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Contents

Long Title

Part I PRELIMINARY

Part II LICENSING OF TRUST COMPANIES

Part III CONTROL OF SHAREHOLDINGS AND VOTING POWERS

Part IIIA CONTROL OVER LICENSED TRUST COMPANY

Part IIIB VOLUNTARY TRANSFER OF BUSINESS

Part IV PROBATE AND ADMINISTRATION

Part V CONDUCT OF BUSINESS

Part VI BOOKS, ACCOUNTS AND AUDIT

Division 1 — Books and accounts

Division 2 — Audit

Part VII SUPERVISION AND INVESTIGATION

Division 1 — General

Division 2 — Inspection powers of Authority

Division 3 — Investigative powers of Authority

Part VIII DISCLOSURE OF INFORMATION

Part IX APPEALS

Part X MISCELLANEOUS

FIRST SCHEDULE Trust Business

SECOND SCHEDULE Specified Persons

THIRD SCHEDULE Purposes for Which and Persons to Whom Protected Information May be Disclosed

FOURTH SCHEDULE Specified Provisions

Legislative Source Key

Legislative History

Comparative Table

 
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On 18/04/2014, you requested the version in force on 18/04/2014 incorporating all amendments published on or before 18/04/2014. The closest version currently available is that of 18/04/2013.
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PART VIII
DISCLOSURE OF INFORMATION
Inspection in Singapore by parent supervisory authority
47.
—(1)  In relation to a licensed trust company that is incorporated outside Singapore, the parent supervisory authority may, with the prior written approval of the Authority and under conditions of secrecy, conduct an inspection in Singapore of the books, accounts and transactions of any branch or office of that licensed trust company in Singapore in accordance with this section if the following conditions are satisfied:
(a)
the inspection is required by the parent supervisory authority for the sole purpose of carrying out its supervisory functions;
(b)
the parent supervisory authority —
(i)
is prohibited by the laws applicable to the parent supervisory authority from disclosing information obtained by it in the course of the inspection to any other person; or
(ii)
has given to the Authority such written undertaking, as to the confidentiality of the information obtained, as the Authority may determine; and
(c)
the parent supervisory authority has given a written undertaking to the Authority to comply with the provisions of this Act and such conditions as the Authority may impose under subsection (2).
(2)  The Authority may at any time, whether before, on or after giving written approval for an inspection under this section, require the parent supervisory authority to comply with conditions relating to —
(a)
the classes of information to which the parent supervisory authority shall or shall not have access in the course of the inspection;
(b)
the conduct of the inspection;
(c)
the use or disclosure of any information obtained in the course of the inspection; and
(d)
such other matters as the Authority may determine.
(3)  Subject to compliance by a parent supervisory authority with such conditions as the Authority may impose under subsection (2), a licensed trust company under inspection —
(a)
shall afford the parent supervisory authority access to such books, accounts and documents of the branch or office of the licensed trust company under inspection, and provide such information (including information relating to the licensed trust company’s internal control systems) and facilities as may be required to conduct the inspection; and
(b)
shall not be required to afford the parent supervisory authority access to its books, accounts and documents or to provide information or facilities at such times or at such places as would unduly interfere with the proper conduct of the normal daily business of the licensed trust company.
(4)  A parent supervisory authority may, with the prior written approval of the Authority, appoint another body to conduct the inspection under subsection (1), and in such event the provisions of this section shall apply to the appointed body as they apply to the parent supervisory authority.
(5)  For the purposes of ensuring the confidentiality of any information obtained in the course of an inspection by a parent supervisory authority under this section, section 49(1) shall apply, with the necessary modifications, to any official of the parent supervisory authority as if the official were an officer of a licensed trust company.
(6)  Any licensed trust company which refuses or neglects, without reasonable excuse, to afford access to any book, account or document or provide any information or facility as may be required by this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000 and, in the case of a continuing offence, to a further fine not exceeding $7,500 for every day or part thereof during which the offence continues after conviction.
Confidentiality of inspection and investigation reports
48.
—(1)  Where a written report or any part thereof (referred to in this section as the report) has been produced in respect of any licensed trust company in Singapore —
(a)
by the Authority upon an inspection under section 40 or an investigation under section 41; or
(b)
by a parent supervisory authority upon an inspection under section 47,
the report shall not be disclosed by the licensed trust company, or any officer or auditor of the licensed trust company, to any other person except in the circumstances provided under subsection (2).
(2)  Disclosure of the report referred to in subsection (1) may be made —
(a)
by the licensed trust company in Singapore to any officer or auditor of that licensed trust company solely in connection with the performance of the duties of the officer or auditor, as the case may be, in that licensed trust company;
(b)
