Singapore legislation
Section 129K
Section 129K
Power of Authority to obtain information
(1)
The Authority may require any person to provide the Authority with such information or documents as the Authority considers necessary for determining —
whether any derivatives contract or class of derivatives contracts should be prescribed for the purposes of the definition of “specified derivatives contract” in section 129I;
whether the person or any other person or class of persons should be prescribed for the purposes of paragraph (f) of the definition of “specified person” in section 129I; or
whether the purpose or effect of any contract, arrangement, transaction or class of contracts, arrangements or transactions is to avoid, directly or indirectly, any requirement that is, or that would otherwise have been, imposed under section 129J(1).
(2)
Subject to subsections (4) and (5), a person must comply with every requirement imposed on the person under subsection (1).
(3)
Any person who contravenes subsection (2) 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 not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.
(4)
A person who complies with a requirement imposed under subsection (1) is not to be treated as being in breach of any restriction upon the disclosure of information imposed by written law, any rule of law, any contract or otherwise.
(5)
Nothing in this section compels an advocate and solicitor, or a legal counsel referred to in section 128A of the Evidence Act 1893, to provide any information on, or any document containing, any privileged communication made by or to him or her in that capacity.
(6)
Where a person claims, before furnishing the Authority with any information or documents that the person is required to provide under subsection (1)(c), that the information or documents might tend to incriminate the person, the information or documents —
are not admissible in evidence against the person in criminal proceedings other than proceedings under subsection (3); but(b)are admissible in evidence for civil proceedings under Part 12.