Singapore legislation

Clause 2

of Banking (Amendment) Bill

Clause 2

Amendment of section 45A

Section 45A of the Banking Act is amended —

(a)

by deleting paragraph (b) of subsection (1) and substituting the following paragraph:“(b)where the supervisory authority is prohibited by its domestic law from divulging information obtained in the course of the inspection to any other person or where the supervisory authority has given such written undertaking, as to the confidentiality of the information obtained, as the Authority may determine; and”; and

(b)

by inserting, immediately after subsection (1), the following subsection :“(1A) A supervisory authority may, with the prior written approval of the Authority, appoint another body to conduct the inspection referred to in subsection (1); and in such event the provisions of this section and section 46(1A) shall apply to the appointed body as they apply to a supervisory authority.”.