# legal_provisions

document_id: faa-2001
provision_ref: s81
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 81
title: Confidentiality of inspection reports
content:
81. —(1) Where a written report or any part of a written report (called in this section the report) has been produced by the Authority on an inspection under section 80 in respect of any licensed financial adviser, exempt financial adviser or representative (called in this section the inspected person) and is provided by the Authority to the inspected person, the report must not be disclosed by the inspected person or, if the inspected person is a corporation, by any of its officers or auditors, to any other person except in the circumstances provided under subsection (2). [1/2009] (2) Disclosure of the report mentioned in subsection (1) may be made — ( a ) by the inspected person to any officer or auditor of that inspected person solely in connection with the performance of the duties of the officer or auditor (as the case may be) in that inspected person; ( b ) by any officer or auditor of the inspected person to any other officer or auditor of that inspected person, solely in connection with the performance of their duties in that inspected person; or ( c ) to such other person as the Authority may approve in writing. [1/2009] (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 inspected 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. [1/2009] (4) The obligation on an officer or auditor referred to in subsection (1) continues after the termination or cessation of his or her employment or appointment by the inspected person. [1/2009] (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. [1/2009] (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 him or her 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 he or she proves that — ( a ) the disclosure was made contrary to his or her desire; ( b ) where the disclosure was made in any written form, he or she had as soon as practicable after receiving the report surrendered or taken all reasonable steps to surrender the report and all copies thereof to the Authority; and ( c ) where the disclosure was made in an electronic form, he or she 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 thereof in other forms had been surrendered to the Authority. [70A [1/2009] Division 2A &#x2014; Inspection Powers of Foreign Regulatory Authority


document_id: faa-2001
provision_ref: s82
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 82
title: Application of this Division
content:
82. This Division does not apply to an inspection by a foreign regulatory authority of the books of a specified financial adviser in Singapore if — ( a ) the foreign regulatory authority is an AML/CFT authority as defined in section 17 of the Financial Services and Markets Act 2022 and exercises consolidated supervision authority as defined in that section over that specified financial adviser; and [Act 18 of 2022 wef 28/04/2023] ( b ) the inspection is solely for the purposes of such consolidated supervision. [70B [18/2015; 31/2017]


document_id: faa-2001
provision_ref: s83
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 83
title: Inspection by foreign regulatory authority
content:
83. —(1) Subject to the provisions of this section, a foreign regulatory authority may, with the prior written approval of the Authority and under conditions of secrecy, conduct an inspection in Singapore of the books of a specified financial adviser in respect of its business of providing any financial advisory service. [18/2015] (2) Where — ( a ) the specified financial adviser is an exempt financial adviser referred to in section 20(1)( a ) or ( d ); and ( b ) the foreign regulatory authority has already obtained the approval of the Authority under section 45 of the Banking Act 1970 or section 150B of the Securities and Futures Act 2001 to conduct an inspection under that provision, then the foreign regulatory authority is treated as having obtained the Authority’s written approval under subsection (1). [18/2015] (3) In deciding whether to grant approval to a foreign regulatory authority under subsection (1), the Authority may have regard to the following considerations: ( a ) whether the inspection, and the information to be obtained from the inspection, is required by the foreign regulatory authority to enable the foreign regulatory authority to carry out its regulatory functions; ( b ) whether the foreign regulatory authority has regulatory oversight in its jurisdiction of the specified financial adviser; ( c ) whether the foreign regulatory authority is prohibited by the laws applicable to it from disclosing information obtained by it from the inspection to any other person; ( d ) whether the foreign regulatory authority has provided or is willing to provide similar assistance to the Authority; ( e ) such other matters as the Authority may consider relevant. [18/2015] (4) A foreign regulatory authority which obtained an approval for an inspection under subsection (1) may, with the prior written approval of the Authority, request or appoint any of the following persons to conduct the inspection: ( a ) either — (i) where the specified financial adviser is incorporated outside Singapore, the auditors of the head office of the specified financial adviser; or (ii) where the specified financial adviser is incorporated in Singapore — (A) in a case where the specified financial adviser has a parent company, the auditors of the parent company; or (B) in any other case, the auditors of the specified financial adviser; ( b ) such other person as the foreign regulatory authority thinks fit. [18/2015] (5) Despite subsection (1), the Authority may at any time, whether before, on or after giving written approval for an inspection under subsection (1), impose conditions or restrictions on the foreign regulatory authority relating to any of the following: ( a ) the class or classes of information to which the foreign regulatory authority may or may not have access in the course of the inspection; ( b ) the conduct of the inspection; ( c ) the use or disclosure of any information obtained in the course of the inspection; ( d ) such other matters as the Authority thinks fit. [18/2015] (6) The Authority may, in relation to an inspection by a foreign regulatory authority, at any time, by written notice to the specified financial adviser concerned, impose such conditions or restrictions on the specified financial adviser as it thinks fit, and the specified financial adviser must comply with such conditions or restrictions. [18/2015] (7) Subsections (5) and (6) apply as if a reference to the foreign regulatory authority includes a reference to the person requested or appointed under subsection (4). [18/2015] (8) In this section and sections 82, 84 and 85 — “foreign regulatory authority” means an authority of a country or jurisdiction other than Singapore, which exercises any function that corresponds to a regulatory function of the Authority under the Monetary Authority of Singapore Act 1970 or any of the written laws set out in the Schedule to that Act; [Act 12 of 2024 wef 30/08/2024] “parent company”, in relation to a specified financial adviser, means a financial institution of which the specified financial adviser is a subsidiary; “specified financial adviser” means a licensed financial adviser or an exempt financial adviser mentioned in section 20(1)( a ), ( b ), ( c ), ( d ), ( e ), ( g ) or ( h ); [Act 12 of 2024 wef 24/01/2025] “subsidiary” has the meaning given by section 5 of the Companies Act 1967. [70C [18/2015]


document_id: faa-2001
provision_ref: s84
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 84
title: Duty of specified financial adviser under inspection
content:
84. —(1) For the purposes of an inspection under section 83, and subject to subsection (2), the specified financial adviser must — ( a ) give the foreign regulatory authority access to such of the books of the specified financial adviser; and ( b ) provide such information (including information relating to the internal control systems of the specified financial adviser) and facilities, as the foreign regulatory authority may require for the inspection. [18/2015] (2) The specified financial adviser need not give the foreign regulatory authority access to the books of the specified financial adviser, or provide information or facilities, at such times or at such places as would unduly interfere with the proper conduct of the normal daily business of the specified financial adviser. [18/2015] (3) Subsection (1) has effect despite any obligation of confidentiality or other restrictions on the disclosure of information imposed on the specified financial adviser or any of its officers by any prescribed written law or any requirement imposed under such written law, any rule of law, any contract or any rule of professional conduct. [18/2015] (4) A specified financial adviser which, without reasonable excuse, refuses or neglects to comply with subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 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. [18/2015] (5) No civil or criminal liability is incurred by a specified financial adviser or any of its officers in respect of any obligation or restriction mentioned in subsection (3) for doing or omitting to do any act, if the act is done or omitted to be done with reasonable care and in good faith and for the purpose of complying with subsection (1). [18/2015] (6) A specified financial adviser which or any of its officers who, with reasonable care and in good faith, does or omits to do any act for the purpose of complying with subsection (1) is not to be treated as being in breach of any obligation or restriction mentioned in subsection (3). [70D [18/2015]


document_id: faa-2001
provision_ref: s85
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 85
title: Confidentiality of inspection report by foreign regulatory authority
content:
85. —(1) Except as provided in subsection (2), where a written report has been produced by a foreign regulatory authority in respect of a specified financial adviser following an inspection under section 83 and such report, or any part of it, is provided by the foreign regulatory authority to the specified financial adviser, the specified financial adviser or any of its officers or auditors, must not disclose any part of the report to any person. [18/2015] (2) Disclosure of the report may be made — ( a ) by the specified financial adviser to any officer or auditor of the specified financial adviser solely in connection with the performance of the duties of the officer or auditor in the specified financial adviser; ( b ) by any officer or auditor of the specified financial adviser to any other officer or auditor of that specified financial adviser, solely in connection with the performance of their respective duties in that specified financial adviser; ( c ) to the Authority, upon the Authority’s request; or ( d ) to such other person as the Authority may approve in writing. [18/2015] (3) In granting any approval under subsection (2)( d ), the Authority may impose such conditions or restrictions as the Authority thinks fit on any of the following persons: ( a ) the specified financial adviser; ( b ) any officer or auditor of the specified financial adviser; ( c ) the person to whom disclosure is approved, and that specified financial adviser, officer, auditor or person (as the case may be) must comply with those conditions or restrictions. [18/2015] (4) The obligations on an officer or auditor of a specified financial adviser mentioned in subsections (1) and (3) continue after the termination or cessation of the employment of such person with, or the appointment of such person by, the specified financial adviser. [18/2015] (5) Any person who contravenes subsection (1) or fails to comply with any condition or restriction imposed by the Authority under subsection (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. [18/2015] (6) Any person to whom the whole or any part of the report is disclosed and who knows or has reasonable grounds for believing that, at the time of the disclosure, 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. [18/2015] (7) Where a person is charged with an offence under subsection (6), it is a defence for the person to prove 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 the deletion of all electronic copies of the report and the surrender of the report and all copies of the report in other forms to the Authority. [70E [18/2015] Division 3 &#x2014; Investigative powers of Authority Subdivision (1) &#x2014; Preliminary