by any officer or auditor of the licensed trust company in Singapore to any other officer or auditor of that licensed trust company, solely in connection with the performance of their duties in that licensed trust company;
(c)
to the Authority if requested by the Authority, where the report has been produced by a parent supervisory authority; or
(d)
to any other person as the Authority may approve in writing.
(3)  In granting written approval for any disclosure under subsection (2)(d), the Authority may impose such conditions as it considers appropriate.
(4)  The obligation on an officer or auditor referred to in subsection (1) shall continue after the termination or cessation of his employment or appointment at the licensed trust company.
(5)  Any person who contravenes subsection (1) or any condition imposed by the Authority under subsection (3) shall be guilty of an offence and shall be liable on conviction —
(a)
in the case of an individual, to a fine not exceeding $75,000 or to imprisonment for a term not exceeding 3 years or to both; or
(b)
in any other case, to a fine not exceeding $150,000.
(6)  Any person who solicits or procures the disclosure to himself or to any other person of any report or any part thereof in contravention of subsection (1) shall be guilty of an offence.
(7)  If any person to whom any report or any part thereof is disclosed knows or has reasonable grounds for believing, at the time of the disclosure, that the report was disclosed to him in contravention of that subsection, he shall report the disclosure to the Authority and take any one or more of the following actions, as appropriate, as soon as is practicable:
(a)
where the disclosure was made in any written form, to surrender or take all reasonable steps to surrender the report and all copies thereof to the Authority;
(b)
where the disclosure was made in an electronic form, to take all reasonable steps to ensure that all electronic copies of the report received by him are deleted;
(c)
to take such other action as the Authority may direct.
(8)  Any person who contravenes subsection (7) shall be guilty of an offence.
Confidentiality
49.
—(1)  Information regarding a protected party or the business or other affairs of the protected party (referred to in this section as protected information) shall not, in any way, be disclosed by a licensed trust company in Singapore or any of its officers to any other person except as expressly provided in this Act.
(2)  A licensed trust company in Singapore or any of its officers may, for such purpose as may be specified in the first column of the Third Schedule, disclose protected information to such persons or class of persons as may be specified in the second column of that Schedule, and in compliance with such conditions as may be specified in the third column of that Schedule.
(3)  Where any protected information is likely to be disclosed in any proceedings referred to in item 3 or 4 of Part I of the Third Schedule, the court may, either of its own motion or on the application of any party to the proceedings or the protected party to which the information relates —
(a)
direct that the proceedings be held in camera; and
(b)
make such further orders as the court may consider necessary to ensure the confidentiality of the information.
(4)  Where an order has been made by a court under subsection (3), any person who, contrary to such an order, publishes any information that is likely to lead to the identification of any party to the proceedings shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000.
(5)  Any person (including, where the person is a body corporate, an officer of the body corporate) who receives any protected information referred to in Part II of the Third Schedule shall not, at any time, disclose the information or any part thereof to any other person, except as authorised under that Schedule or if required to do so by an order of court.
(6)  Any person who contravenes subsection (1) or (5) shall be guilty of an offence and shall be liable on conviction —
(a)
in the case of an individual, to a fine not exceeding $75,000 or to imprisonment for a term not exceeding 3 years or to both; or
(b)
in any other case, to a fine not exceeding $150,000.
(7)  In this section and in the Third Schedule, unless the context otherwise requires —
(a)
where disclosure of any protected information is authorised under the Third Schedule to be made to any person which is a body corporate, such information may be disclosed to such officers of the body corporate as may be necessary for the purpose for which the disclosure is authorised under that Schedule; and
(b)
the obligation of any officer or other person who receives any protected information referred to in Part II of the Third Schedule shall continue after the termination or cessation of his appointment, employment, engagement or other capacity or office in which he had received such information.
(8)  For the avoidance of doubt, nothing in this section shall be construed to prevent a licensed trust company from entering into an express agreement with a protected party of that licensed trust company for a higher degree of confidentiality than that prescribed in this section and in the Third Schedule.
(9)  Where, in the course of an inspection under section 40 or an investigation under section 41 or the carrying out of the Authority’s function of supervising or regulating a licensed trust company, the Authority incidentally obtains any protected information and such protected information is not necessary for the supervision or regulation of the licensed trust company by the Authority, then, such information shall be treated as secret by the Authority.
(10)  Nothing in subsection (9) shall prevent the Authority from disclosing or publishing consolidated statements aggregating any information obtained by the Authority under section 30(3).