Clause 25

by deleting the word “or” at the end of sub‑paragraph (ii) of subsection (2)(c), and by inserting immediately thereafter the following sub-paragraph:“(iia)in any case where the pertinent financial institution is an insurer licensed under the Insurance Act (Cap. 142) —

the interests of the policy owners of the insurer given priority and the order of priority of each class of policy owners under section 49FR of the Insurance Act;

if the subscriber is an insurer licensed under the Insurance Act, the interests of the policy owners of the subscriber given priority and the order of priority of each class of policy owners under section 49FR of the Insurance Act;

the stability of the financial system in Singapore; and

any other matter that the Authority considers relevant; or”;

by deleting paragraph (a) of subsection (3) and substituting the following paragraph:“(a)to perform an independent assessment of —

in the case of a determination to be made under subsection (1), the value of the assets of the pertinent financial institution and the extent to which the whole or any part of any share capital not paid up, or of any paid‑up share capital, should be cancelled; and

in the case of a determination to be made under subsection (2), the value of the assets of the pertinent financial institution in which the shares are proposed to be issued and the consideration, if any, that should be paid by the subscriber; and”;

by deleting the word “issued” in subsections (4) and (5)(a) and substituting in each case the words “cancelled or issued, as the case may be”;

by deleting the word “issued” in subsection (7)(a) and substituting the words “cancelled or issued, as the case may be,”;

by inserting, immediately after the word “it” in subsection (13), the words “and of which it has been given written notice by the Authority”;

by inserting, immediately after the words “the subscriber” in subsection (14), the words “and of which the subscriber has been given written notice by the Authority”; and

by inserting, immediately after subsection (14), the following subsection:“(14A) A person that contravenes subsection (13) or (14) 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 of a day during which the offence continues after conviction.”.