PART 10 | Criminal jurisdiction of District Court |
| 123. Despite any provision to the contrary in the Criminal Procedure Code 2010, a District Court has jurisdiction to try any offence under this Act and has power to impose the full penalty or punishment in respect of any offence under this Act. [95 |
| 124. Where this Act provides for a person to be given an opportunity to be heard by the Authority, the Authority may prescribe the manner in which the person is to be given an opportunity to be heard. [96 |
| Power to reprimand for misconduct |
125.—(1) Where the Authority is satisfied that a relevant person is guilty of misconduct, the Authority may, if it thinks it necessary in the public interest or for the protection of investors or policy owners, reprimand the relevant person.(2) In this section —“misconduct” means —| (a) | the contravention of —| (i) | any provision of this Act; | | (ii) | any condition or restriction of a financial adviser’s licence or an exemption granted under this Act; | | (iii) | any written direction made by the Authority under this Act; | | (iv) | any condition or restriction imposed on an appointed or provisional representative under section 31; or | | (v) | any code, guideline, policy statement or practice note issued or published under section 74; |
| | (b) | the failure by an officer of a licensed financial adviser or an exempt financial adviser to discharge any duty or function of his or her office; or | | (c) | the commission of an offence under section 111 or 112(1); |
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“officer” —| (a) | in relation to a body corporate, means a director, member of the committee of management, chief executive, manager, secretary or other similar officer of the body, and includes a person purporting to act in any such capacity; or | | (b) | in relation to an unincorporated association (other than a partnership), means the president, the secretary, or a member of the committee of the association or a person holding a position analogous to that of president, secretary or member of a committee, and includes a person purporting to act in any such capacity; |
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| “partner” includes a person purporting to act as a partner; |
| “relevant person” means any licensed financial adviser, exempt financial adviser, representative, supervisor of a financial adviser, or officer or partner of a licensed financial adviser or an exempt financial adviser. [97 [1/2009; 18/2015] |
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| Power of court to make certain orders |
126.—(1) Where, on the application of the Authority, it appears to the court that a person —| (a) | has committed an offence under this Act; or | | (b) | is about to do an act that, if done, would be an offence under this Act, |
| the court may, without affecting any order it would be entitled to make otherwise than under this section, make one or more of the following orders: |
| (c) | in the case of a persistent or continuing contravention of this Act, an order restraining a person from acting as a financial adviser or representative, or from holding himself or herself out as so acting; | | (d) | for the purpose of securing compliance with any other order made under this section, an order directing a person to do or refrain from doing any specified act; | | (e) | any ancillary order considered to be desirable in consequence of the making of any other order under this section. |
| (2) The court may, before making an order under subsection (1), direct that notice of the application be given to such person as it thinks fit or that notice of the application be published in such manner as it thinks fit, or both. |
| (3) Any person who, without reasonable excuse, contravenes an order made under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both. |
| (4) Subsection (3) does not affect the powers of the court in relation to the punishment of contempt of court. |
| (5) The court may rescind, vary or discharge an order made by it under this section or suspend the operation of such an order. [98 |
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| Power of court to prohibit payment or transfer of moneys, investment products, etc. |
127.—(1) A court may, on an application by the Authority, make one or more of the orders mentioned in subsection (2) where —| (a) | an investigation is being carried out under this Act in relation to any act or omission by a person, being an act or omission that constitutes or may constitute a contravention of this Act; | | (b) | a criminal proceeding has been instituted against a person for an offence under this Act; or | | (c) | a civil proceeding has been instituted against a person under this Act, and the court considers it necessary or desirable to do so for the purpose of protecting the interests of any person to whom the person mentioned in paragraph (a) or (b) or this paragraph (called in this section the relevant person) is liable or may become liable to pay any moneys, whether in respect of a debt, or by way of damages or otherwise, or to account for any investment products or other property. [35/2012] |
