Agents
Open ↗178. In the exercise of its powers and the performance of its functions under this Act, the Authority may —(a)
establish agencies at such places outside Singapore as the Authority thinks fit;
(b)
arrange with and authorise a person to act as agent of the Authority outside Singapore;
(c)
act as agent of a bank carrying on business inside or outside Singapore; and
(d)
act as agent of any public authority or any company in which the Government or a public authority has a substantial interest or any company which is deemed to be related to that company by virtue of section 6 of the Companies Act 1967 either generally or for a particular purpose inside or outside Singapore.
Appointment of assistants
Open ↗179.—(1) Subject to subsection (2), the Authority may appoint any person to exercise any of the Authority’s powers or perform any of the Authority’s functions or duties under this Act, either generally or in any particular case, except —(a)
the power of appointment conferred by this subsection; and
(b)
the power to make subsidiary legislation.
(2) The Authority may appoint one or more of its officers to exercise the power under section 189(5) to grant an exemption to a particular person, or under section 189(6) to revoke any such exemption, or both. [Act 5 of 2025 wef 09/03/2025]
(2A) An appointment under subsection (2) must be published in the Gazette.[Act 5 of 2025 wef 09/03/2025]
(3) Any person appointed under subsection (1) or officer appointed under subsection (2) is taken to be a public servant for the purposes of the Penal Code 1871.
Consent of Public Prosecutor
Open ↗180. No prosecution in respect of any offence under this Act may be instituted without the written consent of the Public Prosecutor.
Jurisdiction of Courts
Open ↗181. Despite the Criminal Procedure Code 2010, a District Court or a Magistrate’s Court has jurisdiction to try any offence under this Act and has power to impose the full punishment for that offence.
Opportunity to be heard
Open ↗182. Where this Act provides for a person to be given an opportunity to be heard by the Authority, the Authority may prescribe the manner in which the person is to be given such opportunity to be heard.
Recovery of fees, expenses, etc.
Open ↗183. The Authority may recover as a civil debt due to the Authority from the financial institution concerned —(a)
the amount of any fees payable to the Authority under section 5;
(b)
the amount of any fees payable to the Authority under section 138;
(c)
the amount of any fees payable to the Authority under section 140; and
(d)
any remuneration and expenses payable by the financial institution concerned to —(i)
a statutory adviser appointed under section 41(2);
(ii)
a statutory manager appointed under section 41(2);
(iii)
the Authority or any person appointed by the Authority under section 179 in relation to the Authority’s assumption of control of any business of the financial institution under section 41; and
(iv)
any person appointed to perform any independent assessment under Part 7 or 8.
Publication of certain information
Open ↗184.—(1) The Authority may prepare and publish —(a)
consolidated statements aggregating any information provided under this Act; or
(b)
for statistical purposes, statements that relate to or are derived from any information provided under this Act in respect of a digital token service.
(2) The Authority may, in such form or manner as the Authority considers appropriate, publish such information as the Authority may consider necessary or expedient to publish in the public interest, including information relating to all or any of the following:(a)
the approval, refusal to approve or withdrawal of approval of a financial institution under section 4;
(b)
the lapsing, surrender, revocation or suspension of the licence of any person under section 141;
(c)
the acceptance by any person of an offer to compound an offence under section 177;
(d)
the revocation or withdrawal of any exemption granted under this Act;
(e)
the conviction of any person for any offence under this Act;
(f)
any other action taken by the Authority against any person under this Act.
Disclosure of information
Open ↗185. Nothing in this Act requires the Minister or any public servant (including a member of an Appeal Advisory Committee deemed to be a public servant under section 14(6)(a)) to disclose facts which he or she considers to be against the interest of the public to disclose.
Service of documents
Open ↗186.—(1) A document that is permitted or required by this Act to be served on a person may be served as described in this section.
(2) A document permitted or required by this Act to be served on an individual may be served —(a)
by giving it to the individual personally;
(b)
by sending it by prepaid registered post to the address specified by the individual for the service of documents or, if no address is so specified, the individual’s residential address or business address;
(c)
by leaving it at the individual’s residential address with an adult apparently resident there, or at the individual’s business address with an adult apparently employed there;
(d)
by affixing a copy of the document in a conspicuous place at the individual’s residential address or business address;
(e)
by sending it by fax to the fax number last known to the person giving or serving the document as the fax number for the service of documents on the individual; or
(f)
by sending it by email to the individual’s last email address.
