—(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 —
the circumstances under which, and the manner in which, the Authority may impose an asset maintenance requirement;
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
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 —
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
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) —
fails to show cause within the time specified in the notice or within such extended period of time as the Authority may allow; or
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.