Singapore legislation
Clause 59
Clause 59
Regulations
(1)
The Authority may, from time to time, make such regulations as may be necessary or expedient for carrying out the purposes and provisions of this Act and for prescribing anything that may be required or authorised to be prescribed by this Act.
(2)
Without prejudice to the generality of subsection (1), regulations may be made for or with respect to —
the corporate governance, and the appointment and removal of directors and executive officers, of designated financial holding companies, their related corporations or other companies in which the designated financial holding company acquire or hold, directly or indirectly, a major stake as defined in section 31(10); and
the prohibition or restriction on mutual shareholdings held between the designated financial holding companies, related corporations and other companies referred to in paragraph (a).
(3)
Regulations made under this section —
may relate to all, or any class, category or description of persons or designated financial holding companies; and (b)may make different provisions for different classes, categories or descriptions of persons or designated financial holding companies or to a particular person or designated financial holding company or be of general or specifically limited application.
(4)
Except as otherwise expressly provided in this Act, regulations made under this section may provide that any contravention thereof shall be an offence punishable —
in the case of an individual, with a fine not exceeding $50,000 or with imprisonment for a term not exceeding 2 years or with both and, in the case of a continuing offence, with a further fine not exceeding $5,000 for every day or part thereof during which the offence continues after conviction; or
in any other case, with a fine not exceeding $100,000 and, in the case of a continuing offence, with a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.