§ 220 — Saving and transitional provisions in relation to amendments to Securities and Futures Act 2001

220.—(1) For the purposes of sections 14(1)(e), 46H(1)(da), 56(1)(da), 81Z(1)(da), 95(2)(ea) and 289(4A) of the Securities and Futures Act 2001, the exercise by the Minister of any power under Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 209(3) of this Act (called in this subsection the repeal date) —(a)

in relation to a corporation mentioned in section 14(1)(e) of the Securities and Futures Act 2001 as in force before the repeal date, is on and after the repeal date treated as the exercise of the power of the Minister under the corresponding provision of Division 2, 4, 5 or 6 of Part 8 of this Act in relation to that corporation;

(b)

in relation to a corporation mentioned in section 46H(1)(da) of the Securities and Futures Act 2001 as in force before the repeal date, is on and after the repeal date treated as the exercise of the power of the Minister under the corresponding provision of Division 2, 4, 5 or 6 of Part 8 of this Act in relation to that corporation;

(c)

in relation to a corporation mentioned in section 56(1)(da) of the Securities and Futures Act 2001 as in force before the repeal date, is on and after the repeal date treated as the exercise of the power of the Minister under the corresponding provision of Division 2, 4, 5 or 6 of Part 8 of this Act in relation to that corporation;

(d)

in relation to a corporation mentioned in section 81Z(1)(da) of the Securities and Futures Act 2001 as in force before the repeal date, is on and after the repeal date treated as the exercise of the power of the Minister under the corresponding provision of Division 2, 4, 5 or 6 of Part 8 of this Act in relation to that corporation;

(e)

in relation to a holder of a capital markets services licence mentioned in section 95(2)(ea) of the Securities and Futures Act 2001 as in force before the repeal date, is on and after the repeal date treated as the exercise of the power of the Minister under the corresponding provision of Division 2, 4, 5 or 6 of Part 8 of this Act in relation to that holder; and

(f)

in relation to an approved trustee mentioned in section 289(4A) of the Securities and Futures Act 2001 as in force before the repeal date, is on and after the repeal date treated as the exercise of the power of the Minister under the corresponding provision of Division 2, 4, 5 or 6 of Part 8 of this Act in relation to that approved trustee.

(2) Any 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) (called in this subsection the repeal date) and which was in force immediately before the repeal date, continues in force until the prohibition order expires or is revoked and sections 101A to 101D, section 322 and Part 14 (“Appeals”), of the Securities and Futures Act 2001 as in force immediately before the repeal date continue to apply to that prohibition order as if section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of this Act had not been enacted.

(3) Where —(a)

the Authority had under section 101A(4) 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) (called in this subsection the repeal date) given a person an opportunity to be heard against the making of a proposed prohibition order under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the repeal date; and

(b)

the Authority had not before the repeal date —(i)

made the prohibition order against the person under section 101A(1) of the Securities and Futures Act 2001; or

(ii)

informed the person that the Authority would not be making the prohibition order against the person under section 101A(1) of the Securities and Futures Act 2001,

then —

(c)

the Authority may make the prohibition order against the person under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the repeal date; and

(d)

sections 101A to 101D, section 322 and Part 14 (“Appeals”), of the Securities and Futures Act 2001 as in force immediately before the repeal date continue to apply to the prohibition order,

as if section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of this Act had not been enacted.

(4) Any 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) (called in this subsection the repeal date) and which was in force immediately before the repeal date continues in force until the order expires or is revoked and sections 123ZZC to 123ZZF, section 322 and Part 14 (“Appeals”), of the Securities and Futures Act 2001 as in force immediately before the repeal date continue to apply to that prohibition order as if section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of this Act had not been enacted.

(5) Where —(a)

the Authority had under section 123ZZC(4) 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) (called in this subsection the repeal date) given a person an opportunity to be heard against the making of a proposed prohibition order under section 123ZZC(1) of the Securities and Futures Act 2001 as in force immediately before the repeal date; and

(b)

the Authority had not before the repeal date —(i)

made the prohibition order under section 123ZZC(1) of the Securities and Futures Act 2001; or

(ii)

informed the person that the Authority would not be making the prohibition order against the person under section 123ZZC(1) of the Securities and Futures Act 2001,

then —

(c)

the Authority may make the prohibition order against the person under section 123ZZC(1) of the Securities and Futures Act 2001 as in force immediately before the repeal date; and

(d)

sections 123ZZC to 123ZZF, section 322 and Part 14 (“Appeals”), of the Securities and Futures Act 2001 as in force immediately before the repeal date continue to apply to the prohibition order,

as if section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of this Act had not been enacted.

