CRD Welcome Package

provision of this Act, which at the date of the commencement of this Act does not apply to a credit institution, class of credit institution or financial group, shall apply with modifications, adaptations, qualifications and exceptions as may be specified in the Order to any credit institution, class of credit institution or financial group.

Amendment of Schedules 191. The Minister, on the recommendation of the Central Bank, may by Order published in the Gazette amend the Schedules.

Repeal and savings 192. (1)

The Banking Act [ ] is hereby repealed.

(2)

Notwithstanding subsection (1): (a)

any Regulation, Rule, Notice or other subsidiary legislation or guideline made pursuant to the Banking Act [ ], shall, if in force at the commencement of this Act, continue in force until replaced by any Regulation, Rule, Order, Notice or other subsidiary legislation made under this Act; and

(b) any act, decision or other matter carried out pursuant to the Banking Act [ ] shall be deemed to have been carried out under this Act.

Transitional 193. The following provisions shall not apply to an existing licensed financial institution, in respect of

(a) section 20, for a period of three hundred and sixty days; (b) section 44, for a period of four hundred and fifty days; (c) section 46, for a period of three hundred and sixty days; and (d) section 100, for a period of three hundred and sixty days; from the coming into force of this Act.

138