Saving and transitional provisions in relation to amendments to Banking Act 1970
Open ↗215. For the purposes of sections 20(1)(b) and (7) and 55ZA(1)(b)(ii) and (7)(b) of the Banking Act 1970, the exercise of any power by the Minister 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 193 of this Act (called in this section the repeal date) —(a)
in relation to a bank mentioned in section 20(1)(b) of the Banking Act 1970 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 bank;
(b)
in relation to a bank mentioned in section 20(7) of the Banking Act 1970 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 bank;
(c)
in relation to a merchant bank mentioned in section 55ZA(1)(b)(ii) of the Banking Act 1970 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 merchant bank; and
(d)
in relation to a merchant bank mentioned in section 55ZA(7)(b) of the Banking Act 1970 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 merchant bank.
Saving and transitional provisions in relation to amendments to Finance Companies Act 1967
Open ↗216. For the purposes of section 15(1)(c)(ii) of the Finance Companies Act 1967, the exercise of any power by the Minister 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 199 of this Act (called in this section the repeal date) in relation to a finance company mentioned in section 15(1)(c)(ii) of the Finance Companies Act 1967 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 finance company.
Saving and transitional provisions in relation to amendments to Financial Advisers Act 2001
Open ↗217.—(1) Any 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 this Act (called in this section 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 68 to 71, section 77 and Part 9 (“Appeals”), of the Financial Advisers Act 2001 in force immediately before the repeal date continue to apply to that prohibition order as if section 200(1)(b) and (2) to (7) of this Act had not been enacted.
(2) Where — (a)
the Authority had under section 68(3) of the Financial Advisers Act 2001 as in force immediately before the repeal date given a person an opportunity to be heard against the making of a proposed prohibition order under section 68(1) of that Act 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 68(1) of the Financial Advisers Act 2001; or
(ii)
informed the person that the Authority would not be making the prohibition order against the person under section 68(1) of the Financial Advisers Act 2001,
then —
(c)
the Authority may make the prohibition order against the person under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the repeal date; and
(d)
sections 68 to 71, section 77 and Part 9 (“Appeals”), of the Financial Advisers Act 2001 as in force immediately before the repeal date continue to apply to the prohibition order,
as if section 200(1)(b) and (2) to (7) of this Act had not been enacted.
Saving and transitional provisions in relation to amendments to Insurance Act 1966
Open ↗218.—(1) Any 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 this Act (called in this section the repeal date) and which was in force immediately before the repeal date continues in force until the order expires or is revoked and section 74 and Part 3B (“Appeals”) of the Insurance Act 1966 in force before the repeal date continue to apply to that order as if section 204(1) to (4) of this Act had not been enacted.
(2) Where —(a)
the Authority had under section 74(2) of the Insurance Act 1966 as in force immediately before the repeal date given a person written notice of the Authority’s intention to make an order under section 74(1) of the Insurance Act 1966 as in force immediately before the repeal date;
(b)
the Authority had in the notice called upon the person to show cause why the person should not be prohibited from the activities mentioned in section 74(2)(b) of the Insurance Act 1966 as in force immediately before the repeal date; and
(c)
the Authority had not before the repeal date —(i)
made the order against the person under section 74(1) of the Insurance Act 1966 as in force before the repeal date; or
(ii)
informed the person that the Authority would not be making the order against the person under section 74(1) of the Insurance Act 1966 as in force before the repeal date,
then —
(d)
the Authority may make the order against the person under section 74(1) of the Insurance Act 1966 as in force immediately before the repeal date; and
(e)
section 74 and Part 3B (“Appeals”) of the Insurance Act 1966 as in force immediately before the repeal date continue to apply to the order,
as if section 204(1) to (4) of this Act had not been enacted.
Saving and transitional provisions in relation to amendments to Monetary Authority of Singapore Act 1970
Open ↗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.
Saving and transitional provisions in relation to amendments to Securities and Futures Act 2001
Open ↗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.
Saving and transitional provisions in relation to amendments to Trust Companies Act 2005
Open ↗221. For the purposes of section 10(2)(e) of the Trust Companies Act 2005, the exercise of any power by the Minister 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 210 (called in this section the repeal date) in relation to a licensed trust company mentioned in section 10(2)(e) of the Trust Companies Act 2005 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 licensed trust company.
Other saving and transitional provisions
Open ↗222. For a period of 2 years after the date of commencement of any provision of this Act, the Minister may, by regulations, prescribe such additional provisions of a saving or transitional nature consequent to the enactment of that provision as the Minister may consider necessary or expedient.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
