PART VI
MISCELLANEOUS
Statistics
164.—(1)  The Authority may, at any time, for the purpose of carrying out its functions under this Act request such persons or classes of persons as it may decide to collect and furnish such statistical information as the Authority may specify and those persons or classes of persons shall comply with that request.
(2)  Statistical information received from the persons or classes of persons referred to in subsection (1) shall be regarded as secret between them and the Authority.
(3)  Any person who fails to comply with a request of the Authority under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000.
[26/84]
[Act 31 of 2017 wef 04/06/2018]
Authority’s financial year
165.  The financial year of the Authority shall begin on 1st April of each year and end on 31st March of the succeeding year.
[Act 31 of 2017 wef 04/06/2018]
Budget
166.—(1)  The Authority shall, in every financial year, prepare a budget containing estimates of income and expenditure of the Authority for the ensuing financial year and a supplementary budget (if necessary) for any financial year and present them to the President for his approval under Article 22B of the Constitution.
[11/91]
(2)  The budget and supplementary budget (if any) when approved by the President shall be published in the Gazette.
[11/91]
[Act 31 of 2017 wef 04/06/2018]
Audit
167.  The accounts of the Authority shall be audited by the Auditor-General.
[Act 31 of 2017 wef 04/06/2018]
Preparation and publication of financial statements and annual report
168.—(1)  The Authority shall, within 6 months from the close of its financial year, transmit to the President —
(a)a copy of the financial statements certified by the Auditor-General and those statements shall then be published in the Gazette; and
(b)a report by the board on the performance of the functions and duties of the Authority throughout the financial year and that report shall be published by the Authority.
[24/2003 wef 01/01/2004]
[13/2007 wef 30/06/2007]
(2)  The Authority shall, within 6 months from the close of its financial year, cause the financial statements and the annual report to be presented to Parliament.
[24/2003 wef 01/01/2004]
(3)  In preparing the financial statements for the purpose of this section, the Authority may comply with accounting standards to the extent that it is, in the opinion of the Authority, appropriate to do so, having regard to the objects and functions of the Authority.
[24/2003 wef 01/01/2004]
[Act 31 of 2017 wef 04/06/2018]
Borrowing from Authority by employees
169.  The Authority may grant loans to its employees for any purpose specifically approved by the Authority.
[26/84]
[Act 31 of 2017 wef 04/06/2018]
Power to appoint attorney
170.—(1)  The Authority may, by instrument under its common seal, appoint a person (whether in Singapore or in a place outside Singapore) to be its attorney.
(2)  The person so appointed may, subject to the instrument, do any act or execute any power or function which he is authorised by the instrument to do or execute.
[Act 31 of 2017 wef 04/06/2018]
Validity of acts and transactions of Authority
171.  The validity of an act or transaction of the Authority shall not be called in question in any court on the ground that any provision of this Act has not been complied with.
[Act 31 of 2017 wef 04/06/2018]
Guarantee by Government
172.—(1)  The Government shall be responsible for the payment of all moneys due by the Authority.
(2)  Nothing in this section shall authorise a creditor or other person claiming against the Authority to sue the Government in respect of his claim.
[Act 31 of 2017 wef 04/06/2018]
Consent of Public Prosecutor
173.  No prosecution in respect of any offence under this Act shall be instituted without the consent in writing of the Public Prosecutor.
[Act 31 of 2017 wef 04/06/2018]
[15/2010 wef 02/01/2011]
Legal officer of Authority may act for Authority in civil proceedings
174.  Notwithstanding the provisions of any written law, a legal officer of the Authority who has been admitted as an advocate and solicitor under the Legal Profession Act (Cap. 161) or a State Counsel may —
(a)appear in any civil proceedings on behalf of the Authority under the Securities and Futures Act 2001, including proceedings referred to in section 232 of that Act; and
(b)make and do all acts and applications in respect of such proceedings on behalf of the Authority.
