Singapore legislation

Clause 108

of Securities and Futures (Amendment) Bill

Clause 108

Amendment of section 232

Section 232 of the principal Act is amended —

(a)

by deleting subsections (2) and (3) and substituting the following subsections:“(2) If the court is satisfied on a balance of probabilities that the person has contravened a provision in this Part, the court may make an order against him for the payment of a civil penalty of a sum not exceeding the greater of the following:

(a)

3 times —

(i)

the amount of the profit that the person gained as a result of the contravention; or

(ii)

the amount of the loss that the person avoided as a result of the contravention;

(b)

$2 million.(3) The civil penalty ordered under subsection (2) must not be less than —

(a)

in the case where the person is a corporation, $100,000; and

(b)

in any other case, $50,000.”; and

(b)

by inserting, immediately after the words “Consolidated Fund” in subsection (6), the words “and is to be treated as a judgment debt due to the Government for the purposes of section 10 of the Government Proceedings Act (Cap. 121)”.

Read in full context — Securities and Futures (Amendment) Bill →