PART 1 AMENDMENT OF
FINANCIAL ADVISERS ACT 2001 |
2. In the Financial Advisers Act 2001, in section 2(1) —| (a) | after the definition of “director”, insert —“ “executive officer”, in relation to a licensed financial adviser, means any person, by whatever name called, who is —| (a) | in the direct employment of, or acting for or by arrangement with, the licensed financial adviser; and | | (b) | concerned with or takes part in the management of the licensed financial adviser on a day‑to‑day basis;”; |
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| | (b) | replace the definition of “prescribed written law” with —“ “prescribed written law” means —| (a) | for the purpose of Division 3 of Part 6 — this Act or any of the following Acts, and any subsidiary legislation made under this Act or those Acts:| (i) | Banking Act 1970; | | (ii) | Credit Bureau Act 2016; | | (iii) | Deposit Insurance and Policy Owners’ Protection Schemes Act 2011; | | (iv) | Finance Companies Act 1967; | | (v) | Financial Holding Companies Act 2013; | | (vi) | Financial Services and Markets Act 2022; | | (vii) | Insurance Act 1966; | | (viii) | Monetary Authority of Singapore Act 1970; | | (ix) | Payment Services Act 2019; | | (x) | Securities and Futures Act 2001; | | (xi) | Trust Companies Act 2005; | | (xii) | such other written law as the Authority may prescribe by regulations made under section 135; and |
| | (b) | for the purpose of any other provision — this Act or any of the following Acts, and any subsidiary legislation made under this Act or those Acts:| (i) | Banking Act 1970; | | (ii) | Finance Companies Act 1967; | | (iii) | Financial Services and Markets Act 2022; | | (iv) | Insurance Act 1966; | | (v) | Monetary Authority of Singapore Act 1970; | | (vi) | Payment Services Act 2019; | | (vii) | Securities and Futures Act 2001; | | (viii) | such other written law as the Authority may prescribe by regulations made under section 135;”; and |
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| | (c) | after the definition of “record”, insert —| “ “regulated financial institution” means a person who carries on a business the conduct of which is regulated or authorised by the Authority or, if it is carried on in Singapore, would be regulated or authorised by the Authority; |
| “regulatory authority”, in relation to a foreign country or jurisdiction, means an authority of the foreign country or jurisdiction exercising any function that corresponds to a regulatory function of the Authority under this Act, the Monetary Authority of Singapore Act 1970 or any of the written laws set out in the Schedule to that Act;”. |
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| 3. In the Financial Advisers Act 2001, in section 11(1), replace “on such date” with “on or before such date and in such manner”. |
| 4. In the Financial Advisers Act 2001, in section 14, delete subsection (2). |
5. In the Financial Advisers Act 2001, in section 20 —| (a) | in subsection (1), replace “Subject to subsection (10), the” with “The”; | | (b) | in subsection (1), replace “in respect of any financial advisory service” with “in respect of the following financial advisory services”; | | (c) | in subsection (1)(a), after “1970”, insert “, in respect of any financial advisory service”; | | (d) | in subsection (1)(b), after “1970”, insert “, in respect of any financial advisory service”; | | (e) | in subsection (1)(c), after “that Act”, insert “, in respect of any financial advisory service”; | | (f) | in subsection (1)(d), after “2001”, insert “, in respect of any financial advisory service”; | | (g) | in subsection (1)(e), after “service”, insert “, in respect of any financial advisory service”; | | (h) | in subsection (1)(f), replace “the provision of any financial advisory service that” with “any financial advisory service the provision of which”; | | (i) | in subsection (1)(f), delete “and” at the end; | | (j) | in subsection (1), replace paragraph (g) with —| “(g) | a prescribed person or class of persons, in respect of a prescribed financial advisory service; | | (h) | a person or class of persons notified by written notice, in respect of a financial advisory service notified in that written notice.”; |
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| | (k) | in subsection (2), replace “subsection (1)(f) or (g)” with “subsection (1)(f), (g) or (h)”; | | (l) | in subsections (5) and (7), replace “subsection (1)(g)” with “subsection (1)(g) or (h)”; | | (m) | in subsection (9), replace “prescribe or specify in written directions such conditions or restrictions as may be imposed on an exempt financial adviser or a representative of a person mentioned in subsection (1)(f) or (g)” with “, by regulations made under section 135 or by written notice to an exempt financial adviser or representative of a person mentioned in subsection (1)(f), (g) or (h), impose any condition or restriction on the exempt financial adviser or representative”; and | | (n) | after subsection (9), insert —| “(9A) The Authority may add to, vary or revoke any condition or restriction imposed under subsection (9) (including a condition that has been added to or varied under this subsection).”. |
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6. In the Financial Advisers Act 2001, in section 28 —| (a) | in subsection (1), replace “by the prescribed time” with “on or before the date specified by the Authority”; and | | (b) | in subsection (2), replace “by the prescribed time” with “on or before the date specified by the Authority”. |
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| Replacement of section 64 |
7. In the Financial Advisers Act 2001, replace section 64 with —| “Disqualification or removal of officer of licensed financial adviser |
64.—(1) Despite the provisions of any other written law —| (a) | a licensed financial adviser must not, without the prior written consent of the Authority, permit an individual to act as its executive officer; and | | (b) | a licensed financial adviser which is incorporated in Singapore must not, without the prior written consent of the Authority, permit an individual to act as its director, |
| (c) | has been convicted, whether in Singapore or elsewhere, of an offence committed before, on or after the date of commencement of section 7 of the Financial Institutions (Miscellaneous Amendments) Act 2024, being an offence —| (i) | involving fraud or dishonesty; | | (ii) | the conviction for which involved a finding that he or she had acted fraudulently or dishonestly; or | | (iii) | that is specified in the Third Schedule to the Registration of Criminals Act 1949; |
| | (d) | is an undischarged bankrupt, whether in Singapore or elsewhere; | | (e) | has had an enforcement order against him or her in respect of a judgment debt returned unsatisfied in whole or in part; | | (f) | has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with his or her creditors, being a compromise or scheme of arrangement that is still in operation; | | (g) | has had a prohibition order or a related Acts prohibition order made against him or her that remains in force; or | | (h) | has been a director of, or directly concerned in the management of, a regulated financial institution, whether in Singapore or elsewhere —| (i) | which is being or has been wound up by a court; or | | (ii) | the approval, authorisation, designation, recognition, registration or licence of which has been withdrawn, cancelled or revoked (without any application by the regulated financial institution for withdrawal, cancellation or revocation) by the Authority or, in the case of a regulated financial institution in a foreign country or jurisdiction, by the regulatory authority in that foreign country or jurisdiction. |