[2/2000 wef 06/03/2000]
[42/2001 wef 01/10/2002]
[Act 31 of 2017 wef 04/06/2018]
Jurisdiction of District Court
175.  Notwithstanding the provisions of any other written law, a District Court shall have jurisdiction to try all offences under this Act and to impose the full penalty prescribed therefor.
[Act 31 of 2017 wef 04/06/2018]
Composition of offences
176.—(1)  The Authority may, in its discretion, compound any offence under this Act which is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the amount of the maximum fine prescribed for that offence.
[13/2007 wef 30/06/2007]
[Act 9 of 2013 wef 18/04/2013]
(1A)  The Authority may, in its discretion, compound any offence under this Act (including an offence under a provision that has been repealed) which —
(a)was compoundable under this section at the time the offence was committed; but
(b)has ceased to be so compoundable,
by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the amount of the maximum fine prescribed for that offence at the time it was committed.
[Act 9 of 2013 wef 18/04/2013]
(2)  On payment of the sum of money referred to in subsection (1) or (1A), no further proceedings shall be taken against that person in respect of the offence.
[13/2007 wef 30/06/2007]
[Act 9 of 2013 wef 18/04/2013]
(3)  The Authority may make regulations to prescribe the offences which may be compounded.
[13/2007 wef 30/06/2007]
(4)  All sums collected by the Authority under subsection (1) or (1A) shall be paid into the Consolidated Fund.
[Act 31 of 2017 wef 04/06/2018]
[Act 9 of 2013 wef 18/04/2013]
Recovery of fees, expenses, etc.
177.  There shall be recoverable as a civil debt due to the Authority from the financial institution concerned —
(a)the amount of any fees payable to the Authority under section 29 or under any rules issued under section 29A; and
(b)any remuneration and expenses payable by the financial institution to —
(i)a statutory adviser appointed under section 33(2);
[Act 31 of 2017 wef 04/06/2018]
(ii)a statutory manager appointed under section 33(2);
[Act 31 of 2017 wef 04/06/2018]
(iii)the Authority or any person appointed by the Authority under section 13B in relation to the Authority’s assumption of control of any business of the financial institution under section 33; and
[Act 31 of 2017 wef 04/06/2018]
(iv)any person appointed to perform any independent assessment under Part IVA or IVB.
[Act 31 of 2017 wef 04/06/2018]
[Act 9 of 2013 wef 18/04/2013]
Exemption
178.—(1)  The Authority may, by regulations, exempt any person or class of persons from all or any of the provisions of Parts IVA, VA and VB and any regulations made under section 27A, 27B, 28A, 41, 51, 144 or 151, subject to such conditions or restrictions as may be prescribed.
[Act 31 of 2017 wef 04/06/2018]
(2)  The Authority may, on the application of any person, by notice in writing exempt the person from —
(a)all or any of the provisions of Parts IVA, VA and VB and any regulations made under section 27A, 27B, 28A, 41, 51, 144 or 151; and
[Act 31 of 2017 wef 04/06/2018]
(b)all or any of the requirements specified in any direction made by the Authority under this Act,
subject to such conditions or restrictions as the Authority may specify by notice in writing.
(3)  The Authority may at any time, by notice in writing to a person, add to, vary or revoke any condition or restriction imposed on the person under subsection (2).
(4)  It shall not be necessary to publish any exemption granted under subsection (2) in the Gazette.
[Act 31 of 2017 wef 04/06/2018]
[Act 9 of 2013 wef 18/04/2013]
Power of Authority to make regulations relating to objects and purposes of Act
179.  The Authority may, with the approval of the President, make regulations for the better carrying out of the objects and purposes of this Act.
[Act 31 of 2017 wef 04/06/2018]
[Act 9 of 2013 wef 18/04/2013]
Operation of Act not to affect Currency Act
180.  Nothing in this Act shall affect the operation of the Currency Act (Cap. 69).
[Act 31 of 2017 wef 04/06/2018]
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