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§ 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 holding companies under section 4 of the Financial Services and Markets Act 2022;”.
(2) Subsection (1) does not apply if section 78(a) of the Financial Holding Companies Act 2013 (which also amends section 2(1) of the Banking Act 1970) is brought into operation before the date on which subsection (1) and this subsection are brought into operation.
(3) Section 20 of the Banking Act 1970 is amended —(a)
by deleting the word “or” at the end of subsection (1)(a)(viii);
(b)
by inserting the word “or” at the end of sub‑paragraph (ix) of subsection (1)(a), and by inserting immediately thereafter the following sub‑paragraph:“(x)
is contravening or has contravened any provision of the Financial Services and Markets Act 2022 or any direction issued by the Authority under that Act;”; and
(c)
by deleting the words “Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority of Singapore Act 1970” in subsections (1)(b) and (7) and substituting in each case the words “Division 2, 4, 5 or 6 of Part 8 of the Financial Services and Markets Act 2022”.
(4) Section 43(3) of the Banking Act 1970 is amended by deleting the words “section 27C of the Monetary Authority of Singapore Act 1970” and substituting the words “section 169 of the Financial Services and Markets Act 2022”.
(5) Section 45(6A) of the Banking Act 1970 is amended by deleting the words “section 152 of the Monetary Authority of Singapore Act 1970” in paragraph (a) and substituting the words “section 17 of the Financial Services and Markets Act 2022”.
(6) Section 54 of the Banking Act 1970 is amended —(a)
by deleting the words “under section 68 of the Financial Advisers Act 2001, section 74 of the Insurance Act 1966 or section 101A or 123ZZC of the Securities and Futures Act 2001” in subsection (1)(g); and
(b)
by inserting, immediately before the definition of “regulated financial institution” in subsection (9), 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 before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022;
(b)
a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022, and as continued by section 217(2) of the Financial Services and Markets Act 2022;
(c)
an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022;
(d)
an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022, and as continued by section 218(2) of the Financial Services and Markets Act 2022;
(e)
a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022;
(f)
a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(3) of the Financial Services and Markets Act 2022;
(g)
a prohibition order made under section 123ZZC(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022;
(h)
a prohibition order made under section 123ZZC(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(5) of the Financial Services and Markets Act 2022; or
(i)
a prohibition order made under section 7(1) of the Financial Services and Markets Act 2022;”.
(7) Section 55ZA of the Banking Act 1970 is amended —(a)
by inserting, immediately after the words “Monetary Authority of Singapore Act 1970” in subsection (1)(a)(ii)(B), the words “as in force immediately before the date of commencement of section 205 of the Financial Services and Markets Act 2022 or to be approved under section 4(2) of the Financial Services and Markets Act 2022”;
(b)
by deleting the word “or” at the end of subsection (1)(a)(vii);
(c)
by inserting the word “or” at the end of sub‑paragraph (viii) of subsection (1)(a), and by inserting immediately thereafter the following sub‑paragraph:“(ix)
is contravening or has contravened any direction issued by the Authority under the Financial Services and Markets Act 2022 or any provision of that Act;”; and
(d)
by deleting the words “Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority of Singapore Act 1970” in subsections (1)(b)(ii) and (7)(b) and substituting in each case the words “Division 2, 4, 5 or 6 of Part 8 of the Financial Services and Markets Act 2022”.
(8) Section 57FB of the Banking Act 1970 is amended —(a)
by deleting the words “under section 68 of the Financial Advisers Act 2001, section 74 of the Insurance Act 1966 or section 101A of the Securities and Futures Act 2001” in subsection (1)(g); and
(b)
by inserting, immediately before the definition of “regulated financial institution” in subsection (9), 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 before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022;
(b)
a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022, and as continued by section 217(2) of the Financial Services and Markets Act 2022;
(c)
an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022;
(d)
an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022, and as continued by section 218(2) of the Financial Services and Markets Act 2022;
(e)
a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022;
(f)
a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(3) of the Financial Services and Markets Act 2022; or
(g)
a prohibition order made under section 7(1) of the Financial Services and Markets Act 2022;”.
