Singapore legislation

Clause 57

of Financial Holding Companies Bill

Clause 57

Offences under this Part

(1)

Any person who —

(a)

without reasonable excuse, refuses or fails to comply with an order under section 56(1)(b), (c) or (d); or

(b)

in purported compliance with an order —

(i)

under section 56(1)(b) or (c), furnishes to the Authority, or transmits to the regulatory authority, any material or copy thereof that is false or misleading in a material particular; or

(ii)

under section 56(1)(d), makes a statement to the Authority that is false or misleading in a material particular, shall be guilty of an offence.

(2)

Any person guilty of an offence under subsection (1)(a) shall be liable on conviction —

(a)

in the case of an individual, to a fine not exceeding $50,000; or

(b)

in any other case, to a fine not exceeding $100,000.

(3)

Any person guilty of an offence under subsection (1)(b) shall be liable on conviction —

(a)

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

(b)

in any other case, to a fine not exceeding $250,000.

(4)

Notwithstanding subsection (3), an individual shall not be sentenced to imprisonment for an offence under subsection (1)(b) unless he committed the offence wilfully.

Read in full context — Financial Holding Companies Bill →