Voluntary transfer of business of relevant financial institution
30AAG.—(1)  A transferor may transfer the whole or any part of its business (including any business that is not the significant business of the transferor) to a transferee, if —
(a)where the transferor is incorporated in Singapore, the Authority has consented to the transfer;
(b)where the transferor is incorporated outside Singapore, the business to be transferred is reflected in the books of the transferor in Singapore in relation to its operations in Singapore;
(c)the transfer involves the whole or any part of the business of the transferor that is the significant business of the transferor; and
(d)the Court has approved the transfer.
(2)  Subsection (1) is without prejudice to the right of a relevant financial institution to transfer the whole or any part of its business under any law.
(3)  The Authority may consent to a transfer under subsection (1)(a) if the Authority is satisfied that —
(a)the transferee is a fit and proper person; and
(b)the transferee will conduct the business of the transferor prudently and comply with the provisions of this Act.
(4)  The Authority may at any time appoint one or more persons to perform an independent assessment of, and furnish a report on, the proposed transfer of a transferor’s business (or any part thereof) under subsection (1), whether the transferor is incorporated in or outside Singapore.
(5)  The remuneration and expenses of any person appointed under subsection (4) shall be paid by the transferor and the transferee jointly and severally.
(6)  The Authority shall serve a copy of any report furnished under subsection (4) on the transferor and the transferee.
(7)  The Authority may require a person to furnish, within the period and in the manner specified by the Authority, any information or document that the Authority may reasonably require for the discharge of its duties or functions, or the exercise of its powers, under this section and section 30AAH.
(8)  Any person who —
(a)without reasonable excuse, fails to comply with any requirement under subsection (7); or
(b)in purported compliance with any requirement under subsection (7), 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 thereof during which the offence continues after conviction.
(9)  Where a person claims, before furnishing the Authority with any information or document that he is required to furnish under subsection (7), that the information or document might tend to incriminate him, the information or document shall not be admissible in evidence against him in criminal proceedings other than proceedings under subsection (8).
[Act 9 of 2013 wef 18/04/2013]