(3) A document permitted or required by this Act to be served on a partnership (other than a limited liability partnership) may be served —(a)
by giving it to any partner or other similar officer of the partnership;
(b)
by leaving it at, or by sending it by prepaid registered post to, the business address of the partnership;
(c)
by sending it by fax to the fax number used at the business address of the partnership; or
(d)
by sending it by email to the last email address of the partnership.
(4) A document permitted or required by this Act to be served on a body corporate (including a limited liability partnership) or an unincorporated association may be served —(a)
by giving it to the secretary or other similar officer of the body corporate or unincorporated association, or to the manager of the limited liability partnership;
(b)
by leaving it at, or by sending it by prepaid registered post to, the registered office or principal office of the body corporate or unincorporated association;
(c)
by sending it by fax to the fax number used at the registered office or principal office of the body corporate or unincorporated association; or
(d)
by sending it by email to the last email address of the body corporate or unincorporated association.
(5) Service of a document under subsection (2), (3) or (4) takes effect —(a)
if the document is sent by fax and a notification of successful transmission is received, on the day of transmission;
(b)
if the document is sent by prepaid registered post, 2 days after the day the document was posted (even if it is returned undelivered); or
(c)
if the document is sent by email, at the time the email becomes capable of being retrieved by the person to whom the document is sent.
(6) A document may be served on a person under this Act by email only with that person’s prior written consent.
(7) This section does not apply to documents to be served in proceedings in court.
(8) In this section —“business address” means —(a)
in the case of an individual, the individual’s usual or last known place of business, or place of employment, in Singapore; or
(b)
in the case of a partnership (other than a limited liability partnership), the principal or last known place of business in Singapore of the partnership;
“document” includes a notice or an order permitted or required by this Act to be served;
“last email address” means —(a)
the last email address given, by the addressee concerned to the person giving or serving the document, as the email address for the service of documents under this Act; or
(b)
the last email address of the addressee concerned known to the person giving or serving the document;
“residential address” means an individual’s usual or last known place of residence in Singapore.
Electronic service
Open ↗187.—(1) The Authority may provide an electronic service for the service of any document that is required or authorised by this Act to be served on any person.
(2) For the purposes of the electronic service, the Authority may assign to any person —(a)
an authentication code; and
(b)
an account with the electronic service.
(3) Despite section 186, where a person has given consent for any document to be served on the person through the electronic service —(a)
the Authority may serve the document on that person by transmitting an electronic record of the document to that person’s account with the electronic service; and
(b)
the document is treated as having been served at the time when an electronic record of the document enters the person’s account with the electronic service.
(4) In this section —“account with the electronic service”, in relation to any person, means a computer account within the electronic service that is assigned by the Authority to the person for the storage and retrieval of electronic records relating to the person;
“authentication code”, in relation to any person, means an identification or identifying code, a password or any other authentication method or procedure that is assigned to the person for the purposes of identifying and authenticating the access to and use of the electronic service by the person;
“document” includes a notice and an order;
“electronic record” has the meaning given by section 2(1) of the Electronic Transactions Act 2010.
Guidelines on Fit and Proper Criteria
Open ↗188.—(1) For the purpose of determining whether a person is a fit and proper person in relation to this Act or any provision of this Act, the Authority may issue or adopt Guidelines on Fit and Proper Criteria.
(2) The Authority may, at any time, vary or revoke the Guidelines on Fit and Proper Criteria mentioned in subsection (1), or any part of the Guidelines.
(3) The Authority must —(a)
ensure that the Guidelines on Fit and Proper Criteria, or their variation or revocation, are published on the Authority’s website;
(b)
specify in the publication, the date on which the Guidelines on Fit and Proper Criteria, or their variation or revocation, take effect; and
(c)
ensure that the Guidelines on Fit and Proper Criteria (including any variation to them) remain available to the public for access and inspection without charge.
(4) To avoid doubt, the Guidelines on Fit and Proper Guidelines mentioned in subsection (1) are deemed not to be subsidiary legislation.
