Singapore legislation
Section 150
Section 150
Inspection by Authority
(1)
The Authority may inspect under conditions of secrecy, the books of an approved exchange, a recognised market operator, a licensed trade repository, a licensed foreign trade repository, an approved clearing house, a recognised clearing house, an approved holding company, the holder of a capital markets services licence, an exempt person, an authorised benchmark administrator, an exempt benchmark administrator, an authorised benchmark submitter, an exempt benchmark submitter, a designated benchmark submitter, or a representative.
(2)
For the purpose of an inspection under this section —
a person referred to in subsection (1) or any person in possession of the books, must produce such books to the Authority and give such information and facilities as the Authority may require; and
a person referred to in subsection (1) must procure that any person who is in possession of such books produce the books to the Authority and give such information and facilities as the Authority may require.
(3)
The Authority may —
make copies of, or take possession of, any of the books;
use, or permit the use of, any of the books for the purposes of any proceedings under this Act; and
retain possession of any of the books for so long as is necessary —
for the purposes of exercising a power conferred by this section (other than subsection (5));
for a decision to be made about whether or not any proceedings under this Act to which the books concerned would be relevant should be instituted; or
for such proceedings to be instituted and carried on.
(4)
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.
(5)
While the books are in the possession of the Authority, the Authority —
must permit another person to inspect at all reasonable times such of the books (if any) as the other person would be entitled to inspect if they were not in the Authority’s possession; and
may permit another person to inspect any of the books.
(6)
The Authority may require a person who produced any of the books to the Authority to explain to the best of the person’s knowledge and belief any matter about the compilation of the books or to which the books relate.
(7)
Any person who, without reasonable excuse, fails to comply with subsection (2) or a requirement of the Authority under subsection (6) 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.
(8)
Sections 146 and 147 apply, with the necessary modifications, in relation to the production of any book or disclosure of any information to the Authority under this section.
(9)
Section 149 applies, with the necessary modifications, in relation to a copy of, or extract from, a book inspected under this section.