Singapore legislation
Clause 3
Clause 3
Provision of information to Authority
(1)
The Authority may, by notice in writing, require any financial holding company to furnish to the Authority such information or statement 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)
Any financial holding company to whom a notice is issued under subsection (1) shall comply with the notice.
(3)
The Authority may require any information or statement submitted to it under subsection (1) to be accompanied by a certificate from the following auditors stating whether, in the opinion of the auditor, the information or statement is correct or reasonable:
where a designated financial holding company furnishes the information or statement —
the auditor appointed by the designated financial holding company under section 39(1); or
any other auditor appointed by the Authority under section 39(3); and
in all other cases, an auditor appointed by the financial holding company.
(4)
Except as provided in subsection (5), any information or statement received from a financial holding company under this section shall be treated as secret by the Authority.
(5)
The Authority may disclose any information or statement received from a financial holding company under this section if —
the information or statement is in the public domain;
the information or statement is disclosed in such a manner that the financial holding company’s identity cannot be ascertained;
the financial holding company, or the person from whom the financial holding company had obtained the information or statement, consents to the disclosure;
the person to whom the information or statement relates consents to the disclosure; (e)the disclosure of the information or statement 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
the disclosure of the information or statement is pursuant to any requirement under any written law or order of court in Singapore.
(6)
Nothing in this section shall prevent the Authority from preparing and publishing consolidated statements aggregating such information or statement as may be furnished in compliance with any notice under subsection (1).
(7)
Any financial holding company which fails or neglects to furnish any information or statement required by the Authority under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.