§ 100 — General exemption

100.—(1) The Authority may, by regulations, exempt any of the following from all or any of the provisions of this Act, subject to such conditions as may be prescribed:(a)

any person or class of persons;

(b)

any payment service or class of payment services;

(c)

any payment system or class of payment systems;

(d)

any payment account or class of payment accounts;

(e)

any shares or interests in shares, or class or description of shares or interests in shares;

(f)

any other thing or class or description of things.

(2) Where the Authority, by regulations made under subsection (1), exempts any person or class of persons from section 20(1) and (3), the conditions that may be prescribed under subsection (1) include the following conditions:(a)

a condition relating to the operations or activities of the exempt person, or of any person in the exempt class of persons;

(b)

a condition relating to the criteria that must be satisfied in order for the exempt person, or any person in the exempt class of persons, to grant any credit facility (within the meaning given by section 20(5)) to any individual in Singapore;

(c)

a condition relating to the standards to be maintained by the exempt person, or by any person in the exempt class of persons, when carrying on a business of granting any such credit facility to any individual in Singapore;

(d)

a condition relating to the duties to be undertaken by the exempt person, or by any person in the exempt class of persons, when doing any of the following things:(i)

granting any such credit facility to any individual in Singapore;

(ii)

offering to grant, or issuing any advertisement containing any offer to grant, any such credit facility to any individual in Singapore;

(iii)

making an offer or invitation, or issuing any advertisement containing any offer or invitation, to any individual in Singapore to enter into any agreement relating to the granting of any such credit facility to that individual;

(e)

a condition relating to the maintenance by the exempt person, or by any person in the exempt class of persons, of a licence, under any other written law, that allows that person to carry on a business of granting any credit facility to any individual in Singapore.

(3) Where the Authority, by regulations made under subsection (1), exempts any person or class of persons from section 28 or 59, the conditions that may be prescribed under subsection (1) include the following conditions:(a)

a condition restricting the disposal or further acquisition, by that person or class of persons, of any shares or voting power in —(i)

a licensee incorporated in Singapore (in the case of an exemption from section 28); or

(ii)

an operator of a designated payment system (in the case of an exemption from section 59);

(b)

a condition restricting the exercise, by that person or class of persons, of any voting power in —(i)

a licensee incorporated in Singapore (in the case of an exemption from section 28); or

(ii)

an operator of a designated payment system (in the case of an exemption from section 59).

(4) The Authority may, if the Authority considers it appropriate to do so in the circumstances of the case, on the application of any person, exempt the person from —(a)

all or any of the provisions of this Act; or

(b)

all or any of the requirements imposed by the Authority under this Act.

(5) An exemption under subsection (4) —(a)

may be granted by written notice subject to such conditions as the Authority may specify in that notice;

(b)

need not be published in the Gazette; and

(c)

may be revoked at any time by the Authority.

(6) The Authority may at any time add to, vary or revoke any condition imposed under this section.

(7) A person shall be guilty of an offence if the person contravenes any condition —(a)

prescribed under subsection (1);

(b)

specified by the Authority under subsection (5)(a); or

(c)

added or varied under subsection (6).

—(1) The Authority may, by regulations, exempt any of the following from all or any of the provisions of this Act, subject to such conditions as may be prescribed:(a)

any person or class of persons;

(b)

any payment service or class of payment services;

(c)

any payment system or class of payment systems;

(d)

any payment account or class of payment accounts;

(e)

any shares or interests in shares, or class or description of shares or interests in shares;

(f)

any other thing or class or description of things.

(2) Where the Authority, by regulations made under subsection (1), exempts any person or class of persons from section 20(1) and (3), the conditions that may be prescribed under subsection (1) include the following conditions:(a)

a condition relating to the operations or activities of the exempt person, or of any person in the exempt class of persons;

(b)

a condition relating to the criteria that must be satisfied in order for the exempt person, or any person in the exempt class of persons, to grant any credit facility (within the meaning given by section 20(5)) to any individual in Singapore;

(c)

a condition relating to the standards to be maintained by the exempt person, or by any person in the exempt class of persons, when carrying on a business of granting any such credit facility to any individual in Singapore;

(d)

a condition relating to the duties to be undertaken by the exempt person, or by any person in the exempt class of persons, when doing any of the following things:(i)

granting any such credit facility to any individual in Singapore;

(ii)

offering to grant, or issuing any advertisement containing any offer to grant, any such credit facility to any individual in Singapore;

(iii)

making an offer or invitation, or issuing any advertisement containing any offer or invitation, to any individual in Singapore to enter into any agreement relating to the granting of any such credit facility to that individual;

(e)

a condition relating to the maintenance by the exempt person, or by any person in the exempt class of persons, of a licence, under any other written law, that allows that person to carry on a business of granting any credit facility to any individual in Singapore.

(3) Where the Authority, by regulations made under subsection (1), exempts any person or class of persons from section 28 or 59, the conditions that may be prescribed under subsection (1) include the following conditions:(a)

a condition restricting the disposal or further acquisition, by that person or class of persons, of any shares or voting power in —(i)

a licensee incorporated in Singapore (in the case of an exemption from section 28); or

(ii)

an operator of a designated payment system (in the case of an exemption from section 59);

(b)

a condition restricting the exercise, by that person or class of persons, of any voting power in —(i)

a licensee incorporated in Singapore (in the case of an exemption from section 28); or

(ii)

an operator of a designated payment system (in the case of an exemption from section 59).

(4) The Authority may, if the Authority considers it appropriate to do so in the circumstances of the case, on the application of any person, exempt the person from —(a)

all or any of the provisions of this Act; or

(b)

all or any of the requirements imposed by the Authority under this Act.

(5) An exemption under subsection (4) —(a)

may be granted by written notice subject to such conditions as the Authority may specify in that notice;

(b)

need not be published in the Gazette; and

(c)

may be revoked at any time by the Authority.

(6) The Authority may at any time add to, vary or revoke any condition imposed under this section.

(7) A person shall be guilty of an offence if the person contravenes any condition —(a)

prescribed under subsection (1);

(b)

specified by the Authority under subsection (5)(a); or

(c)

added or varied under subsection (6).