95. Notwithstanding any provision to the contrary in the Criminal Procedure Code (Cap. 68), a District Court shall have jurisdiction to try any offence under this Act and shall have power to impose the full penalty or punishment in respect of any offence under this Act.
[SF Bill, Clause 327]
96. Where this Act provides for a person to be given an opportunity to be heard by the Authority, the Authority may prescribe the manner in which the person shall be given an opportunity to be heard.
[SF Bill, Clause 316]
—(1) Where the Authority is satisfied that a relevant person is guilty of misconduct, the Authority may, if it thinks it necessary in the public interest or for the protection of investors or policy owners, reprimand the relevant person.
(2) In this section —
“misconduct” means —
the contravention of —
any provision of this Act;
any condition or restriction of a licence or an exemption granted under this Act;
any written direction made by the Authority under this Act; or
any code, guideline, policy statement or practice note issued or published under section 64;
the failure by an officer of a licensed financial adviser or an exempt financial adviser to discharge any duty or function of his office; or
in relation to a body corporate, means a director, member of the committee of management, chief executive, manager, secretary or other similar officer of the body, and includes a person purporting to act in any such capacity; or
in relation to an unincorporated association (other than a partnership), means the president, the secretary, or a member of the committee of the association or a person holding a position analogous to that of president, secretary or member of a committee, and includes a person purporting to act in any such capacity;
“partner” includes a person purporting to act as a partner;
“relevant person” means any licensee, exempt financial adviser, representative of an exempt financial adviser, or officer or partner of a licensed financial adviser or an exempt financial adviser.
[SF Bill, Clause 334]
—(1) Where, on the application of the Authority, it appears to the court that a person —
has committed an offence under this Act; or
is about to do an act that, if done, would be an offence under this Act,
the court may, without prejudice to any order it would be entitled to make otherwise than under this section, make one or more of the following orders:
in the case of a persistent or continuing contravention of this Act, an order restraining a person from acting as a financial adviser or representative, or from holding himself out as so acting;
for the purpose of securing compliance with any other order made under this section, an order directing a person to do or refrain from doing any specified act;
any ancillary order considered to be desirable in consequence of the making of any other order under this section.
(2) The court may, before making an order under subsection (1), direct that notice of the application be given to such person as it thinks fit or that notice of the application be published in such manner as it thinks fit, or both.
(3) Any person who, without reasonable excuse, contravenes an order made under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.
(4) Subsection (3) shall not affect the powers of the court in relation to the punishment of contempt of court.
(5) The court may rescind, vary or discharge an order made by it under this section or suspend the operation of such an order.
[SIA, s. 13]
Immunity of Authority and its employees, etc.
99. [Repealed by Act 24 of 2003]
—(1) The Authority may, by regulations, exempt any person or any class of persons from all or any of the provisions of this Act, subject to such terms or conditions as may be prescribed.
(2) The Authority may, on the application of any person, exempt the person from all or any of the provisions of this Act or the requirements specified in any written direction, by notice in writing, if the Authority considers it appropriate to do so in the circumstances of the case.
(3) An exemption under subsection (2) —
may be granted subject to such terms or conditions as the Authority may specify by notice in writing;
need not be published in the Gazette; and
may be withdrawn at anytime by the Authority.
—(1) Any notice, order or document required or authorised by this Act to be served on any person may be served —
by delivering it to the person or to some adult member or employee of his family or household at his last known place of residence;
by leaving it at his usual or last known place of residence or business in an envelope addressed to the person;
by sending it by registered post addressed to the person at his usual or last known place of residence or business; or
in the case of a body corporate, firm or body of persons —
by delivering it to the secretary or other like officer of the body corporate, firm or body of persons at its registered office or principal place of business; or
by sending it by registered post addressed to the body corporate, firm or body of persons at its registered office or principal place of business.
(2) Any notice, order or document sent by registered post to any person in accordance with subsection (1) shall be deemed to be duly served on the person at the time when the notice, order or document, as the case may be, would in the ordinary course of post be delivered.
(3) When proving service of the notice, order or document referred to in subsection (2), it shall be sufficient to prove that the envelope containing the notice, order or document, as the case may be, was properly addressed, stamped and posted by registered post.
[BA, s. 75A]
—(1) Subject to this section, a copy of or an extract from a book mentioned in this Act that is proved to be a true copy of the book or of the relevant part of the book is admissible in evidence as if it were the original book or the relevant part of the original book.
