Singapore legislation

Clause 293

Authority may issue directions

(1)

The Authority may, where it appears to the Authority to be necessary or expedient in the public interest to do so, issue directions by notice in writing either of a general or specific nature to —

(a)

where a collective investment scheme is constituted as a corporation, the corporation;

(b)

the manager, trustee, or representative for a collective investment scheme; or

(c)

any class of such persons referred to in paragraph (a) or (b).

(2)

Any person to whom a notice is given under subsection (1) shall comply with such direction as may be contained in the notice.

(3)

For the avoidance of doubt, a direction issued under subsection (1) shall be deemed not to be subsidiary legislation.

(4)

Any person who contravenes any of the directions issued to him under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction.

Read in full context — Securities and Futures Bill →