Singapore legislation

Clause 59

Amendment of section 77

Section 77 of the Banking Act is amended by deleting subsection (4) and substituting the following subsection:“(4) If the person referred to in subsection (3) is —

(a)

a merchant bank (whether incorporated in or outside Singapore) approved under section 28 of the Monetary Authority of Singapore Act (Cap. 186), or a corporation incorporated outside Singapore, it shall not be subject to —

(i)

any requirement imposed under section 29(1) in relation to any person or group of persons specified in paragraphs (a) and (b) of that provision; and

(ii)

sections 31, 33, 38 and 39; or

(b)

a corporation incorporated in Singapore (other than a merchant bank specified in paragraph (a)), it shall not be subject to sections 38 and 39.”.

Read in full context — Banking (Amendment) Bill →