39. Exemption

The Authority may, on the application of any bank incorporated in Singapore or major stake financial entity (each referred to in this regulation as the applicant), by notice in writing exempt the applicant from all or any of the provisions of these Regulations, subject to such conditions as the Authority may determine, if the Authority considers it appropriate to do so in the circumstances of the case.

Any applicant which fails to comply with any condition imposed by the Authority under paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.

An exemption granted under paragraph (1) may be withdrawn by the Authority at any time.

The Authority may, on the application of any bank incorporated in Singapore or major stake financial entity (each referred to in this regulation as the applicant), by notice in writing exempt the applicant from all or any of the provisions of these Regulations, subject to such conditions as the Authority may determine, if the Authority considers it appropriate to do so in the circumstances of the case.

Any applicant which fails to comply with any condition imposed by the Authority under paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.

An exemption granted under paragraph (1) may be withdrawn by the Authority at any time.