Singapore legislation
Clause 7
of Accounting and Corporate Regulatory Authority (Amendment) Bill
Clause 7
New sections 30A and 30B
The principal Act is amended by inserting, immediately after section 30, the following sections:“Use of name, etc., of Authority30A.—
The Authority may conduct its operations under its full name or under the acronym ACRA.(2) A person other than the Authority shall not use the name of the Authority or the acronym ACRA, or a name or acronym which so resembles the name of the Authority or the acronym ACRA, as is likely to deceive or cause confusion —
in connection with a business, trade, profession or occupation;
as the name, or as part of the name, of any firm, body corporate or institution; or
in relation to —
services or products; or
the promotion, by any means, of the supply of services or products.(3) Any person who contravenes subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 6 months or to both and, in the case of a continuing offence, to a further fine not exceeding $250 for every day or part thereof during which the offence continues after conviction.False statements 30B. Any person who, in relation to any application under this Act —
makes any false statement which he knows to be false or does not believe to be true or which he makes recklessly; or
intentionally suppresses any material fact,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.”.