Singapore legislation

Section 80

of Financial Advisers Act 2001

Section 80

Inspection by Authority

Amended by1/20091/20091/2009

(1)

The Authority may from time to time inspect, under conditions of secrecy, the books of —

(a)

a licensed financial adviser;

(b)

an exempt financial adviser in respect of its business of providing any financial advisory service; or

(c)

a representative.

Amended by1/2009

(2)

For the purposes of an inspection under this section —

(a)

a person referred to in subsection (1), and any person who is in possession of the books, must produce such books to the Authority and give such information or facilities as may be required by the Authority;

(b)

a person referred to in subsection (1) must procure that any person who is in possession of its books produce the books to the Authority and give such information or facilities as may be required by the Authority; and

(c)

the Authority may —

(i)

make copies of, or take possession of, any of such books;

(ii)

use, or permit the use of, any of such books for the purposes of any proceedings under this Act; and

(iii)

retain possession of any of such books for so long as is necessary —

(A)

for the purposes of exercising a power conferred by this section (other than subsection (4));

(B)

for a decision to be made on whether or not proceedings should be commenced under this Act in relation to such books; or

(C)

for such proceedings to be commenced and carried on.

Amended by1/2009

(3)

No person is entitled, as against the Authority, to claim a lien on any of the books, but such a lien is not otherwise prejudiced.

(4)

While the books are in the possession of the Authority, the Authority —

(a)

must permit another person to inspect at all reasonable times such (if any) of the books as the other person would be entitled to inspect if they were not in the possession of the Authority; and

(b)

may permit another person to inspect any of the books.

Amended by1/2009

(5)

The Authority may require a person who produced any book to the Authority to explain, to the best of his or her knowledge and belief, any matter about the compilation of the book or to which the book relates.

(6)

Any person who fails, without reasonable excuse, to comply with subsection (2) or a requirement of the Authority under subsection (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.[70

Read in full context — Financial Advisers Act 2001 →