Singapore legislation
Clause 6
Clause 6
Prohibition on holding out as designated financial holding company
(1)
No person shall hold itself out as a designated financial holding company if it is not designated by the Authority under section 4.
(2)
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.