—(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 —
by the Authority upon an inspection under section 40 or an investigation under section 41; or
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 —
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;
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;
to the Authority if requested by the Authority, where the report has been produced by a parent supervisory authority; or
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 —
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
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:
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;
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;
to take such other action as the Authority may direct.
(8) Any person who contravenes subsection (7) shall be guilty of an offence.