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| (2) Despite the provisions of any other written law, where the Authority is satisfied that a director of a licensed financial adviser which is incorporated in Singapore, or an executive officer of a licensed financial adviser, is not a fit and proper person to be a director or executive officer (as the case may be) of the licensed financial adviser, the Authority may, by notice in writing to the licensed financial adviser, direct it to remove the director or executive officer (as the case may be) from his or her office or employment within such period as the Authority may specify in the notice, and the licensed financial adviser must comply with the notice. |
(3) For the purpose of subsection (2), the Authority may consider any matter which it considers relevant, including (but not limited to) whether —| (a) | the individual has wilfully contravened or wilfully caused the licensed financial adviser to contravene any provision of this Act; | | (b) | the individual has, without reasonable excuse, failed to secure the compliance of the licensed financial adviser with this Act, the Monetary Authority of Singapore Act 1970, or any of the written laws set out in the Schedule to that Act; | | (c) | the individual has failed to discharge any of the duties of his or her office or employment; | | (d) | the individual’s removal is necessary in the public interest or for the protection of investors; or | | (e) | the individual comes within any of the grounds mentioned in subsection (1). |
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| (4) The Authority must, in determining whether an individual has failed to discharge the duties of his or her office or employment for the purposes of subsection (3)(c), have regard to such criteria as may be prescribed. |
(5) The Authority must not direct a licensed financial adviser to remove an individual from his or her office or employment under subsection (2) without giving the licensed financial adviser and that individual an opportunity to be heard, except in any of the following circumstances: | (a) | the individual is an undischarged bankrupt, whether in Singapore or elsewhere; | | (b) | a prohibition order against the individual has been made that remains in force; | | (c) | the individual has been convicted, whether in Singapore or elsewhere, of an offence, committed before, on or after the date of commencement of section 7 of the Financial Institutions (Miscellaneous Amendments) Act 2024 —| (i) | involving fraud or dishonesty or the conviction for which involved a finding that the individual had acted fraudulently or dishonestly; and | | (ii) | punishable with imprisonment for a term of 3 months or more. |
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| (6) A licensed financial adviser must, as soon as practicable after receiving a direction under subsection (2), notify the affected director or executive officer of the direction. |
| (7) A licensed financial adviser who receives a direction under subsection (2), or any director or executive officer of a licensed financial adviser in relation to whom a direction under subsection (2) is given, may, within 30 days after the licensed financial adviser receives the direction, appeal to the Minister whose decision is final. |
| (8) Despite the lodging of an appeal under subsection (7), any direction under subsection (2) continues to have effect pending the Minister’s decision. |
| (9) The Minister may, when deciding an appeal under subsection (7), modify the direction under subsection (2), and such modified action has effect starting on the date of the Minister’s decision. |
| (10) Any licensed financial adviser who, without reasonable excuse, contravenes subsection (1) or fails to comply with a notice issued under subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000. |
| (11) No civil or criminal liability is incurred by a licensed financial adviser, or any person acting on behalf of a licensed financial adviser, in respect of anything done or omitted to be done with reasonable care and in good faith in the discharge or purported discharge of its obligations under this section. |
(12) In this section, “related Acts prohibition order” means —| (a) | an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022; | | (b) | an order made under section 74(1) of the Insurance Act 1966 as in force immediately before the date of commencement of section 204(1) to (4) of the Financial Services and Markets Act 2022, and as continued by section 218(2) of the Financial Services and Markets Act 2022; | | (c) | a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022; | | (d) | a prohibition order made under section 101A(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(3) of the Financial Services and Markets Act 2022; | | (e) | a prohibition order made under section 123ZZC(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022; or | | (f) | a prohibition order made under section 123ZZC(1) of the Securities and Futures Act 2001 as in force immediately before the date of commencement of section 209(1)(a), (c) and (d), (4) to (14), (17) and (18) of the Financial Services and Markets Act 2022, and as continued by section 220(5) of the Financial Services and Markets Act 2022.”. |
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8. In the Financial Advisers Act 2001, in section 65 —| (a) | replace subsection (2) with —| “(2) A person must not obtain effective control of a licensed financial adviser that is a company, unless the person has obtained the prior approval of the Authority.”; |
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| | (b) | in subsection (3)(c), delete “or as may be specified in written directions by the Authority”; | | (c) | after subsection (4), insert —| “(4A) The Authority may at any time add to or vary any condition imposed under subsection (4) and the applicant must comply with the condition so added to or varied. |
| (4B) The Authority may at any time revoke any condition imposed under subsection (4) (including a condition that has been added to or varied under subsection (4A)).”; |
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| | (d) | in subsection (5), after “subsection (4)”, insert “(including a condition that has been added to or varied under subsection (4A))”; | | (e) | in subsection (5), replace “memorandum or articles of association” with “constitution”; | | (f) | in subsection (6), replace paragraphs (a) and (b) with —| “(a) | a person has effective control of a licensed financial adviser —| (i) | if the person, alone or acting together with any connected person, holds, directly or indirectly, 20% or more of the issued share capital of the licensed financial adviser; | | (ii) | if the person, alone or acting together with any connected person, controls, directly or indirectly, 20% or more of the voting power in the licensed financial adviser; | | (iii) | if the licensed financial adviser or its directors are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person (whether conveyed by the person alone or together with any other person, and whether with or without holding shares or controlling voting power in the licensed financial adviser); or | | (iv) | if the person (whether alone or acting together with any other person, and whether with or without holding shares or controlling voting power in the licensed financial adviser) is able to determine the policy of the licensed financial adviser; and”; and |
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| | (g) | in subsection (8), replace “contravenes subsection (4)” with “fails to comply with a condition imposed under subsection (4) (including a condition added to or varied under subsection (4A))”. |
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9. In the Financial Advisers Act 2001, in section 66 —| (a) | in subsection (1), replace paragraph (b) with —| “(b) | any person who has effective control of the licensed financial adviser,”; |
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| | (b) | in subsection (1)(c), after “section 65(4)”, insert “(including a condition that has been added to or varied under section 65(4A))”; | | (c) | in subsection (2), replace paragraph (c) with —| “(c) | a prohibition order has been made, and remains in force, against the person;”; |
