Clause 2

by deleting the words “Part VIIA” in section 20(1)(b) and (7) and substituting in each case the words “Part IVB of the Monetary Authority of Singapore Act (Cap. 186)”;

by inserting, immediately after subsection (7) of section 38, the following subsection:“(7A) A financial penalty collected by the Authority under subsection (7) shall be paid into the Consolidated Fund.”;

by inserting, immediately after subsection (7) of section 39, the following subsection:“(7A) A financial penalty collected by the Authority under subsection (7) shall be paid into the Consolidated Fund.”;

by renumbering section 48 as subsection (1) of that section, and by inserting immediately thereafter the following subsection:“(2) Any bank which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.”;

by repealing sections 54, 54A and 54B and substituting the following section:“Disqualification or removal of director or executive officer54.—

Notwithstanding the provisions of any other written law —

a bank in Singapore shall not, without the prior written consent of the Authority, permit a person to act as its executive officer; and

a bank in Singapore which is incorporated in Singapore shall not, without the prior written consent of the Authority, permit a person to act as its director,if the person —

has been convicted, whether in Singapore or elsewhere, of an offence committed before, on or after the date of commencement of section 2(e) of the Financial Institutions (Miscellaneous Amendments) Act 2013, being an offence —

involving fraud or dishonesty;

the conviction for which involved a finding that he had acted fraudulently or dishonestly; or

that is specified in the Third Schedule to the Registration of Criminals Act (Cap. 268);

is an undischarged bankrupt, whether in Singapore or elsewhere;

has had execution against him in respect of a judgment debt returned unsatisfied in whole or in part;

has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with his creditors, being a compromise or scheme of arrangement that is still in operation;

has had a prohibition order under section 59 of the Financial Advisers Act (Cap. 110), section 35V of the Insurance Act (Cap. 142) or section 101A of the Securities and Futures Act (Cap. 289) made against him that remains in force; or

has been a director of, or directly concerned in the management of, a regulated financial institution, whether in Singapore or elsewhere —

which is being or has been wound up by a court; or

the approval, authorisation, designation, recognition, registration or licence of which has been withdrawn, cancelled or revoked by the Authority or, in the case of a regulated financial institution in a foreign country or territory, by the regulatory authority in that foreign country or territory.(2) Notwithstanding the provisions of any other written law, where the Authority is satisfied that a director of a bank in Singapore which is incorporated in Singapore, or an executive officer of a bank in Singapore —

has wilfully contravened or wilfully caused the bank to contravene any provision of this Act;

has, without reasonable excuse, failed to secure the compliance of the bank with this Act, the Monetary Authority of Singapore Act (Cap. 186) or any of the written laws set out in the Schedule to that Act; or

has failed to discharge any of the duties of his office,the Authority may, if it thinks it necessary in the public interest or for the protection of the depositors of the bank, by notice in writing to the bank, direct the bank to remove the director or executive officer, as the case may be, from his office or employment within such period as may be specified by the Authority in the notice, and the bank shall comply with the notice.(3) Without prejudice to any other matter that the Authority may consider relevant, the Authority shall, when determining whether a director or an executive officer of a bank in Singapore has failed to discharge the duties of his office for the purposes of subsection (2)(c), have regard to such criteria as may be prescribed.(4) Before directing a bank in Singapore to remove a person from his office or employment under subsection (2), the Authority shall —

give the bank and the person notice in writing of its intention to do so; and

in the notice referred to in paragraph (a), call upon the bank and the person to show cause, within such time as may be specified in the notice, why the person should not be removed.(5) If the bank and the person referred to in subsection (4) —

fail to show cause within the time specified under subsection (4)(b) or within such extended period of time as the Authority may allow; or

fail to show sufficient cause,the Authority may direct the bank to remove the person under subsection (2).(6) Any bank in Singapore which, or any director or executive officer of a bank in Singapore who, is aggrieved by a direction of the Authority under subsection (2) may, within 30 days after receiving the direction, appeal in writing to the Minister, whose decision shall be final.(7) Any bank in Singapore which contravenes subsection (1) or fails to comply with a notice issued under subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.(8) No criminal or civil liability shall be incurred by a bank in Singapore, or any person acting on behalf of the bank, in respect of anything done or omitted to be done with reasonable care and in gooFd faith in the discharge or purported discharge of the obligations of the bank under this section.(9) In this section, unless the context otherwise requires —“regulated financial institution” means a person who carries on a business, the conduct of which is regulated or authorised by the Authority or, if it is carried on in Singapore, would be regulated or authorised by the Authority;“regulatory authority”, in relation to a foreign country or territory, means an authority of the foreign country or territory exercising any function that corresponds to a regulatory function of the Authority under this Act, the Monetary Authority of Singapore Act or any of the written laws set out in the Schedule to that Act.”;

