Singapore legislation

Clause 43

Duration of control

(1)

The Authority must cease to control the relevant business of a relevant financial institution when the Authority is satisfied that —

(a)

the reasons for the Authority’s assumption of control of the relevant business have ceased to exist; or

(b)

it is no longer necessary for the protection of the persons prescribed by regulations made under section 192 for the purposes of section 41(1)(c)(i) in relation to the relevant financial institution.

(2)

A statutory manager is treated as having assumed control of the relevant business of a relevant financial institution on the date of the statutory manager’s appointment as a statutory manager.

(3)

The appointment of a statutory manager in relation to the relevant business of a relevant financial institution may be revoked by the Authority at any time —

(a)

if the Authority is satisfied that —

(i)

the reasons for the appointment have ceased to exist; or

(ii)

it is no longer necessary for the protection of the persons prescribed by regulations made under section 192 for the purposes of section 41(1)(c)(i) in relation to the relevant financial institution; or

(b)

on any other ground, and upon such revocation, the statutory manager must cease to control the relevant business of the relevant financial institution.

(4)

The Authority must, as soon as practicable, publish in the Gazette the date, and such other particulars as the Authority thinks fit, of —

(a)

the Authority’s assumption of control of the relevant business of a relevant financial institution;

(b)

the cessation of the Authority’s control of the relevant business of a relevant financial institution;

(c)

the appointment of a statutory manager in relation to the relevant business of a relevant financial institution; and

(d)

the revocation of a statutory manager’s appointment in relation to the relevant business of a relevant financial institution.

Read in full context — Financial Services and Markets Bill →