Singapore legislation
Clause 64
Clause 64
Offences by directors and executive officers of designated financial holding companies and false or misleading information, etc.
(1)
Subject to subsection (5), any director or executive officer of a designated financial holding company who fails to take all reasonable steps to secure compliance by the designated financial holding company with any provision of this Act or any other written law administered by the Authority that is applicable to designated financial holding companies in Singapore shall, if such failure is not already an offence under any other provision of this Act, be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both.
(2)
Any person who —
furnishes the Minister or the Authority with any information or document under or for the purposes of any provision of this Act which is false or misleading in a material particular; and
does not use due care to ensure that the information or document referred to in paragraph (a) is not false or misleading in any material particular,shall, if the furnishing of such information or document which is false or misleading in a material particular is not already an offence under any other provision of this Act, be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both.
(3)
In any proceedings against a person under subsection (1) or (2), it shall be a defence for him to prove that —
he had reasonable grounds for believing that a competent and reliable person was charged with the duty of securing compliance with the provision of this Act or any other written law applicable to designated financial holding companies, or with the duty of ensuring that the information or document is not false or misleading in any material particular, as the case may be; and
the person referred to in paragraph (a) was in a position to discharge that duty.
(4)
A person shall not be sentenced to imprisonment for any offence under subsection (1) or (2) unless, in the opinion of the court, he committed the offence wilfully.