document_id: faa-2001
provision_ref: s86
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 86
title: Interpretation of this Division
content:
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. [Act 12 of 2024 wef 24/01/2025] Subdivision (2) &#x2014; General


document_id: faa-2001
provision_ref: s87
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 87
title: Investigation by Authority
content:
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. (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). [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s88
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 88
title: Confidentiality of investigation reports
content:
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. (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. [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s89
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 89
title: Self-incrimination and saving for advocates and solicitors
content:
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. (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. (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. [Act 12 of 2024 wef 24/01/2025] Subdivision (3) &#x2014; Examination of persons


document_id: faa-2001
provision_ref: s90
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 90
title: Requirement to appear for examination
content:
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. [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s91
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 91
title: Proceedings at examination
content:
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. [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s92
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 92
title: Requirements made of examinee
content:
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. [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s93
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 93
title: Examination to take place in private
content:
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). [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s94
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 94
title: Record of examination
content:
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. [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s95
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 95
title: Giving copies of record to other persons
content:
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. (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. [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s96
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 96
title: Copies given subject to conditions
content:
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. [Act 12 of 2024 wef 24/01/2025] Subdivision (4) &#x2014; Powers to obtain information


document_id: faa-2001
provision_ref: s97
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 97
title:
Power of Authority to order production of books, provision of information or giving of access to data

content:
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, to — ( 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. [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s98
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 98
title: Power to enter premises without warrant
content:
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. (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. (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. (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. [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s99
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 99
title: Warrant to seize books, etc.
content:
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. (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. (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. [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s100
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 100
title: Powers where books are produced, etc.
content:
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. (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. (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. [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s101
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 101
title: Powers where books not produced, information not provided or access to book or data not given
content:
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. [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s102
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 102
title: Copies of or extracts from books to be admitted in evidence
content:
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. [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s103
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 103
title: Offences under this Division
content:
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. (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. (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. (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. (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. [Act 12 of 2024 wef 24/01/2025] Division 4 &#x2014; Transfer of evidence


document_id: faa-2001
provision_ref: s103A
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 103A
title: Interpretation of this Division
content:
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. [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s103B
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 103B
title: Evidence obtained by Authority may be used in criminal investigations and proceedings
content:
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. [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s103C
chapter: PART 6 - SUPERVISION AND INVESTIGATION
section: 103C
title: Evidence obtained under Criminal Procedure Code 2010 may be used for purposes of Act
content:
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. [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s104
chapter: PART 7 - ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
section: 104
title: Interpretation of this Part
content:
104. In this Part, unless the context otherwise requires — “enforce” means enforce through criminal, civil or administrative proceedings; “enforcement” means the taking of any action to enforce a law or regulatory requirement against a specified person, being a law or regulatory requirement that relates to any financial advisory service in the foreign country of the regulatory authority concerned; “foreign country” means a country or territory other than Singapore; “investigation” means an investigation to determine if a specified person has contravened or is contravening a law or regulatory requirement, being a law or regulatory requirement that relates to any financial advisory service in the foreign country of the regulatory authority concerned; “material” includes any information, book, document or other record in any form whatsoever, and any container or article relating thereto; “regulatory authority”, in relation to a foreign country, means an authority of the foreign country exercising any function that corresponds to a regulatory function of the Authority under this Act; “relevant day” means — ( a ) 6 March 2000, in relation to any financial advisory service in respect of securities or futures contracts as defined in section 2(1) in force immediately before 8 October 2018; ( b ) 1 October 2002, in relation to any financial advisory service in respect of investment products as defined in section 2(1) in force immediately before 8 October 2018 (other than securities or futures contracts mentioned in paragraph ( a )); or ( c ) 8 October 2018, in relation to any other financial advisory service; “supervision”, in relation to a regulatory authority, means the taking of any action for or in connection with the supervision of a subject matter in the foreign country of the regulatory authority, being a subject matter relating to any financial advisory service. [77 [4/2017]


document_id: faa-2001
provision_ref: s105
chapter: PART 7 - ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
section: 105
title: Application of this Part
content:
105. This Part does not apply to any request for assistance mentioned in section 19(1) of the Financial Services and Markets Act 2022. [77A [31/2017] [Act 18 of 2022 wef 28/04/2023]


document_id: faa-2001
provision_ref: s106
chapter: PART 7 - ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
section: 106
title: Conditions for provision of assistance
content:
106. —(1) The Authority may provide the assistance mentioned in section 108 to a regulatory authority of a foreign country if the Authority is satisfied that all of the following conditions are fulfilled: ( a ) the request by the regulatory authority for assistance is received by the Authority on or after the relevant day; ( b ) the assistance is intended to enable the regulatory authority, or any other authority of the foreign country, to carry out supervision, investigation or enforcement; ( c ) the contravention of the law or regulatory requirement to which the request relates took place on or after the relevant day; ( d ) the regulatory authority has given a written undertaking that any material or copy thereof obtained pursuant to its request will not be used for any purpose other than a purpose that is specified in the request and approved by the Authority; ( e ) the regulatory authority has given a written undertaking not to disclose to a third party (other than a designated third party of the foreign country in accordance with paragraph ( f )) any material received pursuant to the request unless the regulatory authority is compelled to do so by the law or a court of the foreign country; ( f ) the regulatory authority has given a written undertaking to obtain the prior consent of the Authority before disclosing any material received pursuant to the request to a designated third party, and to make such disclosure only in accordance with such conditions as may be imposed by the Authority; ( g ) the material requested for is of sufficient importance to the carrying out of the supervision, investigation or enforcement to which the request relates and cannot reasonably be obtained by any other means; ( h ) the matter to which the request relates is of sufficient gravity; and ( i ) the rendering of assistance will not be contrary to the public interest or the interest of the investing public or policy owners. (2) For the purposes of subsection (1)( e ) and ( f ), “designated third party”, in relation to a foreign country, means — ( a ) any person or body responsible for supervising the regulatory authority in question; ( b ) any authority of the foreign country responsible for carrying out the supervision, investigation or enforcement in question; or ( c ) any authority of the foreign country exercising a function that corresponds to a regulatory function of the Authority under this Act. [78


document_id: faa-2001
provision_ref: s107
chapter: PART 7 - ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
section: 107
title: Other factors to consider for provision of assistance
content:
107. In deciding whether to grant a request for assistance mentioned in section 108 from a regulatory authority of a foreign country, the Authority may also have regard to the following: ( a ) whether the act or omission that is alleged to constitute the contravention of the law or regulatory requirement to which the request relates would, if it had occurred in Singapore, have constituted an offence under this Act; ( b ) whether the regulatory authority has given or is willing to give an undertaking to the Authority to comply with a future request by the Authority to the regulatory authority for similar assistance; ( c ) whether the regulatory authority has given or is willing to give an undertaking to the Authority to contribute towards the costs of providing the assistance that the regulatory authority has requested for. [79


