§ 219 — Saving and transitional provisions in relation to amendments to Monetary Authority of Singapore Act 1970

219. So far as it is not inconsistent with the provisions of this Act —(a)

any request for information by, recommendation made or direction of, the Authority under section 27(1) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(a) of this Act and which was in force immediately before that date continues in force as if made under section 3(1) of this Act;

(b)

any direction of the Authority under section 27(3) of the Monetary Authority of Singapore Act 1970 as in force immediately before the commencement of section 205(2)(a) of this Act and which was in force immediately before that date continues in force as if made under section 3(3) of this Act;

(c)

any direction issued by the Authority under section 27A(1)(a) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(a) of this Act and which was in force immediately before that date continues in force as if made under section 15(1)(a) of this Act;

(d)

any regulations made by the Authority under section 27A(1)(b) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(a) of this Act and which were in force immediately before that date continue in force as if made under section 192 of this Act until they are repealed by regulations made under section 192 of this Act;

(e)

any direction issued by the Authority under section 27B(1) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(a) of this Act and which was in force immediately before that date continues in force as if made under section 16(1) of this Act;

(f)

any regulations made by the Authority under section 27B(1) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(a) of this Act and which were in force immediately before that date continue in force as if made under section 192 of this Act until they are repealed by regulations made under section 192 of this Act;

(g)

any inspection carried out or being carried out by the Authority under section 27C(1) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(a) of this Act is treated as if the inspection were carried out or is being carried out under section 169(1) of this Act and the provisions of sections 169 and 170 of this Act apply to that inspection accordingly;

(h)

any obligation of confidentiality imposed in respect of a written report under section 27E of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(a) of this Act and which was in force immediately before that date continues as if the written report were a written report mentioned in section 171 of this Act;

(i)

any approval granted in respect of a written report under section 27E(2)(c), and any condition or restriction of approval imposed under section 27E(3), of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(a) of this Act and which were in force immediately before that date continue in force as if granted and imposed (respectively) under section 171(2)(c) or (3) of this Act;

(j)

the power of the Authority or any person authorised by the Authority to transmit any information obtained by the Authority from an inspection under section 27F(1) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(a) of this Act continues as if the information were information mentioned in section 172(1) of this Act;

(k)

any approval granted by the Authority under section 28(1), and any condition of approval imposed under section 28(2)(c), of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(a) of this Act and which were in force immediately before that date continue in force as if granted and imposed (respectively) under section 4(1) and (2)(b) of this Act;

(l)

any direction issued to an approved financial institution or a class of approved financial institutions by the Authority under section 28(3) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(a) of this Act and which was in force immediately before that date continues in force as if issued under section 4(3) of this Act to the approved financial institution or class of approved financial institutions;

(m)

any guidelines issued and conditions imposed by the Authority under section 28(4) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(a) of this Act and which were in force immediately before that date continue in force as if issued and imposed (respectively) under section 4(4) of this Act;

(n)

any approval of a dispute resolution scheme under section 28A(1) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(a) of this Act and which was in force immediately before that date continues and is deemed to be an approval under section 31(1) of this Act;

(o)

any regulations made by the Authority under section 28A(2) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(a) of this Act and which were in force immediately before that date continue in force (to the extent that it is not inconsistent with Part 6 of this Act) as if made under section 192 of this Act until they are repealed by regulations made under section 192 of this Act;

(p)

any conditions or restrictions of registration, licence or approval mentioned in section 28A(4)(b) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(a) of this Act that were imposed by the Authority before that date and in force immediately before that date, continue in force as if they were conditions or restrictions mentioned in section 36(3)(b) of this Act;

(q)

any requirement by the Authority to pay any fee under section 29 of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(a) of this Act and which was in force immediately before that date continues in force as if it were a requirement under section 5 of this Act;

(r)

where the Authority or the Minister (as the case may be) has exercised in relation to any person or matter any power under any provision of Part 4A of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(b) of this Act (called in this paragraph the repeal date), and the matter for which the power was exercised is still ongoing on or after the repeal date, the Authority or the Minister (as the case may be) is on and after the repeal date treated as having exercised the power in relation to that person or matter under the corresponding provision of Part 7 of this Act, and the provisions of Part 7 of this Act apply accordingly;

(s)

any requirement of the Authority, appointment of statutory adviser by the Authority, assumption of control or management of the business of a relevant financial institution by the Authority, or appointment of a statutory manager by the Authority, made under section 33(2) of the Monetary Authority of Singapore Act 1970 and in force immediately before the date of commencement of section 205(2)(b) of this Act and which was in force immediately before that date is treated as if it were made under section 41(2) of this Act, and the provisions of Part 7 of this Act apply accordingly;

