§ 61 — Directions and notices issued under this Act or other MAS scheduled Act to continue to apply to persons who cease to be specified financial institutions

61.—(1) Where a person ceases to be a specified financial institution, any direction or notice issued under this Act or any other MAS scheduled Act (being a direction or notice which was in force, and which applied to that person, immediately before that person ceased to be a specified financial institution) despite any rule of law or written law to the contrary, continues to apply to that person, until that direction or notice is cancelled by the Authority.(2) Subsection (1) applies, to a person that has ceased to be a specified financial institution, regardless of whether the reason for the cessation is one or more of the following:(a)

the withdrawal by the Authority of any approval, authorisation, designation or recognition of the person;

(b)

the cancellation by the Authority, or the expiration, of any registration of the person;

(c)

the revocation by the Authority, or the expiration, of any licence of the person;

(d)

the cessation of the regulation of the person by the Authority;

(e)

the cessation of any business of the person, being a business which is regulated under this Act or any other MAS scheduled Act.

(3) A person referred to in subsection (1) who, after ceasing to be a specified financial institution, fails to comply with a direction or notice referred to in that subsection shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1 million and, in the case of a continuing offence, to a further fine not exceeding $100,000 for every day or part of a day during which the offence continues after conviction.

—(1) Where a person ceases to be a specified financial institution, any direction or notice issued under this Act or any other MAS scheduled Act (being a direction or notice which was in force, and which applied to that person, immediately before that person ceased to be a specified financial institution) despite any rule of law or written law to the contrary, continues to apply to that person, until that direction or notice is cancelled by the Authority.

(2) Subsection (1) applies, to a person that has ceased to be a specified financial institution, regardless of whether the reason for the cessation is one or more of the following:(a)

the withdrawal by the Authority of any approval, authorisation, designation or recognition of the person;

(b)

the cancellation by the Authority, or the expiration, of any registration of the person;

(c)

the revocation by the Authority, or the expiration, of any licence of the person;

(d)

the cessation of the regulation of the person by the Authority;

(e)

the cessation of any business of the person, being a business which is regulated under this Act or any other MAS scheduled Act.

(3) A person referred to in subsection (1) who, after ceasing to be a specified financial institution, fails to comply with a direction or notice referred to in that subsection shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1 million and, in the case of a continuing offence, to a further fine not exceeding $100,000 for every day or part of a day during which the offence continues after conviction.