(2) The orders of court that may be made under subsection (1) are as follows:| (a) | an order prohibiting, either absolutely or subject to conditions, a person who is indebted to the relevant person or any person associated with the relevant person from making a payment in total or partial discharge of such debt that is due or accruing due to the relevant person, or to another person at the direction or request of the relevant person; | | (b) | an order prohibiting, either absolutely or subject to conditions, a person holding moneys, investment products or other property, on behalf of the relevant person or on behalf of any person associated with the relevant person, from paying, transferring or otherwise parting with possession of all or any of the moneys, investment products or other property, to the relevant person, or to another person at the direction or request of the relevant person; | | (c) | an order prohibiting, either absolutely or subject to conditions, the taking or sending out of Singapore of moneys of the relevant person or of any person associated with the relevant person; | | (d) | an order prohibiting, either absolutely or subject to conditions, the taking, sending or transfer of investment products or documents of title to investment products or other property of the relevant person or of any person who is associated with the relevant person, from a place or person in Singapore to a place or person outside Singapore (including the transfer of specified products from a register in Singapore to a register outside Singapore); | | (e) | an order appointing —| (i) | where the relevant person is an individual, a receiver, having such powers as the court orders, of the property or part of the property of the relevant person; or | | (ii) | where the relevant person is a corporation, a receiver or receiver and manager, having such powers as the court orders, of the property or part of the property of the relevant person; |
| | (f) | where the relevant person is an individual, an order requiring the relevant person to deliver up to the court his or her passport and such other documents as the court thinks fit; | | (g) | where the relevant person is an individual, an order prohibiting the relevant person from leaving Singapore without the consent of the court. [35/2012; 4/2017] |
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| (3) Where an application is made to the court for any order mentioned in subsection (2), the court may, if the court is of the opinion that it is desirable to do so, before considering the application, make any interim order as it thinks fit pending the determination of the application. [35/2012] |
| (4) Where the Authority makes an application to the court for the making of an order or interim order under this section, the court must not require the Authority or any other person, as a condition of granting the order or interim order, to give any undertaking as to damages. [35/2012] |
| (5) Where the court has made an order or interim order under this section, the court may, on application by the Authority or by any person affected by the order or interim order, rescind or vary the order or interim order. [35/2012] |
| (6) An order or interim order made under this section may be expressed to operate for a period specified in the order or interim order or until the order or interim order is rescinded. [35/2012] |
| (7) Any person who contravenes an order or interim order made by the court under this section that is applicable to him or her shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both. [35/2012] |
| (8) Subsection (7) does not affect the powers of the court in relation to the punishment for contempt of court. [99 [35/2012] |
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128.—(1) Where a person has engaged, is engaging or is likely to engage in any conduct that constitutes or would constitute a contravention of this Act, the court may, on the application of —| (a) | the Authority; or | | (b) | any person whose interests have been, are or would be affected by the conduct, |
| grant an injunction restraining the firstmentioned person from engaging in the conduct and, if the court is of the opinion that it is desirable to do so, requiring that person to do any act or thing. |
[35/2012] (2) Where a person has refused or failed, is refusing or failing, or is likely to refuse or fail, to do any act or thing that the person is required by this Act to do, the court may, on the application of —| (a) | the Authority; or | | (b) | any person whose interests have been, are or would be affected by the refusal or failure to do that act or thing, |
| make an order requiring the firstmentioned person to do that act or thing. |
[35/2012] |
| (3) Where an application is made to the court for an injunction under subsection (1) or an order under subsection (2), the court may, if the court is of the opinion that it is desirable to do so, before considering the application, grant an interim injunction restraining a person from engaging in conduct of the kind mentioned in subsection (1) or make an interim order requiring a person to do any act or thing, pending the determination of the application. [35/2012] |
| (4) Where the court has power under this section to grant an injunction or interim injunction or make an order or interim order restraining a person from engaging in conduct of a particular kind, or requiring a person to do a particular act or thing, the court may, either in addition to or in substitution for the injunction, interim injunction, order or interim order, order that person to pay damages to any other person. [35/2012] |
| (5) Where the court has granted an injunction or interim injunction or made an order or interim order under this section, the court may, on an application by any party mentioned in subsection (1) or (2) or by any person affected by the injunction, interim injunction, order or interim order, rescind or vary the injunction, interim injunction, order or interim order. [35/2012] |
