Singapore legislation
Clause 13
Clause 13
New sections 41B and 41C
The principal Act is amended by inserting, immediately after section 41A, the following sections:“Recovery of fees, expenses, etc.41B. There shall be recoverable as a civil debt due to the Authority from the financial institution concerned —
the amount of any fees payable to the Authority under section 29 or under any rules issued under section 29A; and
any remuneration and expenses payable by the financial institution to —
a statutory adviser appointed under section 30AAB(2);
a statutory manager appointed under section 30AAB(2);
the Authority or any person appointed by the Authority under section 13B in relation to the Authority’s assumption of control of any business of the financial institution under section 30AAB; and
any person appointed to perform any independent assessment under Part IVA or IVB.Exemption41C.—
The Authority may, by regulations, exempt any person or class of persons from all or any of the provisions of Parts IVA, VA and VB and any regulations made under section 27A, 27B, 28A, 30AAJ, 30AAM, 30P or 30W, subject to such conditions or restrictions as may be prescribed.(2) The Authority may, on the application of any person, by notice in writing exempt the person from —
all or any of the provisions of Parts IVA, VA and VB and any regulations made under section 27A, 27B, 28A, 30AAJ, 30AAM, 30P or 30W; and
all or any of the requirements specified in any direction made by the Authority under this Act,subject to such conditions or restrictions as the Authority may specify by notice in writing.(3) The Authority may at any time, by notice in writing to a person, add to, vary or revoke any condition or restriction imposed on the person under subsection (2).(4) It shall not be necessary to publish any exemption granted under subsection (2) in the Gazette.”.