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Directions or regulations concerning persons that have ceased to be specified financial institutions

Monetary Authority of Singapore Act 1970

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—(1) The Authority may, from time to time, issue such directions or make such regulations concerning any person that has ceased to be a specified financial institution, or any class of persons that has ceased to be a class of specified financial institutions, as the Authority considers necessary —(a)in order to discharge, or to facilitate the discharge of, any binding obligation of the person or class of persons, as the case may be; or(b)where it is in the public interest to do so.(2) Subsection (1) applies, to a person that has ceased to be a specified financial institution, regardless of whether the reason for the cessation is one or more of the following matters:(a)the withdrawal by the Authority of any approval, authorisation, designation or recognition of the person;(b)the cancellation by the Authority, or the expiration, of any registration of the person;(c)the revocation by the Authority, or the expiration, of any licence of the person;(d)the cessation of the regulation of the person by the Authority;(e)the cessation of any business of the person, being a business which is regulated under this Act or any of the written laws set out in the Schedule.(3) A person to whom any direction is issued under subsection (1), or to whom any regulations made under subsection (1) applies, must comply with the direction or regulations, despite any other duty imposed on the person by any rule of law, written law or contract.(4) A person, in carrying out any act in compliance with any direction issued or regulations made under subsection (1), is not to be treated as being in breach of any such rule of law, written law or contract.(5) A person must not disclose any direction issued under subsection (1) if the Authority notifies the person that the Authority is of the opinion that the disclosure of the direction is against the public interest.(6) Any person who —(a)fails to comply with a direction issued to the person under subsection (1);(b)contravenes any regulations made under subsection (1); or(c)contravenes subsection (5),shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction.(7) It is not necessary to publish any direction issued under subsection (1) in the Gazette.

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