—(1) This Act shall not apply to —
any company which has a valid licence granted under the Banking Act (Cap. 19) authorising it to conduct banking business in Singapore;
(2) The Authority may, by notification in the Gazette, exempt any person or categories of persons from the provisions of this Act, subject to such terms or conditions as may be prescribed.
(3) The Authority may, on the application of any person, by notice in writing, exempt the person from all or any of the provisions of this Act, or the requirements specified in any written direction, if the Authority considers it appropriate to do so in the circumstances of the case.
(4) An exemption granted under subsection (3) —
may be granted subject to such terms or conditions as the Authority may specify by notice in writing;
need not be published in the Gazette; and
may be withdrawn at any time by the Authority.
(5) Any person who contravenes any term or condition prescribed or specified by the Authority under subsection (2) or (4)(a), respectively, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.