Singapore legislation

Regulation 41

of Financial Services and Markets (Resolution of Financial Institutions) Regulations 2024

Regulation 41

Saving and transitional provisions

Subregulation 1

Any written notice by the Authority mentioned in regulation 25(3) of the revoked Regulations and which was in force immediately before 10 May 2024 continues in force as if it were a written notice mentioned in regulation 30(3) of these Regulations.

Subregulation 2

Any application made by a Division 6 FI under regulation 25(6) of the revoked Regulations before 10 May 2024 and which was not dealt with or disposed of immediately before that date, is treated as having been made under regulation 30(6) of these Regulations.

Subregulation 3

Any extension of time granted by the Authority, and any conditions for or restrictions on an extension of time imposed, under regulation 25(6) of the revoked Regulations and which were in force immediately before 10 May 2024 continue in force as if granted or imposed under regulation 30(6) of these Regulations until the expiry of the period of extension granted.

Subregulation 4

Any disclosure made by a Division 6 FI under regulation 26(1) of the revoked Regulations before 10 May 2024 is treated as having been made under regulation 31(1) of these Regulations.

Subregulation 5

Regulation 35 applies in relation to a direction mentioned in regulation 29(1) of the revoked Regulations that has not been effected or completely effected as of 10 May 2024, as if it were a direction mentioned in regulation 35(1), and for this purpose a notice issued under regulation 29(3) of the revoked Regulations (if any) is treated as a notice issued under regulation 35(3).