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Assistance to domestic authority

Monetary Authority of Singapore Act 1970

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Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

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—(1) Despite any obligation as to secrecy or other restriction upon the disclosure of information imposed by any prescribed written law or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct, the Authority may, on its own motion or upon receiving a written request from a domestic authority for any material in relation to the resolution of a specified financial institution, transmit to the domestic authority any such material that is in the Authority’s possession or a copy of the material.(2) In deciding whether to transmit any material to a domestic authority under subsection (1), the Authority may have regard to the following:(a)whether the assistance is intended to enable the domestic authority —(i)to prepare plans for dealing with the resolution of a specified financial institution;(ii)to avoid having to exercise any resolution powers in relation to a specified financial institution; or(iii)to determine whether or when to exercise resolution powers in relation to a specified financial institution;(b)whether the domestic authority has given or is willing to give a written undertaking not to use —(i)any material or copy of any material obtained pursuant to its request for any purpose other than a purpose that is specified in the request and approved by the Authority; or(ii)any material or copy of any material transmitted by the Authority on its own motion for any purpose other than a purpose that is specified by the Authority;(c)whether the domestic authority has given a written undertaking not to disclose to a third party any material or copy of any material obtained pursuant to the request or transmitted by the Authority on its own motion, unless the domestic authority is compelled to do so by the law or the Court.

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