This Act establishes the Monetary Authority of Singapore and defines key terms used in the Act.
Monetary Authority of Singapore Act 1970 2020 REVISED EDITION This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021 An Act to establish a corporation to be known as the Monetary Authority of Singapore, to provide for the exercise of control over and the resolution of financial institutions and their related entities by the Monetary Authority of Singapore and other authorities, and to establish a framework for the issue of securities by the Monetary Authority of Singapore and the regulation of primary dealers of such securities, and for matters incidental thereto and connected therewith. [13/2007; 9/2013] [26 December 1970: Except Parts III and IV; 1 January 1971: Parts III and IV] PART 1 PRELIMINARY Short title 1. This Act is the Monetary Authority of Singapore Act 1970. General interpretation 2. In this Act, unless the context otherwise requires — “Authority” means the Monetary Authority of Singapore established under section 3; “bank” means a bank licensed under the Banking Act 1970; “board” means the board of directors of the Authority; “corporation” has the meaning given by section 4(1) of the Companies Act 1967; “director” means a director appointed under section 8(1) and the chairperson and the deputy chairperson of the board; “managing director” means a director appointed under section 9(1); “money market operations” means any transaction undertaken by the Authority as the central bank to manage liquidity in the banking system; “officer”, in relation to the Authority, includes any person employed by the Authority in an executive capacity; “primary dealer” means a person appointed under section 145 as a primary dealer for securities issued by the Authority. [24/2003; 13/2007; 9/2013; 4/2017; 31/2017]