Appeals to Minister
119.—(1) Where an appeal is made to the Minister under this Act, the Minister may confirm, vary or reverse the decision of the Authority on appeal, or give such directions in the matter as the Minister thinks fit, and the decision of the Minister is final.
(2) Where an appeal is made to the Minister under this Act, the Minister must, within 28 days of the Minister’s receipt of the appeal, constitute an Appeal Advisory Committee comprising at least 3 members of the Appeal Advisory Panel and refer that appeal to the Appeal Advisory Committee.
(3) The Appeal Advisory Committee must submit to the Minister a written report on the appeal referred to it under subsection (2) and may make such recommendations as it thinks fit.
(4) The Minister must consider the report submitted under subsection (3) in making the Minister’s decision under subsection (1) but the Minister is not bound by the recommendations in the report.[91
Appeal Advisory Committees
120.—(1) For the purpose of enabling Appeal Advisory Committees to be constituted under section 119, the Minister must appoint a panel (called in this Part the Appeal Advisory Panel) comprising such members from the financial services industry, and the public and private sectors, as the Minister may appoint.
(2) A member of the Appeal Advisory Panel is to be appointed for a term of not more than 2 years and is eligible for re‑appointment.
(3) An Appeal Advisory Committee has the power, in the exercise of its functions, to inquire into any matter or thing related to the financial services industry and, for this purpose, may summon any person to give evidence on oath or affirmation or produce any document or material necessary for the purpose of the inquiry.
(4) Subsection (3) does not compel the production by an advocate and solicitor of a document or other material containing any privileged communication made by or to him or her in that capacity or authorise the taking of any such document or other material which is in his or her possession.
(5) An advocate and solicitor who refuses to produce any document or other material mentioned in subsection (4) is nevertheless obliged to give the name and address (if he or she knows them) of the person to whom, or by or on behalf of whom, the privileged communication was made.
(6) For the purposes of this Act, every member of an Appeal Advisory Committee —(a)
is deemed to be a public servant for the purposes of the Penal Code 1871; and
(b)
in case of any suit or other legal proceedings brought against him or her for any act done or omitted to be done in the execution of his or her duty under this Part, has the like protection and privileges as are by law given to a Judge in the execution of his or her office.
(7) Every Appeal Advisory Committee must have regard to the public interest, the protection of investors and policy owners and the safeguarding of sources of information.
(8) Subject to the provisions of this Part, an Appeal Advisory Committee may regulate its own procedure and is not bound by the rules of evidence.[92
Disclosure of information
121. This Act does not require the Minister or any public servant to disclose facts which the Minister or public servant considers to be against the public interest to disclose.[93
Regulations for purposes of this Part
122.—(1) The Minister may make regulations for the purposes and provisions of this Part and for the due administration thereof.
(2) Without limiting subsection (1), the Minister may make regulations for or with respect to —(a)
the appointment of members to, and procedures of, the Appeal Advisory Panel and Appeal Advisory Committees;
(b)
the form and manner in which an appeal to the Minister under this Act is to be made;
(c)
the fees to be paid in respect of any appeal made to the Minister under this Act, including the refund or remission, whether in whole or in part, of such fees;
(d)
the remuneration of the members of the Appeal Advisory Panel and Appeal Advisory Committees; and
(e)
all matters and things which by this Part are required or permitted to be prescribed or which are necessary or expedient to be prescribed to give effect to any provision of this Part.[94
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
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