77
(7)
A requirement imposed by the Authority in the exercise of its powers under this section
has effect despite any obligation as to secrecy or other restrictions upon the disclosure of
information imposed by any prescribed written law (or any requirement imposed under the
prescribed written law), rule of law, contract or rule of professional conduct.
(8)
Any person that complies with a requirement imposed by the Authority in the exercise
of its powers under this section is not to be treated as being in breach of any restriction on the
disclosure of the information imposed by any prescribed written law (or any requirement
imposed under the prescribed written law), rule of law, contract or rule of professional conduct.
(9)
No civil or criminal action lies against any person for —
(a)
providing information or producing books to the Authority if the person provided
the information or produced the books in good faith in compliance with a
requirement imposed by the Authority under this section; or
(b)
doing or omitting to do any act, if the person did or omitted to do the act in good
faith and as a result of complying with a requirement imposed by the Authority
under this section.
(10)
Any person that fails, without reasonable excuse, to comply with subsection (2)(a) or a
requirement of the Authority under subsection (5) shall be guilty of an offence and shall be
liable on conviction —
(a)
in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for
a term not exceeding 2 years or to both and, in the case of a continuing offence, to
a further fine not exceeding $5,000 for every day or part of a day during which the
offence continues after conviction; or
(b)
in any other case, to a fine not exceeding $100,000 and, in the case of a continuing
offence, to a further fine not exceeding $10,000 for every day or part of a day during
which the offence continues after conviction.
(11)
In this section, “prescribed written law” means this Act, or any of the following written
laws and any subsidiary legislation made under this Act or those written laws:
(a)
Banking Act (Cap. 19);
(b)
Deposit Insurance and Policy Owners’ Protection Schemes Act (Cap. 77B);
(c)
Finance Companies Act (Cap. 108);
(d)
Financial Advisers Act (Cap. 110);
(e)
Financial Holding Companies Act
(f)
Insurance Act (Cap. 142);
(g)
Monetary Authority of Singapore Act (Cap. 186);
(h)
Securities and Futures Act (Cap. 289);
(i)
Trust Companies Act (Cap. 336);
(j)
Credit Bureau Act 2016 (No. 27 of 2016);
78
(k)
such other written law as the Authority may prescribe.
Confidentiality of inspection and investigation reports
76.—(1) Subject to subsection (2), where the Authority has —
(a)
produced a written report —
(i)
upon an inspection under section 74 in respect of a licensee, an exempt
person, a person exempt under section 102, an operator, a settlement
institution or a participant of a designated payment system; or
(ii)
in respect of any investigation under section 75; and
(b)
provided the report to the licensee, the exempt person, the person exempt under
section 102, the operator, the settlement institution, or a participant of a designated
payment system or the person under investigation (called in this section the
payment entity or person, as the case may be),
the payment entity or person, or any of the payment entity’s or person’s officers or
auditors, must not disclose the report to any other person.
(2)
The report mentioned in subsection (1) may be disclosed —
(a)
by the payment entity or person to the payment entity’s or person’s officer or
auditor solely in connection with the performance of the duties of the officer or
auditor in the payment entity or person;
(b)
by any officer or auditor of the payment entity or person to any other officer or
auditor of the payment entity or person, solely in connection with the performance
of their duties in the relevant person; or
(c)
to such other person as the Authority may approve in writing.
(3)
In granting written approval for any disclosure under subsection (2)(c), the Authority
may impose such conditions or restrictions as the Authority thinks fit on the payment entity or
person, any of the payment entity’s or person’s officers or auditors, or the person to whom
disclosure is approved, and the payment entity or person, officer, auditor or the person to whom
disclosure is approved must comply with the condition or restriction.
(4)
The obligations of an officer or auditor mentioned in subsections (1) and (3) continue
after the termination or cessation of the person’s employment with or appointment by the
relevant person.
(5)
Any person that contravenes subsection (1) or (3) shall be guilty of an offence and shall
be liable on conviction —
(a)
in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for
a term not exceeding 2 years or to both; or
(b)
in any other case, to a fine not exceeding $100,000.
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