Singapore legislation
Section 150B
Section 150B
Inspection by foreign regulatory authority
(1)
A foreign regulatory authority of a country or territory other than Singapore may conduct an inspection in Singapore of the books of —
the holder of a capital markets services licence;
a person exempted under section 99(1)(a), (b), (c), (d) or (h) from the requirement to hold a capital markets services licence;
an approved exchange;
a recognised market operator incorporated in Singapore;
a licensed trade repository;
an approved clearing house;
a recognised clearing house incorporated in Singapore;
an approved holding company incorporated in Singapore;
an approved trustee mentioned in section 289;
an authorised benchmark administrator;
an exempt benchmark administrator;
an authorised benchmark submitter;
an exempt benchmark submitter; or
a designated benchmark submitter,(called in this section and in section 150C a relevant person) with the prior written approval of the Authority and under conditions of secrecy.
(2)
In deciding whether to grant approval to a foreign regulatory authority under subsection (1), the Authority may have regard to the following considerations:
whether the inspection, and the information obtained in the course of the inspection, is required by the foreign regulatory authority for the sole purpose of enabling the foreign regulatory authority to carry out its regulatory functions;
whether the foreign regulatory authority has regulatory oversight in its jurisdiction over the relevant person;
whether the foreign regulatory authority is prohibited by the laws applicable to it from disclosing information obtained by it in the course of the inspection to any other person;
whether the foreign regulatory authority has provided or is willing to provide similar assistance to the Authority;
such other matters as the Authority may consider relevant.
(3)
The Authority may at any time, whether before, on or after giving written approval for an inspection under this section, impose conditions or restrictions on the foreign regulatory authority relating to —
the classes of information to which the foreign regulatory authority has or does not have access in the course of the inspection;
the conduct of the inspection;
the use or disclosure of any information obtained in the course of the inspection; and
such other matters as the Authority may determine.
(4)
The Authority may, in relation to an inspection by a foreign regulatory authority conducted or to be conducted under this section on the relevant person, at any time, by written notice to the relevant person impose any conditions or restrictions on the relevant person, and the relevant person must comply with such conditions or restrictions.
(4A)
To avoid doubt, this section, and section 150C in relation to an inspection under this section, do not apply to any inspection by a foreign regulatory authority of the books of any person, if —
the foreign regulatory authority is an AML/CFT authority as defined in section 152 of the Monetary Authority of Singapore Act 1970, and exercises consolidated supervision authority as defined in that section over that person; and
the inspection is solely for the purpose of such consolidated supervision.
(5)
For the purposes of this section and section 150C, a reference to a foreign regulatory authority is a reference to an authority of a country or territory other than Singapore, exercising any function that corresponds to a regulatory function of the Authority under the Monetary Authority of Singapore Act 1970.