Singapore legislation
Clause 138
Clause 138
Securities Industry Council
(1)
The advisory body known as the Securities Industry Council referred to in section 14 of the repealed Securities Industry Act (Cap. 289) shall continue in existence as if it had been established under this Act.
(2)
The function of the Securities Industry Council shall, in addition to the functions conferred upon it under this Part, be to advise the Minister on all matters relating to the securities industry.
(3)
The Securities Industry Council shall consist of such representatives of business, the Government and the Authority as the Minister may appoint and those representatives shall serve for such period or periods as the Minister may determine.
(4)
The Securities Industry Council shall have the power, in the exercise of its functions, to enquire into any matter or thing related to the securities industry and may, for this purpose, summon any person to give evidence on oath or affirmation or produce any document or material necessary for the purpose of the enquiry.
(5)
Nothing in subsection (4) shall compel the production by an advocate and solicitor of a document containing a privileged communication made by or to him in that capacity or authorise the taking of possession of any such document which is in his possession; but if the advocate and solicitor refuses to produce the document he shall nevertheless be obliged to give the name and address (if he knows them) of the person to whom or by or on behalf of whom the communication was made.
(6)
The Authority may consult the Securities Industry Council for the proper and effective implementation of this Act.
(7)
For the purposes of this Act, every member of the Securities Industry Council —
shall be deemed to be a public servant within the meaning of the Penal Code (Cap. 224); and
shall have, in case of any action or suit brought against him for any act done or omitted to be done in the execution of his duty under the provisions of this Act, the like protection and privileges as are by law given to a Judge in the execution of his office.
(8)
The Securities Industry Council shall in the exercise of its functions have regard to the interest of the public, the protection of investors and the safeguarding of sources of information.
(9)
Subject to the provisions of this Act, the Securities Industry Council may regulate its own procedure and shall not be bound by the rules of evidence.