document_id: faa-2001
provision_ref: s108
chapter: PART 7 - ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
section: 108
title: Assistance that may be rendered
content:
108. —(1) Despite the provisions of any prescribed written law or any requirement imposed thereunder or any rule of law, the Authority or any person authorised by the Authority may, in relation to a request by a regulatory authority of a foreign country for assistance — ( a ) transmit to the regulatory authority any material in the possession of the Authority that is requested by the regulatory authority or a copy thereof; ( b ) order any person to provide to the Authority any material that is requested by the regulatory authority or a copy thereof, and transmit the material or copy to the regulatory authority; ( c ) order any person to transmit directly to the regulatory authority any material that is requested by the regulatory authority or a copy thereof; ( d ) order any person to make an oral statement to the Authority on any information requested by the regulatory authority, record such statement, and transmit the recorded statement to the regulatory authority; or ( e ) request any Ministry, Government department or statutory authority to provide to the Authority any material that is requested by the regulatory authority or a copy thereof, and transmit the material or copy to the regulatory authority. (2) The assistance referred to in subsection (1)( c ) may only be rendered if the material sought is to enable the regulatory authority to carry out investigation or enforcement. (3) An order under subsection (1)( b ), ( c ) or ( d ) has effect despite any obligation as to secrecy or other restriction on 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) A person is not excused from making an oral statement pursuant to an order made under subsection (1)( d ) on the ground that the statement might tend to incriminate him or her but, where the person claims before making the statement that the statement might tend to incriminate him or her, that statement is not admissible in evidence against him or her in criminal proceedings other than proceedings for an offence under section 109. (5) This section does not compel an advocate and solicitor — ( a ) to provide or transmit any material or copy thereof that contains; or ( b ) to disclose, a privileged communication made by or to the advocate and solicitor in that capacity. (6) An advocate and solicitor who refuses to disclose, or to provide or transmit any material or copy thereof that contains, any privileged communication is nevertheless obliged to give the name and address (if he or she knows them) of the person to whom, or by or on behalf of whom, the privileged communication was made. (7) Any advocate and solicitor who contravenes subsection (6) shall be guilty of an offence. [80


document_id: faa-2001
provision_ref: s109
chapter: PART 7 - ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
section: 109
title: Offences under this Part
content:
109. Any person who — ( a ) without reasonable excuse, refuses or fails to comply with an order under section 108(1)( b ), ( c ) or ( d ); ( b ) in purported compliance with an order under section 108(1)( b ) or ( c ), provides to the Authority or transmits to the regulatory authority any material or copy thereof known to the person to be false or misleading in a material particular; or ( c ) in purported compliance with an order made under section 108(1)( d ), makes a statement to the Authority 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 $10,000 or to imprisonment for a term not exceeding 2 years or to both. [81


document_id: faa-2001
provision_ref: s110
chapter: PART 7 - ASSISTANCE TO FOREIGN REGULATORY AUTHORITIES
section: 110
title: Immunity from criminal or civil liability
content:
110. —(1) No civil or criminal proceedings, other than proceedings for an offence under section 109, shall lie against any person for — ( a ) providing to the Authority or transmitting any material or copy thereof to the Authority or a regulatory authority of a foreign country if he or she had provided or transmitted that material or copy in good faith in compliance with an order made under section 108(1)( b ) or ( c ); ( b ) making a statement to the Authority in good faith and in compliance with an order made under section 108(1)( d ); or ( c ) doing or omitting to do any act, if he or she had done or omitted to do the act in good faith and as a result of complying with such an order. (2) Any person who complies with an order mentioned in subsection (1)( a ) or ( b ) is not to be treated as being in breach of any restriction on 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. [82


document_id: faa-2001
provision_ref: s111
chapter: PART 8 - OFFENCES
section: 111
title: Corporate offenders and unincorporated associations
content:
111. —(1) Where an offence under this Act committed by a body corporate is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, an officer of the body corporate, the officer as well as the body corporate shall be guilty of that offence and shall be liable to be proceeded against and punished accordingly. (2) Where the affairs of the body corporate are managed by its members, subsection (1) applies in relation to the acts and defaults of a member in connection with his or her functions of management as if he or she were a director of the body corporate. (3) Where an offence under this Act committed by a partnership is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, a partner, the partner as well as the partnership shall be guilty of that offence and shall be liable to be proceeded against and punished accordingly. (4) Where an offence under this Act committed by a limited liability partnership is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, a partner or manager of the limited liability partnership, the partner or manager (as the case may be) as well as the partnership shall be guilty of that offence and shall be liable to be proceeded against and punished accordingly. (5) Where an offence under this Act committed by an unincorporated association (other than a partnership) is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, an officer of the association or a member of its governing body, the officer or member as well as the association shall be guilty of that offence and shall be liable to be proceeded against and punished accordingly. (6) In this section — “body corporate” and “partnership” exclude a limited liability partnership within the meaning of the Limited Liability Partnerships Act 2005; “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; “partner”, in relation to a partnership, includes a person purporting to act as a partner. (7) Without limiting section 135(1), the Authority may make regulations to provide for the application of any provision of this section, with such modifications as the Authority considers appropriate, to a body corporate or unincorporated association formed or recognised under the law of a territory outside Singapore. [83


document_id: faa-2001
provision_ref: s112
chapter: PART 8 - OFFENCES
section: 112
title: Offence by officers
content:
112. —(1) Any officer of a licensed financial adviser who fails to take all reasonable steps to secure — ( a ) compliance with any provision of this Act; or ( b ) the accuracy and correctness of any statement submitted to the Authority or such other person as may be required under this Act, 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. (2) In any proceedings against an officer under subsection (1), it is a defence for the officer to prove that he or she had reasonable grounds for believing that another person was charged with the duty of securing compliance with the requirements of this Act, or with the duty of ensuring that those statements were accurate (as the case may be) and that that person was competent, and in a position, to discharge that duty. (3) An officer is not to be sentenced to imprisonment for any offence under subsection (1) unless, in the opinion of the court, he or she committed the offence wilfully. [84


document_id: faa-2001
provision_ref: s113
chapter: PART 8 - OFFENCES
section: 113
title: Falsification of records by officers, etc.
content:
113. —(1) Any officer, auditor, employee or agent of a licensed financial adviser or an exempt financial adviser who — ( a ) wilfully makes, or causes to be made, a false entry in any book, or in any report, slip, document or statement of the business, affairs, transactions, conditions or assets of that financial adviser; ( b ) wilfully omits to make an entry in any book, or in any report, slip, document or statement of the business, affairs, transactions, conditions or assets of that financial adviser, or wilfully causes any such entry to be omitted; or ( c ) wilfully alters, extracts, conceals or destroys an entry in any book, or in any report, slip, document or statement of the business, affairs, transactions, conditions or assets of that financial adviser, or wilfully causes any such entry to be altered, extracted, concealed or destroyed, 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. (2) In subsection (1), “officer” includes a person purporting to act in the capacity of an officer. [85


document_id: faa-2001
provision_ref: s114
chapter: PART 8 - OFFENCES
section: 114
title: Duty not to provide false information to Authority
content:
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. (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. (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. [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s115
chapter: PART 8 - OFFENCES
section: 115
title: General penalty
content:
115. Any person guilty of an offence under this Act for which no penalty is expressly provided shall be liable on conviction to a fine not exceeding $12,500. [87


document_id: faa-2001
provision_ref: s116
chapter: PART 8 - OFFENCES
section: 116
title: Penalty for corporations
content:
116. —(1) Subject to subsections (2) and (3), where a corporation or body corporate is convicted of an offence under this Act, the penalty that the court may impose is a fine not exceeding 2 times the maximum amount that the court could, but for this subsection, impose as a fine for that offence. (2) Subsection (1) does not apply to — ( a ) offences under sections 9(3), 10(4), 15(9) and (10), 41(6), 49(5) and (6), 50(2), 51(2), 52(4), (5) and (6), 53(5), 59(2), 63(10) and (12) and 64(10); or [Act 12 of 2024 wef 24/01/2025] ( b ) offences under any subsidiary legislation made under this Act where it is expressly provided in the subsidiary legislation that subsection (1) does not apply to those offences. [1/2009] (3) Where an individual is convicted of an offence under this Act by virtue of section 111, he or she shall be liable to the fine or imprisonment or both as prescribed for that offence and subsection (1) does not apply. (4) In this section, “body corporate” excludes a limited liability partnership within the meaning of the Limited Liability Partnerships Act 2005. [88


document_id: faa-2001
provision_ref: s117
chapter: PART 8 - OFFENCES
section: 117
title: Composition of offences
content:
117. —(1) The Authority may compound any offence under this Act that 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. [35/2012] (2) The Authority may 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 not exceeding one half of the amount of the maximum fine prescribed for that offence at the time it was committed. [35/2012] (3) All sums collected by the Authority under subsection (1) or (2) must be paid into the Consolidated Fund. [89 [35/2012]


