Clause 60

The Authority may, if it appears to the Authority to be necessary or expedient in the public interest, or in the interest of a FHC group or the financial system in Singapore, by notice in writing to a designated financial holding company or a class of designated financial holding companies give directions or impose requirements on or relating to the operations or activities of, or the standards to be maintained by, the designated financial holding company or designated financial holding companies.

A designated financial holding company shall comply with any direction given to the designated financial holding company or any requirement imposed on the designated financial holding company by any notice issued under this Act.

Any designated financial holding company which fails to comply with subsection (2) 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.

It shall not be necessary to publish any notice issued under this Act in the Gazette.