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← Financial Services and Markets Act 2022

Financial Services and Markets Act 2022 s 171

s 171 Confidentiality of inspection reports

171.—(1) Except as provided in subsection (2), where a written report has been produced in respect of a relevant person by the Authority following an inspection under section 169(1), the report must not be disclosed to any other person by —(a) the relevant person; or (b) any officer or auditor of the relevant person. (2) Disclosure of the report may be made —(a) by the relevant person to any officer or auditor of that relevant person solely in connection with the performance of the duties of the officer or auditor (as the case may be) in that relevant person; (b) by any officer or auditor of the relevant person to any other officer or auditor of that relevant person, solely in connection with the performance of their respective duties in that relevant person; or (c) to such other person as the Authority may approve in writing. (3) In granting approval for any disclosure under subsection (2)(c), the Authority may impose such conditions or restrictions as the Authority thinks fit on the relevant person, any officer or auditor of that relevant person or the person to whom disclosure is approved, and that relevant person, officer, auditor or person (as the case may be) must comply with those conditions or restrictions. (4) The obligations of an officer or auditor under subsections (1) and (3) continue after the termination or cessation of the employment or appointment of the officer or auditor by the relevant person. (5) A person who contravenes subsection (1), or fails to comply with any condition or restriction imposed by the Authority under subsection (3), shall be guilty of an offence and shall be liable on conviction —(a) in any case where the person is an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both; or (b) in any other case, to a fine not exceeding $250,000. (6) Any person to whom the report is disclosed and who knows or has reasonable grounds for believing, at the time of the disclosure, that the report was disclosed to the person in contravention of subsection (1) shall be guilty of an offence and shall be liable on conviction —(a) in any case where the person is an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both; or (b) in any other case, to a fine not exceeding $250,000. (7) Where a person is charged with an offence under subsection (6), it is a defence for the person to prove that —(a) the disclosure was made contrary to the person’s desire; (b) where the disclosure was made in any written or printed form — the person had as soon as practicable after receiving the report surrendered, or taken all reasonable steps to surrender, the report and all copies of the report to the Authority; and (c) where the disclosure was made in an electronic form — the person had, as soon as practicable after receiving the report, taken all reasonable steps to ensure the deletion of all electronic copies of the report and the surrender of the report and all copies of the report in other forms to the Authority.

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Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Read the official text ↗

Source: Singapore Statutes Online (Attorney-General's Chambers), © Government of Singapore.

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