Singapore legislation
Clause 18
Clause 18
Holding out as approved person
(1)
Where any person holds himself or itself out to be an approved person when the person is not an approved person, such person shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 12 months or to both.
(2)
Where the person referred to in subsection (1) is a body corporate and the offence is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of —
any director, manager, secretary or other similar officer of the body; or
any person who was purporting to act in any such capacity,he, as well as the body corporate, shall be guilty of the offence under subsection (1) and liable to be proceeded against and punished accordingly.
(3)
Where the person referred to in subsection (1) is a partnership, every partner, other than a partner who is proved to have been ignorant of or attempted to prevent the commission of the offence, shall be guilty of the offence under subsection (1) and liable to be proceeded against and punished accordingly.