(t)

in addition to paragraph (s), any person appointed by the Authority under section 13B of the Monetary Authority of Singapore Act 1970 in relation to the assumption of control or management of the business of a relevant financial institution by the Authority under section 33(2) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(b) of this Act, and whose appointment as such was in force immediately before that date, is treated as a person appointed in relation to that matter under section 179 of this Act;

(u)

where the Authority or the Minister (as the case may be) has exercised in relation to any person or matter any power under any provision of Part 4B of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(c) of this Act (called in this paragraph the repeal date), and the matter for which the power was exercised is still ongoing on or after the repeal date, the Authority or the Minister (as the case may be) is on and after the repeal date treated as having exercised the power in relation to that person or matter under the corresponding provision of Part 8 of this Act, and the provisions of Part 8 of this Act apply accordingly;

(v)

any request by a foreign resolution authority for assistance mentioned in section 87(1) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(c) of this Act and which had not been dealt with immediately before that date, is treated as made, and may be dealt with, under the corresponding provisions of Division 8 of Part 8 of this Act;

(w)

any request by a domestic authority for any material in relation to the resolution of a specified financial institution mentioned in section 90 of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(c) of this Act and which had not been dealt with immediately before that date, is treated as made, and may be dealt with, under the corresponding provisions of Division 8 of Part 8 of this Act;

(x)

where the Minister has established a resolution fund and appointed a trustee of the resolution fund under section 99(1) and (2), respectively, of the Monetary Authority of Singapore Act 1970 in force immediately before the date of commencement of section 205(2)(c) of this Act —(i)

the resolution fund and the appointment of the trustee of the resolution fund continue in force as if established and appointed under section 108(1) and (2) respectively of this Act; and

(ii)

any sum claimed by the trustee under section 103, 104, 105 or 106 of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(c) of this Act is, on or after that date, treated as a sum claimed by the trustee under section 112, 113, 114 or 115 of this Act;

(y)

any reference in any written law to a “resolution measure” as defined in section 98 of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(c) of this Act, is on and after that date taken to be a resolution measure as defined in section 107 of this Act;

(z)

any valuer appointed under section 115(1) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(c) of this Act for a Division 5C FI, that is also a Division 11 FI under resolution within the meaning of section 121 of this Act because of the operation of paragraph (u), is on and after that date, treated as a valuer appointed under section 124 of this Act for the Division 11 FI; and any valuation conducted by the valuer before that date of that Division 5C FI is treated as a valuation conducted under section 124 of this Act;

(za)

any order, direction or approval of a Court under any provision of Parts 4A and 4B of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(b) and (c) of this Act and which was in force immediately before that date continues as an order, direction or approval of the Court under the corresponding provision of Part 7 or 8 of this Act;

(zb)

any regulations made by the Authority under Part 4A of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(b) of this Act and which were in force immediately before that date continue in force as if made under section 192 of this Act until they are repealed by regulations made under section 192 of this Act;

(zc)

any regulations made by the Minister under Part 4B of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(c) of this Act and which were in force immediately before that date continue in force as if made under section 135 of this Act until they are repealed by regulations made under section 135 of this Act;

(zd)

any request for assistance under section 154 or 156 of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(d) of this Act and which had not been dealt with immediately before that date is treated to be made, and may be dealt with, under the corresponding provisions of Division 2 of Part 4 of this Act;

(ze)

any request to provide information under section 155(2)(b) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(d) of this Act and which had not been dealt with immediately before that date is treated to be made under section 20(2)(b) of this Act and may be dealt with accordingly;

(zf)

any —(i)

order under section 155(2)(a) or 157(2); or

(ii)

requirement under section 155(5) or 157(5),

of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(d) of this Act and which was in force immediately before that date, continues in force as if ordered or required under the corresponding provisions of Division 2 of Part 4 of this Act;

(zg)

any inspection conducted or being conducted under section 161(1) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(d) of this Act is treated as if the inspection were conducted or is being conducted under section 26(1) of this Act, and the provisions of sections 26, 27 and 28 of this Act apply accordingly;

(zh)

any approval given under section 161(1) of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(d) of this Act for an inspection that has yet to commence on that date, and any condition imposed by the Authority under section 161(3) or (6) of the Monetary Authority of Singapore Act 1970 as in force immediately before that date, being an approval and a condition that were in force immediately before that date, are treated as given and imposed under section 26(1), (3) and (6) respectively of this Act, and the provisions of sections 26, 27 and 28 of this Act apply accordingly; and

(zi)

any obligation of confidentiality imposed in respect of a written report under section 163 of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 205(2)(d) of this Act and which was in force immediately before that date continues as if the written report were a written report mentioned in section 28 of this Act.