Singapore legislation

Clause 35

Amendment of section 130P

Section 130P of the Companies Act is amended by inserting, immediately after paragraph (g), the following paragraph:“(ga)any requirement for fees charged by the Depository to be approved by a regulatory authority, and regulations made under this paragraph may provide —

(i)

that the regulatory authority may require the Depository to furnish it with such information or documents as the Authority considers necessary for such approval;

(ii)

that a contravention of any specified provision in the regulations shall be an offence; and

(iii)

for penalties not exceeding a fine of $150,000 for each offence and, in the case of a continuing offence, a further penalty not exceeding a fine of 10% of the maximum fine prescribed for that offence for every day or part thereof during which the offence continues after conviction;”.

Read in full context — Companies (Amendment) Bill →