Singapore legislation
Clause 22
Clause 22
Amendment of section 38
Section 38 of the Banking Act is amended —
(a)
by inserting, immediately after subsection (1), the following subsection:“(1A) For the purposes of subsection (1), the Authority may impose different requirements for different types of liquid assets.”;
(b)
by deleting subsection (5);
(c)
by deleting the definition of “liquid assets” in subsection (9) and substituting the following definition:“ “liquid assets” means any asset that can be easily sold or converted into cash at little or no loss in value, as specified in the notice referred to in subsection (1);”; and
(d)
by deleting the section heading and substituting the following section heading:“Liquid assets requirement”.