document_id: faa-2001
provision_ref: s118
chapter: PART 8 - OFFENCES
section: 118
title: Territorial scope of Act
content:
118. Where a person does an act partly in and partly outside Singapore which, if done wholly in Singapore, would constitute an offence under this Act, that person shall be guilty of that offence as if the act were carried out by that person wholly in Singapore, and may be dealt with as if the offence were committed wholly in Singapore. [90


document_id: faa-2001
provision_ref: s119
chapter: PART 9 - APPEALS
section: 119
title: Appeals to Minister
content:
119. —(1) Where an appeal is made to the Minister under this Act, the Minister may confirm, vary or reverse the decision of the Authority on appeal, or give such directions in the matter as the Minister thinks fit, and the decision of the Minister is final. (2) Where an appeal is made to the Minister under this Act, the Minister must, within 28 days of the Minister’s receipt of the appeal, constitute an Appeal Advisory Committee comprising at least 3 members of the Appeal Advisory Panel and refer that appeal to the Appeal Advisory Committee. (3) The Appeal Advisory Committee must submit to the Minister a written report on the appeal referred to it under subsection (2) and may make such recommendations as it thinks fit. (4) The Minister must consider the report submitted under subsection (3) in making the Minister’s decision under subsection (1) but the Minister is not bound by the recommendations in the report. [91


document_id: faa-2001
provision_ref: s120
chapter: PART 9 - APPEALS
section: 120
title: Appeal Advisory Committees
content:
120. —(1) For the purpose of enabling Appeal Advisory Committees to be constituted under section 119, the Minister must appoint a panel (called in this Part the Appeal Advisory Panel) comprising such members from the financial services industry, and the public and private sectors, as the Minister may appoint. (2) A member of the Appeal Advisory Panel is to be appointed for a term of not more than 2 years and is eligible for re‑appointment. (3) An Appeal Advisory Committee has the power, in the exercise of its functions, to inquire into any matter or thing related to the financial services industry and, for this purpose, may summon any person to give evidence on oath or affirmation or produce any document or material necessary for the purpose of the inquiry. (4) Subsection (3) does not compel the production by an advocate and solicitor of a document or other material containing any privileged communication made by or to him or her in that capacity or authorise the taking of any such document or other material which is in his or her possession. (5) An advocate and solicitor who refuses to produce any document or other material mentioned in subsection (4) is nevertheless obliged to give the name and address (if he or she knows them) of the person to whom, or by or on behalf of whom, the privileged communication was made. (6) For the purposes of this Act, every member of an Appeal Advisory Committee — ( a ) is deemed to be a public servant for the purposes of the Penal Code 1871; and ( b ) in case of any suit or other legal proceedings brought against him or her for any act done or omitted to be done in the execution of his or her duty under this Part, has the like protection and privileges as are by law given to a Judge in the execution of his or her office. (7) Every Appeal Advisory Committee must have regard to the public interest, the protection of investors and policy owners and the safeguarding of sources of information. (8) Subject to the provisions of this Part, an Appeal Advisory Committee may regulate its own procedure and is not bound by the rules of evidence. [92


document_id: faa-2001
provision_ref: s121
chapter: PART 9 - APPEALS
section: 121
title: Disclosure of information
content:
121. This Act does not require the Minister or any public servant to disclose facts which the Minister or public servant considers to be against the public interest to disclose. [93


document_id: faa-2001
provision_ref: s122
chapter: PART 9 - APPEALS
section: 122
title: Regulations for purposes of this Part
content:
122. —(1) The Minister may make regulations for the purposes and provisions of this Part and for the due administration thereof. (2) Without limiting subsection (1), the Minister may make regulations for or with respect to — ( a ) the appointment of members to, and procedures of, the Appeal Advisory Panel and Appeal Advisory Committees; ( b ) the form and manner in which an appeal to the Minister under this Act is to be made; ( c ) the fees to be paid in respect of any appeal made to the Minister under this Act, including the refund or remission, whether in whole or in part, of such fees; ( d ) the remuneration of the members of the Appeal Advisory Panel and Appeal Advisory Committees; and ( e ) all matters and things which by this Part are required or permitted to be prescribed or which are necessary or expedient to be prescribed to give effect to any provision of this Part. [94


document_id: faa-2001
provision_ref: s123
chapter: PART 10 - MISCELLANEOUS
section: 123
title: Criminal jurisdiction of District Court
content:
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


document_id: faa-2001
provision_ref: s124
chapter: PART 10 - MISCELLANEOUS
section: 124
title: Opportunity to be heard
content:
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


document_id: faa-2001
provision_ref: s125
chapter: PART 10 - MISCELLANEOUS
section: 125
title: Power to reprimand for misconduct
content:
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. (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. [Act 12 of 2024 wef 30/08/2024] (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); “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; “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]


document_id: faa-2001
provision_ref: s126
chapter: PART 10 - MISCELLANEOUS
section: 126
title: Power of court to make certain orders
content:
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


document_id: faa-2001
provision_ref: s127
chapter: PART 10 - MISCELLANEOUS
section: 127
title: Power of court to prohibit payment or transfer of moneys, investment products, etc.
content:
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] (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]


document_id: faa-2001
provision_ref: s128
chapter: PART 10 - MISCELLANEOUS
section: 128
title: Injunctions
content:
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] (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] (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]


document_id: faa-2001
provision_ref: s129
chapter: PART 10 - MISCELLANEOUS
section: 129
title: Court may have regard to claimant’s conduct
content:
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]


document_id: faa-2001
provision_ref: s130
chapter: PART 10 - MISCELLANEOUS
section: 130
title: General exemption
content:
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, 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. [Act 12 of 2024 wef 30/08/2024] (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. (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]


document_id: faa-2001
provision_ref: s131
chapter: PART 10 - MISCELLANEOUS
section: 131
title: Service of documents, etc.
content:
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. (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. [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s131A
chapter: PART 10 - MISCELLANEOUS
section: 131A
title: Electronic service
content:
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. (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. (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. (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. (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. [Act 12 of 2024 wef 24/01/2025]


document_id: faa-2001
provision_ref: s132
chapter: PART 10 - MISCELLANEOUS
section: 132
title: Copies or extracts of books to be admitted in evidence
content:
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


document_id: faa-2001
provision_ref: s133
chapter: PART 10 - MISCELLANEOUS
section: 133
title: Translations of instruments
content:
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. (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. (7) In subsections (1), (2) and (3), “Act” includes any written direction made by the Authority under this Act. [102A


document_id: faa-2001
provision_ref: s134
chapter: PART 10 - MISCELLANEOUS
section: 134
title: Power to make regulations giving effect to treaty, etc.
content:
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


document_id: faa-2001
provision_ref: s135
chapter: PART 10 - MISCELLANEOUS
section: 135
title: Regulations
content:
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; [Act 12 of 2024 wef 24/01/2025] ( 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 [Act 12 of 2024 wef 24/01/2025] ( 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] (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] (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] (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]


document_id: fca-1959
provision_ref: s2
section: 2
title: Adjustment of rights and liabilities of parties to frustrated contracts
content:
2. —(1) Where a contract has become impossible of performance or been otherwise frustrated, and the parties to the contract have for that reason been discharged from the further performance of the contract, this section shall, subject to section 3, have effect in relation to that contract. (2) Subject to subsection (3), all sums paid or payable to any party in pursuance of the contract before the time when the parties were so discharged (referred to in this Act as the time of discharge) shall, in the case of sums so paid, be recoverable from him as money received by him for the use of the party by whom the sums were paid, and, in the case of sums so payable, cease to be so payable. (3) If the party to whom the sums were so paid or payable under subsection (2) incurred expenses before the time of discharge in, or for the purpose of, the performance of the contract, the court may, if it considers it just to do so having regard to all the circumstances of the case, allow him to retain or, as the case may be, recover the whole or any part of the sums so paid or payable, not being an amount in excess of the expenses so incurred. (4) Where any party to the contract has, by reason of anything done by any other party to the contract in, or for the purpose of, the performance of the contract, obtained a valuable benefit (other than a payment of money to which subsection (2) applies) before the time of discharge, there shall be recoverable from him by that other party such sum (if any), not exceeding the value of that benefit to the party obtaining it, as the court considers just, having regard to all the circumstances of the case and, in particular — ( a ) the amount of any expenses incurred before the time of discharge by the benefited party in, or for the purpose of, the performance of the contract, including any sums paid or payable by him to any other party in pursuance of the contract and retained or recoverable by that party under subsection (3); and ( b ) the effect, in relation to that benefit, of the circumstances giving rise to the frustration of the contract. (5) In estimating, for the purposes of this section, the amount of any expenses incurred by any party to the contract, the court may, without prejudice to the generality of this section, include such sum as appears to be reasonable in respect of overhead expenses and in respect of any work or services performed personally by that party. (6) In considering whether any sum ought to be recovered or retained under this section by any party to the contract, the court shall not take into account any sums which have, by reason of the circumstances giving rise to the frustration of the contract, become payable to that party under any contract of insurance unless there was an obligation to insure imposed by an express term of the frustrated contract or by or under any enactment. (7) Where any person has assumed obligations under the contract in consideration of the conferring of a benefit by any other party to the contract upon any other person, whether a party to the contract or not, the court may, if in all the circumstances of the case it considers it just to do so, treat for the purposes of subsection (4) any benefit so conferred as a benefit obtained by the person who has assumed those obligations.