(9) Section 62(1) of the Banking Act 1970 is amended by deleting the words “(within the meaning of section 98 of the Monetary Authority of Singapore Act 1970) from the bank under section 103, 104, 105 or 106 of that Act” in paragraph (e) and substituting the words “within the meaning of section 107 of the Financial Services and Markets Act 2022 from the bank under section 112, 113, 114 or 115 of that Act”.
(10) Section 62B(3) of the Banking Act 1970 is amended by deleting the words “(within the meaning of section 98 of the Monetary Authority of Singapore Act 1970) from the merchant bank under section 103, 104, 105 or 106 of that Act” in paragraph (b) and substituting the words “within the meaning of section 107 of the Financial Services and Markets Act 2022 from the merchant bank under section 112, 113, 114 or 115 of that Act”.
(11) Part 2 of the Third Schedule to the Banking Act 1970 is amended by deleting items 4B, 4C and 4D and substituting the following items:“4B.
Disclosure is solely in connection with the transfer or proposed transfer of the business of the bank to a company under Division 2 of Part 4B of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 193 of the Financial Services and Markets Act 2022, whether or not the transfer is subsequently carried out or completed.
Any —
(a)
transferor or transferee, defined in section 56 of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 193 of the Financial Services and Markets Act 2022;
(b)
person affected by the transfer;
(c)
professional adviser appointed by any person mentioned in paragraph (a) or (b); or
(d)
independent assessor appointed by the Authority under section 57 of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 193 of the Financial Services and Markets Act 2022.
4BA.
Disclosure is solely in connection with the transfer or proposed transfer of the business of the bank to a company under Division 2 of Part 8 of the Financial Services and Markets Act 2022, whether or not the transfer is subsequently carried out or completed.
Any —
(a)
transferor or transferee, defined in section 65 of the Financial Services and Markets Act 2022;
(b)
person affected by the transfer;
(c)
professional adviser appointed by any person mentioned in paragraph (a) or (b); or
(d)
independent assessor appointed by the Authority under section 66 of the Financial Services and Markets Act 2022.
4C.
Disclosure is solely in connection with the transfer or proposed transfer of the shares in the bank under Division 3 of Part 4B of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 193 of the Financial Services and Markets Act 2022, whether or not the transfer is subsequently carried out or completed.
Any —
(a)
transferor or transferee, defined in section 65 of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 193 of the Financial Services and Markets Act 2022;
(b)
professional adviser appointed by the transferor or transferee; or
(c)
independent assessor appointed by the Authority under section 66 of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 193 of the Financial Services and Markets Act 2022.
4CA.
Disclosure is solely in connection with the transfer or proposed transfer of the shares in the bank under Division 4 of Part 8 of the Financial Services and Markets Act 2022, whether or not the transfer is subsequently carried out or completed.
Any —
(a)
transferor or transferee, defined in section 74 of the Financial Services and Markets Act 2022;
(b)
professional adviser appointed by the transferor or transferee; or
(c)
independent assessor appointed by the Authority under section 75 of the Financial Services and Markets Act 2022.
4D.
Disclosure is solely in connection with the restructuring or proposed restructuring of the share capital of the bank under Division 4 of Part 4B of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 193 of the Financial Services and Markets Act 2022, whether or not the restructuring is carried out or completed.
Any —
(a)
shareholder of the bank;
(b)
subscriber defined in section 68 of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 193 of the Financial Services and Markets Act 2022;
(c)
professional adviser appointed by the bank or any person mentioned in paragraph (a) or (b); or
(d)
independent assessor appointed by the Authority under section 69 of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 193 of the Financial Services and Markets Act 2022.
4DA.
Disclosure is solely in connection with the restructuring or proposed restructuring of the share capital of the bank under Division 5 of Part 8 of the Financial Services and Markets Act 2022, whether or not the restructuring is carried out or completed.
Any —
(a)
shareholder of the bank;
(b)
subscriber defined in section 77 of the Financial Services and Markets Act 2022;
(c)
professional adviser appointed by the bank or any person mentioned in paragraph (a) or (b); or
(d)
independent assessor appointed by the Authority under section 78 of the Financial Services and Markets Act 2022.
”.
