Clause 46

Except with the approval of the Authority, a licensee must not —

open a new place of business in Singapore for the conduct of any business referred to in subsection (2);

change the location of an existing place of business in Singapore for the conduct of any business referred to in subsection (2); or

conduct any business referred to in subsection (2) from the new place of business referred to in paragraph (a) or the relocated place of business referred to in paragraph (b).(2) Subsection (1) applies to the following businesses:

the business of issuing credit cards or charge cards;

such other business as may be prescribed.(3) An application for approval under subsection (1) must be made in such form and manner as the Authority may specify.(4) On receiving an application, the Authority may —

approve the application, with or without conditions; or

reject the application.(5) The Authority may at any time vary or revoke any existing condition, or impose conditions or additional conditions.(6) A licensee which contravenes subsection (1) or fails to comply with any condition imposed under subsection (4) or (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.Information to be furnished on business of issuing credit cards or charge cards57EB.—

The Authority may, by notice in writing, require —

any licensee;

any bank in Singapore; or

any person prescribed under section 57(9),to furnish to the Authority such information or statement relating to its business of issuing credit cards or charge cards, at such time and in such manner as the Authority may specify, if, in the opinion of the Authority, it requires that information or statement for the proper discharge of its functions under this Act.(2) The Authority may require any information or statement submitted to it under subsection (1) to be accompanied by —

in the case of a bank —

a certificate of the auditor appointed by the bank under section 58(1); or

a certificate of any auditor appointed by the Authority under section 58(3); or

in the case of any other person, a certificate of an auditor appointed by that person,as to whether, in the opinion of the auditor, the information or statement is correct.(3) Any information received from any person under this section must be treated as secret by the Authority.(4) The Authority may disclose any information or statement received under this section if —

it is in the public domain;

it is disclosed in such a manner that the identity of the person who furnished it cannot be ascertained;

the person who furnished it, or the person from whom it is obtained, consents to the disclosure;

the person to whom the information or statement relates consents to the disclosure;

its disclosure is necessary for the performance of any principal object or function, or the exercise of any power, of the Authority under this Act or any other written law; or

its disclosure is pursuant to any requirement under any written law or order of court in Singapore.(5) Nothing in this section prevents the Authority from preparing and publishing consolidated statements aggregating information furnished under subsection (1).(6) Any person who fails to comply with a requirement under subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.(7) Where a person referred to in subsection (1)(a), (b) or (c), in purported compliance with a requirement in subsection (1) or (2), furnishes any information to the Authority, knowing or reckless that the information is false or misleading in a material particular, the person shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000.(8) Where a person referred to in subsection (1)(a), (b) or (c) is guilty of an offence under subsection (6), any individual charged with the duty of securing the person’s compliance with the requirement under subsection (1) or (2), and was in the position to discharge that duty, shall also be guilty of an offence and shall be liable on conviction —

if the individual committed the offence wilfully, to a fine not exceeding $12,500 or to imprisonment for a term not exceeding 12 months or to both; or

if the individual did not commit the offence wilfully, to a fine not exceeding $12,500.(9) Where a person referred to in subsection (1)(a), (b) or (c) is guilty of an offence under subsection (7), any individual charged with the duty of securing the person’s compliance with the requirement under subsection (1) or (2), and was in the position to discharge that duty, shall also be guilty of an offence and shall be liable on conviction —

if the individual committed the offence wilfully, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both; or

if the individual did not commit the offence wilfully, to a fine not exceeding $125,000.(10) A person referred to in subsection (1)(a), (b) or (c) who fails to take reasonable care that any information furnished to the Authority in purported compliance with a requirement under subsection (1) or (2) is accurate, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.”.