/akn/sg/act/bill/2023/16

Bretton Woods Agreements (Amendment) Bill

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Clause 1clause_0

This Act is the Bretton Woods Agreements (Amendment) Act 2023 and comes into operation on a date that the Minister appoints by notification in the Gazette.

Clause 2clause_1

In the Bretton Woods Agreements Act 1966, in section 5(2), replace “buy or sell” with “buy, sell or otherwise deal with”.

Clause 3clause_2

In the Bretton Woods Agreements Act 1966, in section 6A —(a)after subsection (3), insert —“(3A) Subsections (2) and (3) do not apply to an agreement to finance the operations and the carrying out of the functions of an office of the Fund in Singapore.”; and(b)after subsection (4), insert —“(5) Subsection (4) does not apply if —(a)the agreement is in a standard form provided by the Fund, which cannot be unilaterally amended by the Monetary Authority of Singapore; or(b)the Fund arrangement or Fund program cannot be suspended or prematurely terminated.”.

Subclauseclause_2.subclause_0

“(3A) Subsections (2) and (3) do not apply to an agreement to finance the operations and the carrying out of the functions of an office of the Fund in Singapore.”; and

Subclauseclause_2.subclause_1

“(5) Subsection (4) does not apply if —(a)the agreement is in a standard form provided by the Fund, which cannot be unilaterally amended by the Monetary Authority of Singapore; or(b)the Fund arrangement or Fund program cannot be suspended or prematurely terminated.”.