—(1) For the purposes of sections 14(1)(e), 46H(1)(da), 56(1)(da), 81Z(1)(da), 95(2)(ea) and 289(4A) of the Securities and Futures Act 2001, the exercise by the Minister of any power under Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority of Singapore Act 1970 as in force immediately before the date of commencement of section 209(3) of this Act (called in this subsection the repeal date) —(a)

in relation to a corporation mentioned in section 14(1)(e) of the Securities and Futures Act 2001 as in force before the repeal date, is on and after the repeal date treated as the exercise of the power of the Minister under the corresponding provision of Division 2, 4, 5 or 6 of Part 8 of this Act in relation to that corporation;

(b)

in relation to a corporation mentioned in section 46H(1)(da) of the Securities and Futures Act 2001 as in force before the repeal date, is on and after the repeal date treated as the exercise of the power of the Minister under the corresponding provision of Division 2, 4, 5 or 6 of Part 8 of this Act in relation to that corporation;

(c)

in relation to a corporation mentioned in section 56(1)(da) of the Securities and Futures Act 2001 as in force before the repeal date, is on and after the repeal date treated as the exercise of the power of the Minister under the corresponding provision of Division 2, 4, 5 or 6 of Part 8 of this Act in relation to that corporation;

(d)

in relation to a corporation mentioned in section 81Z(1)(da) of the Securities and Futures Act 2001 as in force before the repeal date, is on and after the repeal date treated as the exercise of the power of the Minister under the corresponding provision of Division 2, 4, 5 or 6 of Part 8 of this Act in relation to that corporation;

(e)

in relation to a holder of a capital markets services licence mentioned in section 95(2)(ea) of the Securities and Futures Act 2001 as in force before the repeal date, is on and after the repeal date treated as the exercise of the power of the Minister under the corresponding provision of Division 2, 4, 5 or 6 of Part 8 of this Act in relation to that holder; and

(f)

in relation to an approved trustee mentioned in section 289(4A) of the Securities and Futures Act 2001 as in force before the repeal date, is on and after the repeal date treated as the exercise of the power of the Minister under the corresponding provision of Division 2, 4, 5 or 6 of Part 8 of this Act in relation to that approved trustee.

(2) Any 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) (called in this subsection the repeal date) and which was in force immediately before the repeal date, continues in force until the prohibition order expires or is revoked and sections 101A to 101D, section 322 and Part 14 (“Appeals”), of the Securities and Futures Act 2001 as in force immediately before the repeal date continue to apply to that prohibition order as if section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of this Act had not been enacted.

(3) Where —(a)

the Authority had under section 101A(4) 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) (called in this subsection the repeal date) given a person an opportunity to be heard against the making of a proposed prohibition order under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the repeal date; and

(b)

the Authority had not before the repeal date —(i)

made the prohibition order against the person under section 101A(1) of the Securities and Futures Act 2001; or

(ii)

informed the person that the Authority would not be making the prohibition order against the person under section 101A(1) of the Securities and Futures Act 2001,

then —

(c)

the Authority may make the prohibition order against the person under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the repeal date; and

(d)

sections 101A to 101D, section 322 and Part 14 (“Appeals”), of the Securities and Futures Act 2001 as in force immediately before the repeal date continue to apply to the prohibition order,

as if section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of this Act had not been enacted.

(4) Any 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) (called in this subsection the repeal date) and which was in force immediately before the repeal date continues in force until the order expires or is revoked and sections 123ZZC to 123ZZF, section 322 and Part 14 (“Appeals”), of the Securities and Futures Act 2001 as in force immediately before the repeal date continue to apply to that prohibition order as if section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of this Act had not been enacted.

(5) Where —(a)

the Authority had under section 123ZZC(4) 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) (called in this subsection the repeal date) given a person an opportunity to be heard against the making of a proposed prohibition order under section 123ZZC(1) of the Securities and Futures Act 2001 as in force immediately before the repeal date; and

(b)

the Authority had not before the repeal date —(i)

made the prohibition order under section 123ZZC(1) of the Securities and Futures Act 2001; or

(ii)

informed the person that the Authority would not be making the prohibition order against the person under section 123ZZC(1) of the Securities and Futures Act 2001,

then —

(c)

the Authority may make the prohibition order against the person under section 123ZZC(1) of the Securities and Futures Act 2001 as in force immediately before the repeal date; and

(d)

sections 123ZZC to 123ZZF, section 322 and Part 14 (“Appeals”), of the Securities and Futures Act 2001 as in force immediately before the repeal date continue to apply to the prohibition order,

as if section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of this Act had not been enacted.