Singapore legislation
Clause 26
Clause 26
Offences, penalties and defences under this Part
(1)
Any person who contravenes section 12(1), 13(1), (2), (3) or (4), 14(1)(a) or (2)(a), 15(5)(a), (b) or (c)(i), 19(1), 20(1), (2), (3), (4) or (5) or 22(5)(a) or (b) shall be guilty of an offence and shall be liable on conviction —
in the case of an individual, to a fine not exceeding $125,000 and, in the case of a continuing offence (if applicable), to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; or
in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence (if applicable), to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.
(2)
Any person who contravenes section 14(1)(b) or (c) or (2)(b) or (c), 15(5)(c)(ii) or (iii), 17(6), 18(2) or (3), 21(1) or (2), 22(5)(c), 23(6) or 24(2) or (3), or who fails to comply with any condition imposed under section 15(2) or 22(2), shall be guilty of an offence and shall be liable on conviction —
in the case of an individual, 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 (if applicable), to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; or
in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence (if applicable), to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.
(3)
Where a person is charged with an offence in respect of a contravention of section 13, 14, 20 or 21, it shall be a defence for the person to prove that —
he was not aware that he had contravened section 13, 14, 20 or 21, as the case may be; and
within 14 days after becoming aware that he had contravened section 13, 14, 20 or 21, as the case may be, he notified the Minister or the Authority, as the case may be, of the contravention and, within such further time as determined by the Minister or the Authority, as the case may be, has taken such actions in relation to his shareholding or control of the voting power in the designated financial holding company as the Minister or the Authority, as the case may be, may direct.
(4)
Where a person is charged with an offence in respect of a contravention of section 14 or 21, it shall also be a defence for the person to prove that, even though he was aware of the contravention —
the contravention occurred as a result of an increase in the shareholding as described in section 11(3)(a) of, or in the voting power controlled by, any of his associates described in section 11(3)(c)(i);
he has no agreement or arrangement, whether oral or in writing and whether express or implied, with that associate with respect to the acquisition, holding or disposal of shares or other interests in, or under which they act together in exercising their voting power in relation to, the designated financial holding company; and
he has, within 14 days of the date of the contravention, notified the Minister or the Authority, as the case may be, of the contravention and, within such time as may be determined by the Minister or the Authority, as the case may be, taken such action in relation to his shareholding or control of the voting power in the designated financial holding company as the Minister or the Authority, as the case may be, may direct.
(5)
Except as provided in subsections (3) and (4), it shall not be a defence for a person charged with an offence in respect of a contravention of section 13, 14, 20 or 21 to prove that he did not intend to or did not knowingly contravene section 13, 14, 20 or 21, as the case may be.