Singapore legislation

Clause 4

of Financial Services and Markets (Amendment) Bill

Clause 4

Amendment of section 169

In the principal Act, in section 169 —

(a)

in subsection (1), after paragraph (b), insert —“(ba)a prescribed financial institution (A) —

(i)

where A requests risk information from another prescribed financial institution purportedly under section 28D, for the purpose of —

(A)

determining whether the request falls within section 28D(1); or

(B)

determining whether A has complied with section 28D(2) or (3);

(ii)

where a prescribed financial institution requests risk information from A under section 28D, for the purpose of determining whether A has complied with section 28D(6) or (7); (iii)where A discloses to another prescribed financial institution any risk information purportedly under section 28E, for the purpose of —

(A)

determining whether the disclosure falls within section 28E(1); or

(B)

determining whether A has complied with section 28E(2); (iv)where A publishes risk information purportedly under section 28F, for the purpose of —

(A)

determining whether all the conditions mentioned in section 28F(1) have been satisfied; or

(B)

determining whether A has complied with section 28F(2); (v)for the purpose of determining whether A has made any false or misleading disclosure, publication or correction in contravention of section 28J; or

(vi)

for the purpose of determining whether A has complied with section 28G(2), 28K(1) or 28N(2) or a requirement of a written notice issued under section 28H;”; and

(b)

in subsection (6), after paragraph (a), insert —“(aa)non‑compliance with any provision in Part 4A;”.

Clause 4 — Financial Services and Markets (Amendment) Bill