—(1) Where, in relation to a stored value facility, a holder has made an application under section 34(1) and a bank in Singapore has made an application under section 34(2)(b), the Authority may approve —
the holder as an approved holder in respect of that stored value facility; and
the bank as an approved bank in respect of that stored value facility if the Authority is satisfied that the bank has undertaken to be fully liable for the stored value of that stored value facility,
subject to such conditions or restrictions as the Authority thinks fit.
(2) The Authority shall not grant approval to the holder under subsection (1) unless the Authority has approved a bank in Singapore to be an approved bank in respect of the stored value facility concerned.
(3) The Authority may, at any time, by notice in writing to an approved holder or approved bank, vary or revoke any condition or restriction or attach such further conditions or restrictions.
(4) The approval granted by the Authority to the approved holder or approved bank shall remain valid notwithstanding that the stored value does not exceed $30 million or such other amount as the Authority may vary under section 33(2).
(5) The Authority shall not refuse to approve a holder as an approved holder or a bank as an approved bank without giving the holder or the bank, as the case may be, an opportunity to be heard.
(6) An applicant who is aggrieved by a refusal of the Authority to grant approval under subsection (1) may, within 30 days after the applicant is notified of the decision, appeal in writing to the Minister whose decision shall be final.
(7) Notwithstanding the lodging of an appeal under subsection (6), any action taken by the Authority under this Act shall continue to have effect pending the decision of the Minister.
(8) The Minister may, when deciding an appeal under subsection (6), make such modification as he considers necessary to any action taken by the Authority, and such modified action shall have effect from the date of the decision of the Minister.
(9) The Authority shall cause notice to be published in the Gazette where approval is given to a person to be an approved holder.
(10) An approved holder or approved bank which contravenes any of the conditions or restrictions imposed under subsection (1) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000 and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part thereof during which the offence continues after conviction.