Singapore legislation
Clause 58
Clause 58
New section 76A
The Banking Act is amended by inserting, immediately after section 76, the following section:“Authority’s powers of exemption76A.—
The Authority may, by regulations, exempt any person or class of persons from all or any of the provisions of this Act, subject to such conditions as may be prescribed.(2) The Authority may, on the application of any person, by notice in writing, exempt the person from all or any of the provisions of this Act or any direction issued or requirement imposed by the Authority under this Act if the Authority considers it appropriate to do so in the circumstances of the case.(3) An exemption under subsection (2) —
may be granted subject to such conditions as the Authority may specify by notice in writing; and
need not be published in the Gazette.(4) The Authority may at any time —
revoke any exemption granted; or
add to, vary or revoke any condition imposed,under this section.”.