Singapore legislation

Clause 38

Power of Authority to secure compliance with any provision in this Part

(1)

Any designated financial holding company, if at any time called upon in writing by the Authority to do so, shall satisfy the Authority by the production of such evidence or information as it may require, that the designated financial holding company is not in contravention of any of the provisions in this Part.

(2)

Without prejudice to sections 34 to 37, the Authority may, for the purposes of securing compliance with those sections on a consolidated basis, from time to time by notice in writing, require any designated financial holding company to aggregate, in such manner as may be specified in the notice, its accounts, with all the accounts of all or any of —

(a)

the designated financial holding company’s related corporations; and

(b)

companies in which the designated financial holding company acquires or holds, directly or indirectly, a major stake as defined in section 31(10).

(3)

The designated financial holding company shall comply with the requirement referred to in subsection (2) within such time as is specified in the notice.

(4)

Any designated financial holding company which fails to comply with subsection (1) or (3) shall be guilty of an offence and shall be liable on conviction 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)

In this section, “accounts” means any item on the profit and loss accounts and balance-sheet.

Read in full context — Financial Holding Companies Bill →