Singapore legislation
Section 30F
Section 30F
Offences, penalties and defences
(1)
Any person who contravenes section 30B or 30D(6) shall be guilty of an offence and shall be liable on conviction —
in the case of an individual, to a fine not exceeding $500,000 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 $50,000 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 $1 million and, in the case of a continuing offence, to a further fine not exceeding $100,000 for every day or part of a day during which the offence continues after conviction.
(2)
Where a person is charged with an offence in respect of a contravention of section 30B(3), it is a defence for the person to prove that —
the person was not aware that the person had contravened section 30B(3); and
the person has, within 14 days of becoming aware that the person had contravened section 30B(3), notified the Authority of the contravention and, within such time as may be determined by the Authority, taken such actions in relation to the person’s holding of equity interest or control of voting power in the licensee, the entity or the business trust as the Authority may direct.
(3)
Where a person is charged with an offence in respect of a contravention of section 30B(3), it is also a defence for the person to prove that, even though the person was aware of the contravention —
the contravention occurred as a result of an increase in the holding of equity interest or in the voting power controlled by any of the person’s associates;
the person has no agreement or arrangement, whether oral or in writing and whether express or implied, with that associate with respect to the acquisition, holding or disposal of equity interest in, or under which they act together in exercising their voting power in relation to, the licensee, the entity or the business trust; and
the person has, within 14 days of the date of the contravention, notified the Authority of the contravention and, within such time as may be determined by the Authority, taken such actions in relation to the person’s holding of equity interest or control of voting power in the licensee, the entity or the business trust as the Authority may direct.
(4)
Except as provided in subsections (2) and (3), it is not a defence for a person charged with an offence in respect of a contravention of section 30B(3) to prove that the person did not intend to or did not knowingly contravene section 30B(3).