Clause 34

A merchant bank in Singapore must, if notified in writing at any time by the Authority to do so, produce any evidence or information that the Authority may require, to satisfy the Authority that the merchant bank is not in contravention of any of the provisions of, or any regulation, notice or direction made or issued under —

sections 10, 10A and 10C as applied by section 55ZB(1);

section 55ZC;

section 27 as applied by section 55ZD(2), read with the Fifth Schedule as applied by section 55ZL;

section 55ZE;

section 29A as applied by section 55ZF(1), read with the Fifth Schedule as applied by section 55ZL;

section 32 as applied by section 55ZF(2);

section 35 read with section 55ZF(3);

section 38 as applied by section 55ZG(1), read with the Fifth Schedule as applied by section 55ZL;

section 40 as applied by section 55ZG(2);

section 42 as applied by section 55ZJ(1); or

this section.(2) Without affecting any of the provisions mentioned in subsection (1)(a) to (j), the Authority may, for the purpose of securing compliance with any of those provisions, or any regulation, notice or direction made under any of those provisions, on a consolidated basis, from time to time by written notice, require any merchant bank to aggregate, within the time and in the manner specified in the notice —

the merchant bank’s assets, liabilities, profits or losses, and any other information whether or not on its balance‑sheet; and

the assets, liabilities, profits or losses, and any other information whether or not on the balance‑sheets of —

any of the merchant bank’s related corporations; and

any entity in which the merchant bank holds, directly or indirectly, a major stake within the meaning of section 55ZF(2)(a).(3) A notice under subsection (2) may vary a requirement of a notice issued under any of the provisions mentioned in subsection (1)(a) to (j).(4) Any merchant bank that fails to comply with a requirement of the Authority under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.(5) Any merchant bank that fails to comply with a requirement of the Authority under subsection (2) shall be guilty of an offence and shall be liable on conviction to the same punishment as that provided for a contravention of the section of this Act, or of a notice or direction under the section of this Act, for the compliance with which the notice was given.”.