| (6) An injunction, interim injunction, order or interim order granted or made under this section may be expressed to operate for a period specified in the injunction, interim injunction, order or interim order or until the injunction, interim injunction, order or interim order is rescinded. [35/2012] |
| (7) Any person who contravenes an injunction, interim injunction, order or interim order by the court under this section that is applicable to him or her shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both. [35/2012] |
(8) Where an application is made to the court for the grant of an injunction under subsection (1), the power of the court to grant the injunction may be exercised —| (a) | if the court is satisfied that the person has engaged in conduct of that kind, whether or not it appears to the court that the person intends to engage again, or to continue to engage, in conduct of that kind; or | | (b) | if it appears to the court that, in the event that an injunction is not granted, it is likely that the person will engage in conduct of that kind, whether or not the person has previously engaged in conduct of that kind and whether or not there is an imminent danger of substantial damage to any person if the firstmentioned person engages in conduct of that kind. [35/2012] |
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(9) Where an application is made to the court for the making of an order under subsection (2), the power of the court to make the order may be exercised —| (a) | if the court is satisfied that the person has refused or failed to do that act or thing, whether or not it appears to the court that the person intends to refuse or fail again, or to continue to refuse or fail, to do that act or thing; or | | (b) | if it appears to the court that, in the event that an order is not made, it is likely the person will refuse or fail to do that act or thing, whether or not the person has previously refused or failed to do that act or thing and whether or not there is an imminent danger of substantial damage to any person if the firstmentioned person refuses or fails to do that act or thing. [35/2012] |
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| (10) Where the Authority or any person mentioned in subsection (1)(b) or (2)(b) makes an application to the court for the grant of an injunction or interim injunction or for the making of an order or interim order under this section, the court must not require the Authority or that person (as the case may be) or any other person, as a condition of granting the injunction, interim injunction, order or interim order, to give any undertaking as to damages. [35/2012] |
| (11) Subsection (7) does not affect the powers of the court in relation to the punishment for contempt of court. [99A [35/2012] |
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| Court may have regard to claimant’s conduct |
129.—(1) Where, in any proceedings commenced pursuant to section 34(6), 35(3) or (4) or 36(3) by a person (called in this section the claimant) against a licensed financial adviser or an exempt financial adviser, the court finds that the licensed financial adviser or exempt financial adviser is liable to pay damages to the claimant under section 34(6), 35(3) or (4) or 36(3) (as the case may be) the court shall, in making any order in those proceedings, have regard to whether or not the claimant made a reasonable effort to —| (a) | minimise any loss or damage mentioned in section 34(6), 35(3) or (4) or 36(3) (as the case may be) that was suffered by the claimant; and | | (b) | resolve the dispute with the licensed financial adviser or exempt financial adviser before commencing those proceedings. [35/2012] |
| (2) For the purposes of subsection (1)(b), if any prescribed dispute resolution scheme was available to the claimant in respect of the dispute, the court is to consider whether the claimant had sought to resolve the dispute through such a scheme. [35/2012] |
| (3) In subsection (2), “prescribed dispute resolution scheme” means a dispute resolution scheme prescribed for the purposes of that subsection by regulations made under section 135. [99B [35/2012] |
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130.—(1) The Authority may, by regulations, exempt any person or any class of persons from all or any of the provisions of this Act, subject to such terms or conditions as may be prescribed.| (2) The Authority may, on the application of any person, exempt the person from all or any of the provisions of this Act or the requirements specified in any written direction, by written notice, if the Authority considers it appropriate to do so in the circumstances of the case. |
(3) An exemption under subsection (2) —| (a) | may be granted subject to such terms or conditions as the Authority may specify by written notice; | | (b) | need not be published in the Gazette; and | | (c) | may be withdrawn at anytime by the Authority. |
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| (4) The Authority may at any time add to, vary or revoke any term or condition imposed under this section. [1/2009] |
| (5) Any person who contravenes any term or condition prescribed under subsection (1) or specified by the Authority under subsection (3)(a), including any term or condition added or varied under subsection (4), shall be guilty of an offence. [100 [1/2009] |
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| Service of documents, etc. |
