§ 83 — Approval by Minister of determination

83.—(1) Before approving a determination of the Authority, the Minister must, unless the Minister decides that it is not practicable or desirable to do so —(a)

publish in the Gazette and in such newspaper or newspapers as the Minister determines, a notice specifying —(i)

the Minister’s intention to approve the determination;

(ii)

the date by which the holder of an eligible instrument that is the subject of the determination may make written representations to the Minister; and

(iii)

such other particulars as the Minister considers appropriate; and

(b)

give to the Division 6 FI written notice specifying —(i)

the Minister’s intention to approve the determination;

(ii)

the date by which the Division 6 FI may make written representations to the Minister; and

(iii)

such other particulars as the Minister considers appropriate.

(2) In determining the period within which written representations have to be made under subsection (1), the Minister must take into account the need for the measures proposed by the determination to be effected expeditiously in the interest of the stability of the financial system in Singapore.

(3) The Minister must consider all written representations for the purpose of deciding whether to approve the determination.

(4) The Minister may —(a)

approve the determination without modification;

(b)

approve the determination subject to any modification the Minister considers appropriate; or

(c)

refuse to approve the determination.

(5) An approval under subsection (4)(a) or (b) may be subject to such conditions as the Minister may determine to be necessary to give effect to the determination, and the Minister may add to, vary or revoke any such condition.

(6) The Division 6 FI must comply with every condition mentioned in subsection (5) that applies to it and of which it has been given written notice by the Authority.

(7) A person that contravenes subsection (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.

—(1) Before approving a determination of the Authority, the Minister must, unless the Minister decides that it is not practicable or desirable to do so —(a)

publish in the Gazette and in such newspaper or newspapers as the Minister determines, a notice specifying —(i)

the Minister’s intention to approve the determination;

(ii)

the date by which the holder of an eligible instrument that is the subject of the determination may make written representations to the Minister; and

(iii)

such other particulars as the Minister considers appropriate; and

(b)

give to the Division 6 FI written notice specifying —(i)

the Minister’s intention to approve the determination;

(ii)

the date by which the Division 6 FI may make written representations to the Minister; and

(iii)

such other particulars as the Minister considers appropriate.

(2) In determining the period within which written representations have to be made under subsection (1), the Minister must take into account the need for the measures proposed by the determination to be effected expeditiously in the interest of the stability of the financial system in Singapore.

(3) The Minister must consider all written representations for the purpose of deciding whether to approve the determination.

(4) The Minister may —(a)

approve the determination without modification;

(b)

approve the determination subject to any modification the Minister considers appropriate; or

(c)

refuse to approve the determination.

(5) An approval under subsection (4)(a) or (b) may be subject to such conditions as the Minister may determine to be necessary to give effect to the determination, and the Minister may add to, vary or revoke any such condition.

(6) The Division 6 FI must comply with every condition mentioned in subsection (5) that applies to it and of which it has been given written notice by the Authority.

(7) A person that contravenes subsection (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.