Singapore legislation
Clause 19
Clause 19
Rules issued by Agency
(1)
The Agency may issue, and in its discretion publish for information in the Gazette or in any other manner it considers appropriate, Rules for any matter relating to any of its functions under this Act.
(2)
Without prejudice to the generality of subsection (1), such Rules may provide for —
the manner and method of collection of premium contributions and late payment fees; (b)the disclosure by Scheme members as to whether their financial products are insured deposits and the manner of such disclosure;
the particulars to be recorded in, or in respect of, books kept by Scheme members for the purpose of computing the amount of insured deposits placed with the Scheme members;
the manner in which compensation is to be paid to insured depositors from the Fund; and
the collection from any Scheme member by the Agency of any information in relation to its insured deposits and insured depositors for the purpose of computing the amount of compensation which is to be paid to the insured depositors.
(3)
The Agency may, at any time, amend or revoke the whole or part of any Rule issued under this section.
(4)
Without limiting the operation of any other provision of this Act, the Rules shall bind the Agency and the Scheme members to the same extent as if the Rules had been contained in properly executed agreements on the part of the Agency and each Scheme member, to observe and comply with all the Rules.
(5)
For the avoidance of doubt, no person, other than the Agency or a Scheme member, shall have any right to enforce the observance of or compliance with any of the Rules.
(6)
For the avoidance of doubt, any Rules issued under this section shall be deemed not to be subsidiary legislation.