Singapore legislation
Clause 67
Clause 67
Transitional and savings provisions
(1)
Any regulations made under old section 4A(7) or 31(3)(a) of the Banking Act and which were in force immediately before the appointed day shall, unless revoked, continue in force as if they were made under section 76A(1) of the Banking Act.
(2)
Any exemption granted by the Authority under old section 4A(8) of the Banking Act and which was in force immediately before the appointed day shall —
be deemed to be an exemption granted under section 76A(2) of the Banking Act; and
be subject to any condition which it was subject to immediately before that day as if the condition was imposed under section 76A(3) of the Banking Act.
(3)
Any licence granted under old section 11 of the Banking Act and which was in force immediately before the appointed day shall —
be deemed to be a licence granted under section 7 of the Banking Act; and
be subject to any condition which it was subject to immediately before that day as if the condition was imposed under section 7 of the Banking Act.
(4)
Any reserve fund held by a bank under old section 22(1) of the Banking Act immediately before the appointed day shall be distributed or utilised by the bank in such manner and within such period as the Authority may, by regulations, prescribe.
(5)
Subject to subsection (6), sections 27, 28 and 29 of the Banking Act shall not apply, and those sections in force immediately before the appointed day shall continue to apply, to a bank holding a licence to carry on banking business which was in force immediately before that day, for a period of 2 years from that day or such longer period as may be approved by the Authority (referred to in this section as the specified period).
(6)
A bank to which subsection (5) applies may at any time before the expiry of the specified period elect to comply with sections 27, 28 and 29 of the Banking Act by giving written notice of this to the Authority at least 14 days before the intended date of compliance as specified in the notice; and as from the intended date of compliance, sections 27, 28 and 29 of the Banking Act shall apply to the bank.
(7)
Subject to subsection (8), any order made by the Authority under old section 37 of the Banking Act relieving any bank from any restriction or limitation imposed by old section 29, 31 or 33 of the Banking Act and which was in force immediately before the appointed day shall —
be deemed to be an exemption from such restriction or limitation granted under section 76A(2) of the Banking Act; and
be subject to any condition which it was subject to immediately before that day as if the condition was imposed under section 76A(3) of the Banking Act.
(8)
A bank that is exempted from any restriction or limitation imposed by old section 29 of the Banking Act by virtue of subsection (7) shall cease to be so exempted from the expiry of the specified period or from the intended date of compliance specified in a notice given under subsection (6), whichever is earlier.
(9)
Subject to subsection (10), section 29 of the Banking Act shall not apply, and the provisions of that section (other than subsection (1)(a), (b) and (d)(iv)) in force immediately before the appointed day shall continue to apply, to a person incorporated outside Singapore that was operating an Asian Currency Unit with the approval of the Authority which was in force immediately before that day, for a period of 2 years from that day or such longer period as may be approved by the Authority (referred to in this section as the relevant period).
(10)
A person to whom subsection (9) applies may at any time before the expiry of the relevant period elect to comply with the provisions of section 29 (other than subsection (1)(a) and (b)) of the Banking Act by giving written notice of this to the Authority at least 14 days before the intended date of compliance as specified in the notice; and as from the intended date of compliance, the provisions of section 29 (other than subsection (1)(a) and (b)) of the Banking Act shall apply to the person.
(11)
An election under subsection (6) or (10) shall be void unless it is made in accordance with that subsection.
(12)
Old section 40 of the Banking Act shall continue to apply to a bank holding a licence to carry on banking business which was in force immediately before the appointed day, for a period of 6 months from that day or such longer period as may be approved by the Authority.
(13)
Any approval granted by the Authority under section 28 of the Monetary Authority of Singapore Act (Cap. 186) in force immediately before the appointed day to carry on the business of issuing credit cards or charge cards in Singapore and which was in force immediately before that day shall be —
deemed to be a licence granted under section 57B of the Banking Act; and
subject to any condition or restriction specified in the approval, to the extent that the condition or restriction is consistent with the provisions of the Banking Act, as if the condition or restriction was imposed as a condition under section 57B of the Banking Act.
(14)
The Authority may, by regulations, prescribe such transitional, savings and other consequential, incidental and supplemental provisions as it may consider necessary or expedient.
(15)
In this section, a reference to an old provision of the Banking Act is a reference to that provision of that Act in force immediately before the appointed day in question.
(16)
In this section, “appointed day”, in relation to any provision of the Banking (Amendment) Act 2006, means the date of commencement of that provision.