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| | (d) | in subsection (3), replace paragraph (a) with —| “(a) | take such steps as are necessary to ensure that the person ceases to have effective control of the licensed financial adviser; or”; and |
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| | (e) | in subsection (3)(b), replace “written directions” with “the written notice of objection”. |
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| 10. In the Financial Advisers Act 2001, in section 67(1), after “protection of investors”, insert “or policy owners”. |
| 11. In the Financial Advisers Act 2001, in section 72(4), after “as may be prescribed,”, insert “in the manner specified by the Authority,”. |
12. In the Financial Advisers Act 2001, in section 83(8) —| (a) | in the definition of “foreign regulatory authority”, replace “territory” with “jurisdiction”; and | | (b) | in the definition of “specified financial adviser”, replace “(e) or (g)” with “(e), (g) or (h)”. |
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| Replacement of Divisions 3 and 4 of Part 6 |
13. In the Financial Advisers Act 2001, in Part 6, replace Divisions 3 and 4 with —| “Division 3 — Investigative powers of Authority |
| Subdivision (1) — Preliminary |
| Interpretation of this Division |
86. In this Division —| “computer” and “data” have the meanings given by section 2(1) of the Computer Misuse Act 1993; |
| “law enforcement agency” means any authority or person charged with the duty of investigating offences or charging offenders under any written law; |
| “legal counsel” has the meaning given by section 3(7) of the Evidence Act 1893; |
“officer” —| (a) | in relation to the Authority, includes any person employed by the Authority in an executive capacity; and | | (b) | in relation to any corporation (other than a law enforcement agency), has the meaning given by section 4(1) of the Companies Act 1967. |
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| Subdivision (2) — General |
| Investigation by Authority |
87.—(1) The Authority may conduct such investigation as it considers necessary or expedient for any of the following purposes:| (a) | to perform any of its functions and duties under this Act; | | (b) | to ensure compliance with this Act or any written direction issued under this Act; | | (c) | to investigate an alleged or suspected contravention of any provision of this Act or any written direction issued under this Act. |
| (2) The Authority may exercise any of its powers under this Division for the purposes of conducting an investigation under subsection (1) despite the provisions of any prescribed written law or any requirement imposed thereunder or any rule of law. |
| (3) Subject to subsection (5), a requirement imposed by the Authority under this Division has effect despite any obligations as to secrecy or other restrictions upon the disclosure of information imposed by any prescribed written law or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct. |
| (4) Subject to subsection (5), any person who complies with a requirement imposed by the Authority under this Division is not treated as being in breach of any restriction upon the disclosure of information or thing imposed by any prescribed written law or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct. |
| (5) Nothing in this section requires a person to disclose any information subject to legal privilege. |
(6) No civil or criminal action, other than proceedings for an offence under section 103, shall lie against any person —| (a) | for giving assistance to the Authority, including answering questions, if the person had given the assistance or answered the questions in good faith in compliance with a requirement imposed by the Authority under this Division; | | (b) | for providing information, producing books or giving access to data to the Authority, if the person had done so in good faith in compliance with a requirement imposed by the Authority under this Division; or | | (c) | for doing or omitting to do any act, if the person had done or omitted to do the act in good faith and as a result of complying with a requirement imposed by the Authority under this Division. |
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| (7) In this section, a reference to a requirement imposed by the Authority under this Division includes a reference to a requirement imposed by an investigator or authorised person under Subdivision (3) or (4). |
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| Confidentiality of investigation reports |
88.—(1) Where a written report or any part of a written report (called in this section the report) has been produced by the Authority in respect of any investigation under section 87 and is provided by the Authority to the person under investigation (called in this section the investigated person), the report must not be disclosed by the investigated person or, if the investigated person is a corporation, by any of its officers or auditors, to any other person except in the circumstances provided under subsection (2).(2) Disclosure of the report mentioned in subsection (1) may be made —| (a) | by the investigated person to any officer or auditor of that investigated person solely in connection with the performance of the duties of the officer or auditor (as the case may be) in that investigated person; | | (b) | by any officer or auditor of the investigated person to any other officer or auditor of that investigated person, solely in connection with the performance of their duties in that investigated person; or | | (c) | to such other person as the Authority may approve in writing. |
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| (3) In granting written approval for any disclosure under subsection (2)(c), the Authority may impose such conditions or restrictions as it thinks fit on the investigated person, any of its officers or auditors or the person to whom disclosure is approved, and that person must comply with such conditions or restrictions. |
| (4) The obligation on an officer or auditor mentioned in subsection (1) continues after the termination or cessation of his or her employment or appointment by the investigated person. |
| (5) Any person who contravenes subsection (1) or (3) 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. |
(6) Any person to whom the report is disclosed and who knows or has reasonable grounds for believing, at the time of the disclosure, that the report was disclosed to the person in contravention of 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, unless the person proves that —| (a) | the disclosure was made contrary to the person’s desire; | | (b) | where the disclosure was made in any written or printed form, the person had, as soon as practicable after receiving the report, surrendered or taken all reasonable steps to surrender the report and all copies of the report to the Authority; and | | (c) | where the disclosure was made in an electronic form, the person had, as soon as practicable after receiving the report, taken all reasonable steps to ensure that all electronic copies of the report had been deleted and that the report and all copies of the report in other forms had been surrendered to the Authority. |
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| Self‑incrimination and saving for advocates and solicitors |
89.—(1) A person is not excused from disclosing information to the Authority, or an investigator or authorised person mentioned in Subdivision (3) or (4), pursuant to a requirement made of the person under any provision of this Division, on the ground that the disclosure of the information might tend to incriminate the person.| (2) Where a person claims, before making a statement disclosing information that the person is required to disclose under any provision of this Division to the Authority or to an investigator or authorised person mentioned in Subdivision (3) or (4), that the statement might tend to incriminate the person, that statement is not admissible in evidence against the person in criminal proceedings other than proceedings for an offence under section 103(4). |
