Singapore legislation

Clause 67

of Deposit Insurance and Policy Owners’ Protection Schemes Bill

Clause 67

False statements regarding membership, insured deposits and insured policies

(1)

No person shall, knowingly or recklessly, make a false or misleading statement as to whether or not —

(a)

any person is a DI Scheme member;

(b)

any person is a PPF Scheme member;

(c)

any deposit or product is an insured deposit; or

(d)

any policy is an insured policy.

(2)

Any person who contravenes subsection (1) shall, notwithstanding that a contract does not come into being, be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction.

Read in full context — Deposit Insurance and Policy Owners’ Protection Schemes Bill →