Singapore legislation
Clause 66
Clause 66
Saving and transitional provisions for new section 55V of Banking Act
(1)
An approval granted before the appointed date by the Authority (called in this section an old approval) under section 30(1)(e) of the Banking Act as in force immediately before that date to a deemed licensee in relation to its operation of an Asian Currency Unit, and that was in force immediately before that date, is treated as an approval granted to the deemed licensee (called in this section a deemed approval) under section 55V(1)(e) of the Banking Act.
(2)
A deemed approval is subject to the conditions to which the old approval was subject immediately before the appointed date.
(3)
If, on the day immediately before the appointed date, a deemed licensee carried on (whether in Singapore or elsewhere and whether or not as its principal business) any business that is not a business mentioned in section 55V(1)(a), (b), (c) and (d) of the Banking Act, then section 55V of the Banking Act does not apply to the continued carrying on of that business by the deemed licensee on or after the appointed date for the period mentioned in subsection (4).
(4)
In subsection (3), the period is —
3 months after the appointed date; or
if, before the expiry of the period in paragraph (a), the deemed licensee applies for approval under section 55V(1)(e) of the Banking Act for the carrying on of that business —
until the date the approval is given; or
if the application is refused, 12 months, or any longer period allowed by the Authority, after the date on which the application is refused.