Clause 34

Any person who, without reasonable excuse —

fails or neglects to comply with any notice or requirement of the Comptroller under section 64, 65, 65A or 65B; or

hinders or obstructs the Comptroller, or any officer authorised by the Comptroller, in the performance or execution of his duties or of anything which he is empowered or required to do under section 65B,shall be guilty of an offence.(2) Any person guilty of an offence under subsection (1) shall be liable on conviction —

to a fine not exceeding $1,000 and in default of payment to imprisonment for a term not exceeding 6 months; and

in the case of a continuing offence, to a further fine not exceeding $50 for every day or part thereof during which the offence continues after conviction.(3) The Comptroller may compound any offence under subsection (1).(4) The generality of the term “reasonable excuse” in subsection (1) is not affected by section 65B(2).(5) Except as provided under section 65B(2), it is not a defence to a charge under subsection (1) for a failure to disclose any information sought by a notice referred to in section 65B, that the person is under any duty of secrecy in respect of that information (referred to in this section as a displaced duty of secrecy).(6) A person who in good faith complies with a notice referred to in section 65B shall not be treated as being in breach of a displaced duty of secrecy.(7) No civil or criminal action for a breach of a displaced duty of secrecy, other than a criminal action for an offence under subsection (8), shall lie against the person referred to in subsection (6) —

for producing any document or providing any information if he had done so in good faith in compliance with the notice under section 65B; or

for doing or omitting to do any act if he had done or omitted to do the act in good faith and as a result of complying with such a notice.(8) Any person who, in purported compliance with a notice issued by the Comptroller under section 64, 65, 65A or 65B, produces to the Comptroller any document which contains any information, or provides to the Comptroller any information, known to the person to be false or misleading in a material particular —

without indicating to the Comptroller that the information is false or misleading and the part that is false or misleading; and

without providing correct information to the Comptroller if the person is in possession of, or can reasonably acquire, the correct information,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 2 years or to both.(9) A person shall not be convicted of an offence under this section for failing or neglecting to comply with a notice issued by the Comptroller under section 64, 65, 65A or 65B unless the notice was served on him personally or by registered post.Section 65B notice applies notwithstanding duty of secrecy under Banking Act or Trust Companies Act65D.—

This section applies where —

the Comptroller requires any information for the administration of this Act, other than for an investigation or a prosecution for an offence alleged or suspected to have been committed under this Act;

the information is protected from unauthorised disclosure under either of the following laws (referred to in this section as the relevant laws):

section 47 of the Banking Act (Cap. 19) including any regulations made under subsection (10) of that section;

section 49 of the Trust Companies Act (Cap. 336); and

the Comptroller issues a notice under section 65B to a person to provide that information.(2) Notwithstanding anything in section 65B(2)(a), a person issued with a notice referred to in subsection (1)(c) is not excused from providing the information by reason only that the person is under a statutory obligation to observe secrecy under a relevant law, and that notice shall have effect notwithstanding the relevant law.(3) A person who in good faith complies with a notice referred to in subsection (1)(c) shall not be treated as being in breach of the relevant law.(4) No action for a breach of the relevant law shall lie against the person referred to in subsection (3) —

for producing any document or providing any information if he had done so in good faith in compliance with a notice referred to in subsection (1)(c); or

for doing or omitting to do any act if he had done or omitted to do the act in good faith and as a result of complying with such a notice.Section 65B notice may be subject to confidentiality duty65E.—

Where the Comptroller issues a notice to any person under section 65B and states that the notice must be kept confidential, the person (including an officer, employee or agent of the person) shall not disclose any information relating to the notice to any other person.(2) Subsection (1) shall not apply to the disclosure of any information relating to the notice to an advocate and solicitor for the purpose of seeking legal advice on the notice, if (and only if) the person who discloses the information informs the advocate and solicitor of the Comptroller’s requirement that the notice be kept confidential.(3) The advocate and solicitor to whom information is disclosed in accordance with subsection (2) shall be subject to subsection (1) as if he is the person given the notice under subsection (1).(4) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and in default of payment to imprisonment for a term not exceeding 6 months.(5) The Comptroller may compound any offence under subsection (4).(6) A person who in good faith complies with subsection (1) shall not be treated as being in breach of any duty to disclose the information to any person, whether imposed by written law, rule of law, any contract or any rule of professional conduct; and no criminal or civil action for a breach of such duty shall lie against the first-mentioned person.”.