On 23/05/2013,
you requested for the version in force on 23/05/2013
incorporating all amendments published on or before 23/05/2013.
The closest version currently available is that of 29/04/2011.
PART II
DEPOSIT INSURANCE SCHEME
4. For the purposes of this Act, the Deposit Insurance Scheme shall continue and be reconstituted in accordance with this Act for the benefit of insured depositors in respect of their insured deposits placed with DI Scheme members.
5.
—(1) Every full bank or finance company which is not exempted under section 6 shall be a DI Scheme member so long as it holds a valid licence under the Banking Act (Cap. 19) or the Finance Companies Act (Cap. 108), as the case may be.
(2) Every full bank or finance company, which holds a valid licence under the Banking Act or the Finance Companies Act, as the case may be, immediately before the appointed day, shall be deemed to be a DI Scheme member from that day.
(3) Every full bank or finance company, which is granted a licence under the Banking Act or the Finance Companies Act, as the case may be, on or after the appointed day, shall be a DI Scheme member from the date on which its licence is granted.
6.
—(1) Any full bank or finance company may apply in writing to the Authority to be exempted from the requirement under section 5(1) to be a DI Scheme member.
(2) Upon an application by a full bank or finance company under subsection (1), the Authority may, subject to subsection (4), exempt the full bank or finance company from the requirement under section 5(1), and notice of every such exemption shall be published in the Gazette.
(3) The Authority may require the applicant to furnish the Authority with such information or documents as the Authority considers necessary in relation to the application.
(4) Without prejudice to the generality of subsection (2), the Authority shall, in determining whether to grant an exemption under subsection (2), have regard to —
(a)
the scope of deposit-taking business conducted by the applicant in Singapore;
(b)
in the case of any applicant which is a full bank incorporated in a jurisdiction other than Singapore —
(i)
whether the deposits accepted by its branches and offices located within Singapore are insured by a deposit insurance scheme, or any other scheme of a similar nature, established and maintained in the jurisdiction in which the full bank is incorporated (referred to in this section as the foreign scheme); and
(ii)
whether the scope and level of protection available to those deposits under the foreign scheme are not less than the scope and level of protection that would be available to the deposits under the DI Scheme if those deposits were insured by the DI Scheme; and
(c)
the business activities conducted by the applicant in Singapore and its obligations to customers.
(5) The Authority may, when granting any exemption under subsection (2), impose on the DI exempt member by notice in writing such conditions or restrictions relating to the exemption as the Authority may think fit.
(6) The Authority may at any time —
(a)
by notice in writing to a DI exempt member, add to, vary or revoke any existing condition or restriction imposed by the Authority under subsection (5); or
(b)
by notice in writing to every DI exempt member in a particular class of such DI exempt members impose such conditions or restrictions as the Authority may think fit on the class.
(7) Every DI exempt member shall comply with all the conditions and restrictions imposed on it under subsections (5) and (6).
(8) Any DI exempt member which contravenes subsection (7) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine of $10,000 for every day or part thereof during which the offence continues after conviction.
7.
—(1) The Authority may withdraw the exemption granted to a DI exempt member under section 6(2) if —
(a)
the DI exempt member fails to comply with any condition or restriction imposed in respect of the exemption under section 6(5) or (6); or
(b)
the Authority considers it necessary to do so in the public interest.
(2) Before withdrawing any exemption under subsection (1), the Authority shall —
(a)
give the DI exempt member notice in writing of its intention to do so; and
(b)
in the notice referred to in paragraph (a), call upon the DI exempt member to show cause, within such time as may be specified in the notice, why the exemption should not be withdrawn.
(3) If the DI exempt member to whom a notice is given under subsection (2) —
(a)
fails to show cause within the time specified in the notice or within such extended period of time as the Authority may allow in any particular case; or
(b)
fails to show sufficient cause,
the Authority shall give notice in writing to the DI exempt member of the withdrawal of the exemption and the date on which such withdrawal is to take effect.
(4) Where a withdrawal of exemption becomes effective, the Authority shall publish a notice of the withdrawal in the Gazette.
8.
—(1) The Authority may by regulations require any DI Scheme member, or any class of DI Scheme members, to maintain, in relation to its or their insured deposit base, such minimum amount of assets in Singapore as may be specified in such regulations for meeting its or their liabilities in respect of insured deposits placed with the DI Scheme member.
(2) The Authority may make regulations which are necessary or expedient for carrying out the purposes of this section, including regulations for or with respect to —
(a)
the circumstances under which, and the manner in which, the Authority may impose an asset maintenance requirement;
(b)
the types of assets that are to be treated as assets maintained in Singapore and the minimum amount of assets for the purpose of an asset maintenance requirement; and
(c)
the method for the valuation of assets maintained in Singapore.
(3) If the Authority is satisfied that a DI Scheme member has failed to comply with any asset maintenance requirement under subsection (1), the Authority may impose a financial penalty.
(4) Any DI Scheme member which fails to comply with any asset maintenance requirement of the Authority under subsection (1) shall be liable to pay, upon being called to do so by the Authority, for every day or part thereof of such failure, a financial penalty in accordance with such formula as the Minister may, by order published in the Gazette, prescribe.
(5) Before imposing a financial penalty on any DI Scheme member, the Authority shall —
(a)
give the DI Scheme member notice in writing of its intention to do so, including the basis for its decision to impose the financial penalty; and
(b)
in the notice referred to in paragraph (a), call upon the DI Scheme member to show cause, within such time as may be specified in the notice, why the financial penalty should not be imposed.
(6) If the DI Scheme member to whom a notice is given under subsection (5) —
(a)
fails to show cause within the time specified in the notice or within such extended period of time as the Authority may allow; or
(b)
fails to show sufficient cause,
the Authority shall give notice in writing to the DI Scheme member of the imposition of the financial penalty and the date by which the payment of the financial penalty must be made.
(7) Where a DI Scheme member is given a notice under subsection (6), the DI Scheme member shall pay the financial penalty to the Authority by the date of payment specified in the notice.
(8) Any financial penalty payable under this Act shall be recoverable as a debt due to the Authority by the DI Scheme member.
(9) Notwithstanding any provision in the Limitation Act (Cap. 163), an action to recover any financial penalty recoverable by virtue of this section shall not be brought after the expiration of 3 years from the date on which the cause of action accrued.
(10) Any financial penalty paid to or recovered by the Authority shall be paid into the DI Fund.
(11) Where the Authority has commenced any proceedings in a court to recover a financial penalty from a DI Scheme member, the Authority shall be entitled to claim costs on a full indemnity basis from that DI Scheme member.
(12) Any DI Scheme member which is aggrieved by a decision of the Authority to impose a financial penalty under subsection (6) may, within 30 days after the decision of the Authority, appeal in writing to the Minister whose decision shall be final and shall be given effect to by the Authority.
(13) For the avoidance of doubt, the period of limitation referred to in subsection (9) shall not be postponed solely on account of an appeal under subsection (12).