Singapore legislation
Section 94
Section 94
Determination over foreign resolution
(1)
This section applies where a foreign resolution authority of a foreign country or territory makes a request to the Authority to recognise a foreign resolution in relation to a foreign financial institution by the foreign resolution authority.
(2)
The Authority must make a determination that —
the foreign resolution should be recognised in whole or in part; or
the foreign resolution should not be recognised.
(3)
The Authority may make a determination that the foreign resolution should be recognised in whole or in part if it is satisfied that all of the following conditions are fulfilled:
recognition of the foreign resolution or part would not have a widespread adverse effect on the financial system in Singapore or the economy of Singapore, whether or not that effect occurs directly or indirectly as a result of the effects of recognising the resolution or part;
recognition of the foreign resolution or part would not result in inequitable treatment of any Singapore creditor relative to any other creditor of the foreign financial institution with similar rights, or of any Singapore shareholder relative to any shareholder of the foreign financial institution;
recognition of the foreign resolution or part would not be contrary to the national interest or public interest;
recognition of the foreign resolution or part would not have material fiscal implications for Singapore;
any other condition that is prescribed by regulations made under section 126 for the purposes of this paragraph.
(4)
Upon making a determination, the Authority must submit the determination to the Minister for approval.
(5)
The Minister may —
approve the determination without modification;
approve the determination subject to any modification the Minister considers appropriate; or
refuse to approve the determination.
(6)
The Minister must not approve the determination under subsection (5)(a) or (b) unless satisfied that all of the conditions mentioned in subsection (3) are fulfilled.
(7)
An approval under subsection (5) is subject to such conditions as the Minister may determine, and the Minister may add to, vary or revoke any condition.
(8)
Any person to which a condition mentioned in subsection (7) applies, and who has been given written notice of that condition by the Authority, must comply with the condition.
(9)
A person that contravenes subsection (8) 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.