On 25/05/2013,
you requested for the version in force on 25/05/2013
incorporating all amendments published on or before 25/05/2013.
The closest version currently available is that of 01/10/2007.
PART IV
STORED VALUE FACILITIES
12.
—(1) For the purposes of section 30 of the Act, a holder of a stored value facility, other than a widely accepted stored value facility, shall mark, label or accompany the stored value facility with the statement below in writing clearly and conspicuously:
“Consumer advisory — <Name of holder>, the holder of <Name of stored value facility> stored value facility, does not require the approval of the Monetary Authority of Singapore. Consumers (users) are advised to read the terms and conditions carefully.”.
(2) The statement referred to in paragraph (1) —
(a)
shall not be obstructed or obscured, or embedded within other unrelated writing; and
(b)
shall be of reasonable size and typeface.
(3) Subject to paragraph (4), the holder shall place the statement or ensure that the statement appears in a prominent position so as to be easily read by a user or an intending user of the stored value facility in the following situations:
(a)
when the user or intending user purchases or otherwise acquires the stored value facility;
(b)
when the user or intending user tops up the stored value facility.
(4) Where it is not reasonably practicable for the holder to comply with paragraph (3)(b), the holder shall place the statement or ensure that the statement appears such that the user of the stored value facility will be able to have sight of the statement when the user first activates the top up service.
13. For the purposes of section 31(2) of the Act, in determining whether an offer, invitation or advertisement is made or issued to the public or any section of the public in Singapore, regard shall be had to the following considerations:
(a)
whether the offer, invitation or advertisement contains any information specifically relevant to Singapore;
(b)
whether the offer, invitation or advertisement is published in any newspaper, magazine, journal or other periodical publication, or in any broadcast media, which is principally for circulation or reception in Singapore;
(c)
whether the offer, invitation or advertisement contains a prominent notice that no stored value facility or value stored in a stored value facility shall be purchased or otherwise acquired by persons in Singapore, and whether such notice is viewed with or before the advertisement;
(d)
whether reasonable steps are taken to guard against sale of a stored value facility to persons in Singapore; or
(e)
whether the offer, invitation or advertisement, directly or indirectly, states that a stored value facility or stored value in a stored value facility denominated in Singapore currency is available to be purchased or otherwise acquired.
14. For the purposes of section 33(3) of the Act, a holder shall be deemed to be under the control or influence of a person (referred to in this regulation as “the person”) if —
(a)
the holder is a company and the person holds not less than 50% of the total number of shares in the holder;
(b)
the holder is a company and the person is in a position to control voting power of not less than 50% in the holder;
(c)
the holder is a company and the directors of the holder are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person;
(d)
the holder is a company and the person has the capacity to determine the outcome of decisions on the financial and operating policies of the holder, having regard to the following considerations:
(i)
the practical influence which can be exerted (rather than the rights which can be enforced); and
(ii)
any practice or pattern of behaviour affecting the financial and operating policies of the company (even if it involves a breach of an agreement or a breach of trust),
but excludes any capacity to influence decisions on the financial and operating policies of the company where such influence is required to be exercised for the benefit of other persons pursuant to an obligation imposed under any written law, rule of law, contract or order of court; and
(e)
the holder is an individual and the holder is accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person.
15.
—(1) A holder may apply for approval under section 34 of the Act by submitting Form 4 and paying the relevant fee to the Authority.
(2) A bank in Singapore which undertakes to be fully liable for the stored value of any stored value facility may apply for approval under section 34(2) of the Act by submitting Form 5 to the Authority.
16.
—(1) An approved holder may apply to the Authority to cancel the approval granted to him under section 35 (1) by submitting Form 6 and paying the relevant fee to the Authority.
(2) An approved bank may apply to the Authority to cancel the approval granted to it under section 35 (1) by submitting Form 7 and paying the relevant fee to the Authority.
(3) The Authority may approve an application made under paragraph (1) to cancel the approval if the Authority is satisfied that —
(a)
the approved holder holds stored value not exceeding $30 million or such other amount as the Authority may vary under section 33(2) of the Act;
(b)
another bank in Singapore (referred to in this regulation as the substituted bank) has undertaken to be fully liable for the stored value of the stored value facility concerned in place of the approved bank and the holder for which approval is sought to be cancelled has submitted a separate application under section 34 of the Act for approval to be an approved holder, accompanied by an application by the substituted bank for approval to be an approved bank; or
(c)
it is appropriate to do so.
(4) The Authority may approve an application made under paragraph (2) to cancel the approval if the Authority is satisfied that —
(a)
the approved bank is intending to wind up or otherwise dissolve, or is likely to be wound up or otherwise dissolved, whether in Singapore or elsewhere; or
(b)
it is appropriate to do so.