Singapore legislation
Section 101
Section 101
Power of Authority to issue written directions
(1)
The Authority may, if it thinks it necessary or expedient in the interests of the public or a section of the public or for the protection of investors, issue written directions, either of a general or specific nature, to any holder of a capital markets services licence, exempt person, representative, or class of such persons, to comply with such requirements as the Authority may specify in the written directions.
(2)
Without limiting subsection (1), any written direction may be issued with respect to —
the standards to be maintained by the person concerned in the conduct of and in respect of the risk management of the person’s business;
the type and frequency of submission of financial returns and other information to be submitted to the Authority; and
the qualifications, experience and training of representatives,and the person to whom such direction is issued must comply with the direction.
(3)
Any person who contravenes any of the directions issued under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine of $5,000 for every day or part of a day during which the offence continues after conviction.
(4)
It is not necessary to publish any direction issued under subsection (1) in the Gazette.