Singapore legislation
Section 18
Section 18
Power of Authority to obtain information
(1)
The Authority may, by written notice, direct any designated financial institution to obtain from any of its shareholders and to transmit to the Authority any information relating to its shareholders which the Minister or the Authority may require for the purpose of ascertaining or investigating into the control of shareholding or voting power in the designated financial institution, or exercising any power or function under sections 15A to 17, including information —
as to whether that shareholder holds any share in the designated financial institution as beneficial owner or as trustee; and
if that shareholder holds the share as trustee, to indicate as far as that shareholder can, the person for whom that shareholder holds the share (either by name or by other particulars sufficient to enable that person to be identified) and the nature of that person’s interest,and the designated financial institution must comply with that direction within such time as may be specified in the notice.
(2)
The Authority may, by written notice, require any shareholder of a designated financial institution, 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 a designated financial institution, to provide to the Authority any information relating to the shareholder or the person (as the case may be) which the Minister or the Authority may require for the purpose of ascertaining or investigating into the control of shareholding or voting power in the designated financial institution, or exercising any power or function under sections 15A to 17, including —
whether the shareholder or the person holds that interest as beneficial owner or as trustee, and if the shareholder or the person holds the interest as trustee, to indicate as far as the shareholder or the person can, the person (A) for whom the shareholder or the person holds the interest (either by name or by other particulars sufficient to enable A to be identified) and the nature of A’s interest; or
whether any share or any voting right attached to the share is the subject of an agreement or arrangement described in section 15A(3) or (4) or 15B(4)(c)(ix), and if so, to give particulars of the agreement or arrangement and the parties to it,and the shareholder or the person must comply with that notice within such time as may be specified therein.
(3)
Any person who —
fails to comply with a notice under this section; or
in purported compliance of the notice, knowingly or recklessly provides any information or document that is false or misleading in a material particular,shall be guilty of an offence.
(4)
Any person convicted of an offence under this section shall be liable on conviction —
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
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.
(5)
Where a person claims, before providing any information to a designated financial institution under subsection (1) or to the Authority under subsection (2), that the information might tend to incriminate the person, the information is not admissible in evidence against the person in criminal proceedings, other than proceedings for an offence under section 17 or this section.