—(1) The Authority may, if it thinks it necessary or expedient —
for ensuring fair, orderly and transparent markets;
for ensuring safe and efficient clearing facilities;
for ensuring the integrity and stability of the capital markets or the financial system;
in the interests of the public or a section of the public or for the protection of investors;
for the effective administration of this Act; or
issue directions by notice in writing either of a general or specific nature to an approved holding company, and the approved holding company shall comply with such directions.
(2) Any approved holding company which, without reasonable excuse, contravenes a direction issued under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000 and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part thereof during which the offence continues after conviction.
(3) For the avoidance of doubt, a direction issued under subsection (1) shall be deemed not to be subsidiary legislation.
[SIA, s 21; E (DM) A, s. 14]