Singapore legislation
Clause 67
Clause 67
Saving and transitional provisions for section 32 of Banking Act as applied by new section 55ZF(2) of that Act
(1)
An approval granted before the appointed date by the Authority under section 32 of the Banking Act as in force immediately before that date or MAS Directive 10 (called in this section an old approval) to a deemed licensee and that was in force immediately before that date, is treated as an approval granted under section 32 of the Banking Act as applied by section 55ZF(2) of that Act (called in this section a deemed approval).
(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 held, directly or indirectly, a major stake in an entity other than a company; and
the entity only carried on (whether in Singapore or elsewhere) one or more of the businesses mentioned in section 55V(1)(a), (b), (c) and (d) of the Banking Act,then, so long as the entity only carries on one or more of those businesses on or after the appointed date, no approval needs to be obtained under section 32 of the Banking Act (as applied by section 55ZF(2) of that Act) for —
the continued holding of such major stake in the entity; or
the acquisition or holding, directly or indirectly, of any other major stake in the entity,by the deemed licensee on or after that date.
(4)
If, on the day immediately before the appointed date —
a deemed licensee held, directly or indirectly, a major stake in an entity other than a company; and
the entity carried on (whether in Singapore or elsewhere, and whether or not as its principal business), any business other than a business mentioned in section 55V(1)(a), (b), (c) and (d) of the Banking Act,then, no approval needs to be obtained under section 32 of the Banking Act (as applied by section 55ZF(2) of that Act) for the continued holding of such major stake by the deemed licensee on or after the appointed date for the period mentioned in subsection (5).
(5)
In subsection (4), 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 32 of the Banking Act (as applied by section 55ZF(2) of that Act) for the holding of that major stake —
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 the application is refused.
(6)
In this section, “MAS Directive 10” means the direction commonly known as MAS Directive 10 issued by the Monetary Authority of Singapore under section 28(3) of the Monetary Authority of Singapore Act.