Singapore legislation
Clause 33
of Deposit Insurance and Policy Owners’ Protection Schemes Bill
Clause 33
Withdrawal of exemption from PPF Scheme
(1)
The Authority may withdraw the exemption granted to a PPF exempt member under section 32(2) if —
the PPF exempt member fails to comply with any condition or restriction imposed in respect of the exemption under section 32(5) or (6); or
the Authority considers it necessary to do so in the public interest.
(2)
Before withdrawing any exemption granted to a PPF exempt member under subsection (1), the Authority shall —
give the PPF exempt member notice in writing of its intention to do so; and
in the notice referred to in paragraph (a), call upon the PPF exempt member to show cause, within such time as may be specified in the notice, why the exemption should not be withdrawn.
(3)
If the PPF exempt member to whom a notice is given under subsection (2) —
fails to show cause within the time specified in the notice or within such extended period of time as the Authority may allow in any particular case; or
fails to show sufficient cause,the Authority shall give notice in writing to the PPF exempt member of the withdrawal of the exemption and the date on which such withdrawal of the exemption is to take effect.
(4)
Where a withdrawal of exemption becomes effective, the Authority shall publish a notice of the withdrawal in the Gazette.