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Formal Consolidation |  2003 RevEd
Information to be furnished by banks
26.—(1)  Every bank shall furnish to the Authority such information (including returns) at such time and in such manner as the Authority may reasonably require for the proper discharge of its functions.
[23/2001]
(2)  3Every bank shall send to the Authority —
3  The former subsections (2) and (3) of section 26 are omitted from the 2003 Ed., being obsolete by virtue of MAS Notice 610 to Banks issued by the Authority under section 26(1).
(a)not later than 3 months after the close of its financial year or within such longer period as the Authority may on application of the bank approve —
(i)a copy of its latest audited annual balance-sheet and profit and loss account together with any notes thereon;
(ii)a copy of the report of the auditors of the bank;
(iii)a copy of the report of the directors of the bank;
(iv)a duly audited balance-sheet showing its assets used in, and liabilities arising out of, its operation in, Singapore as at the date to which its balance-sheet was made up; and
(v)a duly audited profit and loss account which gives a true and fair view of the profit or loss arising out of the bank’s operation in Singapore for its last preceding financial year;
(b)in the case of a bank incorporated in Singapore, within such period as the Authority may require, its interim profit and loss account for every half-year or such other intervals as may be determined by the Authority; and
(c)within such period and in such manner as the Authority may require, such further or additional information as the Authority may consider necessary either by way of explanation, amplification or otherwise with regard to any of the balance-sheets and profit and loss accounts sent under paragraph (a) or (b).
[23/2001]
(3)  4 In the case of a bank incorporated outside Singapore, the statements referred to in subsection (2)(a)(i), (ii) and (iii) may be made in a manner that complies with the law for the time being applicable in the place of its incorporation, formation or establishment.
4  The former subsections (2) and (3) of section 26 are omitted from the 2003 Ed., being obsolete by virtue of MAS Notice 610 to Banks issued by the Authority under section 26(1).
[23/2001]
(4)  The Authority may, in its discretion, regard the balance-sheet and profit and loss account as having been duly audited for the purpose of subsection (2)(a)(iv) and (v) if the balance-sheet and profit and loss account are accompanied by a report by an approved company auditor which complies, insofar as it is practicable, with section 207 of the Companies Act (Cap. 50).
[23/2001]
(5)  The Authority may require any statement submitted to it under subsection (1) to be accompanied by a certificate —
(a)of the auditor appointed by the bank under section 58(1); or
(b)of any other auditor appointed by the Authority under section 58(3),
as to whether in the opinion of the auditor, the statement or information is correct.
(6)  Any information received from a bank under this section shall be treated as secret by the Authority.
[23/2001]
(7)  Nothing in this section shall prevent the Authority from preparing and publishing consolidated statements aggregating such information as may be furnished under this section.
[28/93]
(8)  Any bank which fails or neglects to furnish any information required by the Authority under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine of $10,000 for every day during which the offence continues after conviction.
[2/84; 28/93; 23/2001]
Informal Consolidation | Amended Act 5 of 2004
Information to be furnished by banks
26.—(1)  Every bank shall furnish to the Authority such information (including returns) at such time and in such manner as the Authority may reasonably require for the proper discharge of its functions.
[23/2001]
(2)  3Every bank shall send to the Authority —
3  The former subsections (2) and (3) of section 26 are omitted from the 2003 Ed., being obsolete by virtue of MAS Notice 610 to Banks issued by the Authority under section 26(1).
(a)not later than 3 months after the close of its financial year or within such longer period as the Authority may on application of the bank approve —
(i)a copy of its latest audited annual balance-sheet and profit and loss account together with any notes thereon;
(ii)a copy of the report of the auditors of the bank;
(iii)a copy of the report of the directors of the bank;
(iv)a duly audited balance-sheet showing its assets used in, and liabilities arising out of, its operation in, Singapore as at the date to which its balance-sheet was made up; and
(v)a duly audited profit and loss account which gives a true and fair view of the profit or loss arising out of the bank’s operation in Singapore for its last preceding financial year;
(b)in the case of a bank incorporated in Singapore, within such period as the Authority may require, its interim profit and loss account for every half-year or such other intervals as may be determined by the Authority; and
(c)within such period and in such manner as the Authority may require, such further or additional information as the Authority may consider necessary either by way of explanation, amplification or otherwise with regard to any of the balance-sheets and profit and loss accounts sent under paragraph (a) or (b).
[23/2001]
(3)  4 In the case of a bank incorporated outside Singapore, the statements referred to in subsection (2)(a)(i), (ii) and (iii) may be made in a manner that complies with the law for the time being applicable in the place of its incorporation, formation or establishment.
4  The former subsections (2) and (3) of section 26 are omitted from the 2003 Ed., being obsolete by virtue of MAS Notice 610 to Banks issued by the Authority under section 26(1).
[23/2001]
(4)  The Authority may, in its discretion, regard the balance-sheet and profit and loss account as having been duly audited for the purpose of subsection (2)(a)(iv) and (v) if the balance-sheet and profit and loss account are accompanied by a report by a public accountant within the meaning of the Companies Act (Cap.50) which complies, insofar as it is practicable, with section 207 of that Act.
[23/2001]
(5)  The Authority may require any statement submitted to it under subsection (1) to be accompanied by a certificate —
(a)of the auditor appointed by the bank under section 58(1); or
(b)of any other auditor appointed by the Authority under section 58(3),
as to whether in the opinion of the auditor, the statement or information is correct.
(6)  Any information received from a bank under this section shall be treated as secret by the Authority.
[23/2001]
(7)  Nothing in this section shall prevent the Authority from preparing and publishing consolidated statements aggregating such information as may be furnished under this section.
[28/93]
(8)  Any bank which fails or neglects to furnish any information required by the Authority under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine of $10,000 for every day during which the offence continues after conviction.
[2/84; 28/93; 23/2001]
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