Singapore legislation
Section 85
Section 85
Confidentiality of inspection report by foreign regulatory authority
(1)
Except as provided in subsection (2), where a written report has been produced by a foreign regulatory authority in respect of a specified financial adviser following an inspection under section 83 and such report, or any part of it, is provided by the foreign regulatory authority to the specified financial adviser, the specified financial adviser or any of its officers or auditors, must not disclose any part of the report to any person.
(2)
Disclosure of the report may be made —
by the specified financial adviser to any officer or auditor of the specified financial adviser solely in connection with the performance of the duties of the officer or auditor in the specified financial adviser;
by any officer or auditor of the specified financial adviser to any other officer or auditor of that specified financial adviser, solely in connection with the performance of their respective duties in that specified financial adviser;
to the Authority, upon the Authority’s request; or
to such other person as the Authority may approve in writing.
(3)
In granting any approval under subsection (2)(d), the Authority may impose such conditions or restrictions as the Authority thinks fit on any of the following persons:
the specified financial adviser;
any officer or auditor of the specified financial adviser;
the person to whom disclosure is approved,and that specified financial adviser, officer, auditor or person (as the case may be) must comply with those conditions or restrictions.
(4)
The obligations on an officer or auditor of a specified financial adviser mentioned in subsections (1) and (3) continue after the termination or cessation of the employment of such person with, or the appointment of such person by, the specified financial adviser.
(5)
Any person who contravenes subsection (1) or fails to comply with any condition or restriction imposed by the Authority under subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.
(6)
Any person to whom the whole or any part of the report is disclosed and who knows or has reasonable grounds for believing that, at the time of the disclosure, the report was disclosed to the person in contravention of subsection (1), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.
(7)
Where a person is charged with an offence under subsection (6), it is a defence for the person to prove that —
the disclosure was made contrary to the person’s desire;
where the disclosure was made in any written or printed form, the person had, as soon as practicable after receiving the report, surrendered, or taken all reasonable steps to surrender, the report and all copies of the report to the Authority; and
where the disclosure was made in an electronic form, the person had, as soon as practicable after receiving the report, taken all reasonable steps to ensure the deletion of all electronic copies of the report and the surrender of the report and all copies of the report in other forms to the Authority.[70E