Exemption
Open ↗189.—(1) The Authority may, by regulations, exempt —(a)
any person or class of persons from this Act or any provision of this Act; and
(b)
any of the following from all or any of the provisions of Part 9:(i)
any digital token service or class of digital token services;
(ii)
any shares or interests in shares, or class or description of shares or interests in shares;
(iii)
any other thing or class or description of things,
subject to such conditions or restrictions as may be prescribed.
(2) The Authority may at any time —(a)
revoke any exemption mentioned in subsection (1); or
(b)
add to, vary or revoke any condition or restriction imposed under subsection (1).
(3) Where the Authority, by regulations made under subsection (1)(a), exempts any person or class of persons from section 147(1) and (2), the conditions that may be prescribed include the following conditions:(a)
a condition relating to the operations or activities of the exempt person, or of any person in the exempt class of persons, relating to the grant of any credit facility within the meaning given by section 147(3) (called in this section a credit facility);
(b)
a condition relating to the criteria that must be satisfied in order for the exempt person, or any person in the exempt class of persons, to grant any credit facility to any individual in Singapore;
(c)
a condition relating to the standards to be maintained by the exempt person, or by any person in the exempt class of persons, when carrying on a business of granting any credit facility to any individual in Singapore;
(d)
a condition relating to the duties to be undertaken by the exempt person, or by any person in the exempt class of persons, when doing any of the following things:(i)
granting any credit facility to any individual in Singapore;
(ii)
offering to grant, or issuing any advertisement containing any offer to grant, any credit facility to any individual in Singapore;
(iii)
making an offer or invitation, or issuing any advertisement containing any offer or invitation, to any individual in Singapore to enter into any agreement relating to the granting of any credit facility to that individual;
(e)
a condition relating to the maintenance by the exempt person, or by any person in the exempt class of persons, of a licence, under any other written law, that allows that person to carry on a business of granting any credit facility to any individual in Singapore.
(4) Where the Authority, by regulations made under subsection (1)(a), exempts any person or class of persons from section 149, the conditions that may be prescribed include the following conditions:(a)
a condition restricting the disposal or further acquisition, by that person or class of persons, of any shares or voting power in a licensee;
(b)
a condition restricting the exercise, by that person or class of persons, of any voting power in a licensee.
(5) The Authority may, on the application of any person, by written notice exempt the person from —(a)
all or any of the provisions of this Act; and
(b)
all or any of the requirements specified in any direction made by the Authority under this Act,
subject to such conditions or restrictions as the Authority may specify by written notice.
(6) The Authority may, at any time, by written notice to a person —(a)
revoke any exemption mentioned in subsection (5); or
(b)
add to, vary or revoke any condition or restriction imposed on the person under subsection (5).
(7) It is not necessary to publish any exemption granted under subsection (5) in the Gazette.
(8) A person who contravenes any condition or restriction —(a)
prescribed under subsection (1);
(b)
specified by the Authority under subsection (5); or
(c)
added to or varied under subsection (2) or (6),
shall be guilty of an offence and shall be liable on conviction —
(d)
in the case of an individual, to a fine not exceeding $50,000; or
(e)
in any other case, to a fine not exceeding $100,000.
(9) In subsection (4), “licensee” has the meaning given by section 136(1).
Amendment of Schedules
Open ↗190.—(1) The Minister may from time to time, by order in the Gazette, amend, add to or vary the First, Second or Third Schedule. [Act 19 of 2023 wef 01/04/2024]
(2) The Minister may, in any order made under subsection (1), make such incidental, consequential or supplementary provisions as may be necessary or expedient.
(3) Any order made under subsection (1) must be presented to Parliament as soon as possible after publication in the Gazette.
Power of Minister to make regulations for or in respect to appeals
Open ↗191.—(1) The Minister may make regulations for, or in respect of, any appeal to the Minister mentioned in sections 4(6), 7(5), 9(5), 34, 48(6), 55(1), 142, 154 and 157.
(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 mentioned in sections 13 and 14;
(b)
the remuneration of the members of the Appeal Advisory Panel and Appeal Advisory Committees mentioned in sections 13 and 14;
(c)
the form and manner in which an appeal to the Minister under this Act may be made; and
(d)
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.
Power of Authority to make regulations
Open ↗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.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
