Singapore legislation

Clause 150

Inspection by Authority

(1)

The Authority may inspect under conditions of secrecy, the books of an exchange holding company, a securities exchange, a futures exchange, a recognised trading system provider, a person operating an exempt market, a person granted an exemption under section 5(3) or 6(3), a clearing house, a person operating an exempt clearing facility, the holder of a capital markets services licence, an exempt person or a representative.

(2)

For the purpose of an inspection under this section —

(a)

a person referred to in subsection (1) or any person in possession of the books, shall produce the books and shall give such information and facilities as may be required by the Authority; and

(b)

a person referred to in subsection (1) shall procure that any other person who is in possession of such books produce such books and give such information and facilities as may be required by the Authority.

(3)

The Authority may —

(a)

make copies of, or take possession of, any of the books;

(b)

use, or permit the use of, any of the books for the purposes of any proceedings under this Act; and

(c)

retain possession of any of the books for so long as is necessary —

(i)

for the purposes of exercising a power conferred by this section (other than subsection (5));

(ii)

for a decision to be made about whether or not any proceedings under this Act to which the books concerned would be relevant should be instituted; or

(iii)

for such proceedings to be instituted and carried on.

(4)

No one is entitled as against the Authority to claim a lien on any of the books, but such a lien is not otherwise prejudiced.

(5)

While the books are in the possession of the Authority, the Authority —

(a)

shall permit another person to inspect at all reasonable times such of the books (if any) as the other person would be entitled to inspect if they were not in the Authority’s possession; and

(b)

may permit another person to inspect any of the books.

(6)

The Authority may require a person who produced any of the books to the Authority to explain to the best of his knowledge and belief any matter about the compilation of the books or to which the books relate.

(7)

Any person who fails, without reasonable excuse, to produce any book or give any information or facilities in accordance with subsection (2) or to comply with a requirement of the Authority under subsection (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.

(8)

Sections 146 and 147 shall, with the necessary modifications, apply in relation to the production of any book or disclosure of any information to the Authority under this section.

(9)

Section 149 shall, with the necessary modifications, apply in relation to a copy or extract from a book inspected under this section.

Read in full context — Securities and Futures Bill →