(3) For the purposes of any proceedings for an offence under this Act, the making of a statement by an accused person made pursuant to a requirement mentioned in subsection (1), is not to be regarded under section 258(3) of the Criminal Procedure Code 2010 as caused by any inducement, threat or promise merely because the Authority, investigator or authorised person had earlier informed the accused person that the accused person was not excused from disclosing information on the ground that the disclosure of the information might tend to incriminate the accused person, if the Authority, investigator or authorised person (as the case may be) believed in good faith, when so informing the accused person, that —| (a) | the accused person was concerned in an offence under this Act; or | | (b) | a reasonable complaint has been made, or credible information has been received, or a reasonable suspicion exists, that the accused person was concerned in an offence under this Act. |
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(4) Nothing in this Division —| (a) | compels an advocate and solicitor or legal counsel to disclose or produce a privileged communication, or a book or other material containing a privileged communication, made by or to the advocate and solicitor or legal counsel in that capacity; or | | (b) | authorises the taking of any such book or other material which is in the possession of an advocate and solicitor or legal counsel. |
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(5) Despite subsection (4), an advocate and solicitor or legal counsel —| (a) | who is required under this Division to disclose or produce a privileged communication, or a book or other material containing a privileged communication, made by or to the advocate and solicitor or legal counsel in that capacity; and | | (b) | who refuses to disclose or produce the privileged communication, book or other material, |
| must give the name and address (if he or she knows them) of the person to whom, or by or on behalf of whom, that privileged communication was made. |
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| Subdivision (3) — Examination of persons |
| Requirement to appear for examination |
90.—(1) For the purpose of an investigation under this Division, the Authority may, in writing, require a person —| (a) | to give to the Authority all reasonable assistance in connection with the investigation; and | | (b) | to appear before an officer of the Authority duly authorised by the Authority for examination and to answer questions. |
| (2) A written requirement imposed under subsection (1) must state the general nature of the matter mentioned in that subsection. |
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| Proceedings at examination |
| 91. The provisions of this Subdivision apply where, pursuant to a requirement made under section 90 for the purposes of an investigation under this Division, a person (called in this Subdivision the examinee) appears before another person (called in this Subdivision the investigator) for examination. |
| Requirements made of examinee |
92.—(1) The investigator may examine the examinee on oath or affirmation, and may, for that purpose, administer an oath or affirmation to the examinee.| (2) The oath or affirmation to be taken or made by the examinee for the purposes of the examination is an oath or affirmation that the statements that the examinee will make are true. |
| (3) The investigator may require the examinee to answer a question that is put to the examinee at the examination and is relevant to a matter that the Authority is investigating, or is to investigate, under this Division. |
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| Examination to take place in private |
93.—(1) The examination must take place in private and the investigator may give directions as to who may be present during the examination or part thereof.(2) A person must not be present at the examination unless the person is —| (a) | the investigator or the examinee; | | (b) | a person approved by the Authority; or | | (c) | entitled to be present by virtue of a direction under subsection (1). |
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94.—(1) The investigator may, and must if the examinee so requests, cause a record to be made of statements made at the examination.(2) If a record made under subsection (1) is in writing or is reduced to writing —| (a) | the investigator may require the examinee to read the record, or to have it read to the examinee, and may require the examinee to sign it; and | | (b) | the investigator must, if requested in writing by the examinee to give to the examinee a copy of the written record, provide a copy of the written record without charge within a reasonable time, subject to such conditions as the investigator may impose. |
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| Giving copies of record to other persons |
95.—(1) The Authority may, subject to such conditions or restrictions as it may impose, give a copy of a written record of the examination, or such a copy together with a copy of any related book, to an advocate and solicitor acting on behalf of a person who is carrying on, or is contemplating in good faith, a legal proceeding in respect of a matter to which the examination relates.(2) If the Authority gives a copy of a written record or book to a person under subsection (1), the person, or any other person who has possession, custody or control of the copy or a further copy of the copy, must not, except in connection with preparing, beginning or carrying on, or in the course of, any legal proceeding —| (a) | use the copy or a further copy of the copy; or | | (b) | publish, or communicate to a person, the copy, a further copy of the copy, or any part of the contents of the copy. |
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| (3) The Authority may, subject to such conditions or restrictions as it may impose, give to a person other than a person mentioned in subsection (1), a copy of a written record of the examination, or the copy together with a copy of any related book. |
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| Copies given subject to conditions |
| 96. If a copy of any written record or book is given to a person under section 94(2) or 95(1) or (3) subject to conditions or restrictions imposed by the investigator or the Authority (as the case may be), the person, and any other person who has possession, custody or control of the copy or the further copy of the copy, must comply with the conditions or restrictions. |
| Subdivision (4) — Powers to obtain information |
| Power of Authority to order production of books, provision of information or giving of access to data |
97. For the purpose of an investigation under this Division, the Authority may, in writing, require —| (a) | a person who is believed to possess, or to have power to access, any book, or who is believed to possess any information, relating to any matter under investigation; or | | (b) | a person who is believed to have power to access any data relating to any matter under investigation, |
| (c) | produce the book or a copy of the book, or to provide the information, at the time and place specified in the written requirement; | | (d) | give the Authority or any officer of the Authority who is authorised by the Authority for this purpose (called in this section an investigator) access to the book or data; or | | (e) | provide such reasonable assistance as the Authority or an investigator may require for the purposes of accessing the book or data. |
