In forceAmended2020 Revised Edition

Contents

Maritime and Port Authority of Singapore Act 1996 · 2020 Revised Edition · Part 12A · Control of Designated Operating Entities and Designated Equity Interest Holders

86E. Notice to Authority by 5% controller

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Amended

Last amended by an amending law of 2024. 2 amendments in all.

(1)

If a person becomes a 5% controller of a designated entity on or after the effective designation date as a result of an increase in the holding of equity interest, or in the voting power controlled, by that person or any associate of that person, that person must within 7 days after becoming the 5% controller give written notice to the Authority of that fact.

(2)

Any person who contravenes subsection (1) shall be guilty of an offence.

(3)

In any proceedings for an offence in relation to a contravention of subsection (1), it is a defence for the accused to prove that the accused —

(a)

was not aware of the contravention when it occurred; and

(b)

notified the Authority of the contravention within a period of 14 days after becoming aware of the contravention.

(4)

In any proceedings for an offence in relation to a contravention of subsection (1), it is also a defence for the accused to prove that, though the accused was aware of the contravention —

(a)

the contravention occurred as a result of an increase in the holding of equity interest, or in the voting power controlled, by any of the associates of the accused, in the designated operating entity or designated equity interest holder, as the case may be;

(b)

the accused has no agreement or arrangement (whether oral or in writing and whether express or implied) with that associate with respect to the acquisition, holding or disposal of equity interests or other interests, or under which they act together in exercising their voting power, in relation to the designated operating entity or designated equity interest holder, as the case may be; and

(c)

the accused notified the Authority of the contravention within a period of 7 days after the contravention.

(5)

Except as provided in subsections (3) and (4), it is not a defence in any proceedings for an offence in relation to a contravention of subsection (1) to prove that the accused did not intend to or did not knowingly contravene subsection (1).

Terms defined in this Act

5% controller
Defined · s 86A
“5% controller”, in relation to a designated public licensee, designated business trust or designated equity interest holder, means a person who, alone or together with the person’s associates —(a)holds 5% or more, but less than 25%, of the total equity interests in; or(b)is in a position to control 5% or more, but less than 25%, of the voting power in,the designated public licensee, designated business trust or designated equity interest holder, as the case may be;
Open s 86A
acquisition
Defined · s 86A
“acquisition” includes an agreement to acquire, but does not include —(a)an acquisition by will or by operation of law; or(b)an acquisition by way of enforcement of a loan security;
Open s 86A
arrangement
Defined · s 86A
“arrangement” includes any formal or informal scheme, arrangement or understanding, and any trust whether express or implied;
Open s 86A
Authority
Defined · s 2
“Authority” means the Maritime and Port Authority of Singapore established under section 4;
Open s 2
designated equity interest holder
Defined · s 86A
“designated equity interest holder” means a person that has been designated under section 86D to be a designated equity interest holder;
Open s 86A
entity
Defined · s 86A
“entity” includes a corporation and a limited liability partnership;
Open s 86A
equity interest
Defined · s 86A
“equity interest” means —(a)in relation to a body corporate — a voting share in that body corporate;(b)in relation to an entity other than a body corporate — any right or interest, whether legal or equitable, in that entity, by whatever name called, which gives the holder of that right or interest voting power in that entity; and(c)in relation to a business trust — a unit in that business trust;
Open s 86A
increase
Defined · s 86A
“increase”, in relation to the holding of equity interest, includes an increase from a starting point of nil;
Open s 86A