131.—(1) Any notice, order or document required or authorised by this Act to be served on any person may be served —| (a) | by delivering it to the person or to some adult member or employee of his or her family or household at his or her last known place of residence; | | (b) | by leaving it at his or her usual or last known place of residence or business in an envelope addressed to the person; | | (c) | by sending it by registered post addressed to the person at his or her usual or last known place of residence or business; or | | (d) | in the case of a body corporate, firm or body of persons —| (i) | by delivering it to the secretary or other like officer of the body corporate, firm or body of persons at its registered office or principal place of business; or | | (ii) | by sending it by registered post addressed to the body corporate, firm or body of persons at its registered office or principal place of business. |
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| (2) Any notice, order or document sent by registered post to any person in accordance with subsection (1) is deemed to be duly served on the person at the time when the notice, order or document (as the case may be) would in the ordinary course of post be delivered. |
| (3) When proving service of the notice, order or document mentioned in subsection (2), it is sufficient to prove that the envelope containing the notice, order or document (as the case may be) was properly addressed, stamped and posted by registered post. [101 |
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| Copies or extracts of books to be admitted in evidence |
132.—(1) Subject to this section, a copy of or an extract from a book mentioned in this Act that is proved to be a true copy of the book or of the relevant part of the book is admissible in evidence as if it were the original book or the relevant part of the original book.(2) For the purposes of subsection (1), evidence that a copy of or an extract from a book is a true copy of the book or of a part of the book may be given —| (a) | by a person who has compared the copy or extract with the book or the relevant part of the book; and | | (b) | orally or by an affidavit sworn, or by a declaration made, before a person authorised to take affidavits or statutory declarations. [102 |
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| Translations of instruments |
133.—(1) Where a person submits or provides to or lodges with the Authority any book, application, return, report, statement or other information or document under this Act which is not in the English language, the person must, at the same time or at such other time as may be permitted by the Authority, submit or provide to or lodge with the Authority (as the case may be) an accurate translation thereof in the English language.| (2) Where a person is required to make available for inspection by the public, or any section thereof, any document, report, or other book under this Act which is not in the English language, the person must, at the same time or at such other time as may be permitted by the Authority, make available for such inspection an accurate translation thereof in the English language. |
(3) Where a person is required to maintain or keep any book under this Act and the book or any part thereof is not maintained or kept in the English language, the person must —| (a) | cause an accurate translation of that book or that part of the book in the English language to be made from time to time at intervals of not more than 7 days; and | | (b) | maintain or keep the translation with the book for so long as the book is required under this Act to be maintained or kept. |
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| (4) Subsections (1), (2) and (3) are subject to any express provision to the contrary in this Act or any regulations made under this Act. |
| (5) Any person who contravenes subsection (1), (2) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000. |
(6) Where a person is charged with an offence under subsection (5), it is a defence for the person to prove that —| (a) | he or she had taken all reasonable steps to ensure that the translation that was submitted or provided to or lodged with the Authority, made available for inspection, or maintained or kept (as the case may be) was accurate in the circumstances; and | | (b) | he or she had believed on reasonable grounds that the translation was accurate. |
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| (7) In subsections (1), (2) and (3), “Act” includes any written direction made by the Authority under this Act. [102A |
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| Power to make regulations giving effect to treaty, etc. |
134.—(1) Without limiting section 135(1), the Authority may make regulations prescribing the matters necessary or expedient to give effect, in Singapore, to the provisions of any treaty, convention, arrangement, memorandum of understanding, exchange of letters or other similar instrument relating to the provision of any financial advisory service, to which Singapore or the Authority is a party.(2) Without limiting subsection (1), such regulations may provide for —| (a) | exemptions from the requirements relating to licensing, approval or registration requirements under this Act; | | (b) | the application of the provisions of this Act with such modifications as may be necessary; and | | (c) | the revocation or withdrawal of, or the variation of any condition or restriction imposed in connection with, any exemption granted under this Act. [103 |
