Singapore legislation
Clause 93
of Deposit Insurance and Policy Owners’ Protection Schemes Bill
Clause 93
Consequential amendments to other written laws
(1)
The Banking Act (Cap. 19, 2008 Ed.) is amended —
by deleting the words “Deposit Insurance Act (Cap. 77A) or any rules issued by the deposit insurance agency under the Deposit Insurance Act” in section 20(1)(a)(viii) and substituting the words “Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 or any Rules issued by the deposit insurance and policy owners’ protection fund agency under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011”;
by deleting the words “Deposit Insurance Act (Cap. 77A)” in section 62(1)(a) and substituting the words “Deposit Insurance and Policy Owners’ Protection Schemes Act 2011”;
by deleting paragraph (b) of section 62(1) and substituting the following paragraph:“(b)secondly, liabilities incurred by the bank in respect of insured deposits, up to the amount of compensation paid or payable out of the DI Fund by the Agency under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 in respect of such insured deposits;”;
by deleting subsection (5) of section 62 and substituting the following subsection:“(5) In this section, “Agency”, “DI Fund” and “insured deposit” have the same respective meanings as in section 2(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011.”;
by deleting the words “Deposit Insurance Act (Cap. 77A)” in the first column of item 9 in Part I of the Third Schedule and substituting the words “Deposit Insurance and Policy Owners’ Protection Schemes Act 2011”;
by deleting item 10 in Part II of the Third Schedule and substituting the following item:“First columnSecond columnThird columnPurpose for which customer information may be disclosedPersons to whom information may be disclosedConditions10.Disclosure is solely in connection with the payment of compensation under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 to insured depositors or persons referred to in section 22(7) of that Act.(a)The deposit insurance and policy owners’ protection fund agency;
the Public Trustee; or
any person authorised or appointed by the deposit insurance and policy owners’ protection fund agency or the Public Trustee (as the case may be) to perform its functions under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011.(a)The disclosure by the deposit insurance and policy owners’ protection fund agency or the Public Trustee to any person referred to in paragraph (c) of the second column shall be subject to such conditions as may be specified in a notice issued by the Authority or otherwise imposed by the Authority.(b)The disclosure by any person referred to in paragraph (a), (b) or (c) of the second column to any other person referred to in the same paragraph shall be subject to such conditions as may be specified in a notice issued by the Authority or otherwise imposed by the Authority.(c)The Public Trustee may disclose customer information to such persons or class of persons and subject to such conditions, as may be determined by the Minister.”;
by deleting the definition of “deposit insurance agency” in Part III of the Third Schedule and substituting the following definition:“ “deposit insurance and policy owners’ protection fund agency” means the deposit insurance and policy owners’ protection fund agency designated under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;”; and
by deleting the words “Deposit Insurance Act” in the definition of “insured depositor” in Part III of the Third Schedule and substituting the words “Deposit Insurance and Policy Owners’ Protection Schemes Act 2011”.
(2)
The Finance Companies Act (Cap. 108, 2000 Ed.) is amended —
by deleting the words “Deposit Insurance Act 2005 or any rules issued by the deposit insurance agency under the Deposit Insurance Act 2005” in section 15(1)(a)(vi) and substituting the words “Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 or any Rules issued by the deposit insurance and policy owners’ protection fund agency under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011”;
by deleting the words “Deposit Insurance Act 2005” in section 44A(1)(a) and substituting the words “Deposit Insurance and Policy Owners’ Protection Schemes Act 2011”;
by deleting paragraph (b) of section 44A(1) and substituting the following paragraph:“(b)secondly, liabilities incurred by the finance company under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 in respect of insured deposits, up to the amount of compensation paid or payable out of the DI Fund by the Agency under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 in respect of such insured deposits.”; and
by inserting, immediately after subsection (2) of section 44A, the following subsection:“(3) In this section, “Agency” and “DI Fund” have the same respective meanings as in section 2(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011.”.
(3)
The Monetary Authority of Singapore Act (Cap. 186, 1999 Ed.) is amended by deleting item 6 in the Schedule and substituting the following item:“6. Deposit Insurance and Policy Owners’ Protection Schemes Act 2011”.
(4)
The Public Trustee Act (Cap. 260, 1985 Ed.) is amended by deleting the full-stop at the end of paragraph (b) of section 4(1A) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(c)undertake such role, functions and duties as set out in the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011.”.