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| Power to enter premises without warrant |
98.—(1) In connection with an investigation under this Division, any officer of the Authority who is authorised by the Authority to do so (called in this section an investigator) and such other officers or persons as the Authority has authorised in writing to accompany the investigator (each called in this section an authorised person) may enter any premises.(2) An investigator or authorised person accompanying the investigator must not enter any premises in the exercise of the powers under this section unless the investigator has given the occupier of the premises a written notice which —| (a) | gives at least 2 working days’ notice of the intended entry; | | (b) | indicates the subject matter and purpose of the investigation; and | | (c) | indicates the nature of the offences investigated. |
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(3) Subsection (2) does not apply —| (a) | if the investigation relates to an alleged or suspected contravention of any provision of this Act and the investigator has reasonable grounds for suspecting that the premises are, or have been, occupied by a person who is being investigated in relation to the contravention; or | | (b) | if the investigator has taken all such steps as are reasonably practicable to give notice under subsection (2)(a) but has not been able to do so. |
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(4) Where subsection (3) applies, the power of entry conferred by subsection (1) may only be exercised upon production of —| (a) | evidence of the investigator’s authorisation and the authorisation of every authorised person accompanying the investigator; and | | (b) | a document containing information indicating the subject matter and purpose of the investigation and the nature of the offences investigated. |
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(5) Without affecting section 97, an investigator or authorised person entering any premises under this section may —| (a) | bring with him or her to the premises such items as appear to him or her to be necessary; | | (b) | require any person on the premises to produce any book or copy of any book or to give access to any data which the investigator or authorised person considers relates to any matter relevant to the investigation; | | (c) | require any person on the premises to state, to the best of the person’s knowledge and belief, where any such book or data is to be found; and | | (d) | take any step, or issue to any person on the premises any requirement, which appears to be necessary for the purpose of preserving or preventing interference with any such book or data. |
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| Warrant to seize books, etc. |
99.—(1) A Magistrate may, on the application of the Authority —| (a) | issue a warrant, if the Magistrate is satisfied that there are reasonable grounds to suspect that there is, on any particular premises, any book, or a computer in which any data is contained or to which any data is available —| (i) | being any book or data the production of which, or access to which, has been required under section 97 or 98, but which has not been produced, or access to which has not been given, in compliance with that requirement; or | | (ii) | being any book or data which, if production of which or access to which is required under section 97 or 98, will be concealed, removed, tampered with or destroyed; and |
| | (b) | if the Magistrate is also satisfied that there are reasonable grounds to suspect that there is, on those premises, any other book, or a computer in which any other data is contained or to which any other data is available, which relates to any matter relevant to the investigation concerned, direct that the powers exercisable under the warrant extend to such other book or computer. |
(2) A warrant issued under subsection (1) authorises the Authority or any person named in the warrant, with or without assistance —| (a) | to enter the premises specified in the warrant, using such force as is reasonably necessary for the purpose; | | (b) | to search the premises and to break open and search anything, whether a fixture or not, in the premises; | | (c) | to take possession of, or secure against interference, any book or computer that appears to be a book or computer mentioned in subsection (1)(a) or (b); | | (d) | to require any person to provide an explanation of any book or data that appears to be any book or data mentioned in subsection (1)(a) or (b), or to state, to the best of that person’s knowledge and belief, where any such book or data may be found; | | (e) | to search any person on those premises, if there are reasonable grounds to suspect that the person has in his or her possession any book or computer that appears to be a book or computer mentioned in subsection (1)(a) or (b), or any equipment or article which relates to any matter relevant to the investigation concerned; | | (f) | to remove from those premises for examination any book that appears to be a book mentioned in subsection (1)(a) or (b), or any equipment (including a computer) or article which relates to any matter relevant to the investigation concerned; | | (g) | to access, inspect and check the operation of a computer on the premises specified in the warrant, if there are reasonable grounds to suspect that any data mentioned in subsection (1)(a) or (b) is or has been contained in or available to the computer, or that the computer is a computer mentioned in subsection (1)(a) or (b); | | (h) | to use any computer mentioned in paragraph (g), or cause any such computer to be used —| (i) | to search any book or data that appears to be a book or any data mentioned in subsection (1)(a) or (b), that is contained in or available to such computer; and | | (ii) | to make a copy of any such book or data; |
| | (i) | to prevent any other person from gaining access to, or using, any computer mentioned in paragraph (g) (including by changing any username, password or other authentication information required to gain access to the computer); | | (j) | to order any person —| (i) | to stop accessing or using or to not access or use any computer mentioned in paragraph (g); or | | (ii) | to access or use any such computer only under such conditions as the Authority or any person named in the warrant may specify; and |
| | (k) | to order —| (i) | any person whom the Authority or any person named in the warrant reasonably suspects of using, or of having used, a computer mentioned in paragraph (g); | | (ii) | any person having charge of, or otherwise concerned with the operation of, any such computer; or | | (iii) | any person whom the Authority or any person named in the warrant reasonably believes has knowledge of or access to any username, password or other authentication information required to gain access to any such computer, |
| to provide any of the following types of assistance to the Authority: |
| (iv) | assistance to gain access to the computer (including assistance through the provision of any username, password or other authentication information required to gain access to the computer); | | (v) | assistance to prevent a person (other than the Authority or any person named in the warrant) from gaining access to, or using, the computer, including assistance in changing any username, password or other authentication information required to gain access to the computer. |
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| (3) The Authority or any person named in the warrant may allow any equipment or article mentioned in subsection (2)(f) to be retained on the premises specified in the warrant, subject to such conditions as the Authority or that person may require. |
| (4) Any person entering any premises by virtue of a warrant issued under subsection (1) may bring with him or her to the premises such items as appear to him or her to be necessary. |
