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Contents  

Long Title

Part I PRELIMINARY

Part II LICENSING OF FINANCIAL ADVISERS AND THEIR REPRESENTATIVES

Part III CONDUCT OF BUSINESS

Division 1 — General

Division 2 — Life Insurance

Division 3 — Securities

Division 4 — Register of Interests in Securities

Part IV ACCOUNTS AND AUDIT

Division 1 — Accounts

Division 2 — Audit

Part V POWERS OF AUTHORITY

Part VI SUPERVISION AND INVESTIGATION

Division 1 — General

Division 2 — Inspection Powers of Authority

Division 3 — Investigative Powers of Authority

Part VII ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES

Part VIII OFFENCES

Part IX APPEALS

Part X MISCELLANEOUS

FIRST SCHEDULE Excluded Financial Advisers

SECOND SCHEDULE Types of Financial Advisory Service

THIRD SCHEDULE Specified Provisions

Legislative Source Key

Legislative History

Comparative Table

 
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On 13/12/2017, you requested the version as published on or before 13/12/2017.
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PART VI
SUPERVISION AND INVESTIGATION
Division 1 — General
Self-incrimination
68.
—(1)  A person is not excused from disclosing information to the Authority, pursuant to a requirement made of him under this Part, on the ground that the disclosure of the information might tend to incriminate him.
(2)  Where a person claims, before making a statement disclosing information that he is required to disclose by a requirement made of him under this Part, that the statement might tend to incriminate him, that statement shall not be admissible in evidence against him in criminal proceedings other than proceedings under this section.
[SF Bill, Clause 153 (1)]
Savings for advocates and solicitors
69.
—(1)  Nothing in this Part shall —
(a)
compel an advocate and solicitor to disclose or produce a privileged communication, or a document or other material containing a privileged communication, made by or to him in that capacity; or
(b)
authorise the taking of any such document or other material which is in his possession.
[15/2003]
(2)  An advocate and solicitor who refuses to disclose the information or produce the document or other material referred to in subsection (1) shall nevertheless be obliged to give the name and address (if he knows them) of the person to whom, or by or on behalf of whom, that privileged communication was made.
[15/2003]
(3)  Any advocate and solicitor who contravenes subsection (2) shall be guilty of an offence.
[SF Bill, Clause 153 (2)]
Division 2 — Inspection Powers of Authority
Inspection by Authority
70.
—(1)  The Authority may from time to time inspect, under conditions of secrecy, the books of a licensee.
(2)  For the purposes of an inspection under this section —
(a)
the licensee, and any person who is in possession of the books of the licensee, shall produce such books to the Authority and give such information or facilities as may be required by the Authority;
(b)
the licensee shall procure that any person who is in possession of its books produce the books to the Authority and give such information or facilities as may be required by the Authority; and
(c)
the Authority may —
(i)
make copies of, or take possession of, any of such books;
(ii)
use, or permit the use of, any of such books for the purposes of any proceedings under this Act; and
(iii)
retain possession of any of such books for so long as is necessary —
(A)
for the purposes of exercising a power conferred by this section (other than subsection (4));
(B)
for a decision to be made on whether or not proceedings should be commenced under this Act in relation to such books; or
(C)
for such proceedings to be commenced and carried on.
(3)  No person shall be entitled, as against the Authority, to claim a lien on any of the books, but such a lien is not otherwise prejudiced.
(4)  While the books of a licensee are in the possession of the Authority, the Authority —
(a)
shall permit another person to inspect at all reasonable times such (if any) of the books as the other person would be entitled to inspect if they were not in the possession of the Authority; and
(b)
may permit another person to inspect any of the books.
(5)  The Authority may require a person who produced any book to the Authority to explain, to the best of his knowledge and belief, any matter about the compilation of the book or to which the book relates.
(6)  Any person who fails, without reasonable excuse, to comply with subsection (2) or a requirement of the Authority under subsection (5) 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 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.
[SF Bill, Clause 150]
Division 3 — Investigative Powers of Authority
Investigation by Authority
71.
—(1)  The Authority may conduct such investigation as it considers necessary or expedient for any of the following purposes:
(a)
to perform any of the Authority’s functions under this Act;
(b)
to ensure compliance with this Act or any written direction issued under this Act; or
(c)
to investigate an alleged or suspected contravention of any provision of this Act.
(2)  The Authority may exercise any of its powers for the purposes of conducting an investigation under this Division notwithstanding the provisions of any prescribed written law or any requirement imposed thereunder or any rule of law.
(3)  A requirement imposed by the Authority in the exercise of its powers under this Division shall have effect notwithstanding any obligation as to secrecy or other restrictions upon the disclosure of information imposed by any prescribed written law or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct.
(4)  Any person who complies with a requirement imposed by the Authority in the exercise of its powers under this Division shall not be treated as being in breach of any restriction upon the disclosure of information or thing imposed by any prescribed written law or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct.
(5)  No civil or criminal action, other than proceedings for an offence under section 76, shall lie against any person for —
(a)
providing information or producing books to the Authority if he had provided the information or produced the books in good faith in compliance with a requirement imposed by the Authority under this Division; or
(b)
doing or omitting to do any act, if he had done or omitted to do the act in good faith and as a result of complying with a requirement imposed by the Authority under this Division.
[SF Bill, Clause 152]
Power to order production of books
