Clause 15

by deleting the words “individual customer of any bank” in subsection (1) and substituting the words “customer of any bank other than to inquire into any credit facilities granted to the customer by a bank”;

by inserting, immediately after the word “to” in the first line of subsection (2), the words “an inquiry relating to credit facilities under subsection (1) or”;

by deleting the words “an individual” in the fifth line of subsection (2) and substituting the word “a”;

by deleting the word “individual” in the fifth line of subsection (3);

by deleting the words “civil proceedings arise —” in the first line of subsection (4)(c) and substituting the words “the disclosure of the information is with a view to the institution of, or for the purposes of, civil proceedings —”;

by deleting paragraph (f) of subsection (4) and substituting the following paragraph:“(f)the information relates to —

credit facilities granted by a branch in Singapore of a bank incorporated outside Singapore; or

foreign exchange, money market or any other transactions between a branch in Singapore of a bank incorporated outside Singapore and other banks, whether in or outside Singapore, or such other financial institutions as may be determined by the Authority from time to time,and the information is required by the head office of the branch;”;

by deleting the full-stop at the end of paragraph (g) of subsection (4) and substituting a semi-colon, and by inserting immediately thereafter the following paragraphs:“(h)the customer died, whether testate or intestate, and the information is required by his appointed personal representative or any person entitled to letters of administration solely in connection with an application for a grant of probate or letters of administration;

the information relates solely to credit facilities granted by a branch of a bank incorporated outside Singapore and is required by the supervisory authority which is responsible for regulating the head office of the bank for the purpose of supervision of the bank by the supervisory authority, but this exemption shall only apply if the supervisory authority is prohibited by its domestic law from divulging the information received to third parties or gives an undertaking to the Authority not to divulge the information received to third parties;

a customer who had been issued with a credit or charge card by a bank has his card suspended or cancelled by the bank by reason of his default in payment and the bank discloses information relating to the customer’s name and identity, the amount of his indebtedness and the date of suspension or cancellation of his credit or charge card to other banks and financial institutions issuing credit or charge cards in Singapore; or

the information relates solely to credit facilities granted by a bank incorporated in Singapore and the information is required by another bank incorporated in Singapore which holds more than half the issued and paid-up capital of the first-mentioned bank.”;

by inserting, immediately after subsection (5), the following subsection:“(5A) A bank or financial institution, or any of its officers or employees, receiving any information pursuant to subsection (4)(j) shall not disclose such information to any other person.”; and

by inserting, immediately after subsection (6), the following subsections:“(6A) The Authority may provide information on the operations of a branch in Singapore of a bank incorporated outside Singapore (including any report produced by the Authority pursuant to any inspection or investigation of the bank) to the supervisory authority which is responsible for regulating the head office of the bank for the purpose of supervision of the bank by the supervisory authority, except that no information regarding the money or other relevant particulars of the accounts of a customer of the branch in Singapore shall be divulged by the Authority.(6B) The Authority may provide information to a supervisory authority under subsection (6A) if and only if the supervisory authority is prohibited by its domestic law from divulging the information received to third parties or gives an undertaking to the Authority not to divulge the information received to third parties.”.