Singapore legislation

Clause 58

Power of Authority to issue written directions

(1)

The Authority may, if it thinks it necessary or expedient in the public interest, issue written directions, either of a general or specific nature, to any licensee, any person exempt under section 23 or 100, or any class of such persons, to comply with such requirements as the Authority may specify in the written directions, or for any other purpose.

(2)

Without prejudice to the generality of subsection (1), written directions may be issued —

(a)

with respect to —

(i)

the standards to be maintained by a licensee, an exempt financial adviser or a representative of an exempt financial adviser in the conduct of his business; or

(ii)

the type and frequency of financial returns and other information to be submitted to the Authority;

(b)

where any person is contravening, is likely to contravene or has contravened, any provision of this Act, to require the person —

(i)

to comply with that provision or to cease contravention of that provision;

(ii)

to take such action necessary to enable him to conduct his business in accordance with sound principles;

(iii)

where the person is a corporation, to remove any of its directors;

(iv)

to remove any person whom the Authority considers unfit to be associated with him;

(v)

to take action as to the disposition or recovery of assets;

(vi)

to take any available step for the recovery of sums which appear to the Authority to have been improperly paid; or

(vii)

to make good any default committed by him; or

(c)

for any other purpose specified in this Act.

(3)

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

(4)

The Authority may at any time vary, rescind or revoke any written direction issued under subsection (1).

(5)

Any person who contravenes any requirement specified in a written direction issued under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.

(6)

For the purposes of this section, “written direction” includes a circular or notice.

Read in full context — Financial Advisers Bill →