Clause 61

by deleting subsection (2) and substituting the following subsection:“(2) Without prejudice to the generality of subsection (1), regulations may be made for or with respect to the operations or activities of any person issuing a credit card or charge card including the minimum qualifying criteria for the issue of a credit card or charge card, the standards to be maintained in the conduct of the credit card or charge card business and the duties to be undertaken when soliciting or issuing a credit card or charge card”; and

by deleting paragraph (a) of subsection (3) and substituting the following paragraph:“(a)the corporate governance, and the appointment and removal of principal officers, of banks in Singapore, their related corporations or other companies in which the banks acquire or hold, directly or indirectly, a major stake as defined in section 32(7); and”.