§ 192 — Power of Authority to make regulations

192.—(1) Except as otherwise expressly provided in this Act, the Authority may make regulations prescribing matters required or permitted by this Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to this Act. (1A) Without limiting subsection (1), regulations made under this section may prescribe any matter concerning the production of books or a copy thereof, or giving access to books or data under section 173L or 173M(5)(b), including the form and manner in which the production or giving access is to be carried out.[Act 12 of 2024 wef 24/01/2025]

(2) Except as otherwise expressly provided in this Act, regulations made by the Authority under this Act —(a)

may be of general or specific application;

(b)

may contain such saving and transitional provisions as the Authority may consider necessary or expedient;

(c)

may provide that a contravention of any specified provision of the regulations shall be an offence; and

(d)

may provide —(i)

in the case of an individual, for penalties not exceeding a fine of $50,000 or imprisonment for a term not exceeding 2 years or both for each offence and, in the case of a continuing offence, a further penalty not exceeding a fine of $5,000 for every day or part of a day during which the offence continues after conviction; and

(ii)

in any other case, for penalties not exceeding a fine of $100,000 and, in the case of a continuing offence, a further penalty not exceeding a fine of $10,000 for every day or part of a day during which the offence continues after conviction.

—(1) Except as otherwise expressly provided in this Act, the Authority may make regulations prescribing matters required or permitted by this Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to this Act.

(1A) Without limiting subsection (1), regulations made under this section may prescribe any matter concerning the production of books or a copy thereof, or giving access to books or data under section 173L or 173M(5)(b), including the form and manner in which the production or giving access is to be carried out.[Act 12 of 2024 wef 24/01/2025]

(2) Except as otherwise expressly provided in this Act, regulations made by the Authority under this Act —(a)

may be of general or specific application;

(b)

may contain such saving and transitional provisions as the Authority may consider necessary or expedient;

(c)

may provide that a contravention of any specified provision of the regulations shall be an offence; and

(d)

may provide —(i)

in the case of an individual, for penalties not exceeding a fine of $50,000 or imprisonment for a term not exceeding 2 years or both for each offence and, in the case of a continuing offence, a further penalty not exceeding a fine of $5,000 for every day or part of a day during which the offence continues after conviction; and

(ii)

in any other case, for penalties not exceeding a fine of $100,000 and, in the case of a continuing offence, a further penalty not exceeding a fine of $10,000 for every day or part of a day during which the offence continues after conviction.