Clause 39

by inserting, immediately after the definition of “repealed Act” in section 2(1), the following definitions:“ “resolution fund” means a fund established under section 99 of the Monetary Authority of Singapore Act (Cap. 186);“resolution measure” has the meaning given to that term in section 98 of the Monetary Authority of Singapore Act;”;

by inserting, immediately after the definition of “Supplementary Retirement Scheme” in section 2(1), the following definition:“ “trustee”, in relation to a resolution fund, means the entity appointed under section 99(2) of the Monetary Authority of Singapore Act as the trustee of the resolution fund;”;

by inserting, immediately after subsection (3) of section 9, the following subsection:“(3A) The DI Fund may also be used to support a resolution measure in relation to a DI Scheme member.”;

by inserting, immediately after subsection (1) of section 10, the following subsection:“(1A) The Agency may also withdraw moneys in the DI Fund in accordance with Part VA to pay to the trustee of a resolution fund that is established under Division 5B of Part IVB of the Monetary Authority of Singapore Act to support a resolution measure undertaken in relation to a DI Scheme member.”;

by inserting, immediately after section 29, the following Part:“PART VAWITHDRAWAL IN SUPPORT OF RESOLUTION MEASURE FOR DI SCHEME MEMBERDetermination of Authority29A.—

For the purposes of supporting a resolution measure undertaken for a DI Scheme member and other matters relating to the measure, the Authority may, with the Minister’s approval, make a determination that an amount is to be paid out of the DI Fund and given to the trustee of the resolution fund for which the resolution measure was established.(2) The amount to be paid out of the DI Fund must not exceed the amount of compensation that would have been paid out of the DI Fund to the insured depositors of the DI Scheme member under Part V if a determination for such compensation had been made under section 21, after taking into account any amounts that the Agency would have been repaid from or out of the assets of the DI Scheme member under section 27.(3) Where the Authority determines that an amount is to be paid out of the DI Fund for the purpose mentioned in subsection (1), the Authority must immediately give a notice in writing to the Agency of its determination.(4) The notice mentioned in subsection (3) must be in such form and contain such information as may be agreed between the Authority and the Agency.(5) The Agency must, as soon as practicable upon receiving the notice mentioned in subsection (3), publish a notice in the Gazette to the effect that a payment is to be made from the DI Fund for the purpose mentioned in subsection (1).Regulations for this Part29B. The Authority may, in consultation with the Agency and with the approval of the Minister, make regulations for the purpose of section 29A, including for the following matters:

the procedure for making payments out of or to the DI Fund;

the manner of determining, for the purposes of section 29A(2), the amounts that the Agency would have been repaid from or out of the assets of the DI Scheme member under section 27.”;

by deleting the words “Part IIIAA of the Insurance Act (Cap. 142)” in section 46(1)(c) and substituting the words “Part IVB of the Monetary Authority of Singapore Act in relation to a PPF Scheme member”; and

by inserting, immediately after paragraph (d) of section 57(2), the following paragraph:“(da)make payments to a trustee of a resolution fund established for a resolution measure undertaken for a DI Scheme member;”.