(5) Where a warrant is issued under subsection (1), and there is no one present at the premises specified in the warrant when the Authority or any person named in the warrant proposes to execute the warrant, the Authority or that person must, before executing the warrant —| (a) | take such steps as are reasonable in all the circumstances to inform the occupier of the premises of the intended entry into the premises; and | | (b) | subject to subsection (6), give the occupier or the occupier’s legal or other representative a reasonable opportunity to be present when the warrant is executed. |
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| (6) If the Authority or any person named in the warrant is unable to inform the occupier of the premises of the intended entry into the premises, the Authority or that person must, when executing the warrant, leave a copy of the warrant in a prominent place on the premises. |
| (7) On leaving any premises specified in a warrant issued under subsection (1), the Authority or any person named in the warrant must, if the premises are unoccupied or if the occupier of the premises is temporarily absent, leave the premises as effectively secured as the Authority or that person found the premises. |
| (8) The powers conferred by this section are in addition to, and not in derogation of, any other powers conferred by any other written law or rule of law. |
(9) In this section —| “occupier”, in relation to any premises specified in a warrant issued under subsection (1), includes any person whom the Authority or any person named in the warrant reasonably believes to be the occupier of those premises; |
| “premises” includes any structure, building, aircraft, vehicle or vessel. |
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| Powers where books are produced, etc. |
100.—(1) This section applies where —| (a) | any book is produced to the Authority, or access to any book, or any data contained in or available to a computer, is given to the Authority —| (i) | pursuant to a requirement under section 97; or | | (ii) | during an entry into any premises by an investigator or authorised person under section 98; |
| | (b) | under a warrant issued under section 99(1), the Authority or a person named therein —| (i) | takes possession of any book or computer; or | | (ii) | secures any book or computer against interference; or |
| | (c) | under a previous application of subsection (6), any book or computer is delivered into the possession of the Authority or a person authorised by it. |
| (2) If subsection (1)(a) applies, the Authority may take possession of any book or computer mentioned in that provision. |
(3) The Authority or, where applicable, a person mentioned in subsection (1)(b) or (c) may —| (a) | inspect, and make copies of, or take extracts from, a book, or any data contained in or available to the computer, mentioned in that subsection; | | (b) | use, or permit the use of, a book, or any data contained in or available to the computer, mentioned in that subsection for the purposes of any proceedings; | | (c) | retain possession of a book or computer mentioned in that subsection for so long as is necessary —| (i) | for the purposes of exercising a power conferred by this section; | | (ii) | for a decision to be made about whether or not any proceedings to which the book or any data contained in or available to the computer would be relevant should be instituted; or | | (iii) | for such proceedings to be instituted and carried on; and |
| | (d) | require any book stored in any electronic form, or any data, which the Authority or person mentioned in subsection (1)(b) or (c) is satisfied relates to any matter relevant to an investigation under this Division, to be produced in a form which can be taken away and which is visible and legible. |
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| (4) No person is entitled, as against the Authority or, where applicable, a person mentioned in subsection (1)(b) or (c) to claim a lien on any book or computer mentioned in that subsection, but such a lien is not otherwise prejudiced. |
(5) While any book or computer is in the possession of the Authority or (where applicable) the person mentioned in subsection (1)(b) or (c), the Authority or the person —| (a) | must permit another person to inspect at all reasonable times the book or computer as the second‑mentioned person would be entitled to inspect if the book or computer were not in the possession of the Authority or the firstmentioned person; and | | (b) | may permit any other person to inspect the book or computer. |
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| (6) If subsection (1)(a) or (b)(i) applies, an investigator or authorised person mentioned in subsection (1)(a) or a person mentioned in subsection (1)(b) may deliver any book or computer into the possession of the Authority or of a person authorised by the Authority to receive them. |
(7) If subsection (1)(a) or (b) or (6) applies, the Authority, an investigator or authorised person mentioned in subsection (1)(a), a person mentioned in subsection (1)(b) or a person into whose possession any book or computer is delivered under subsection (6), may require —| (a) | if subsection (1)(a) applies — a person who produced the book or gave access to the book or the data contained in or available to the computer; or | | (b) | if subsection (1)(b) applies — a person who was a party to the preparation of the book or any data contained in or available to the computer, |
| to explain, to the best of his or her knowledge and belief, any matter about the preparation of the book or data or any matter to which the book or data relates. |
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| Powers where books not produced, information not provided or access to book or data not given |
101. Where a person fails to comply with a requirement imposed by the Authority under section 97 to produce any book, provide any information or give access to any book or data, the Authority may require the person to state, to the best of his or her knowledge and belief —| (a) | the place where such book, or any computer in which such data is contained or to which such data is available, may be found; | | (b) | the person who last had possession, custody or control of such book, or any computer in which such data is contained or to which such data is available, and the place where that person may be found; or | | (c) | the person who possesses such information and the place where that person may be found. |
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| Copies of or extracts from books to be admitted in evidence |
102.—(1) Subject to this section, a copy of or extract from any book referred to in this Division 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 extract from any book is a true copy of the book or of a part of the book, may be given by a person who has compared the copy or extract with the book or the relevant part of the book, and may be given orally or by an affidavit sworn, or by a declaration made, before a person authorised to take affidavits or statutory declarations. |
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| Offences under this Division |
103.—(1) An advocate and solicitor or legal counsel who, without reasonable excuse, fails to comply with section 89(5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $12,500.(2) A person who, without reasonable excuse, refuses or fails to comply with —| (a) | any requirement imposed under section 90(1), 92(3), 97, 98(5)(b), (c) or (d), 100(3)(d) or (7) or 101; or | | (b) | any requirement imposed pursuant to a warrant issued under section 99(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. |
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(3) A person who, without reasonable excuse, refuses or fails to comply with —| (a) | any requirement of an investigator under section 94(2)(a); or | | (b) | section 95(2) or 96, |
| shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 12 months or to both. |
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(4) A person who —| (a) | in purported compliance with a requirement imposed under section 89(5), 97, 98(5)(b), (c) or (d), 100(3)(d) or (7) or 101, or pursuant to a warrant issued under section 99(1); or | | (b) | in the course of examination of the person, |
| provides information or makes a statement 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 $50,000 or to imprisonment for a term not exceeding 2 years or to both. |
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| (5) It is a defence to a prosecution for an offence under subsection (4) if the defendant proves that the defendant believed on reasonable grounds that the information or statement was true and not misleading. |
(6) Any person who, knowing or having reasonable grounds to believe that any book, computer, equipment or article relates to a matter that the Authority is investigating or about to investigate under this Division —| (a) | conceals, destroys, mutilates or alters that book, computer, equipment or article; or | | (b) | if any such book, computer, equipment or article is within the territory of Singapore, takes or sends the book, computer, equipment or article out of Singapore, |
| shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both. |
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| (7) A person who, without reasonable excuse, obstructs or hinders the Authority in the exercise of any power under this Division, or obstructs or hinders a person who is exercising any power under section 98(1) or (5) or executing a warrant issued under section 99(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. |
| (8) Any occupier or person in charge of any premises who fails to provide, to any person who enters those premises under section 98(1) or under a warrant issued under section 99(1), all reasonable facilities and assistance for the effective exercise of that person’s powers under section 98(1) or (5) or under the warrant (as the case may be) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 12 months or to both. |
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| Division 4 — Transfer of evidence |
| Interpretation of this Division |
103A. In this Division ––| “Commercial Affairs Officer” means a Commercial Affairs Officer appointed under section 64 of the Police Force Act 2004; |
| “data” has the meaning given by section 2(1) of the Computer Misuse Act 1993; |
| “police officer” means a member of the Singapore Police Force. |
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| Evidence obtained by Authority may be used in criminal investigations and proceedings |
103B.—(1) Despite the provisions of any written law or rule of law, the Authority may provide any book, written record of any examination or other information, or access to any data, obtained by the Authority under Division 3 to ––| (a) | a police officer; | | (b) | a Commercial Affairs Officer; or | | (c) | the Public Prosecutor, |
| for the purposes of any investigation into or criminal proceedings against a person for an alleged or suspected contravention of any provision under this Act. |
| (2) To avoid doubt, any book, written record of examination or other information provided, or any data to which access is provided, by the Authority under subsection (1) is not inadmissible in any criminal proceedings by reason only that it was first obtained by the Authority under this Act, and the admissibility thereof is to be determined in accordance with the rules of evidence under written law and any relevant rules of law. |
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| Evidence obtained under Criminal Procedure Code 2010 may be used for purposes of Act |
103C. Despite the provisions of any written law or any rule of law, any book, data, statement or other information obtained by —| (a) | a police officer or a Commercial Affairs Officer in the exercise of his or her powers under Divisions 1 and 2 of Part 4 of the Criminal Procedure Code 2010; or | | (b) | an authorised person mentioned in section 20(1) or (1A), 39(1) or 40(2) of the Criminal Procedure Code 2010, in the exercise of his or her powers under those sections, |
| may be provided to the following persons for the following purposes, if it is in the public interest to do so: |
| (c) | to the Authority — for the purpose of any investigation under section 87(1); | | (d) | to the Minister or to an Appeal Advisory Committee constituted under section 119 — for the purpose of any appeal against a decision of the Authority under this Act.”. |
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| Replacement of section 114 |
14. In the Financial Advisers Act 2001, replace section 114 with —| “Duty not to provide false information to Authority |
114.—(1) Any individual who provides the Authority with any information under this Act or relevant to the Authority’s exercise of powers under this Act must use due care to ensure that the information is not false or misleading in any material particular.| (2) Any person, other than an individual, who provides the Authority with any information under this Act or relevant to the Authority’s exercise of powers under this Act must use due care to ensure that the information is not false or misleading. |
| (3) Subsection (1) applies only if no other provision of this Act makes it an offence to do the act mentioned in that subsection. |
| (4) Subsection (2) applies only if no other provision of this Act makes it an offence to do the act mentioned in that subsection. |
(5) Any individual who —| (a) | signs any document lodged with the Authority; or | | (b) | lodges with the Authority any document by electronic means using any identification or identifying code, password or other authentication method or procedure assigned to the individual by the Authority, |
| must use due care to ensure that the document is not false or misleading in any material particular. |
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(6) Any person, other than an individual, who —| (a) | signs any document lodged with the Authority; or | | (b) | lodges with the Authority any document by electronic means using any identification or identifying code, password or other authentication method or procedure assigned to the person by the Authority, |
| must use due care to ensure that the document is not false or misleading. |
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| (7) Any individual who contravenes subsection (1) or (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 or to imprisonment for a term not exceeding 2 years or to both. |
(8) Any person who contravenes subsection (2) or (6) shall be guilty of an offence and shall be liable on conviction —| (a) | if the information or document is false or misleading in a material particular — to a fine not exceeding $25,000; or | | (b) | in any other case — to a fine not exceeding $12,500.”. |
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15. In the Financial Advisers Act 2001, in section 125, after subsection (1), insert —| “(1A) The Authority may, under subsection (1), reprimand a person who has ceased to be a relevant person, if the person was a relevant person at the time of the misconduct.”. |
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16. In the Financial Advisers Act 2001, in section 130, replace subsection (2) with —“(2) The Authority may, on the application of any person, by written notice exempt the person from —| (a) | all or any of the provisions of this Act; or | | (b) | all or any of the requirements imposed by the Authority under this Act.”. |
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| Replacement of section 131 and new section 131A |
