Clause 54

by deleting the words “approved as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap. 186)” in section 10(20A)(c)(iv) and substituting the words “licensed under the Banking Act”;

by deleting the definition of “approved bank” in section 13(16) and substituting the following definition:“ “approved bank” means a bank or merchant bank licensed under the Banking Act;”;

by deleting the definition of “bank” in section 14I(7) and substituting the following definition:“ “bank” means a bank or merchant bank licensed under the Banking Act;”;

by deleting the definition of “MAS notice” in section 14I(7) and substituting the following definition:“ “MAS notice” means a notice or direction of the Monetary Authority of Singapore given under —

section 55 of the Banking Act;

section 55 of the Banking Act as applied by section 55ZJ of that Act; or

section 30 of the Finance Companies Act;”;

by deleting sub-paragraph (i) of section 43A(2)(b) and substituting the following sub‑paragraph:“(i)a bank or merchant bank licensed under the Banking Act; and”;

by deleting paragraph (a) of section 45I(2) and substituting the following paragraph:“(a)a bank or merchant bank licensed under the Banking Act;”;

by deleting the words “including any regulations made for the purposes of subsection (10) of that section” in section 65D(1)(b)(i) and substituting the words “including that section as applied by section 55ZI(1) of that Act”; and

by deleting the words “including any regulations made for the purposes of subsection (10) of that section” in section 105E(2)(a) and substituting the words “including that section as applied by section 55ZI(1) of that Act”.