Singapore legislation

Clause 24

of Payment and Settlement Systems (Finality and Netting) (Amendment) Bill

Clause 24

New section 20B

The principal Act is amended by inserting, immediately before section 21, the following section:“Exemption20B.—

(1)

The Authority may, by regulations made under section 20, exempt any person or class of persons from all or any of the provisions of this Act, subject to such conditions as may be prescribed in those regulations.(2) The Authority may, on the application of any person, and if the Authority considers it appropriate to do so in the circumstances of the case, by notice in writing exempt that person, subject to such conditions as the Authority may specify by notice in writing, from —

(a)

all or any of the provisions of this Act; and

(b)

any requirement that —

(i)

is imposed by the Authority under this Act; or

(ii)

is specified in any written direction issued under section 20A(1).(3) The Authority may at any time, by notice in writing —

(a)

revoke any exemption granted under subsection (2); or

(b)

add to, vary or revoke any condition of such an exemption imposed under subsection (2) or this paragraph.(4) An exemption granted under subsection (2), and every other notice in writing under this section, need not be published in the Gazette.”.