Singapore legislation
Clause 15
Clause 15
New section 69A
The Banking Act is amended by inserting, immediately after section 69, the following section:“Authority to approve operation of an Asian Currency Unit69A.—
No person shall establish and operate an Asian Currency Unit without first obtaining the approval of the Authority.(2) The operation of an Asian Currency Unit shall be subject to such terms and conditions as the Authority may from time to time determine.(3) Every person who operates an Asian Currency Unit by virtue of this section shall be subject to the provisions of this Act except those that are specified in subsection (4).(4) If the person referred to in subsection (3) is a corporation —
that is incorporated outside Singapore he shall not be subject to the following sections:
section 25(1)(a), (b) and (d)(iii);
section 27; (iii)section 28;
section 34; and
section 35;
that is incorporated in Singapore he shall not be subject to the following sections:
section 34; and
section 35.(5) In this section, “Asian Currency Unit” means an operational unit that has been approved by the Authority to operate in the Asian Dollar Market subject to such conditions as the Authority may determine.”.