72.  For the purpose of an investigation under this Division, the Authority may, in writing, require any person to provide information or produce any book relating to any matter under investigation at a specified time and place, and such person shall immediately comply with that requirement.
[SF Bill, Clause 163]
Application for warrant to seize books not produced
73.
—(1)  Where the Authority has reasonable grounds to suspect that there is, on particular premises, any book the production of which has been required under of section 72, and —
(a)
which has not been produced in compliance with that requirement; or
(b)
which the Authority has reasonable grounds to believe will not be produced in compliance with that requirement,
the Authority may apply to a Magistrate for the issue of a warrant to search the premises for such book.
(2)  Whenever it appears to a Magistrate, upon an application made under subsection (1) and after such enquiry as he may think necessary, that there are reasonable grounds for suspecting that there is, on particular premises, any book the production of which has been required under section 72, and —
(a)
which has not been produced in compliance with that requirement; or
(b)
which the Magistrate has reasonable grounds to suspect will not be produced in compliance with that requirement,
the Magistrate may issue a warrant authorising the Authority or any person named therein, with or without assistance —
(i)
to enter and search the premises and to break open and search anything, whether a fixture or not, in the premises; and
(ii)
to take possession of, or secure against interference, any book that appears to be a book the production of which was so required.
(3)  The powers conferred under subsections (1) and (2) are in addition to, and are not in derogation of, any other power conferred by any other written law or rule of law.
(4)  In this section, “premises” includes any structure, building, aircraft, vehicle, vessel or place.
[SF Bill, Clause 164]
Powers where books are produced or seized
74.
—(1)  This section shall apply where —
(a)
books are produced to the Authority under a requirement imposed under section 72;
(b)
under a warrant issued under section 73, the Authority or a person named therein —
(i)
takes possession of books; or
(ii)
secures books against interference; or
(c)
under a previous application of subsection (6), books are delivered into the possession of the Authority or a person authorised by it.
(2)  If subsection (1)(a) applies, the Authority may take possession of any of the books.
(3)  The Authority or, where applicable, a person referred to in subsection (1)(b) may —
(a)
inspect, and make copies of, or take extracts from, any of the books;
(b)
use, or permit the use of, any of the books for the purposes of any proceedings; and
(c)
retain possession of any of the books for so long as is necessary —
(i)
for the purposes of exercising a power conferred by this section (other than subsection (5));
(ii)
for a decision to be made on whether or not proceedings should be commenced under this Act in relation to such book; or
(iii)
for such proceedings to be commenced and carried on.
(4)  No person shall be entitled, as against the Authority or, where applicable, a person referred to in subsection (1)(b), to claim a lien on any of the books, but such a lien is not otherwise prejudiced.
(5)  While the books are in the possession of the Authority or, where applicable, the person referred to in subsection (1)(b), the Authority or the person —
(a)
shall permit another person to inspect at all reasonable times such of the books (if any) as the second-mentioned person would be entitled to inspect if they were not in the possession of the Authority or the first-mentioned person; and
(b)
may permit any other person to inspect any of the books.
(6)  Unless subsection (1)(b)(ii) applies, a person referred to in subsection (1)(b) may deliver any of the books into the possession of the Authority or of a person authorised by it to receive them.
(7)  If subsection (1)(a) or (b) applies, the Authority, a person referred to in subsection (1) (b) or a person into whose possession the books are delivered under subsection (6), may require —
(a)
if subsection (1)(a) applies, a person who so produced any of the books; or
(b)
in any other case, a person who was a party to the compilation of any of the books,
to explain, to the best of his knowledge and belief, any matter about the compilation of any of the books or to which any of the books relate.
[SF Bill, Clause 165; ASIC 2001, s. 37]
Powers where books not produced
75.  Where a person fails to comply with a requirement imposed by the Authority under section 72 to produce any book, the Authority may require the person to state, to the best of his knowledge and belief —
(a)
the place where such book may be found; or
(b)
the person who last had possession, custody or control of such book and the place where that person may be found.
[SF Bill, Clause 166; ASIC 2001, s. 38]
Offences under this Division
76.
—(1)  Any person who, without reasonable excuse, refuses or fails to comply with a requirement imposed under section 72, 74(7) or 75 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.
(2)  Any person who, in purported compliance with a requirement imposed under section 72, 74(7) or 75, furnishes information or makes a statement that is false or misleading in a material particular 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.
(3)  It shall be a defence to a prosecution for an offence under subsection (2) if the defendant proves that he believed on reasonable grounds that the information or statement was true and not misleading.
(4)  Any person who conceals, destroys, mutilates or alters any book relating to a matter that the Authority is investigating or about to investigate under this Division or, where such a book is within the territory of Singapore, takes or sends the book out of Singapore, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both.
(5)  Any person who, without reasonable excuse, obstructs or hinders the Authority in the exercise of any power under section 72, 74 or 75, or obstructs or hinders a person who is executing a warrant issued under section 73, 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.
(6)  The occupier, or person in charge, of the premises that a person enters under a warrant issued under section 73 who fails to provide to that person all reasonable facilities and assistance for the effective exercise of his powers under the warrant shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 12 months or to both.
[SF Bill, Clause 168; ASIC 2001, ss. 63-67]