document_id: fca-1959
provision_ref: s3
section: 3
title: Provision as to application of Act
content:
3. —(1) This Act shall apply to contracts whether made before or after 13 February 1959, as respects which the time of discharge is on or after 1 January 1959, but not to contracts as respects which the time of discharge is before that date. (2) This Act shall apply to contracts to which the Government is a party in like manner as to contracts between private persons. (3) Where any contract to which this Act applies contains any provision which, upon the true construction of the contract, is intended to have effect in the event of circumstances arising which operate, or would but for that provision operate, to frustrate the contract, or is intended to have effect whether such circumstances arise or not, the court shall give effect to that provision and shall only give effect to section 2 to such extent, if any, as appears to the court to be consistent with that provision. (4) Where it appears to the court that a part of any contract to which this Act applies can properly be severed from the remainder of the contract, being a part wholly performed before the time of discharge, or so performed except for the payment in respect of that part of the contract of sums which are or can be ascertained under the contract, the court shall treat that part of the contract as if it were a separate contract and had not been frustrated and shall treat section 2 as only applicable to the remainder of that contract. (5) This Act shall not apply — ( a ) to any charterparty, except a time charterparty or a charterparty by way of demise, or to any contract (other than a charterparty) for the carriage of goods by sea; ( b ) to any contract of insurance, except as is provided by section 2(6); or ( c ) to any contract to which section 7 of the Sale of Goods Act 1979 (which avoids contracts for the sale of specific goods which perish before the risk has passed to the buyer) applies, or to any other contract for the sale, or for the sale and delivery, of specific goods, where the contract is frustrated by reason of the fact that the goods have perished.


document_id: fca-1967
provision_ref: s2
chapter: PART 1 - PRELIMINARY
section: 2
title: Interpretation
content:
2. In this Act, unless the context otherwise requires — “agreement” means an agreement whether formal or informal and whether express or implied; “auditor” means any person approved by the Authority as a finance company auditor for the purposes of this Act; “Authority” means the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act 1970; “capital funds”, in relation to a finance company, means the paid‑up capital and published reserves of that company, deduction having been made in respect of any debit balance appearing in the profit and loss account of the company; “chief executive”, in relation to a finance company, means any person, by whatever name described, who — ( a ) is in the direct employment of, or acting for or by arrangement with, the finance company; and ( b ) is principally responsible for the management and conduct of the business of the finance company; “collective investment scheme” has the meaning given by section 2(1) of the Securities and Futures Act 2001; “company” means a company incorporated or registered under the Companies Act 1967 or pursuant to any corresponding previous written law; “credit facilities” means — ( a ) the granting by a finance company of advances, loans and other facilities by which a customer of the finance company has access to funds or financial guarantees; or ( b ) the incurring by a finance company of other liabilities on behalf of a customer; “deposit” means a loan of money at interest or repayable at a premium but does not include a loan to a company or other body corporate upon terms involving the issue of debentures or other securities; “depositor” means a person entitled, or prospectively entitled, to repayment of a deposit whether made by the person or not; “director” includes any person occupying the position of director of a finance company by whatever name called and includes a person in accordance with whose directions or instructions the directors of a finance company are accustomed to act and an alternate or substitute director; “executive officer”, in relation to a finance company, means any person, by whatever name described, who — ( a ) is in the direct employment of, or acting for or by arrangement with, the finance company; and ( b ) is concerned with or takes part in the management of the finance company on a day-to-day basis; “finance company” means any company licensed under this Act to carry on financing business, and all branches and offices in Singapore of such a company are deemed to be one finance company for the purposes of this Act; “financing business” means the business of — ( a ) borrowing money from the public, by acceptance of deposits and issuing certificates or other documents acknowledging or evidencing indebtedness to the public and undertaking to repay the money on call or after an agreed maturity period; and ( b ) lending money to the public or to a company deemed to be related to the finance company by virtue of section 6 of the Companies Act 1967 (called in this Act the related company) on the basis that the public or the related company undertakes to repay the money, whether within an agreed period of time or not, or by instalments, and includes the business of financing hire-purchase transactions arising out of hire-purchase agreements, as defined in the Hire-Purchase Act 1969, where the money used, or to be used, for such business is borrowed from the public and such other business as the Authority may prescribe for the purposes of this Act; “licence” means a licence granted under section 6; “limited liability partnership” has the meaning given by section 2(1) of the Limited Liability Partnerships Act 2005; “officer”, in relation to a corporation, includes — ( a ) a director, secretary or employee of the corporation; ( b ) a receiver or manager of any part of the undertaking of the corporation appointed under a power contained in any instrument; and ( c ) the liquidator of the corporation appointed in a voluntary winding up; “partner” and “manager”, in relation to a limited liability partnership, have the respective meanings given by section 2(1) of the Limited Liability Partnerships Act 2005; “person” includes a corporation; “public company” means a company incorporated in Singapore other than a private company; “published reserves”, in relation to a finance company, means reserves which appear in the accounts of the finance company but does not include any reserves which are represented by the writing down of the value of assets or by provision for the depreciation of fixed assets or which are maintained for any specific purposes; “securities” has the meaning given by section 2(1) of the Securities and Futures Act 2001; “securities-based derivatives contract” has the meaning given by section 2(1) of the Securities and Futures Act 2001; “share”, in relation to a finance company, means a share in the share capital of the finance company and includes an interest in such a share; “Singapore Government securities” means any debt securities issued by the Government under any written law; “sub-fund”, in relation to an umbrella VCC, has the meaning given by section 2(1) of the VCC Act; [S 26/2022 wef 13/01/2022] “umbrella VCC” and “VCC” have the meanings given by section 2(1) of the VCC Act; [S 26/2022 wef 13/01/2022] “unit” has the meaning given by section 2(1) of the Securities and Futures Act 2001; [10/2013; 4/2017; 15/2021] [S 26/2022 wef 13/01/2022] “VCC Act” means the Variable Capital Companies Act 2018. [S 26/2022 wef 13/01/2022]


document_id: fca-1967
provision_ref: s3
chapter: PART 2 - LICENSING OF FINANCE COMPANIES
section: 3
title: Licensing of finance companies
content:
3. —(1) No financing business may be transacted in Singapore except by a public company that is in possession of a valid licence granted by the Authority authorising it to conduct financing business in accordance with the provisions of this Act. (2) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 3 years or to both.


document_id: fca-1967
provision_ref: s4
chapter: PART 2 - LICENSING OF FINANCE COMPANIES
section: 4
title: Use of words “finance company”
content:
4. —(1) A person or body of persons, whether incorporated or not, other than a finance company licensed under this Act must not, without the consent of the Authority, use the words “finance company” or any of its derivatives in any language, or any other words indicating that it transacts financing business, in the name, description or title under which that person or body of persons is transacting business in Singapore or make or continue to make any representations to that effect in any bill-head, letter-paper, notice, advertisement or in any other manner. (2) Nothing in this section prohibits an association of finance companies formed for the protection of common interests from using the words “finance company” or any of its derivatives in any language as part of its name or description of its activities.


document_id: fca-1967
provision_ref: s5
chapter: PART 2 - LICENSING OF FINANCE COMPANIES
section: 5
title: Examination of persons suspected of transacting financing business
content:
5. —(1) Whenever the Authority has reason to believe that a person is conducting financing business without a licence, the Authority may call for the books, accounts and records of that person in order to ascertain whether or not that person has violated or is violating any provisions of this Act. (2) Any person wilfully refusing to submit such books, accounts and records 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. (3) Upon the conviction of any person under subsection (2), the court has power to order the production of any books, accounts and records to the Authority. (4) Any person failing to comply with any order under subsection (3) 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 and, in the case of a continuing offence, to a further fine not exceeding $500 for every day during which the offence continues after conviction.