17. In the Financial Advisers Act 2001, replace section 131 with —| “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) | in the case of an individual —| (i) | by delivering it to the individual or to some adult member or employee of his or her family or household at his or her last known place of residence; | | (ii) | by leaving it at the individual’s usual or last known place of residence or business in an envelope addressed to him or her; | | (iii) | by sending it by registered post addressed to the individual at his or her usual or last known place of residence or business; or | | (iv) | by sending it by email to the individual’s last email address; or |
| | (b) | in the case of a body corporate or body of persons —| (i) | by delivering it to the secretary or other similar officer of the body corporate or body of persons at its registered office or principal place of business; | | (ii) | by leaving it at the registered office or principal place of business of the body corporate or body of persons in an envelope addressed to the body corporate or body of persons; | | (iii) | by sending it by registered post addressed to the body corporate or body of persons at its registered office or principal place of business; or | | (iv) | by sending it by email to the last email address of the body corporate or body of persons. |
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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. |
| (4) Service of a notice, order or document under subsection (1)(a)(iv) or (b)(iv) takes effect at the time the email becomes capable of being retrieved by the person to whom the document is sent. |
| (5) A notice, order or document may be served on a person under subsection (1)(a)(iv) or (b)(iv) by email only with that person’s prior written consent. |
| (6) This section does not apply to documents to be served in proceedings in court. |
(7) In this section, “last email address” means —| (a) | the last email address given by the addressee concerned to the person giving or serving the document, notice or order as the email address for the service of notices, orders or documents under this Act; or | | (b) | the last email address of the addressee concerned known to the person giving or serving the notice, order or document. |
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131A.—(1) The Authority may provide an electronic service for the service of any document that is required or authorised by this Act to be given to or served on any person.(2) For the purposes of the electronic service, the Authority may assign to any person —| (a) | an authentication code; and | | (b) | an account with the electronic service. |
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| (3) Despite section 131, where any person has given the person’s consent for any document to be given to or served on the person through the electronic service, the Authority may give or serve the document on that person by transmitting an electronic record of the document to that person’s account with the electronic service. |
| (4) Where a person has given the person’s consent for a document to be given to or served on the person through the electronic service, the document is deemed to have been given or served at the time when an electronic record of the document enters the person’s account with the electronic service. |
(5) Despite any other written law, in any proceedings under this Act —| (a) | an electronic record of any document that was given or served through the electronic service; or | | (b) | any copy or print‑out of that electronic record, |
| is admissible as evidence of the facts stated or contained therein if that electronic record, copy or print‑out — |
| (c) | is certified by the Authority to contain all or any information given or served through the electronic service in accordance with this section; and | | (d) | is duly authenticated in the manner specified in subsection (7) or is otherwise authenticated in the manner provided in the Evidence Act 1893 for the authentication of computer output. |
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(6) To avoid doubt —| (a) | an electronic record of any document that was given or served through the electronic service; or | | (b) | any copy or print‑out of that electronic record, |
| is not inadmissible in evidence merely because the document was given or served without the delivery of any equivalent document or counterpart in paper form. |
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(7) For the purposes of this section, a certificate —| (a) | giving the particulars of —| (i) | any person whose authentication code was used to give or serve the document; and | | (ii) | any person or device involved in the production or transmission of the electronic record of the document, or the copy or print‑out of the electronic record; |
| | (b) | identifying the nature of the electronic record or copy or print‑out of the electronic record; and | | (c) | purporting to be signed by the Authority or by a person occupying a responsible position in relation to the operation of the electronic service at the relevant time, |
| is sufficient evidence that the electronic record, copy or print‑out has been duly authenticated, unless the court, in its discretion, calls for further evidence on this issue. |
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| (8) Where the electronic record of any document, or a copy or print‑out of that electronic record, is admissible under subsection (5), it is presumed, until the contrary is proved, that the electronic record, copy or print‑out accurately reproduces the contents of that document. |
| (9) The Authority may make regulations which are necessary or expedient for carrying out the purposes of this section, including regulations prescribing the procedure for the use of the electronic service, including the procedure in circumstances where there is a breakdown or interruption of the electronic service. |
(10) In this section —| “account with the electronic service”, in relation to any person, means a computer account within the electronic service which is assigned by the Authority to that person for the storage and retrieval of electronic records relating to that person; |
| “authentication code”, in relation to any person, means an identification or identifying code, a password or any other authentication method or procedure which is assigned to that person for the purposes of identifying and authenticating the access to and use of the electronic service by that person; |
| “document” includes notice and order; |
| “electronic record” has the meaning given by section 2(1) of the Electronic Transactions Act 2010.”. |
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18. In the Financial Advisers Act 2001, in section 135(2) —| (a) | in paragraph (n), delete “and” at the end; and | | (b) | after paragraph (n), insert —| “(na) | the notification to the Authority by a licensed financial adviser of —| (i) | any adverse development that has or is likely to have a material impact on the licensed financial adviser; or | | (ii) | any matter affecting the fitness and propriety of any substantial shareholder, director or executive officer of the licensed financial adviser, or any person who has effective control of the licensed financial adviser (within the meaning of section 65(6)(a)), to be a substantial shareholder, director or executive officer, or person having effective control of, the licensed financial adviser; and”. |
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19. In the Financial Advisers Act 2001 —| (a) | in sections 17(2)(b) and (4)(b), 21(1), (2)(b) and (4) and 22(1)(b) and (5)(b), replace “section 20(1)(f) or (g)” with “section 20(1)(f), (g) or (h)”; | | (b) | in section 78(1) and (2), replace “this Part” with “Division 1, 2 or 2A”; | | (c) | in section 78(2), delete “other than proceedings for an offence under section 101(2)”; | | (d) | in section 79(1), replace “This Part does not” with “Divisions 1, 2 and 2A do not”; and | | (e) | in section 116(2)(a), replace “64(7)” with “64(10)”. |
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