—(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 holding companies under section 4 of the Financial Services and Markets Act 2022;”.
(2) Subsection (1) does not apply if section 78(a) of the Financial Holding Companies Act 2013 (which also amends section 2(1) of the Banking Act 1970) is brought into operation before the date on which subsection (1) and this subsection are brought into operation.
(3) Section 20 of the Banking Act 1970 is amended —(a)
by deleting the word “or” at the end of subsection (1)(a)(viii);
(b)
by inserting the word “or” at the end of sub‑paragraph (ix) of subsection (1)(a), and by inserting immediately thereafter the following sub‑paragraph:“(x)
is contravening or has contravened any provision of the Financial Services and Markets Act 2022 or any direction issued by the Authority under that Act;”; and
(c)
by deleting the words “Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority of Singapore Act 1970” in subsections (1)(b) and (7) and substituting in each case the words “Division 2, 4, 5 or 6 of Part 8 of the Financial Services and Markets Act 2022”.
(4) Section 43(3) of the Banking Act 1970 is amended by deleting the words “section 27C of the Monetary Authority of Singapore Act 1970” and substituting the words “section 169 of the Financial Services and Markets Act 2022”.
(5) Section 45(6A) of the Banking Act 1970 is amended by deleting the words “section 152 of the Monetary Authority of Singapore Act 1970” in paragraph (a) and substituting the words “section 17 of the Financial Services and Markets Act 2022”.
(6) Section 54 of the Banking Act 1970 is amended —(a)
by deleting the words “under section 68 of the Financial Advisers Act 2001, section 74 of the Insurance Act 1966 or section 101A or 123ZZC of the Securities and Futures Act 2001” in subsection (1)(g); and
(b)
by inserting, immediately before the definition of “regulated financial institution” in subsection (9), 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 before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022;
(b)
a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022, and as continued by section 217(2) of the Financial Services and Markets Act 2022;
(c)
an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022;
(d)
an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022, and as continued by section 218(2) of the Financial Services and Markets Act 2022;
(e)
a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022;
(f)
a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(3) of the Financial Services and Markets Act 2022;
(g)
a prohibition order made under section 123ZZC(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022;
(h)
a prohibition order made under section 123ZZC(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(5) of the Financial Services and Markets Act 2022; or
(i)
a prohibition order made under section 7(1) of the Financial Services and Markets Act 2022;”.
(7) Section 55ZA of the Banking Act 1970 is amended —(a)
by inserting, immediately after the words “Monetary Authority of Singapore Act 1970” in subsection (1)(a)(ii)(B), the words “as in force immediately before the date of commencement of section 205 of the Financial Services and Markets Act 2022 or to be approved under section 4(2) of the Financial Services and Markets Act 2022”;
(b)
by deleting the word “or” at the end of subsection (1)(a)(vii);
(c)
by inserting the word “or” at the end of sub‑paragraph (viii) of subsection (1)(a), and by inserting immediately thereafter the following sub‑paragraph:“(ix)
is contravening or has contravened any direction issued by the Authority under the Financial Services and Markets Act 2022 or any provision of that Act;”; and
(d)
by deleting the words “Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority of Singapore Act 1970” in subsections (1)(b)(ii) and (7)(b) and substituting in each case the words “Division 2, 4, 5 or 6 of Part 8 of the Financial Services and Markets Act 2022”.
(8) Section 57FB of the Banking Act 1970 is amended —(a)
by deleting the words “under section 68 of the Financial Advisers Act 2001, section 74 of the Insurance Act 1966 or section 101A of the Securities and Futures Act 2001” in subsection (1)(g); and
(b)
by inserting, immediately before the definition of “regulated financial institution” in subsection (9), 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 before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022;
(b)
a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)(b) and (2) to (7) of the Financial Services and Markets Act 2022, and as continued by section 217(2) of the Financial Services and Markets Act 2022;
(c)
an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022;
(d)
an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022, and as continued by section 218(2) of the Financial Services and Markets Act 2022;
(e)
a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022;
(f)
a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(3) of the Financial Services and Markets Act 2022; or
(g)
a prohibition order made under section 7(1) of the Financial Services and Markets Act 2022;”.
