On 24/05/2013,
you requested for the version in force on 24/05/2013
incorporating all amendments published on or before 24/05/2013.
The closest version currently available is that of 03/12/2001.
PART X
MISCELLANEOUS
95. A District Court shall, notwithstanding the Criminal Procedure Code (Cap. 68), have jurisdiction to try any offence under this Act and may impose the full penalty or punishment in respect of such offence.
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.
97.
—(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 —
(a)
the contravention of —
(i)
any provision of this Act;
(ii)
any condition or restriction of a licence or an exemption granted under this Act; or
(iii)
any code, guideline, policy statement or practice note issued or published under section 64; or
(b)
in the case of an officer of a licensed financial adviser or an exempt financial adviser, the failure to discharge any duty or function of his office;
“relevant person” means any licensee, exempt financial adviser, representative of an exempt financial adviser, or officer of a licensed financial adviser or an exempt financial adviser.
98.
—(1) Where, on the application of the Authority, it appears to the court that a person —
(a)
has committed an offence under this Act; or
(b)
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:
(i)
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;
(ii)
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;
(iii)
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.
99. No suit or other legal proceedings shall lie against the Authority, or any officer or employee of the Authority, or any person acting under the direction of the Authority —
(a)
for any act done in good faith —
(i)
in the performance, or intended performance, of any function or duty; or
(ii)
in the exercise, or intended exercise, of any power under this Act; or
(b)
for any neglect or default in the performance or exercise in good faith of such function, duty or power.
100.
—(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, 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) —
(a)
may be granted subject to such terms or conditions as the Authority may specify by notice in writing;
(b)
need not be published in the Gazette;
(c)
may be withdrawn at anytime if the Authority considers it necessary in the public interest.
(4) Any person who contravenes any term or condition prescribed under subsection (1) or specified by the Authority under subsection (3)(a) shall be guilty of an offence.
101.
—(1) Any notice, order or document required or authorised by this Act to be served on any person may be served —
(a)
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;
(b)
by leaving it at his usual or last known place of residence or business in an envelope addressed to the person;
(c)
by sending it by registered post addressed to the person at his usual or last known place of residence or business; or
(d)
in the case of a body corporate, firm or body of persons —
(i)
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
(ii)
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.
102.
—(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 —
(a)
by a person who has compared the copy or extract with the book or the relevant part of the book; and
(b)
orally or by an affidavit sworn, or by a declaration made, before a person authorised to take affidavits or statutory declarations.
103.
—(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 —
(a)
exemptions from the requirements relating to licensing, approval or registration requirements under this Act;
(b)
the application of the provisions of this Act with such modifications as may be necessary; and
(c)
the revocation or withdrawal of, or the variation of any condition or restriction imposed in connection with, any exemption granted under this Act.
104.
—(1) The Authority may, from time to time, 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 —
(a)
applications for the grant or renewal of licences, and matters incidental thereto;
(b)
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;
(c)
the standards with respect to the qualifications, experience and training of applicants for a representative’s licence and of representatives of exempt financial advisers;
(d)
the particulars to be recorded in, or in respect of, books kept by any licensed financial adviser;
(e)
the remuneration of an auditor appointed under this Act and the costs of an audit carried out under this Act;
(f)
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, and the duties of a licensee, or an exempt financial adviser or any of its representatives, to such clients when making recommendations in respect of investment products;
(g)
the purchase or sale of investment products directly or indirectly by licensees for their own account;
(h)
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;
(i)
the forms for the purposes of this Act;
(j)
the fees to be paid in respect of any matter or thing required for the purposes of this Act, and the refund and remission of such fees;
(k)
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;
(l)
the control of any take-over of a licensed financial adviser;
(m)
the procedure for the conduct of disciplinary control of licensees, exempt financial advisers and their representatives; and
(n)
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 —
(a)
may be of general or specific application; and
(b)
may provide that a contravention thereof shall be punishable —
(i)
in the case of an individual, with a fine not exceeding $25,000 or with imprisonment for a term not exceeding 12 months or with both; or
(ii)
in any other case, with a fine not exceeding $50,000.
105. The Insurance Intermediaries Act (Cap. 142A) is repealed.