Singapore legislation

Clause 101

Power of Authority to issue directions

(1)

The Authority may, if it thinks it necessary or expedient in the interest of the public to do so, issue directions by notice in writing either of a general or specific nature to a licensed person, exempt person, representative of an exempt person, or class of such persons.

(2)

Without prejudice to the generality of subsection (1), any direction issued under that subsection may relate to —

(a)

the standards to be maintained by the person concerned in the conduct of its business; and

(b)

the type and frequency of submission of financial returns and other information to be submitted to the Authority,and the person to whom such direction is issued shall comply with the direction.

(3)

Any person who contravenes any of the directions issued under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine of $5,000 for every day or part thereof during which the offence continues after conviction.

(4)

For the avoidance of doubt, a direction issued under subsection (1) shall be deemed not to be subsidiary legislation.

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