Singapore legislation
Section 20
Section 20
Offences, penalties and defences
(1)
Any person who contravenes section 16(1), 18(3) or 19 or any condition imposed under section 17(2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
(2)
Where a person is charged with an offence in respect of a contravention of section 16(1), it is a defence for the person to prove that —
the person was not aware that the person had contravened that provision; and
the person has, within 14 days of becoming aware that the person had contravened that provision, notified the Authority of the contravention and, within the time determined by the Authority, taken such actions in relation to the person’s shareholding or control of the voting power in the licensed trust company as the Authority may direct.
(3)
Where a person is charged with an offence in respect of a contravention of section 16(1), it is also a defence for the person to prove that, even though the person was aware of the contravention —
the contravention occurred as a result of an increase in the shareholding as described in section 16(4)(a) or in the voting power controlled by any of the person’s associates described in section 16(4)(c)(i);
the person has no agreement or arrangement, whether oral or in writing and whether express or implied, with that associate with respect to the acquisition, holding or disposal of shares or other interests in, or under which they act together in exercising their voting power in relation to, the licensed trust company; and
the person has, within 14 days of the date of the contravention, notified the Authority of the contravention and, within such time as may be determined by the Authority, taken such action in relation to the person’s shareholding or control of the voting power in the licensed trust company as the Authority may direct.
(4)
Except as provided in subsections (2) and (3), it is not a defence for a person charged with an offence in respect of a contravention of section 16(1) to prove that the person did not intend to or did not knowingly contravene that provision.