Singapore legislation

Clause 18

of Financial Advisers (Amendment) Bill

Clause 18

Repeal and re-enactment of section 89

Section 89 of the principal Act is repealed and the following section substituted therefor:“Composition of offences89.—

(1)

The Authority may, in its discretion, compound any offence under this Act which is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the amount of the maximum fine prescribed for that offence.(2) The Authority may, in its discretion, compound any offence under this Act (including an offence under a provision that has been repealed) which —

(a)

was compoundable under this section at the time the offence was committed; but(b)has ceased to be so compoundable,by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the amount of the maximum fine prescribed for that offence at the time it was committed.(3) All sums collected by the Authority under subsection (1) or (2) shall be paid into the Consolidated Fund.”.

Clause 18 — Financial Advisers (Amendment) Bill | laws.sg