by deleting subsection (4) of section 55 and substituting the following subsection:“(4) It shall not be necessary to publish any notice in writing issued under this Act in the Gazette.”;

by deleting the Part heading to Part VIIA and substituting the following Part heading:“VOLUNTARY TRANSFER OF BUSINESS”;

by repealing Divisions 2, 3 and 4 of Part VIIA;

by repealing section 55O;

by deleting subsection (2) of section 57D and substituting the following subsection:“(2) It shall not be necessary to publish any direction issued under subsection (1) in the Gazette.”;

by repealing section 65;

by inserting, immediately after subsection (1) of section 69, the following subsection:“(1A) The Authority may, in its discretion, compound any offence under this Act (including an offence under a provision which has been repealed) which —

was compoundable under this section at the time the offence was committed; but(b)has ceased to be so compoundable,by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the amount of the maximum fine prescribed for that offence at the time it was committed.”;

by deleting the words “such sum of money” in section 69(2) and substituting the words “the sum of money referred to in subsection (1) or (1A)”;

by deleting subsection (4) of section 69 and substituting the following subsection:“(4) All sums collected by the Authority under subsection (1) or (1A) shall be paid into the Consolidated Fund.”;

by inserting, at the end of section 74(1)(a), the word “and”;

by deleting the word “; and” at the end of section 74(1)(b)(v) and substituting a full-stop;

by deleting paragraph (c) of section 74(1);

by inserting, immediately after subsection (1) of section 74, the following subsection:“(1A) The Authority may recover on behalf of the Government any financial penalty imposed under section 38(7) or 39(7) on the bank concerned as though the financial penalty were a civil debt due to the Authority.”; and

by deleting items 4A, 4B and 4C of Part II of the Third Schedule and substituting the following items:“First columnSecond columnThird columnPurpose for which customer information may be disclosedPersons to whom information may be disclosedConditions4A.Disclosure is solely in connection with the transfer or proposed transfer of the business of the bank to a company under Division 1 of Part VIIA, whether or not the transfer is subsequently carried out or completed.Any —

transferor or transferee, defined in section 55A;

person affected by the transfer;

professional adviser appointed by any person referred to in paragraph (a) or (b); or

independent assessor appointed by the Minister or the Authority under section 55B. 4B.Disclosure is solely in connection with the transfer or proposed transfer of the business of the bank to a company under Division 2 of Part IVB of the Monetary Authority of Singapore Act (Cap. 186), whether or not the transfer is subsequently carried out or completed.Any —

transferor or transferee, defined in section 30AAR of the Monetary Authority of Singapore Act;

person affected by the transfer;

professional adviser appointed by any person referred to in paragraph (a) or (b); or

independent assessor appointed by the Authority under section 30AAS of the Monetary Authority of Singapore Act. 4C.Disclosure is solely in connection with the transfer or proposed transfer of the shares in the bank under Division 3 of Part IVB of the Monetary Authority of Singapore Act, whether or not the transfer is subsequently carried out or completed.Any —

transferor or transferee, defined in section 30AAV of the Monetary Authority of Singapore Act;

professional adviser appointed by the transferor or transferee; or

independent assessor appointed by the Authority under section 30AAW of the Monetary Authority of Singapore Act. 4D.Disclosure is solely in connection with the restructuring or proposed restructuring of the share capital of the bank under Division 4 of Part IVB of the Monetary Authority of Singapore Act, whether or not the restructuring is carried out or completed.Any —

shareholder of the bank;

subscriber defined in section 30AAY of the Monetary Authority of Singapore Act;

professional adviser appointed by the bank or any person referred to in paragraph (a) or (b); or

independent assessor appointed by the Authority under section 30AAZ of the Monetary Authority of Singapore Act. ”.