Singapore legislation
Regulation 35
of Financial Services and Markets (Resolution of Financial Institutions) Regulations 2024
Regulation 35
Form, manner and timing for payment of compensation
Subregulation 1
For the purposes of section 123(4) of the Act, where the Minister has made a direction to the trustee of a resolution fund established under Division 10 of Part 8 of the Act in relation to the resolution of a Division 11 FI to make a withdrawal from the resolution fund under section 123(3) of the Act, the trustee must pay the amount of compensation that the pre‑resolution creditor or pre‑resolution shareholder is eligible for in full —
in Singapore dollars into an account in the name of the pre‑resolution creditor or pre‑resolution shareholder (as the case may be) established or maintained with a bank in Singapore; or
in any other manner as the Authority may determine.
Subregulation 2
Before the payment of compensation, the trustee may require any pre‑resolution creditor or pre‑resolution shareholder that is eligible for the compensation to submit within the time specified by the trustee, either or both of the following:
particulars of an account in the name of the pre‑resolution creditor or pre‑resolution shareholder (as the case may be) established or maintained with a bank in Singapore;
any other details that the trustee may require to facilitate the payment of compensation to the pre‑resolution creditor or pre‑resolution shareholder, as the case may be.
Subregulation 3
Upon receipt of the details required by the trustee mentioned in paragraph (2), the trustee must make the payment of compensation under paragraph (1) within the time specified by the Authority by written notice to the trustee.
Subregulation 4
In this regulation, “bank in Singapore” has the meaning given by section 2(1) of the Banking Act 1970.