Singapore legislation

Clause 16

of Monetary Authority of Singapore (Amendment) Bill

Clause 16

Amendment of section 54

Section 54 of the principal Act is amended —

(a)

by inserting, immediately after subsection (6), the following subsection:“(6A) The specified financial institution or the liquidator, as the case may be, mentioned in subsection (4)(b) must comply with the conditions in subsection (6).”; and

(b)

by inserting, immediately after subsection (8), the following subsection:“(8A) Any liquidator who —

(a)

without reasonable excuse, fails to comply with subsection (6A) or (8); or

(b)

in purported compliance with subsection (8), knowingly or recklessly furnishes any information or document that is false or misleading in a material particular,shall 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 and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction.”.

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