Singapore legislation
Section 31
Section 31
Exemptions
(1)
This Act shall not apply to —
any company which has a valid licence granted under the Banking Act (Cap. 19) authorising it to conduct banking business in Singapore;
any merchant bank which is an approved financial institution for the purposes of section 28 of the Monetary Authority of Singapore Act (Cap. 186); and
any company which has a valid licence granted under the Finance Companies Act (Cap. 108) and has obtained the approval of the Authority to deal in foreign currency.
(2)
The Authority may, by notification in the Gazette, exempt any person or categories of persons from the provisions of this Act, subject to such terms or conditions as may be prescribed.
(3)
The Authority may, on the application of any person, by notice in writing, exempt the person from all or any of the provisions of this Act, or the requirements specified in any written direction, if the Authority considers it appropriate to do so in the circumstances of the case.
(4)
An exemption granted under subsection (3) —
may be granted subject to such terms or conditions as the Authority may specify by notice in writing;
need not be published in the Gazette; and
may be withdrawn at any time by the Authority.
(5)
Any person who contravenes any term or condition prescribed or specified by the Authority under subsection (2) or (4)(a), respectively, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
(6)
The Authority may, by notification in the Gazette, appoint one or more of its officers to exercise the power to grant an exemption to any person under subsection (3) or to revoke any such exemption. [28