Singapore legislation
Clause 27
Clause 27
Power of Authority to obtain information
(1)
The Authority may, by notice in writing, direct any designated financial holding company to obtain from any of its shareholders and to transmit to the Authority any information relating to its shareholders which the Minister or the Authority may require for the purposes of ascertaining or investigating into the control of shareholding or voting power in the designated financial holding company, or exercising any power or function under sections 13 to 18 and sections 20 to 25, including information —
as to whether that shareholder holds any share in the designated financial holding company as beneficial owner or as trustee; and
if he holds the share as trustee, to indicate as far as he can, the person for whom he holds the share (either by name or by other particulars sufficient to enable that person to be identified) and the nature of his interest,and the designated financial holding company shall comply with that direction within such time as may be specified in the notice.
(2)
The Authority may, by notice in writing, require any shareholder of a designated financial holding company, or any person who appears from information provided to the Authority under subsection (1) or this subsection to have an interest in any share in a designated financial holding company, to provide to the Authority any information relating to the shareholder or the person, as the case may be, which the Minister or the Authority may require for the purposes of ascertaining or investigating into the control of shareholding or voting power in the designated financial holding company, or exercising any power or function under sections 13 to 18 and sections 20 to 25, including —
whether he holds that interest as beneficial owner or as trustee, and if he holds the interest as trustee, to indicate as far as he can, the person for whom he holds the interest (either by name or by other particulars sufficient to enable that person to be identified) and the nature of his interest; or
whether any share or any voting right attached to the share is the subject of an agreement or arrangement described in section 11(3)(c)(ix), 13(3) or (4) or 20(3), (4) or (5) and if so, to give particulars of the agreement or arrangement and the parties to it,and the shareholder or the person shall comply with that notice within such time as may be specified therein.
(3)
Any person who —
fails to comply with a notice under this section; or
in purported compliance with the notice, knowingly or recklessly furnishes any information or document that is false or misleading in a material particular,shall be guilty of an offence.
(4)
Any person convicted of an offence under subsection (3) 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, 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, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.
(5)
Where a person claims, before furnishing the Authority with any information or document that he is required to furnish under subsection (2), that the information or documents might tend to incriminate him, the information or documents shall not be admissible in evidence against him in criminal proceedings other than proceedings under this Part.