Singapore legislation
Clause 64
Clause 64
Saving and transitional provisions for merchant banks that were approved financial institutions
(1)
Despite section 55S of the Banking Act, any company (called in this section and sections 65, 66, 67 and 68 a deemed licensee) —
that, immediately before the date of commencement of section 24 (called in this section and sections 65, 66, 67 and 68 the appointed date) was an approved financial institution under section 28 of the Monetary Authority of Singapore Act; and
that is specified as a merchant bank on the list of approved financial institutions published by the Authority on its Internet website at http://www.mas.gov.sg on the appointed date,is treated as having been granted a merchant bank licence (called in this section a deemed licence) under section 55S(3)(a) of the Banking Act.
(2)
The deemed licence is subject to the conditions to which the approval of the approved financial institution mentioned in subsection (1) was subject immediately before the appointed date.