§ 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 2022”.(2) Section 44A(1) of the Finance Companies 1967 is amended by deleting the words “(within the meaning of section 98 of the Monetary Authority of Singapore Act 1970) from the finance company under section 103, 104, 105 or 106 of that Act” in paragraph (c) and substituting the words “within the meaning of section 107 of the Financial Services and Markets Act 2022 from the finance company under section 112, 113, 114 or 115 of that Act”.

(3) Section 47 of the Finance Companies Act 1967 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)(e); 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;”.

(4) Section 54(1) of the Finance Companies Act 1967 is amended by deleting the words “Part 4B of the Monetary Authority of Singapore Act 1970” and substituting the words “Part 8 of the Financial Services and Markets Act 2022”.

—(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 2022”.

(2) Section 44A(1) of the Finance Companies 1967 is amended by deleting the words “(within the meaning of section 98 of the Monetary Authority of Singapore Act 1970) from the finance company under section 103, 104, 105 or 106 of that Act” in paragraph (c) and substituting the words “within the meaning of section 107 of the Financial Services and Markets Act 2022 from the finance company under section 112, 113, 114 or 115 of that Act”.

(3) Section 47 of the Finance Companies Act 1967 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)(e); 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;”.

(4) Section 54(1) of the Finance Companies Act 1967 is amended by deleting the words “Part 4B of the Monetary Authority of Singapore Act 1970” and substituting the words “Part 8 of the Financial Services and Markets Act 2022”.