Singapore legislation
Clause 44
Clause 44
Confidentiality of inspection and investigation reports
(1)
Where a written report or any part thereof (referred to in this section as the report) has been produced in respect of any designated financial holding company or any other company within its FHC group —
by the Authority upon an inspection under section 40 or an investigation under section 41; or
by the foreign supervisory authority upon an inspection under section 43,the report shall not be disclosed by the designated financial holding company or the company within the FHC group, as the case may be, or any officer or auditor of the designated financial holding company or the company within the FHC group, as the case may be, to any other person except in the circumstances provided under subsection (2).
(2)
Disclosure of the report referred to in subsection (1) may be made —
by the designated financial holding company or the company within the FHC group, as the case may be, to any officer or auditor approved under section 39 of that designated financial holding company or that company within the FHC group, as the case may be, solely in connection with the performance of the duties of the officer or auditor, as the case may be, in that designated financial holding company or that company within the FHC group, as the case may be;
by any officer or auditor approved under section 39 of the designated financial holding company or the company within the FHC group, as the case may be, to any other officer or auditor of that designated financial holding company or that company within the FHC group, as the case may be, solely in connection with the performance of their duties in that designated financial holding company or that company within the FHC group, as the case may be; or
to any other person as the Authority may approve in writing.
(3)
In granting written approval for any disclosure under subsection (2)(c), the Authority may impose such conditions as it considers appropriate.
(4)
The obligation on an officer or auditor referred to in subsection (1) shall continue after the termination or cessation of his employment or appointment at the designated financial holding company or that company within the FHC group, as the case may be.
(5)
Any person who contravenes subsection (1) or fails to comply with any condition imposed by the Authority under subsection (3) 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; or
in any other case, to a fine not exceeding $250,000.
(6)
Any person to whom the report is disclosed and who knows or has reasonable grounds for believing, at the time of the disclosure, that the report was disclosed to him in contravention of subsection (1) shall be guilty of an offence and shall be liable on conviction —
in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both; or
in any other case, to a fine not exceeding $100,000,unless the person proves that —
the disclosure was made contrary to that person’s desire;
where the disclosure was made in any written form, the person has as soon as practicable surrendered or taken all reasonable steps to surrender the report and all copies thereof to the Authority; and
where the disclosure was made in an electronic form, the person has as soon as practicable taken all reasonable steps to ensure that all electronic copies of the report have been deleted and that the report and all copies thereof in other forms have been surrendered to the Authority.