(2) For the purposes of subsection (1), evidence that a copy of or an extract from a book is a true copy of the book or of a part of the book may be given —
by a person who has compared the copy or extract with the book or the relevant part of the book; and
orally or by an affidavit sworn, or by a declaration made, before a person authorised to take affidavits or statutory declarations.
[SF Bill, Clause 149]
—(1) Where a person submits or furnishes to or lodges with the Authority any book, application, return, report, statement or other information or document under this Act which is not in the English language, the person shall, at the same time or at such other time as may be permitted by the Authority, submit or furnish to or lodge with the Authority, as the case may be, an accurate translation thereof in the English language.
(2) Where a person is required to make available for inspection by the public, or any section thereof, any document, report, or other book under this Act which is not in the English language, the person shall, at the same time or at such other time as may be permitted by the Authority, make available for such inspection an accurate translation thereof in the English language.
(3) Where a person is required to maintain or keep any book under this Act and the book or any part thereof is not maintained or kept in the English language, the person shall —
cause an accurate translation of that book or that part of the book in the English language to be made from time to time at intervals of not more than 7 days; and
maintain or keep the translation with the book for so long as the book is required under this Act to be maintained or kept.
(4) Subsections (1), (2) and (3) are subject to any express provision to the contrary in this Act or any regulations made thereunder.
(5) Any person who contravenes subsection (1), (2) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.
(6) Where a person is charged with an offence under subsection (5), it shall be a defence for the person to prove that —
he had taken all reasonable steps to ensure that the translation that was submitted or furnished to or lodged with the Authority, made available for inspection, or maintained or kept, as the case may be, was accurate in the circumstances; and
he had believed on reasonable grounds that the translation was accurate.
—(1) Without prejudice to the generality of section 104(1), the Authority may make regulations prescribing the matters necessary or expedient to give effect, in Singapore, to the provisions of any treaty, convention, arrangement, memorandum of understanding, exchange of letters or other similar instrument relating to the provision of any financial advisory service, to which Singapore or the Authority is a party.
(2) Without prejudice to the generality of subsection (1), such regulations may provide for —
exemptions from the requirements relating to licensing, approval or registration requirements under this Act;
the application of the provisions of this Act with such modifications as may be necessary; and
the revocation or withdrawal of, or the variation of any condition or restriction imposed in connection with, any exemption granted under this Act.
[SF Bill, Clause 338]
—(1) The Authority may make regulations for carrying out the purposes and provisions of this Act and for the due administration thereof.
(2) Without prejudice to the generality of subsection (1), the Authority may make regulations for or with respect to —
applications for the grant or renewal of licences, and matters incidental thereto;
the activities of, and standards to be maintained by, a licensee, or an exempt financial adviser or any of its representatives, including the manner, method and place of soliciting business and the conduct of such solicitation;
[Deleted by Act 15 of 2003]
the particulars to be recorded in, or in respect of, books kept by any licensed financial adviser;
the remuneration of an auditor appointed under this Act and the costs of an audit carried out under this Act;
the manner in which a licensee, or an exempt financial adviser or any of its representatives, conducts his dealings with the clients of the licensed financial adviser or exempt financial adviser, as the case may be;
the purchase or sale of investment products directly or indirectly by licensees for their own account;
the disclosure by a licensee, or by an exempt financial adviser or any of its representatives, of any material interest that he may have in a proposed transaction relating to purchasing, subscribing for or trading in capital markets products;
the forms for the purposes of this Act;
the fees to be paid in respect of any matter or thing required for the purposes of this Act, and the refund and remission, whether in whole or in part, of such fees;
the collection, from any licensed financial adviser or exempt financial adviser, by or on behalf of the Authority at such intervals or on such occasions as may be prescribed, of statistical information as to such matters relevant to investment products as may be prescribed, and for the collection and use of such information for any purpose, whether or not connected with the prescribed investment products;
the control of any take-over of a licensed financial adviser;
[Deleted by Act 15 of 2003]
all matters and things which are required or permitted to be prescribed by this Act, or which may be necessary or expedient to be prescribed to give effect to this Act.
(3) No use shall be made of any information obtained by or on behalf of the Authority by virtue only of subsection (2)(k) except in a form which does not disclose the affairs of any particular person.
(4) Except as otherwise expressly provided in this Act, regulations made under this Act —
may be of general or specific application;
may provide that a contravention of any specified provision thereof shall be an offence; and
may provide for penalties not exceeding a fine of $50,000 or imprisonment for a term not exceeding 12 months or both for each offence and, in the case of a continuing offence, a further penalty not exceeding a fine of 10% of the maximum fine prescribed for that offence for every day or part thereof during which the offence continues after conviction.