invitation, or issuing any advertisement containing any offer or invitation, to any individual in Singapore to enter into any agreement relating to the granting of any credit facility to that individual;

(e)

a condition relating to the maintenance by the exempt person, or by any person in the exempt class of persons, of a licence, under any other written law, that allows that person to carry on a business of granting any credit facility to any individual in Singapore.

(4) Where the Authority, by regulations made under subsection (1)(a), exempts any person or class of persons from section 149, the conditions that may be prescribed include the following conditions:(a)

a condition restricting the disposal or further acquisition, by that person or class of persons, of any shares or voting power in a licensee;

(b)

a condition restricting the exercise, by that person or class of persons, of any voting power in a licensee.

(5) The Authority may, on the application of any person, by written notice exempt the person from —(a)

all or any of the provisions of this Act; and

(b)

all or any of the requirements specified in any direction made by the Authority under this Act,

subject to such conditions or restrictions as the Authority may specify by written notice.

(6) The Authority may, at any time, by written notice to a person —(a)

revoke any exemption mentioned in subsection (5); or

(b)

add to, vary or revoke any condition or restriction imposed on the person under subsection (5).

(7) It is not necessary to publish any exemption granted under subsection (5) in the Gazette.

(8) A person who contravenes any condition or restriction —(a)

prescribed under subsection (1);

(b)

specified by the Authority under subsection (5); or

(c)

added to or varied under subsection (2) or (6),

shall be guilty of an offence and shall be liable on conviction —

(d)

in the case of an individual, to a fine not exceeding $50,000; or

(e)

in any other case, to a fine not exceeding $100,000.

(9) In subsection (4), “licensee” has the meaning given by section 136(1).