Interpretation of this Part
84. In this Part, unless the context otherwise requires —“enforce” means enforce through criminal or administrative proceedings;
“enforcement”, in relation to a regulatory authority, means the taking of any action to enforce a law or regulatory requirement against a specified person, being a law or regulatory requirement that relates to the payment systems or payment services of the foreign country of the regulatory authority concerned;
“foreign country” means a country or territory other than Singapore;
“investigation”, in relation to a regulatory authority, means an investigation to determine if a specified person has contravened or is contravening a law or regulatory requirement, being a law or regulatory requirement that relates to the payment systems or payment services of the foreign country of the regulatory authority concerned;
“material” includes any information, book, document or other record in any form whatsoever, and any container or article relating to that information, book, document or record;
“prescribed written law” means this Act, or any of the following Acts, and any subsidiary legislation made under this Act or those Acts:(a)
Banking Act 1970;
(b)
Finance Companies Act 1967;
(c)
Financial Advisers Act 2001;
(d)
Financial Holding Companies Act 2013;
(da)
Financial Services and Markets Act 2022;[Act 18 of 2022 wef 28/04/2023]
(e)
Insurance Act 1966;
(f)
Monetary Authority of Singapore Act 1970;
(g)
Securities and Futures Act 2001;
(h)
such other Act as the Authority may prescribe;
“regulatory authority”, in relation to a foreign country, means an authority of the foreign country exercising any function that corresponds to a regulatory function of the Authority under this Act;
“supervision”, in relation to a regulatory authority, means the taking of any action for or in connection with the supervision of —(a)
a licensee that is regulated by the regulatory authority;
(b)
an operator, a settlement institution or a participant, of a designated payment system, that is regulated by the regulatory authority; or
(c)
any other person regulated by the regulatory authority.
Conditions for provision of assistance
85.—(1) The Authority may provide the assistance mentioned in section 87 to a regulatory authority of a foreign country if the Authority is satisfied that all of the following conditions are fulfilled:(a)
the assistance is intended to enable the regulatory authority, or any other authority of the foreign country, to carry out the supervision, investigation or enforcement;
(b)
the regulatory authority has given a written undertaking that any material or copy of material obtained pursuant to its request will not be used for any purpose other than a purpose that is specified in the request and approved by the Authority;
(c)
the regulatory authority has given a written undertaking not to disclose to a third party (other than a designated third party of the foreign country in accordance with paragraph (d)) any material received pursuant to the request, unless the regulatory authority is compelled to do so by the law or a court of the foreign country;
(d)
the regulatory authority has given a written undertaking to obtain the prior consent of the Authority before disclosing any material received pursuant to the request to a designated third party, and to make such disclosure only in accordance with such conditions as may be imposed by the Authority;
(e)
the material requested is of sufficient importance to the carrying out of the supervision, investigation or enforcement to which the request relates, and cannot reasonably be obtained by any other means;
(f)
the matter to which the request relates is of sufficient gravity;
(g)
the rendering of assistance will not be contrary to the public interest.
(2) In subsection (1)(c) and (d), “designated third party”, in relation to a foreign country, means —(a)
any person or body responsible for supervising the regulatory authority in question;
(b)
any authority of the foreign country responsible for carrying out the supervision, investigation or enforcement in question; or
(c)
any authority of the foreign country exercising a function that corresponds to a regulatory function of the Authority under this Act.
Other factors to consider for provision of assistance
86. In deciding whether to grant a request for assistance mentioned in section 87 from a regulatory authority of a foreign country, the Authority may also have regard to the following:(a)
whether the act or omission that is alleged to constitute the contravention of the law or regulatory requirement to which the request relates would, if it had occurred in Singapore, have constituted an offence under this Act;
(b)
whether the regulatory authority has given or is willing to give an undertaking to the Authority to comply with a future request by the Authority to the regulatory authority for similar assistance;
(c)
whether the regulatory authority has given or is willing to give an undertaking to the Authority to contribute towards the costs of providing the assistance that the regulatory authority has requested.
Assistance that may be rendered
87.—(1) Despite any provision of or requirement under any prescribed written law, or any rule of law, the Authority or any person authorised by the Authority may, in relation to a request by a regulatory authority of a foreign country for assistance —(a)
transmit to the regulatory authority any material in the possession of the Authority that is requested by the regulatory authority or a copy of that material;
(b)
order any person to provide to the Authority any material that is requested by the regulatory authority or a copy of that material, and transmit the material or copy to the regulatory authority;
(c)
order any person to transmit directly to the regulatory authority any material that is requested by the regulatory authority or a copy of that material;
(d)
order any person to make an oral statement to the Authority on any information requested by the regulatory authority, record such statement, and transmit the recorded statement to the regulatory authority; or
(e)
request any ministry, Government department or statutory authority to provide to the Authority any material that is requested by the regulatory authority or a copy of that material, and transmit the material or copy to the regulatory authority.
(2) The assistance mentioned in subsection (1)(c) may only be rendered if the material sought is to enable the regulatory authority to carry out an investigation or enforcement.
(3) An order under subsection (1)(b), (c) or (d) has effect despite any obligations as to secrecy or other restrictions upon the disclosure of information imposed by any provision of or requirement under any prescribed written law, rule of law, contract or rule of professional conduct.
(4) Nothing in this section compels an advocate and solicitor to provide or transmit any material or copy of material that contains, or to disclose, any privileged communication made by or to the advocate and solicitor in that capacity.
(5) An advocate and solicitor who refuses to provide or transmit any material or copy of material that contains, or to disclose, any privileged communication is nevertheless obliged to give the name and address (if known to the advocate and solicitor) of the person to whom, or by or on behalf of whom, the privileged communication was made.
(6) A person is not excused from making an oral statement pursuant to an order made under subsection (1)(d) on the ground that the statement might tend to incriminate the person.
Offences under this Part
88.—(1) A person that —(a)
without reasonable excuse, refuses or fails to comply with an order under section 87(1)(b), (c) or (d);
(b)
in purported compliance with an order made under section 87(1)(b) or (c), provides to the Authority or transmits to a regulatory authority any material or copy of material known to the person to be false or misleading in a material particular; or
(c)
in purported compliance with an order made under section 87(1)(d), makes a statement to the Authority that is false or misleading in a material particular,
shall be guilty of an offence.
(2) A person that is guilty of an offence under subsection (1)(a) shall be liable on conviction —(a)
in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction; or
(b)
in any other case, to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
(3) A person that is guilty of an offence under subsection (1)(b) or (c) shall be liable on conviction —(a)
in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both; or
(b)
in any other case, to a fine not exceeding $100,000.
Immunities
89.—(1) No civil or criminal proceedings, other than proceedings for an offence under section 88, shall lie against any person for —(a)
providing to the Authority or transmitting any material or copy of material to the Authority or a regulatory authority of a foreign country, if that person had provided or transmitted that material or copy in good faith in compliance with an order made under section 87(1)(b) or (c);
(b)
making a statement to the Authority in good faith and in compliance with an order made under section 87(1)(d); or
(c)
doing or omitting to do any act, if that person had done or omitted to do the act in good faith and as a result of complying with an order made under section 87(1)(b), (c) or (d).
(2) A person that complies with an order made under section 87(1)(b), (c) or (d) is not to be treated as being in breach of any restriction upon the disclosure of information or thing imposed by any provision of or requirement under any prescribed written law, rule of law, contract or rule of professional conduct.
Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.