document_id: fca-1967
provision_ref: s6
chapter: PART 2 - LICENSING OF FINANCE COMPANIES
section: 6
title: Application for licence
content:
6. —(1) Any public company proposing to conduct financing business in Singapore must, before commencing any such business, apply in writing to the Authority for a licence under this Act. (2) In considering any application by a public company for a licence, the Authority may require to be satisfied as to — ( a ) the financial condition of the company; ( b ) the character of the management of the company; ( c ) the adequacy of the capital structure and earning prospects of the company; ( d ) the objects of the company as disclosed in its memorandum of association; ( e ) the convenience and needs of the community to be served; and ( f ) whether the public interest will be served by the granting of a licence. (3) The Authority may grant a licence with or without conditions, or refuse to grant a licence. (4) The Authority may at any time vary or revoke any existing conditions of a licence or impose additional conditions. (5) Where a licence is granted subject to conditions, the finance company must comply with those conditions and any finance company that fails to comply with any of the conditions of its licence shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 and, in the case of a continuing offence, to a further fine of $2,000 for every day during which the offence continues after conviction. (6) Any person who knowingly or recklessly provides any document or information which is false or misleading in a material particular in connection with an application for a licence falling within 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 3 years or to both. (7) Every finance company must pay the annual licence fee (including fees in respect of each of its branches) as the Authority may determine by written notice and in such manner as the Authority may determine. (8) Any applicant who is aggrieved by the refusal of the Authority to grant a licence under subsection (3) may, within 30 days of the decision of the Authority, appeal in writing to the Minister whose decision is final and must be given effect to by the Authority.


document_id: fca-1967
provision_ref: s7
chapter: PART 2 - LICENSING OF FINANCE COMPANIES
section: 7
title: Minimum capital requirements
content:
7. —(1) Subject to this Act, a company must not be granted or hold a licence unless — ( a ) in the case of a finance company which holds a licence to carry on financing business on 18 January 1995 — its capital funds are, subject to this section, at least $50 million; or ( b ) in the case of a finance company which is granted a licence to carry on financing business after 18 January 1995 — its issued and paid-up capital is at least $50 million and its capital funds are not less than that amount. (2) Despite subsection (1)( a ), the Authority may, at any time, after 8 years from 18 January 1995, by order require the issued and paid‑up capital of a finance company to which that subsection applies to be at least $50 million within the time specified in that order. (3) Subject to subsection (4), a finance company to which subsection (1)( a ) applies which has capital funds of less than $50 million on 18 January 1995 is exempt from the requirement of that provision for 8 years from 18 January 1995 and must not during that period allow its capital funds to be less than its capital funds on that date. (4) If 20% or more of the issued and paid-up capital of a finance company is acquired by one or more persons who, alone or acting together with any associate or associates, by virtue of such acquisition becomes a substantial shareholder of the finance company on or after 18 January 1995, the finance company — ( a ) must have at least $50 million in issued and paid‑up capital; and ( b ) ceases to be eligible for the exemption under subsection (3), unless all the new substantial shareholders are finance companies each with capital funds of at least $50 million at the time of the acquisition. (5) A finance company must not reduce its paid-up capital during the currency of its licence without the approval of the Authority. (6) The Authority may restrict or suspend the operations of a finance company which fails to comply with subsection (2), (3), (4) or (5). (7) In this section, “substantial shareholder” has the meaning given by section 81 of the Companies Act 1967.


document_id: fca-1967
provision_ref: s7A
chapter: PART 2 - LICENSING OF FINANCE COMPANIES
section: 7A
title: Capital ratio
content:
7A. —(1) The Authority may require every finance company to maintain capital funds in Singapore in proportion to its total assets or to every category of assets at such ratio or ratios as may from time to time be determined by the Authority by written notice. (2) A finance company must maintain a capital adequacy ratio of at least 12% or such other percentage as may be determined by the Authority from time to time, as calculated in accordance with such form, content and manner as may be determined by the Authority by written notice. (3) The Authority may suspend or restrict the operations of a finance company which fails to comply with subsection (2) or any requirement of the Authority under subsection (1).


document_id: fca-1967
provision_ref: s8
chapter: PART 2 - LICENSING OF FINANCE COMPANIES
section: 8
title: Restriction on opening of branches of finance company
content:
8. —(1) A finance company must not open any new branch, agency or office, whether in Singapore or elsewhere, without submitting a written application to the Authority. (2) In considering the application, the Authority may require to be satisfied by an inspection under section 33 or otherwise, as to — ( a ) the financial condition of the company; ( b ) the general character of the management of the company; ( c ) the adequacy of the capital structure and earning prospects of the company; ( d ) the convenience and needs of the community to be served; and ( e ) whether the public interest will be served by the opening or (as the case may be) change of location of the place of business. (3) Upon being so satisfied as to the matters referred to in subsection (2), the Authority may — ( a ) grant the application; or ( b ) without giving any reason, refuse to grant the application, and the decision of the Authority is final. (4) Any finance company which fails to comply with subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000 for every day during which the default continues.


document_id: fca-1967
provision_ref: s9
chapter: PART 2 - LICENSING OF FINANCE COMPANIES
section: 9
title: Mergers, etc., of finance company
content:
9. —(1) A finance company carrying on business in Singapore must not be merged or consolidated with or acquire a majority interest in any other finance company without the prior approval of the Authority. (2) In considering such an application, the Authority has power to call for any information that it may require. (3) The Authority may approve or refuse the application.


document_id: fca-1967
provision_ref: s10
chapter: PART 2 - LICENSING OF FINANCE COMPANIES
section: 10
title: Control of takeovers of finance companies incorporated in Singapore
content:
10. —(1) This section and sections 11 and 12 apply to and in relation to all natural persons whether resident in Singapore or not and whether citizens of Singapore or not, and to all bodies corporate or unincorporate, whether incorporated or carrying on business in Singapore or not. (2) Without affecting section 9, a person must not enter into an agreement to acquire shares of a finance company that is incorporated in Singapore by virtue of which the person would, if the agreement is carried out, obtain effective control of that finance company without first notifying the Authority of the person’s intention to enter into the agreement and obtaining the approval of the Authority to the person entering into the agreement. (3) For the purposes of this section — ( a ) a person is to be regarded as entering into an agreement by virtue of which the person would obtain effective control of a finance company if the person alone or acting together with any associate or associates of that person would be in a position to control at least 20% of the voting power in the finance company or would hold interests in at least 20% of the issued shares of the finance company; ( b ) a reference to an agreement by which a person would obtain effective control of a finance company that is incorporated in Singapore includes a reference to an agreement by which the person would acquire any interest in shares in the finance company where, upon the acquisition of those interests and of any other interests in other shares of the finance company that the person has offered to acquire, the person would have effective control of the finance company; ( c ) a reference to a person offering to acquire interests in shares includes — (i) a reference to a person making or publishing a statement, however expressed, that expressly or impliedly invites a holder of interests in shares to offer to dispose of interests in shares; and (ii) a reference to a person taking part in or proposing to take part in negotiations with a view to the acquisition of shares; ( d ) a person holds an interest in a share if the person has any legal or equitable interest in that share and, without limiting the generality of the foregoing, an interest in shares has the meaning given to that expression in section 7(6) to (10) of the Companies Act 1967; ( e ) a reference to the voting power in a finance company is a reference to the total number of votes that might be cast in the general meeting of the finance company; ( f ) the following persons are associates of a person: (i) the person’s spouse or a parent or remoter lineal ancestor, son, daughter or remoter issue, brother or sister of the person; (ii) any partner of the person; (iii) any corporation of which the person is an officer; (iv) where the person is a corporation, any officer of the corporation; (v) any employee or employer of the person; (vi) any officer of any corporation of which the person is an officer; (vii) any employee of a natural person of whom the person is an employee; (viii) any corporation whose directors are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person or, where the person is a corporation, of the directors of the person; (ix) any corporation in accordance with the directions, instructions or wishes of which, or of the directors of which, the person is accustomed or under an obligation, whether formal or informal, to act; (x) any corporation in which the person who is in a position to control at least 20% of the voting power in the corporation; and (xi) where the person is a corporation, a person who is in a position to control at least 20% of the voting power in the corporation. (4) Any person who contravenes subsection (2) 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 3 years or to both.


