s 55Z Power of Authority to obtain information
55Z.—(1) The Authority may, by written notice, direct any merchant bank in Singapore —(a) to obtain from any of its shareholders any information relating to that shareholder which the Authority may require to ascertain or investigate into the control of shareholding or voting power in the merchant bank; and (b) to provide the information to the Authority within the time specified in the written notice.[1/2020] (2) The information mentioned in subsection (1) includes information —(a) as to whether the shareholder holds any share in the merchant bank as beneficial owner or as trustee; and (b) if the shareholder holds the share as trustee, to indicate as far as the shareholder is able to, the person for whom the shareholder holds the share (either by name or by other particulars sufficient to identify the person) and the nature of the person’s interest.[1/2020] (3) The Authority may, by written notice, require any shareholder of a merchant bank in Singapore, or any person who appears from information provided to the Authority under subsection (1) or this subsection to have an interest in any share in the merchant bank (called in this subsection and subsection (4) an interested person), to provide to the Authority the information specified in subsection (4) within any time that may be specified in the written notice.[1/2020] (4) The information mentioned in subsection (3) is information that the Authority may require to ascertain or investigate into the control of shareholding or voting power in the merchant bank, including —(a) whether the interested person holds that interest as beneficial owner or as trustee; and (b) if the interested person holds the interest as trustee, to indicate as far as the interested person is able to, the person for whom the interested person holds the interest (either by name or by other particulars sufficient to identify the person) and the nature of that person’s interest.[1/2020] (5) A person commits an offence if the person —(a) fails to comply with a notice under this section; or (b) in purported compliance with the notice, knowingly or recklessly provides any information or document that is false or misleading in a material particular.[1/2020] (6) Any person that commits an offence under this section shall be liable on conviction —(a) in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 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 $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.[1/2020] (7) If a person claims, before providing any information to a merchant bank in Singapore under subsection (1) or to the Authority under subsection (3), that the information may tend to incriminate the person, the information is not admissible in evidence against the person in criminal proceedings, except for proceedings for an offence under this section.[1/2020]