Clause 39

The Authority may, from time to time —

issue such directions to a financial institution or class of financial institutions; and

make such regulations concerning any financial institution or class of financial institutions or relating to the activities of any financial institution or class of financial institutions,as the Authority considers necessary in order to discharge or facilitate the discharge of any obligation binding on Singapore by virtue of a decision of the Security Council of the United Nations. (2) A financial institution to which a direction is issued under subsection (1)(a) or which is bound by any regulations made under subsection (1)(b) shall comply with the direction or regulations notwithstanding any other duty imposed on the financial institution by any rule of law, written law or contract.(3) A financial institution shall not in carrying out any act in compliance with any direction or regulations made under subsection (1) be treated as being in breach of any such rule of law, written law or contract.(4) A financial institution shall not disclose any direction issued under subsection (1)(a) if the Authority notifies the financial institution that the Authority is of the opinion that the disclosure of the direction is against the public interest. (5) A financial institution which —

fails or refuses to comply with a direction issued to it;

contravenes any regulations made under subsection (1)(b); or (c)discloses a direction issued to it in contravention of subsection (4),shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000. (6) In this section, “financial institution” means —

any bank licensed under the Banking Act (Cap. 19);

any finance company licensed under the Finance Companies Act (Cap. 108);

any merchant bank that is approved as a financial institution under section 28;

any money-changer licensed to conduct money-changing business, or any remitter licensed to conduct remittance business, under the Money-changing and Remittance Businesses Act (Cap. 187);

any insurer registered or regulated under the Insurance Act (Cap. 142);

any insurance intermediary licensed under the Insurance Intermediaries Act (Cap. 142A);

any dealer or investment adviser licensed under the Securities Industry Act (Cap. 289);

any futures broker, futures trading adviser or futures pool operator licensed under the Futures Trading Act (Cap. 116); and

any other person licensed, approved or regulated by the Authority under any written law.(7) For the purpose of subsection (6), a reference to a person being licensed, approved, registered or regulated under any of the laws referred to in that subsection includes a person who is exempted under the relevant law from being licensed, approved, registered or regulated.”.