Singapore legislation

Clause 12

of Financial Advisers (Amendment) Bill

Clause 12

New Subdivision (2) of Division 3 of Part VI

The principal Act is amended by inserting, immediately after section 71A, the following Subdivision:“Subdivision (2) — Examination of personsProceedings at examination71B. The provisions of this Subdivision shall apply where, pursuant to a requirement made under section 71C for the purposes of an investigation under this Division, a person (referred to in this Subdivision as the examinee) appears before another person (referred to in this Subdivision as the investigator) for examination.Requirement to appear for examination71C.—

(1)

For the purpose of an investigation under this Division, the Authority may, in writing, require a person —

(a)

to give the Authority all reasonable assistance in connection with the investigation; and

(b)

to appear before an officer of the Authority duly authorised by the Authority for examination on oath and to answer questions.(2) A requirement in writing imposed under subsection (1) shall state the general nature of the matter investigated or to be investigated under this Division.Requirements made of examinee71D.—

(1)

The investigator may examine the examinee on oath or affirmation and may, for that purpose, administer an oath or affirmation to the examinee.(2) The oath or affirmation to be taken or made by the examinee for the purposes of the examination is an oath or affirmation that the statements that the examinee will make are true.(3) The investigator may require the examinee to answer a question that is put to the examinee at the examination and is relevant to a matter that the Authority is investigating, or is to investigate, under this Division.Examination to take place in private71E.—

(1)

The examination shall take place in private and the investigator may give directions as to who may be present during the examination or part thereof.(2) A person shall not be present at the examination unless he is —

(a)

the investigator or the examinee;

(b)

a person approved by the Authority; or

(c)

entitled to be present by virtue of a direction under subsection (1).Record of examination71F.—

(1)

The investigator may, and shall if the examinee so requests, cause a record to be made of statements made at the examination.(2) If a record made under subsection (1) is in writing or is reduced to writing —

(a)

the investigator may require the examinee to read the record, or have it read to the examinee, and may require the examinee to sign it; and

(b)

the investigator shall, if requested in writing by the examinee to give to the examinee a copy of the written record, comply with the request without charge but subject to such conditions as the investigator may impose.Giving copies of record to other persons71G.—

(1)

The Authority may give a copy of a written record of the examination, or such a copy together with a copy of any related book, to an advocate and solicitor acting on behalf of a person who is carrying on, or is contemplating in good faith, a legal proceeding in respect of a matter to which the examination relates.(2) If the Authority gives a copy to a person under subsection (1), the person, or any person who has possession, custody or control of the copy or a copy of it, shall not, except in connection with preparing, beginning or carrying on, or in the course of, any legal proceedings —

(a)

use the copy or a copy of it; or

(b)

publish, or communicate to a person, the copy, a copy of it, or any part of the contents of the copy.(3) The Authority may, subject to such conditions or restrictions as it may impose, give to a person a copy of a written record of the examination, or the copy together with a copy of any related book.Copies given subject to conditions or restrictions71H. If a copy of a written record or a book is given to a person under section 71F(2) or 71G(3) subject to conditions or restrictions imposed by the investigator or the Authority (as the case may be), the person, and any other person who has possession, custody or control of the copy or a copy of it, shall comply with the conditions or restrictions.Offences under this Subdivision71I.—

(1)

A person who, without reasonable excuse, refuses or fails to comply with a requirement under section 71C or 71D(3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.(2) A person who, without reasonable excuse —

(a)

refuses or fails to take an oath or make an affirmation when required to do so by an investigator examining him under this Subdivision;

(b)

refuses or fails to comply with a requirement of an investigator under section 71F(2)(a); or

(c)

refuses or fails to comply with section 71G(2) or 71H,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 12 months or to both.(3) A person who, in purported compliance with the provisions of this Subdivision, or in the course of examination of the person, furnishes information or makes a statement that is false or misleading in a material particular shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.(4) It shall be a defence to a prosecution for an offence under subsection (3) if the defendant proves that he believed on reasonable grounds that the information or statement was true and was not misleading.(5) A person who, without reasonable excuse, obstructs or hinders the Authority or another person in the exercise of any power under this Subdivision shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.”.