Corporate offenders and unincorporated associations
Open ↗111.—(1) Where an offence under this Act committed by a body corporate is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, an officer of the body corporate, the officer as well as the body corporate shall be guilty of that offence and shall be liable to be proceeded against and punished accordingly.
(2) Where the affairs of the body corporate are managed by its members, subsection (1) applies in relation to the acts and defaults of a member in connection with his or her functions of management as if he or she were a director of the body corporate.
(3) Where an offence under this Act committed by a partnership is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, a partner, the partner as well as the partnership shall be guilty of that offence and shall be liable to be proceeded against and punished accordingly.
(4) Where an offence under this Act committed by a limited liability partnership is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, a partner or manager of the limited liability partnership, the partner or manager (as the case may be) as well as the partnership shall be guilty of that offence and shall be liable to be proceeded against and punished accordingly.
(5) Where an offence under this Act committed by an unincorporated association (other than a partnership) is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, an officer of the association or a member of its governing body, the officer or member as well as the association shall be guilty of that offence and shall be liable to be proceeded against and punished accordingly.
(6) In this section —“body corporate” and “partnership” exclude a limited liability partnership within the meaning of the Limited Liability Partnerships Act 2005;
“officer” —(a)
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
(b)
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”, in relation to a partnership, includes a person purporting to act as a partner.
(7) Without limiting section 135(1), the Authority may make regulations to provide for the application of any provision of this section, with such modifications as the Authority considers appropriate, to a body corporate or unincorporated association formed or recognised under the law of a territory outside Singapore.[83
Offence by officers
Open ↗112.—(1) Any officer of a licensed financial adviser who fails to take all reasonable steps to secure —(a)
compliance with any provision of this Act; or
(b)
the accuracy and correctness of any statement submitted to the Authority or such other person as may be required under this Act,
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.
(2) In any proceedings against an officer under subsection (1), it is a defence for the officer to prove that he or she had reasonable grounds for believing that another person was charged with the duty of securing compliance with the requirements of this Act, or with the duty of ensuring that those statements were accurate (as the case may be) and that that person was competent, and in a position, to discharge that duty.
(3) An officer is not to be sentenced to imprisonment for any offence under subsection (1) unless, in the opinion of the court, he or she committed the offence wilfully.[84
Falsification of records by officers, etc.
Open ↗113.—(1) Any officer, auditor, employee or agent of a licensed financial adviser or an exempt financial adviser who —(a)
wilfully makes, or causes to be made, a false entry in any book, or in any report, slip, document or statement of the business, affairs, transactions, conditions or assets of that financial adviser;
(b)
wilfully omits to make an entry in any book, or in any report, slip, document or statement of the business, affairs, transactions, conditions or assets of that financial adviser, or wilfully causes any such entry to be omitted; or
(c)
wilfully alters, extracts, conceals or destroys an entry in any book, or in any report, slip, document or statement of the business, affairs, transactions, conditions or assets of that financial adviser, or wilfully causes any such entry to be altered, extracted, concealed or destroyed,
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.
(2) In subsection (1), “officer” includes a person purporting to act in the capacity of an officer.[85
Duty not to provide false information to Authority
Open ↗114.—(1) Any individual who provides the Authority with any information under this Act or relevant to the Authority’s exercise of powers under this Act must use due care to ensure that the information is not false or misleading in any material particular.
(2) Any person, other than an individual, who provides the Authority with any information under this Act or relevant to the Authority’s exercise of powers under this Act must use due care to ensure that the information is not false or misleading.
(3) Subsection (1) applies only if no other provision of this Act makes it an offence to do the act mentioned in that subsection.
(4) Subsection (2) applies only if no other provision of this Act makes it an offence to do the act mentioned in that subsection.
(5) Any individual who —(a)
signs any document lodged with the Authority; or
(b)
lodges with the Authority any document by electronic means using any identification or identifying code, password or other authentication method or procedure assigned to the individual by the Authority,
must use due care to ensure that the document is not false or misleading in any material particular.
(6) Any person, other than an individual, who —(a)
signs any document lodged with the Authority; or
(b)
lodges with the Authority any document by electronic means using any identification or identifying code, password or other authentication method or procedure assigned to the person by the Authority,
must use due care to ensure that the document is not false or misleading.
(7) Any individual who contravenes subsection (1) or (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 or to imprisonment for a term not exceeding 2 years or to both.
(8) Any person who contravenes subsection (2) or (6) shall be guilty of an offence and shall be liable on conviction —(a)
if the information or document is false or misleading in a material particular — to a fine not exceeding $25,000; or
(b)
in any other case — to a fine not exceeding $12,500.[Act 12 of 2024 wef 24/01/2025]
General penalty
Open ↗115. Any person guilty of an offence under this Act for which no penalty is expressly provided shall be liable on conviction to a fine not exceeding $12,500.[87
Penalty for corporations
Open ↗116.—(1) Subject to subsections (2) and (3), where a corporation or body corporate is convicted of an offence under this Act, the penalty that the court may impose is a fine not exceeding 2 times the maximum amount that the court could, but for this subsection, impose as a fine for that offence.
(2) Subsection (1) does not apply to —(a)
offences under sections 9(3), 10(4), 15(9) and (10), 41(6), 49(5) and (6), 50(2), 51(2), 52(4), (5) and (6), 53(5), 59(2), 63(10) and (12) and 64(10); or[Act 12 of 2024 wef 24/01/2025]
(b)
offences under any subsidiary legislation made under this Act where it is expressly provided in the subsidiary legislation that subsection (1) does not apply to those offences.[1/2009]
(3) Where an individual is convicted of an offence under this Act by virtue of section 111, he or she shall be liable to the fine or imprisonment or both as prescribed for that offence and subsection (1) does not apply.
(4) In this section, “body corporate” excludes a limited liability partnership within the meaning of the Limited Liability Partnerships Act 2005.[88
Composition of offences
Open ↗117.—(1) The Authority may compound any offence under this Act that is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the amount of the maximum fine prescribed for that offence.[35/2012]
(2) The Authority may compound any offence under this Act (including an offence under a provision that has been repealed) which —(a)
was compoundable under this section at the time the offence was committed; but
(b)
has ceased to be so compoundable,
by collecting from a person reasonably suspected of having committed the offence a sum not exceeding one half of the amount of the maximum fine prescribed for that offence at the time it was committed.
[35/2012]
(3) All sums collected by the Authority under subsection (1) or (2) must be paid into the Consolidated Fund.[89
[35/2012]
Territorial scope of Act
Open ↗118. Where a person does an act partly in and partly outside Singapore which, if done wholly in Singapore, would constitute an offence under this Act, that person shall be guilty of that offence as if the act were carried out by that person wholly in Singapore, and may be dealt with as if the offence were committed wholly in Singapore.[90
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
