Singapore legislation
Section 46
Section 46
Appeal against direction to remove impediment
(1)
A pertinent financial institution that is aggrieved by a direction to it under section 43(2)(b) or 45(2) may, within 30 days after receiving the direction, appeal to the Minister whose decision is final.
(2)
An appeal may only be made if the direction requires the pertinent financial institution to make a change that will significantly affect its practices, organisation or operations.
(3)
For the purposes of subsection (2), a change will significantly affect the practices, organisation or operations of a pertinent financial institution if it —
changes any part of its legal or financial structure; or
satisfies such other criterion as may be prescribed by regulations under subsection (7).
(4)
If an appeal is lodged, the pertinent financial institution need not comply with the direction until the appeal is determined.
(5)
The Minister may determine an appeal by confirming, varying or reversing the direction.
(6)
If the Minister is satisfied that an appeal is made without reasonable ground, the Minister may, without calling for a reply from the Authority, but after giving the pertinent financial institution an opportunity to be heard, determine the appeal by confirming the direction.
(7)
The Minister may make regulations to prescribe the criterion for the purposes of subsection (3)(b).