document_id: fca-1967
provision_ref: s11
chapter: PART 2 - LICENSING OF FINANCE COMPANIES
section: 11
title: Arrangements affecting control of finance company incorporated in Singapore
content:
11. —(1) A person must not enter into any arrangement in relation to any finance company that is incorporated in Singapore by virtue of which the person would, if the arrangement is carried out, obtain control of the finance company without first notifying the Authority of the person’s intention to enter into the arrangement and obtaining the approval of the Authority to the person entering into the arrangement. (2) For the purposes of this section — ( a ) a person is to be regarded as entering into an arrangement by virtue of which the person would obtain control of a finance company if the person alone or acting together with an associate or associates would be in a position to determine the policy of the finance company; ( b ) the reference to entering into any arrangement is a reference to any formal or informal scheme, arrangement or understanding, whether expressly or by implication and, in particular, includes a reference — (i) creating a trust whether express or implied; and (ii) entering into a transaction or agreement, and references to an arrangement are to be construed accordingly; and ( c ) the reference to associates of a person has the same reference as under section 10. (3) Any person who contravenes 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 3 years or to both.


document_id: fca-1967
provision_ref: s12
chapter: PART 2 - LICENSING OF FINANCE COMPANIES
section: 12
title: Control of substantial shareholding in finance companies incorporated in Singapore
content:
12. —(1) A person must not enter into any agreement to acquire shares by virtue of which the person would, if the agreement is carried out, acquire a substantial shareholding in a finance company that is incorporated in Singapore without first notifying the Authority of the person’s intention to enter into the agreement and obtaining the approval of the Authority to the person entering into the agreement. (2) For the purposes of this section — ( a ) a reference to an agreement by which a person would acquire a substantial shareholding in a finance company includes a reference to an agreement by virtue of which the person would acquire any interests in shares in the finance company where, upon the acquisition by the person of those interests or of those interests and of any interest in other shares in the finance company, being interests that the person has offered to acquire, the person would acquire a substantial shareholding in the finance company; ( b ) a reference to a person offering to acquire interests in shares and to a person having an interest in shares is to be construed in the same way as under section 10; and ( c ) a substantial shareholding has the meaning given by section 81 of the Companies Act 1967. (3) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both.


document_id: fca-1967
provision_ref: s13
chapter: PART 2 - LICENSING OF FINANCE COMPANIES
section: 13
title:
Power of Authority to require finance company that is incorporated in Singapore to obtain information as to beneficial interests in shares of finance company

content:
13. —(1) The Authority may by written notice direct a finance company that is incorporated in Singapore to obtain from any shareholder of the finance company and to transmit to the Authority information — ( a ) as to whether that shareholder holds any voting shares in the finance company as beneficial owner or as trustee; and ( b ) if that shareholder holds them as trustee, to indicate, as far as it can, the person for whom that shareholder holds them (either by name or by other particulars sufficient to enable those persons to be identified) and the nature of their interest, and the finance company must comply with that direction within the time specified in the notice. (2) In this section, “voting shares” has the meaning given by the Companies Act 1967. (3) A finance company which fails to comply with a direction under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.


document_id: fca-1967
provision_ref: s14
chapter: PART 2 - LICENSING OF FINANCE COMPANIES
section: 14
title: Amendment of constitution of finance company
content:
14. —(1) Every finance company that intends to alter its memorandum of association or articles of association must, before proposing any resolution in this regard, provide to the Authority for its approval particulars in writing (verified by a statutory declaration made by the secretary of the finance company) of the proposed alteration. (2) The Authority may thereupon — ( a ) approve the proposed alteration without modification; ( b ) approve the proposed alteration with modification; or ( c ) refuse to approve the proposed alteration. (3) If the Authority approves the proposed alteration with modification, the finance company must adopt the proposed alteration as so modified or not proceed with the proposed alteration. (4) If the Authority refuses to approve the proposed alteration it may request the finance company to withdraw the proposed alteration and the finance company must comply with the Authority’s request. (5) Any finance company which fails to comply with the requirements of subsection (1) or with any request by the Authority made under subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 for every day during which the default continues after conviction.


document_id: fca-1967
provision_ref: s15
chapter: PART 2 - LICENSING OF FINANCE COMPANIES
section: 15
title: Revocation of licence
content:
15. —(1) The Authority — ( a ) must, by order, revoke the licence of a finance company if the company ceases to carry on the business for which it has been licensed in Singapore or goes into liquidation or is wound up or otherwise dissolved; ( b ) may, by order, revoke the licence of a finance company if, in its opinion, the finance company — (i) has provided information or documents to the Authority in connection with its application for a licence which is or are false or misleading in a material particular; (ii) is carrying on its business in a manner likely to be detrimental to the interests of its depositors; (iii) has insufficient assets to cover its liabilities to its depositors; (iv) carries on business while its paid-up capital (unimpaired by losses or otherwise) is less than $500,000; or (v) is contravening or has contravened the provisions of this Act; (vi) is contravening or has contravened any provision of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 or any Rules issued by the deposit insurance and policy owners’ protection fund agency under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011; and ( c ) may, by order, revoke the licence of a finance company — (i) if the finance company or any of its directors or officers holding a managerial or executive position in that finance company has been convicted of any offence under this Act; or (ii) if, upon the Authority exercising any power under section 35(2) or the Minister exercising any power under Division 2, 4, 5 or 6 of Part 8 of the Financial Services and Markets Act 2022 in relation to the finance company, the Authority considers that it is in the public interest to revoke the licence. [10/2013; 31/2017] [Act 18 of 2022 wef 10/05/2024] (2) Before revoking any licence, the Authority must give the finance company written notice of its intention to do so, specifying a date, at least 21 days after the date of the notice, upon which the revocation will take effect and calling upon the finance company to show cause to the Authority why the licence should not be revoked. (3) Where the Authority has revoked a licence under subsection (1), the Authority must forthwith inform the finance company by written notice of the revocation.


document_id: fca-1967
provision_ref: s16
chapter: PART 2 - LICENSING OF FINANCE COMPANIES
section: 16
title: Effect of revocation of licence
content:
16. —(1) Where an order of revocation becomes effective under section 15 — ( a ) notice of the revocation must be published in the Gazette ; and ( b ) the finance company must, from the date of the notice, cease to transact any financing business in Singapore except as may be approved by the Authority for the purpose of winding up its financing business. (2) Subsection (1)( b ) does not affect the enforcement by any person of any right or claim against the finance company or by the finance company of any right or claim against any person.


document_id: fca-1967
provision_ref: s17
chapter: PART 2 - LICENSING OF FINANCE COMPANIES
section: 17
title: Publication of list of finance companies
content:
17. —(1) The Authority must cause to be published in the Gazette in the month of April in each year a list of all finance companies to which licences have been issued under this Act. (2) If any licence is issued or revoked during the interval between the publication of 2 such lists, notice thereof must also be caused to be published in the Gazette .


document_id: fca-1967
provision_ref: s18
chapter: PART 3 - RESERVE FUNDS, DIVIDENDS, BALANCE SHEETS
section: 18
title: Maintenance of reserve fund by finance companies
content:
18. —(1) Every finance company must — ( a ) maintain a reserve fund; ( b ) transfer to that reserve fund out of the net profits of each year, after due provision has been made for taxation — (i) so long as the amount of the reserve fund is less than 50% of the paid‑up capital, a sum of at least 50% of those net profits; (ii) so long as the amount of the reserve fund is at least 50% but less than 100% of the paid‑up capital, a sum of at least 25% of those net profits; and (iii) so long as the amount of the reserve fund is 100% or more of the paid‑up capital, a sum of at least 5% of those net profits. (2) Any finance company which fails to comply with subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 and, in the case of a continuing offence, to a further fine of $2,000 for every day during which the offence continues after conviction.


document_id: fca-1967
provision_ref: s18A
chapter: PART 3 - RESERVE FUNDS, DIVIDENDS, BALANCE SHEETS
section: 18A
title: Maintenance of adequate provision for bad and doubtful debts
content:
18A. Every finance company must make provision for bad and doubtful debts and, before any profit or loss is declared, ensure that the provision is adequate.


document_id: fca-1967
provision_ref: s19
chapter: PART 3 - RESERVE FUNDS, DIVIDENDS, BALANCE SHEETS
section: 19
title: Restriction on payment of dividends by finance companies
content:
19. A finance company must not pay any dividend on its shares until all its capitalised expenditure (including preliminary expenses, organisation expenses, share selling commission, brokerage, amount of losses incurred and any item of expenditure not represented by tangible assets) has been completely written off.


