Clause 10

A person must not establish or operate a representative office in Singapore that is not registered with the Authority.(2) Any person who desires to establish or operate a representative office must —

apply in writing to the Authority for registration of the office;

furnish such information or documents as the Authority may require; and

pay the Authority in the manner specified by the Authority, a non-refundable fee of such amount as the Authority may, by notification in the Gazette, prescribe.(3) On receiving an application under subsection (2), the Authority is to consider the application, and may register the representative office, with or without conditions, or refuse to register the representative office.(4) The Authority may at any time vary or revoke any existing condition of registration, or impose conditions or additional conditions of registration.(5) A registered person must furnish such information or documents in relation to its representative office as the Authority may require from time to time, within such time as the Authority may specify.(6) The Authority may cancel the registration of a representative office if the registered person contravenes —

any condition of registration imposed by the Authority; or

any provision of this Act.(7) Any person who contravenes subsection (1) or (5), fails to comply with any condition of registration imposed by the Authority under subsection (3) or (4), or operates a representative office which has had its registration cancelled by the Authority under subsection (6), 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 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction; or

in any other case, 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 of a day during which the offence continues after conviction.(8) Any person who furnishes any document or information under subsection (2)(b) or (5), knowing or reckless that the document or information is false or misleading in a material particular, 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.(9) Where —

before the date of commencement of section 10 of the Banking (Amendment) Act 2016, a person notifies the Authority in writing of the person’s intention to establish a representative office in Singapore; and

either —

before that date; or

if before that date the Authority, on the person’s request, set a later date for the person to establish and commence operating the representative office in Singapore, by that later date,the person established and commenced operating the representative office in Singapore,then that representative office is taken to be registered under this section for the purposes of the establishment (if applicable) and operation of that representative office in Singapore on or after the firstmentioned date.(10) A registration under subsection (9) is subject to such conditions as the Authority may at any time by notice in writing impose on the person referred to in that subsection.(11) Subsections (4) to (8) apply in relation to a representative office that is taken as registered under subsection (9).”.