Singapore legislation

Clause 31

of Deposit Insurance and Policy Owners’ Protection Schemes (Amendment) Bill

Clause 31

Amendment of section 84

Section 84 of the principal Act is amended —

(a)

by deleting the word “or” at the end of subsection (3)(c);

(b)

by deleting the full‑stop at the end of paragraph (d) of subsection (3) and substituting the word “; or”, and by inserting immediately thereafter the following paragraph:“(e)disclosure of the information is required or authorised by an order of a court in Singapore, or by or under any written law.”; and

(c)

by inserting, immediately after subsection (4), the following subsection:“(5) Any DI Scheme member or PPF Scheme member which in purported compliance with subsection (1), without reasonable care, provides any information or produces any book that is inaccurate, false or misleading shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000.”.