Clause 62

by deleting the words “licensed under that Act or a merchant bank approved as a financial institution under the Monetary Authority of Singapore Act (Cap. 186)” in the following provisions and substituting in each case the words “or merchant bank licensed under that Act”:Section 2(1) (paragraph (iv) of the definition of “derivatives contract”)Section 29(8)(d)Section 41(8)(d);

by deleting the words “approved as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap. 186)” in the following provisions and substituting in each case the words “licensed under the Banking Act”:Section 4A(1)(c)(x)Section 123ZT(9)(b)Section 123ZU(7)(b)Section 123ZV(7)(b)Section 123ZW(4)(b);

by inserting, immediately after subsection (4) of section 81C, the following subsection:“(4A) Where a participant that is also a merchant bank licensed under the Banking Act becomes insolvent, the liabilities of the merchant bank accorded priority under section 62B of that Act and the Payment and Settlement Systems (Finality and Netting) Act have priorities over any unsecured liabilities of the merchant bank arising from and after the settlement of market contracts.”;

by deleting the words “approved as a financial institution under the Monetary Authority of Singapore Act (Cap. 186))” in the definition of “depository agent” in section 81SF and substituting the words “licensed under the Banking Act”;

by deleting the words “approved as a financial institution under the Monetary Authority of Singapore Act (Cap. 186) in respect of any regulated activity which it is approved to carry out under that Act” in section 99(1)(b) and substituting the words “licensed under the Banking Act in respect of any regulated activity”;

by deleting the words “authorised as a financial institution under the Monetary Authority of Singapore Act (Cap. 186)” in section 123ZH(1)(b) and substituting the words “licensed under the Banking Act”;

by deleting the words “authorised as a financial institution under section 28 of the Monetary Authority of Singapore Act (Cap. 186)” in section 123ZZ(2)(b) and substituting the words “licensed under the Banking Act”; and

by deleting the words “approved as a financial institution under the Monetary Authority of Singapore Act (Cap. 186)” in the following provisions and substituting in each case the words “licensed under the Banking Act”:Section 124 (paragraph (c) of the definition of “specified person”)Section 129B (paragraph (b) of the definition of “specified person”)Section 129I (paragraph (b) of the definition of “specified person”)Part II of the Second Schedule (paragraph (b) of the definition of “financial institution”).