Singapore legislation
Clause 321
Clause 321
Codes, guidelines, policy statements, practice notes and no-action letters by Authority
(1)
The Authority may issue, in such manner as it considers appropriate, such codes, guidelines, policy statements, practice notes and no-action letters as it considers appropriate for providing guidance —
for the furtherance of its regulatory objectives;
in relation to any matter relating to any of the functions of the Authority under any of the relevant provisions; or
in relation to the operation of any of the provisions of this Act.
(2)
The Authority may publish any such code, guideline, policy statement, practice note or no-action letter, and in such manner as it thinks fit.
(3)
The Authority may revoke, vary, revise or amend the whole or any part of any code, guideline, policy statement, practice note or no-action letter issued under this section in such manner as it thinks fit, and —
the other provisions of this section shall apply, with the necessary modifications, to such amendments to the code, guideline, policy statement, practice note or no-action letter as they apply to the code, guideline, policy statement, practice note or no-action letter; and
any reference in this Act or any other written law to the code, guideline, policy statement, practice note or no-action letter (however expressed) shall, unless the context otherwise requires, be a reference to the code, guideline, policy statement, practice note or no-action letter as so amended.
(4)
A failure on the part of any person to observe any of the provisions of a code, guideline, policy statement or practice note issued under this section that applies to him shall not of itself render that party liable to criminal proceedings but any such failure may, in any proceedings whether civil or criminal, be relied upon by any party to the proceedings as tending to establish or to negate any liability which is in question in the proceedings.
(5)
The issuance by the Authority of a no-action letter shall not of itself prevent the institution of any criminal proceedings against any person for a contravention of any provision of this Act.
(6)
Any code, guideline, policy statement or practice note issued under this section —
may be of general or specific application; and
may specify that different provisions thereof apply to different circumstances or provide for different cases or classes of cases.
(7)
For the avoidance of doubt, any code, guideline, policy statement, practice note or no-action letter issued under this section shall be deemed not to be subsidiary legislation.
(8)
In this section, a “no-action” letter means a letter written by the Authority to an applicant for such a letter to the effect that, if the facts are as represented by the applicant, the Authority does not intend to institute proceedings against the applicant over a particular state of affairs or particular conduct.