§ 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 Financial Services and Markets Act 2022;

“resolution measure” has the meaning given by section 107 of the Financial Services and Markets Act 2022;”; and

(b)

by deleting the words “section 99(2) of the Monetary Authority of Singapore Act 1970” in the definition of “trustee” (in relation to a resolution fund) and substituting the words “section 108(2) of the Financial Services and Markets Act 2022”.

(2) Section 10(2) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 is amended by deleting the words “Division 5B of Part 4B of the Monetary Authority of Singapore Act 1970” and substituting the words “Division 10 of Part 8 of the Financial Services and Markets Act 2022”.

(3) Section 28A(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 is amended by inserting, immediately after the words “section 54(4) of the Monetary Authority of Singapore Act 1970” in paragraph (b), the words “as in force immediately before the date of commencement of section 205 of the Financial Services and Markets Act 2022 or under section 63(4) of the Financial Services and Markets Act 2022”.

(4) Section 46(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 is amended —(a)

by deleting the word “or” at the end of paragraph (d); and

(b)

by deleting paragraph (e) and substituting the following paragraphs:“(e)

on or after 1 September 2011 but before the date of commencement of section 205 of the Financial Services and Markets Act 2022, the Authority had exercised its powers under Part 4B of the Monetary Authority of Singapore Act 1970 as in force immediately before that date in relation to a PPF Scheme member; or

(f)

on or after the date of commencement of section 205 of the Financial Services and Markets Act 2022, the Authority is exercising or is likely to exercise, or has exercised, its powers under Part 8 of the Financial Services and Markets Act 2022 in relation to a PPF Scheme member,”.

(5) Section 54A(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 is amended by inserting, immediately after the words “section 54(4) of the Monetary Authority of Singapore Act 1970” in paragraph (b), the words “as in force immediately before the date of commencement of section 205 of the Financial Services and Markets Act 2022 or under section 63(4) of the Financial Services and Markets Act 2022”.

—(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 Financial Services and Markets Act 2022;

“resolution measure” has the meaning given by section 107 of the Financial Services and Markets Act 2022;”; and

(b)

by deleting the words “section 99(2) of the Monetary Authority of Singapore Act 1970” in the definition of “trustee” (in relation to a resolution fund) and substituting the words “section 108(2) of the Financial Services and Markets Act 2022”.

(2) Section 10(2) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 is amended by deleting the words “Division 5B of Part 4B of the Monetary Authority of Singapore Act 1970” and substituting the words “Division 10 of Part 8 of the Financial Services and Markets Act 2022”.

(3) Section 28A(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 is amended by inserting, immediately after the words “section 54(4) of the Monetary Authority of Singapore Act 1970” in paragraph (b), the words “as in force immediately before the date of commencement of section 205 of the Financial Services and Markets Act 2022 or under section 63(4) of the Financial Services and Markets Act 2022”.

(4) Section 46(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 is amended —(a)

by deleting the word “or” at the end of paragraph (d); and

(b)

by deleting paragraph (e) and substituting the following paragraphs:“(e)

on or after 1 September 2011 but before the date of commencement of section 205 of the Financial Services and Markets Act 2022, the Authority had exercised its powers under Part 4B of the Monetary Authority of Singapore Act 1970 as in force immediately before that date in relation to a PPF Scheme member; or

(f)

on or after the date of commencement of section 205 of the Financial Services and Markets Act 2022, the Authority is exercising or is likely to exercise, or has exercised, its powers under Part 8 of the Financial Services and Markets Act 2022 in relation to a PPF Scheme member,”.

(5) Section 54A(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 is amended by inserting, immediately after the words “section 54(4) of the Monetary Authority of Singapore Act 1970” in paragraph (b), the words “as in force immediately before the date of commencement of section 205 of the Financial Services and Markets Act 2022 or under section 63(4) of the Financial Services and Markets Act 2022”.