Singapore legislation
Section 64
of Deposit Insurance and Policy Owners’ Protection Schemes Act 2011
Section 64
Regulations on disclosure and operational preparedness
(1)
The Authority may, for the purposes of ensuring disclosure of relevant information by the DI Scheme members and PPF Scheme members to the Agency, depositors, covered parties, customers or potential customers of the DI Scheme members and PPF Scheme members, make regulations for or in respect of all or any of the following matters:
the disclosure by DI Scheme members and PPF Scheme members as to whether their products are insured deposits or insured policies, as the case may be;
the manner of disclosure of relevant information by DI Scheme members and PPF Scheme members when they cease to be Scheme members.
(2)
The Authority may, for the purposes of ensuring the operational preparedness of the DI Scheme members and PPF Scheme members in the event of an occurrence of any event precipitating the use of the DI Fund, PPF Life Fund or PPF General Fund (as the case may be) make regulations for or in respect of all or any of the following matters:
the necessary systems and processes that DI Scheme members or PPF Scheme members must have in place;
the appointment of one or more independent persons to assess the operational preparedness of DI Scheme members or PPF Scheme members;
the employment of requisite personnel and qualified persons by DI Scheme members or PPF Scheme members in respect of the proper functioning of their systems and processes.
(3)
The regulations made under subsection (1) may provide that any contravention of any provision of the regulations shall be an offence punishable with a fine not exceeding $125,000 or with imprisonment for a term not exceeding 3 years or with both and, in the case of a continuing offence, with a further fine of $12,500 for every day or part of a day during which the offence continues after conviction.
(4)
The regulations made under subsection (2) may provide that any contravention of any provision of the regulations shall be an offence punishable with a fine not exceeding $125,000 and, in the case of a continuing offence, with a further fine of $12,500 for every day or part of a day during which the offence continues after conviction.
(5)
Any DI Scheme member or PPF Scheme member which in purported compliance with the regulations made under this section, without reasonable care, discloses any information that is inaccurate, false or misleading, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000.