Singapore legislation
Clause 57
Clause 57
Consequential amendments to Monetary Authority of Singapore Act
The Monetary Authority of Singapore Act (Cap. 186, 1999 Ed.) is amended —
(a)
by inserting, immediately after paragraph (a) of the definition of “financial institution” in section 27A(6), the following paragraph:“(aa)any merchant bank licensed under the Banking Act;”; and
(b)
by deleting paragraph (b) of section 161(5) and substituting the following paragraph:“(b)section 47(1) of the Banking Act as applied by section 55ZI(1) of that Act — an officer of a merchant bank in Singapore (as defined in section 2(1) of that Act);”.