Singapore legislation
Clause 84
Clause 84
Saving and transitional provisions
(1)
Any person (Y) that, immediately before the appointed day, is recognised as a credit bureau by the Authority by notification in the Gazette for the purposes of the Third Schedule to the Banking Act (Cap. 19), is treated as having been granted a licence under section 7(3) of this Act to carry on consumer credit reporting business (called in this section a transitional licence) until —
6 months after the appointed day; or
where Y applies for a licence on or before the end of the period in paragraph (a), the date on which the licence is granted to Y or the application is refused or withdrawn.
(2)
Any condition to which Y is subject as a recognised credit bureau in subsection (1) immediately before the appointed day is, to the extent that it is consistent with the provisions of this Act, treated as a condition to which Y is subject under its transitional licence.
(3)
Subject to subsection (4), any person (X) (not being a person set out in the First Schedule) that immediately before the appointed day is a member of Y, is treated as having been approved under section 29(6) of this Act as an approved member of Y until —
6 months after the appointed day; or
where an application is made for X to be an approved member on or before the end of the period in paragraph (a), the date on which the Authority approves X as an approved member or the application is refused or withdrawn.
(4)
Any individual who, immediately before the appointed day, is a chief executive officer or director of Y, is treated as having been appointed as a chief executive officer or director of the licensed credit bureau with the approval of the Authority under section 46(2)(b) of this Act.
(5)
For a period of 2 years after the appointed day, the Minister may, by regulations, prescribe such further saving, transitional and other consequential provisions as the Minister may consider necessary or expedient.
(6)
In this section, “appointed day” means the date of commencement of this Act.