Securities and Futures Act 2001 · 2020 Revised Edition · Part 3A · Approved Holding Companies
81ZD. Obligation to maintain confidentiality
Feedback & supportSubject to subsection (2), an approved holding company and its officers and employees must maintain, and aid in maintaining, the confidentiality of all user information that —
approved holding company
“approved holding company” means a corporation that is approved by the Authority under section 81W as an approved holding company;
comes to the knowledge of the approved holding company or any of its officers or employees; or
is in the possession of the approved holding company or any of its officers or employees.
Subsection (1) does not apply to —
the disclosure of user information for such purposes, or in such circumstances, as the Authority may prescribe;
any disclosure of user information which is authorised by the Authority to be disclosed or provided; or
the disclosure of user information pursuant to any requirement imposed under any written law or order of court in Singapore.
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $200,000 and, in the case of a continuing offence, to a further fine not exceeding $20,000 for every day or part of a day during which the offence continues after conviction.
To avoid doubt, nothing in this section is to be construed as preventing an approved holding company from entering into a written agreement with a user which obliges the approved holding company to maintain a higher degree of confidentiality than that specified in this section.
user
“user” means —(a)in relation to an approved exchange, a recognised market operator, an approved clearing house or a recognised clearing house, a person who is —(i)a member of the approved exchange, recognised market operator, approved clearing house or recognised clearing house, as the case may be; or(ii)a customer of a member of the approved exchange, recognised market operator, approved clearing house or recognised clearing house, as the case may be; or(b)in relation to a licensed trade repository or a licensed foreign trade repository, a person who is —(i)a participant of the licensed trade repository or licensed foreign trade repository; or(ii)a client of a participant of the licensed trade repository or licensed foreign trade repository;