s 150B Inspection by foreign regulatory authority
150B.—(1) A foreign regulatory authority of a country or jurisdiction other than Singapore may conduct an inspection in Singapore of the books of —(a) the holder of a capital markets services licence; (b) a person exempted under section 99(1)(a), (b), (c), (d) or (h) from the requirement to hold a capital markets services licence; (c) an approved exchange; (d) a recognised market operator incorporated in Singapore; (e) a licensed trade repository; (f) an approved clearing house; (g) a recognised clearing house incorporated in Singapore; (h) an approved holding company incorporated in Singapore; (i) an approved trustee mentioned in section 289; (j) an authorised benchmark administrator; (k) an exempt benchmark administrator; (l) an authorised benchmark submitter; (m) an exempt benchmark submitter; or (n) a designated benchmark submitter, (called in this section and in section 150C a relevant person) with the prior written approval of the Authority and under conditions of secrecy. [2/2009; 4/2017] [Act 12 of 2024 wef 30/08/2024] (1A) A foreign regulatory authority may, with the prior written approval of the Authority, appoint any person to conduct the inspection under subsection (1) and in such event, this section (other than this subsection) applies to the person as if a reference to the foreign regulatory authority or any official of the foreign regulatory authority in this section includes a reference to the person.[Act 12 of 2024 wef 30/08/2024] (2) In deciding whether to grant approval to a foreign regulatory authority under subsection (1) or (1A), the Authority may have regard to the following considerations:(a) whether the inspection, and the information obtained in the course of the inspection, is required by the foreign regulatory authority for the sole purpose of enabling the foreign regulatory authority to carry out its regulatory functions; (b) whether the foreign regulatory authority has regulatory oversight in its jurisdiction over the relevant person; (c) whether the foreign regulatory authority is prohibited by the laws applicable to it from disclosing information obtained by it in the course of the inspection to any other person; (d) whether the foreign regulatory authority has provided or is willing to provide similar assistance to the Authority; (e) such other matters as the Authority may consider relevant.[2/2009; 4/2017] [Act 12 of 2024 wef 30/08/2024] (3) The Authority may at any time, whether before, on or after giving written approval for an inspection under this section, impose conditions or restrictions on the foreign regulatory authority relating to —(a) the classes of information to which the foreign regulatory authority has or does not have access in the course of the inspection; (b) the conduct of the inspection; (c) the use or disclosure of any information obtained in the course of the inspection; and (d) such other matters as the Authority may determine.[2/2009] (4) The Authority may, in relation to an inspection by a foreign regulatory authority conducted or to be conducted under this section on the relevant person, at any time, by written notice to the relevant person impose any conditions or restrictions on the relevant person, and the relevant person must comply with such conditions or restrictions.[4/2017] (4A) To avoid doubt, this section, and section 150C in relation to an inspection under this section, do not apply to any inspection by a foreign regulatory authority of the books of any person, if —(a) the foreign regulatory authority is an AML/CFT authority as defined in section 17 of the Financial Services and Markets Act 2022, and exercises consolidated supervision authority as defined in that section over that person; and[Act 18 of 2022 wef 28/04/2023] (b) the inspection is solely for the purpose of such consolidated supervision.[31/2017] (4B) Where —(a) the relevant person is a person exempted under section 99(1)(a) or (b); and (b) the foreign regulatory authority has already obtained the approval of the Authority under section 45 of the Banking Act 1970 or section 83 of the Financial Advisers Act 2001 to conduct an inspection under that provision of the relevant person, then the foreign regulatory authority is treated as having obtained the Authority’s written approval under subsection (1). [Act 12 of 2024 wef 30/08/2024] (5) For the purposes of this section and section 150C, a reference to a foreign regulatory authority is a reference to an authority of a country or jurisdiction other than Singapore, exercising any function that corresponds to a regulatory function of the Authority under the Monetary Authority of Singapore Act 1970 or any of the written laws set out in the Schedule to that Act.[2/2009] [Act 18 of 2022 wef 28/04/2023] [Act 12 of 2024 wef 30/08/2024]