Singapore legislation

Section 236

of Securities and Futures Act 2001

Section 236

Civil liability in event of conviction, etc.

Amended by2/200934/201234/201234/201215/2010

(1)

Despite section 234, where the contravening person —

(a)

has been convicted of an offence under this Part; or

(b)

has an order for the payment of a civil penalty made against the contravening person under section 232, other than by way of a default judgment or a consent order made with or without admission of contravention under section 232(4),in respect of the contravention of any of the provisions in this Part, the court which convicted the contravening person or made the order against the contravening person (called in this section the relevant court) may, after the conviction or the order imposing the civil penalty has been made final, fix a date on or before which all claimants have to file and prove their claims for compensation in respect of that contravention.

Amended by2/200934/2012

(2)

For the purposes of subsection (1), the relevant court must not fix a date that is earlier than 3 months from the date the conviction or the order imposing the civil penalty (as the case may be) has been made final.

(3)

Subject to subsection (3A), the relevant court may, after the expiry of the date fixed under subsection (1), make an order against the contravening person to pay compensation to each claimant who has filed and proven that claimant’s claim for compensation.

Amended by34/2012

(3A)

Where the amount of compensation that a claimant would have been entitled if the claimant had brought an action under section 234 is specified under section 234(2) or (2A)(a)(i), the compensation amount ordered by the relevant court for that claimant is equal to the lesser of the following amounts:

(a)

the amount of compensation which that claimant has proven to the satisfaction of the court that the claimant would have been entitled to if the claimant had brought an action under section 234 against the contravening person;

(b)

the pro‑rated portion of the maximum recoverable amount, calculated according to the relationship which the amount referred to in paragraph (a) bears to the total amount of all other claims (each being a claim the claimant of which is one who, if the claimant had brought an action under section 234, would have been entitled to the amount of compensation specified under section 234(2) or (2A)(a)(i)) which have been proved to the court.

Amended by34/2012

(4)

For the purposes of this section, a conviction is made final if —

(a)

the conviction is upheld on appeal, revision or otherwise;

(b)

the conviction is not subject to further appeal;

(c)

no notice of appeal against the conviction is lodged within the time prescribed by sections 377 and 378 of the Criminal Procedure Code 2010; or

(d)

any appeal against the conviction is withdrawn.

Amended by15/2010

(5)

For the purposes of this section, an order imposing a civil penalty is made final if —

(a)

the order is not set aside on appeal or revision or is varied only as to the amount of the civil penalty to be imposed;

(b)

the order is not subject to further appeal;

(c)

no notice of appeal against the imposition of the penalty is lodged within the time prescribed by Rules of Court made under section 238; or

(d)

any appeal against the imposition of the penalty is withdrawn.

Section 236 — Securities and Futures Act 2001 | laws.sg