(9) Section 62(1) of the Banking Act 1970 is amended by deleting the words “(within the meaning of section 98 of the Monetary Authority of Singapore Act 1970) from the bank under section 103, 104, 105 or 106 of that Act” in paragraph (e) and substituting the words “within the meaning of section 107 of the Financial Services and Markets Act 2022 from the bank under section 112, 113, 114 or 115 of that Act”.
(10) Section 62B(3) of the Banking Act 1970 is amended by deleting the words “(within the meaning of section 98 of the Monetary Authority of Singapore Act 1970) from the merchant bank under section 103, 104, 105 or 106 of that Act” in paragraph (b) and substituting the words “within the meaning of section 107 of the Financial Services and Markets Act 2022 from the merchant bank under section 112, 113, 114 or 115 of that Act”.
(11) Part 2 of the Third Schedule to the Banking Act 1970 is amended by deleting items 4B, 4C and 4D and substituting the following items:“4B.
Disclosure is solely in connection with the transfer or proposed transfer of the business of the bank to a company under Division 2 of Part 4B of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 193 of the Financial Services and Markets Act 2022, whether or not the transfer is subsequently carried out or completed.
Any —
(a)
transferor or transferee, defined in section 56 of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 193 of the Financial Services and Markets Act 2022;
(b)
person affected by the transfer;
(c)
professional adviser appointed by any person mentioned in paragraph (a) or (b); or
(d)
independent assessor appointed by the Authority under section 57 of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 193 of the Financial Services and Markets Act 2022.
4BA.
Disclosure is solely in connection with the transfer or proposed transfer of the business of the bank to a company under Division 2 of Part 8 of the Financial Services and Markets Act 2022, whether or not the transfer is subsequently carried out or completed.
Any —
(a)
transferor or transferee, defined in section 65 of the Financial Services and Markets Act 2022;
(b)
person affected by the transfer;
(c)
professional adviser appointed by any person mentioned in paragraph (a) or (b); or
(d)
independent assessor appointed by the Authority under section 66 of the Financial Services and Markets Act 2022.
4C.
Disclosure is solely in connection with the transfer or proposed transfer of the shares in the bank under Division 3 of Part 4B of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 193 of the Financial Services and Markets Act 2022, whether or not the transfer is subsequently carried out or completed.
Any —
(a)
transferor or transferee, defined in section 65 of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 193 of the Financial Services and Markets Act 2022;
(b)
professional adviser appointed by the transferor or transferee; or
(c)
independent assessor appointed by the Authority under section 66 of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 193 of the Financial Services and Markets Act 2022.
4CA.
Disclosure is solely in connection with the transfer or proposed transfer of the shares in the bank under Division 4 of Part 8 of the Financial Services and Markets Act 2022, whether or not the transfer is subsequently carried out or completed.
Any —
(a)
transferor or transferee, defined in section 74 of the Financial Services and Markets Act 2022;
(b)
professional adviser appointed by the transferor or transferee; or
(c)
independent assessor appointed by the Authority under section 75 of the Financial Services and Markets Act 2022.
4D.
Disclosure is solely in connection with the restructuring or proposed restructuring of the share capital of the bank under Division 4 of Part 4B of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 193 of the Financial Services and Markets Act 2022, whether or not the restructuring is carried out or completed.
Any —
(a)
shareholder of the bank;
(b)
subscriber defined in section 68 of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 193 of the Financial Services and Markets Act 2022;
(c)
professional adviser appointed by the bank or any person mentioned in paragraph (a) or (b); or
(d)
independent assessor appointed by the Authority under section 69 of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 193 of the Financial Services and Markets Act 2022.
4DA.
Disclosure is solely in connection with the restructuring or proposed restructuring of the share capital of the bank under Division 5 of Part 8 of the Financial Services and Markets Act 2022, whether or not the restructuring is carried out or completed.
Any —
(a)
shareholder of the bank;
(b)
subscriber defined in section 77 of the Financial Services and Markets Act 2022;
(c)
professional adviser appointed by the bank or any person mentioned in paragraph (a) or (b); or
(d)
independent assessor appointed by the Authority under section 78 of the Financial Services and Markets Act 2022.
”.
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