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135.—(1) The Authority may make regulations for carrying out the purposes and provisions of this Act and for the due administration thereof.(2) Without limiting subsection (1), the Authority may make regulations for or with respect to —| (a) | applications for the grant of financial adviser’s licences, and matters incidental thereto; | | (b) | the appointment of an individual as an appointed or provisional representative, the entering of his or her name or an additional type of financial advisory service for him or her in the public register of representatives, and the revocation or suspension of his or her status as an appointed or provisional representative; | | (c) | specifying, in the context of the granting of an unsecured advance, unsecured loan or unsecured credit facility by a licensed financial adviser to any officer, employee or representative of the licensed financial adviser, or any person related, in the manner prescribed by the regulations, to any such officer, employee or representative —| (i) | what constitutes any such unsecured advance, unsecured loan or unsecured credit facility; and | | (ii) | the requirements and restrictions relating to any such grant; |
| | (d) | the activities of, and standards to be maintained by, a licensed financial adviser, exempt financial adviser or representative, including the manner, method and place of soliciting business and the conduct of such solicitation; | | (e) | the particulars to be recorded in, or in respect of, books kept by any licensed financial adviser; | | (f) | the remuneration of an auditor appointed under this Act and the costs of an audit carried out under this Act; | | (g) | the manner in which a licensed financial adviser, exempt financial adviser or representative conducts his or her dealings with the clients of the licensed financial adviser or exempt financial adviser, as the case may be; | | (h) | the purchase or sale of investment products directly or indirectly by licensed financial advisers and their appointed or provisional representatives for their own account; | | (i) | the disclosure by a licensed financial adviser, exempt financial adviser or representative of any material interest that he or she may have in a proposed transaction relating to purchasing, subscribing for or trading in capital markets products; | | (j) | the forms for the purposes of this Act; | | (k) | the fees to be paid in respect of any matter or thing required for the purposes of this Act, and the refund and remission, whether in whole or in part, of such fees; | | (l) | the collection, from any licensed financial adviser or exempt financial adviser, by or on behalf of the Authority at such intervals or on such occasions as may be prescribed, of statistical information as to such matters relevant to investment products as may be prescribed, and for the collection and use of such information for any purpose, whether or not connected with the prescribed investment products; | | (m) | the maintenance by a proprietor or publisher of a newspaper of the particulars of any financial journalist who has contributed any advice, analysis or report concerning any specified products, that has been published in the newspaper, and the provision of such particulars to the Authority; | | (n) | the maintenance by a licensed financial adviser, representative of a licensed financial adviser and applicant for a financial adviser’s licence of registers of their interests in specified products and their duties relating to the registers, and matters relating thereto; and | | (o) | all matters and things which are required or permitted to be prescribed by this Act, or which may be necessary or expedient to be prescribed to give effect to this Act. [1/2009; 35/2012; 4/2017] |
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| (3) Any information obtained by or on behalf of the Authority by virtue only of subsection (2)(l) must not be used except in a form which does not disclose the affairs of any particular person. |
(4) Except as otherwise expressly provided in this Act, regulations made under this Act —| (a) | may be of general or specific application; | | (b) | may contain provisions of a saving or transitional nature; | | (c) | may provide that a contravention of any specified provision thereof shall be an offence; and | | (d) | may provide for penalties not exceeding a fine of $50,000 or imprisonment for a term not exceeding 12 months or both for each offence and, in the case of a continuing offence, a further penalty not exceeding a fine of 10% of the maximum fine prescribed for that offence for every day or part of a day during which the offence continues after conviction. [35/2012] |
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(5) Where a person is charged with an offence for contravening a regulation made under subsection (2)(n), it is a defence for the person to prove —| (a) | that his or her contravention was due to his or her not being aware of a fact or occurrence, the existence of which was necessary to constitute the offence; and | | (b) | that —| (i) | he or she was not so aware on the date of the summons issued for the charge; or | | (ii) | he or she became so aware before the date of the summons and complied with the regulation within 14 days after becoming so aware. [1/2009] |
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| (6) For the purposes of subsection (5), a person is, in the absence of proof to the contrary, conclusively presumed to have been aware of a fact or occurrence at a particular time which an employee or agent of the person, being an employee or agent having duties or acting in relation to his or her employer’s or principal’s interest or interests in the specified products concerned, was aware of at that time. [104 [1/2009; 4/2017] |
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