Singapore legislation
Section 10
Section 10
Disclosure to Authority
(1)
The Authority may, where it considers it necessary for the protection of investors, require a dealer or an exempt dealer to disclose to it, in relation to any acquisition or disposal of securities, the name of the person from or through whom or on whose behalf the securities were acquired or to or through whom or on whose behalf the securities were disposed of and the nature of the instructions given to the dealer in respect of the acquisition or disposal.
(2)
Subject to section 42 of the Banking Act [Cap. 19], the Authority may require a person who has acquired, held or disposed of securities to disclose to it whether he acquired, held or disposed of those securities, as the case may be, as trustee for, or on behalf of, another person and, whether as a nominee or not and, if he acquired, held or disposed of those securities as trustee for, or on behalf of, another person, and whether as a nominee or not, to disclose the name of that other person and the nature of any instructions given to the first-mentioned person in respect of the acquisition, holding or disposal.
(3)
The Authority may require a securities exchange to disclose to it, in relation to an acquisition or disposal of securities on the stock market of that securities exchange, the names of the members of that securities exchange who acted in the acquisition or disposal.
(4)
Where the Authority considers —
that it may be necessary to prohibit trading in securities of, or made available by, a body corporate pursuant to section 22;
that a person may have contravened the provisions of Part IX in relation to securities of, or made available by, a body corporate; or
that a person may have contravened a provision of Division 4 of Part IV of the Companies Act [Cap. 50] in relation to securities in a body corporate, the Authority —
may require a director, secretary or executive officer of the body corporate referred to in paragraph (a), (b) or (c) to disclose to the Authority any information of which he is aware, being information that might have affected any dealing that has taken place, or that might affect any dealing that may take place, in securities of, or made available by, the body corporate of which he is the director, secretary or executive officer, as the case may be; and
may require a person whom the Authority believes on reasonable grounds to be capable of giving information concerning —
any dealing in relevant securities;
any advice given by a dealer, an investment adviser, a dealer’s representative or an investment representative concerning relevant securities;
the issuing or publication of a report or analysis by a dealer, an investment adviser, a dealer’s representative or an investment representative concerning relevant securities;
the financial position of any business carried on by a person who is or has been (either alone or together with another person or other persons) a dealer or an investment adviser and has dealt in, or given advice concerning, as the case may be, relevant securities;
the financial position of any business carried on by a nominee controlled by a person referred to in sub-paragraph (C) or jointly controlled by two or more persons at least one of whom is a person referred to in that sub-paragraph; or
an audit of, or any report of an auditor concerning, any accounts or records of a dealer or of an investment adviser, being accounts or records relating to dealings in relevant securities,to disclose to the Authority the information that the person has in relation to the matters concerning which the Authority believes that the person is capable of giving information.
(5)
For the purposes of subsection (4), “relevant securities” means — in a case to which paragraph (a), (b) or (c) of that subsection applies — securities of, or made available by, the body corporate referred to in that paragraph.
(6)
A person is not excused from disclosing information to the Authority pursuant to a requirement made of him under subsection (4) on the ground that the disclosure of the information might tend to incriminate him.
(7)
Where a person claims, before making an oral statement disclosing information that he is required to disclose by a requirement made of him under subsection (4), that the statement might tend to incriminate him, evidence of that statement is not admissible in evidence against him in criminal proceedings other than proceedings under this section.
(8)
A person who or securities exchange which, without reasonable excuse, refuses or fails to comply with a requirement of the Authority under subsection (1), (2), (3) or (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.
(9)
A person who, in purported compliance with a requirement of the Authority under subsection (1), (2), (3) or (4), discloses information, or makes a statement, that is false or misleading in a material particular shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.
(10)
It is a defence to a prosecution for an offence under subsection (9) if the defendant proves that he believed on reasonable grounds that the information or statement was true and was not misleading.
(11)
In this section a reference to disclosing information includes, in relation to information that is contained in a document, a reference to furnishing the document.
(12)
A person shall not be subject to any liability by reason that the person complies with a requirement made or purporting to have been made under this section.