Singapore legislation
Section 43
Section 43
Direction for recovery plan and its implementation
(1)
The Authority may issue a direction to a pertinent financial institution —
requiring it to comply with the requirements of a notice issued under section 42; and
specifying the dates for the submission of the recovery plan and the submission of any other document, and the frequency for the action mentioned in section 42(1)(b).
(2)
The Authority may issue a further direction to a pertinent financial institution to which a direction was issued under subsection (1) —
to make such amendment to the institution’s recovery plan as the Authority may reasonably require, including an amendment to address any deficiency in the plan; or
to remove any impediment to the implementation of the recovery plan.
(3)
Without limiting subsection (2)(b), the direction in that subsection may require the pertinent financial institution to make changes to its practices, organisation and structure (including its operational, legal and financial structures).
(4)
The Authority may issue a further direction to a pertinent financial institution to which a direction was issued under subsection (1) —
to implement a specified part of the institution’s recovery plan; and
to implement such other arrangements or measures as may be necessary to restore the institution’s financial strength and viability.