Mr. Chee stated in his closing statement that the law was not being reinterpreted because there was” no formal application by Allianz to acquire effective control and get a large shareholder of Income.”
Instead, he claimed, the proposed transaction’s conditions clearly stated that it was subject to MAS’s regulatory approval.
Because of the urgency with which the bill is being considered by shareholders, Mr. Chee added, the costs makes an exception.  ,
He claimed that it is only applicable to co-operative policyholders or those who own a co-operative as a significant investor.  ,
This acknowledges that plan co-ops are a distinct class of companies with a cultural mission, he said.
SHARING OF INFORMATION IN GOVERNMENT
Members on Wednesday raised the cooperation and sharing of information between federal agencies as well.
MP Jamus Lim ( WP-Sengkang ) said it was” troubling” that there was no coordinated discussion between the two regulators, MAS and MCCY, about the proposed deal.
He questioned whether Singapore’s legal service agencies have become so isolated that no combined working group was established to change information for a significant transaction.
He said it appears that there were “multiple failures of contact” between various government agencies.
According to Assoc Prof. Lim, this situation may indicate that Singapore needs to examine how government ministries exchange important data and information.
NMP Mark Lee even said Monday’s ministerial statement highlighted a pause in MCCY’s presence.  ,
” Maybe earlier involvement of appropriate agencies could have identified potential dealbreakers sooner, allowing businesses to address problems early and avoid public intervention,” said Mr. Lee.
Mr. Chee responded that there needs to be a balance between keeping business information private and sharing information with the state.
Economic institution information is kept secret and would ordinarily not be shared with federal authorities.
” We recognize that businesses provide this information for a particular regulatory reason, and not to facilitate common state evaluation,” said Mr. Chee.