Singapore legislation
Clause 7
of Deposit Insurance and Policy Owners’ Protection Schemes Bill
Clause 7
Withdrawal of exemption from DI Scheme
(1)
The Authority may withdraw the exemption granted to a DI exempt member under section 6(2) if —
the DI exempt member fails to comply with any condition or restriction imposed in respect of the exemption under section 6(5) or (6); or
the Authority considers it necessary to do so in the public interest.
(2)
Before withdrawing any exemption under subsection (1), the Authority shall —
give the DI exempt member notice in writing of its intention to do so; and
in the notice referred to in paragraph (a), call upon the DI exempt member to show cause, within such time as may be specified in the notice, why the exemption should not be withdrawn.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 DI 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 DI exempt member of the withdrawal of the exemption and the date on which such withdrawal is to take effect.
(4)
Where a withdrawal of exemption becomes effective, the Authority shall publish a notice of the withdrawal in the Gazette.