§ 28H — Power of Authority to issue written notice

28H.—(1) The Authority may, if it thinks it necessary or expedient for the effective administration of this Part, issue a written notice, either of a general or specific nature, to any prescribed financial institution or any class of prescribed financial institutions, to comply with any requirement that the Authority may specify in the notice, relating to any request for, access to, disclosure of or publication of any risk information under section 28D, 28E or 28F. (2) Without limiting subsection (1), such a notice may be issued —(a)

with respect to —(i)

the measures to be taken to ensure the accuracy and completeness of any risk information requested for, accessed, disclosed or published under section 28D, 28E or 28F (called in this section specified risk information), including the measures to be taken to correct any error or omission in any specified risk information and a requirement to notify the Authority as soon as practicable after any such error or omission comes to the knowledge of the prescribed financial institution;

(ii)

the protection of specified risk information from unauthorised use and disclosure, including the systems and processes to be established to keep any specified risk information confidential;

(iii)

the form and manner of any disclosure or publication of risk information under section 28D, 28E or 28F; and

(iv)

the records to be kept in relation to any request for, access to, disclosure of or publication of any risk information under section 28D, 28E or 28F; and

(b)

to require any person that contravenes, has contravened, or is likely to contravene any provision of this Part, the contravention of which is an offence, to implement, within the time frame specified in the notice, the measures specified in the notice for the purpose of rectifying, remediating or mitigating the consequences of the contravention or to prevent the contravention of that provision, as the case may be.

(3) It is not necessary to publish any written notice issued under subsection (1) in the Gazette.

(4) The Authority may at any time vary, rescind or revoke any written notice issued under subsection (1).

(5) A prescribed financial institution that fails to comply with any requirement applicable to it specified in a written notice issued under subsection (1) shall be guilty of an offence and shall be liable on conviction —(a)

to a fine not exceeding $1 million; and

(b)

in the case of a continuing offence, to a further fine of $100,000 for every day or part of a day during which the offence continues after conviction.[Act 19 of 2023 wef 01/04/2024]

—(1) The Authority may, if it thinks it necessary or expedient for the effective administration of this Part, issue a written notice, either of a general or specific nature, to any prescribed financial institution or any class of prescribed financial institutions, to comply with any requirement that the Authority may specify in the notice, relating to any request for, access to, disclosure of or publication of any risk information under section 28D, 28E or 28F.

(2) Without limiting subsection (1), such a notice may be issued —(a)

with respect to —(i)

the measures to be taken to ensure the accuracy and completeness of any risk information requested for, accessed, disclosed or published under section 28D, 28E or 28F (called in this section specified risk information), including the measures to be taken to correct any error or omission in any specified risk information and a requirement to notify the Authority as soon as practicable after any such error or omission comes to the knowledge of the prescribed financial institution;

(ii)

the protection of specified risk information from unauthorised use and disclosure, including the systems and processes to be established to keep any specified risk information confidential;

(iii)

the form and manner of any disclosure or publication of risk information under section 28D, 28E or 28F; and

(iv)

the records to be kept in relation to any request for, access to, disclosure of or publication of any risk information under section 28D, 28E or 28F; and

(b)

to require any person that contravenes, has contravened, or is likely to contravene any provision of this Part, the contravention of which is an offence, to implement, within the time frame specified in the notice, the measures specified in the notice for the purpose of rectifying, remediating or mitigating the consequences of the contravention or to prevent the contravention of that provision, as the case may be.

(3) It is not necessary to publish any written notice issued under subsection (1) in the Gazette.

(4) The Authority may at any time vary, rescind or revoke any written notice issued under subsection (1).

(5) A prescribed financial institution that fails to comply with any requirement applicable to it specified in a written notice issued under subsection (1) shall be guilty of an offence and shall be liable on conviction —(a)

to a fine not exceeding $1 million; and

(b)

in the case of a continuing offence, to a further fine of $100,000 for every day or part of a day during which the offence continues after conviction.[Act 19 of 2023 wef 01/04/2024]