document_id: fca-1967
provision_ref: s20
chapter: PART 3 - RESERVE FUNDS, DIVIDENDS, BALANCE SHEETS
section: 20
title: Publication and exhibition of audited balance sheet
content:
20. —(1) Every finance company must exhibit in a conspicuous position in each of its offices and branches in Singapore — ( a ) a copy of its latest audited annual balance sheet and profit and loss account, together with any notes thereon, and a copy of the report of the auditors; and ( b ) the full and correct names of all persons who are currently directors of the finance company. (2) Every finance company must, within 6 months after the close of each financial year or within such period as the Authority may approve, publish in at least 4 local daily newspapers, one each published in the Malay, Chinese, Tamil and English languages, a copy of its latest audited annual balance sheet and profit and loss account, containing at least the information that the Authority may require by written notice. (3) The Authority may by written notice require a finance company to publish, in addition to its balance sheet and profit and loss account under subsection (2), any additional information relating to the accounts of that finance company for any financial year that the Authority thinks fit. (4) A copy of the documents referred to in subsections (1) and (2) must be sent to the Authority by the finance company, prior to its first publication in any newspaper under those subsections, together with a copy of the directors’ report. (5) The annual balance sheet and profit and loss account of the finance company mentioned in subsections (1) and (2) and the half year interim profit and loss account of the finance company must be in such form as the Authority may approve. (6) The Authority may require any finance company to submit such further or additional information as it may consider necessary either by way of explanation, amplification or otherwise with regard to the balance sheet and profit and loss account sent by that finance company under subsection (4) and that information must be submitted within such period and in such manner as the Authority may require. (7) Any finance company which fails to comply with any of the provisions of this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and, in the case of a continuing offence, to a further fine of $1,000 for every day during which the offence continues after conviction.


document_id: fca-1967
provision_ref: s21
chapter: PART 3 - RESERVE FUNDS, DIVIDENDS, BALANCE SHEETS
section: 21
title: Information and statistics to be provided by finance companies
content:
21. —(1) Every finance company must provide to the Authority at such time and in such manner as the Authority may prescribe, all such information and data as the Authority may reasonably require for the proper discharge of the Authority’s functions under the provisions of this Act. (2) Nothing in this Act authorises the Authority to enquire specifically into the affairs of an individual depositor of a finance company and any information relating to the affairs of that individual depositor obtained by the Authority in the course of an inspection or investigation made under this Act is to be secret between the Authority and that finance company. (3) Every finance company which fails or neglects to provide any information required by the Authority under subsection (1) within the time specified by the Authority shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 for every day during which the default continues after conviction.


document_id: fca-1967
provision_ref: s21A
chapter: PART 3 - RESERVE FUNDS, DIVIDENDS, BALANCE SHEETS
section: 21A
title: Monthly statements of advances, loans and credit facilities
content:
21A. —(1) Every finance company must send to the Authority, not later than 15 days after the last day of each month, a statement in the form determined by the Authority showing the particulars of all advances, loans and credit facilities granted by the finance company as at the end of that month to — ( a ) any of the directors of the finance company; ( b ) any firm or limited liability partnership in which the finance company or any of its directors is a partner, manager or agent; ( c ) any individual or firm or limited liability partnership of whom or of which any of the directors of the finance company is a guarantor; ( d ) any corporation that is related to the finance company; ( e ) any of the finance company’s officers, employees or other persons receiving remuneration from the finance company (other than persons receiving remuneration in respect of their professional services); ( f ) any private or public company or VCC in which the finance company or any of its directors, officers, employees or other persons who receive remuneration from the finance company has an interest as a director, manager, agent or guarantor; or [S 26/2022 wef 13/01/2022] ( g ) any individual in whom, and any firm or limited liability partnership or company or VCC in which, any of the directors of the finance company has, directly or indirectly, any interest that is required to be declared under section 21B, other than those advances, loans and credit facilities, the particulars of which have been supplied under paragraphs ( a ) to ( f ). [S 26/2022 wef 13/01/2022] (2) Where it appears to the Authority, on examination of the particulars supplied by a finance company under subsection (1), that any advance, loan or credit facility has been or may be granted to the detriment of the interests of the depositors of the finance company, the Authority may as it thinks fit by written notice — ( a ) prohibit that finance company from granting any further advance, loan or credit facility to the borrowers which in the Authority’s opinion may be detrimental to the interest of the depositors; ( b ) impose restrictions on that finance company in relation to the grant of any advance, loan or credit facility; or ( c ) direct that finance company to secure repayment of any advance, loan or credit facility. (3) In this section — ( a ) “director” includes the wife, husband, mother, father, son or daughter of a director; and ( b ) whether a corporation is related to a finance company is to be construed in accordance with section 6 of the Companies Act 1967.


document_id: fca-1967
provision_ref: s21B
chapter: PART 3 - RESERVE FUNDS, DIVIDENDS, BALANCE SHEETS
section: 21B
title: Disclosure of interest by directors
content:
21B. —(1) Subject to this section, every director of a finance company who is in any way, directly or indirectly, interested in an advance, loan or credit facility or proposed advance, loan or credit facility from that finance company must, as soon as practicable, declare the nature of his or her interest to the board of directors of that finance company and the secretary of the company must cause the declaration to be circulated forthwith to all the directors. (2) Subsection (1) does not apply in any case where the interest of the director of a finance company consists only of being a member or creditor of a company which is interested in an advance, loan or credit facility or proposed advance, loan or credit facility from that finance company if the interest of the director may properly be regarded as not being a material interest. (3) For the purposes of subsection (1), a general notice given to the board of directors of a finance company by a director to the effect that he or she is an officer or member of a specified company or a member of a specified firm or partner or manager or an officer or member of a specified VCC, and he or she is to be regarded as having an interest in any advance, loan or credit facility which may, after the date of the notice, be made to that company, firm, limited liability partnership or VCC is deemed to be a sufficient declaration of interest in relation to any advance, loan or credit facility so made if — ( a ) it specifies the nature and extent of his or her interest in the particular company, firm, limited liability partnership or VCC; [S 26/2022 wef 13/01/2022] ( b ) his or her interest is not different in nature or greater in extent than the nature and extent so specified in the notice at the time any advance, loan or credit facility is made; and ( c ) it is given at a meeting of the directors or the director takes reasonable steps to ensure that it is brought up and read at the next meeting of the directors after it is given. [S 26/2022 wef 13/01/2022] (4) Every director of a finance company who holds any office or possesses any property whereby, directly or indirectly, duties or interests might be created in conflict with his or her duties or interests as director must declare at a meeting of the directors of that finance company the fact and the nature, character and extent of such conflict. (5) The declaration referred to in subsection (4) must be made at the first meeting of the directors held — ( a ) after he or she becomes a director of the finance company; or ( b ) if already a director, after he or she commences to hold the office or to possess the property. (6) The secretary of a finance company must cause to be brought up and read any declaration made under subsection (1) or (4) at the next meeting of the directors of that finance company after it is made, and must record any declaration so made in the minutes of the meeting at which it was made or at which it was brought up and read. (7) Any director who contravenes subsection (1) or (4) 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 3 years or to both.


document_id: fca-1967
provision_ref: s22
chapter: PART 4 - REGULATION OF BUSINESS
section: 22
title: Acknowledgment of indebtedness
content:
22. Where a finance company has accepted money from any person as a deposit, the company must within 2 months after the acceptance of the money issue to that person a document which acknowledges or evidences or constitutes an acknowledgment of the indebtedness of the company in respect of that deposit.


document_id: fca-1967
provision_ref: s23
chapter: PART 4 - REGULATION OF BUSINESS
section: 23
title: Dealings by finance companies and credit facilities and limits
content:
23. —(1) A finance company must not — ( a ) accept any deposit which is repayable on demand by cheque, draft or order drawn by a depositor on the finance company; ( b ) deal in any foreign currency, gold or any other precious metal; ( c ) acquire securities, securities-based derivatives contracts or units in a collective investment scheme which are denominated in any foreign currency; ( d ) grant or permit to be outstanding to any one person or to any group of persons under the control or influence of any one person, any credit facilities if the aggregate amount of such credit facilities exceeds 25% of its capital funds or such other percentage not exceeding 100% of its capital funds as the Authority may approve; ( e ) grant substantial loans which in the aggregate exceed 50% of its total credit facilities or such other percentage as the Authority may from time to time determine; or ( f ) grant unsecured advances, unsecured loans or unsecured credit facilities — (i) to any person or body of persons, whether incorporated or not, which in the aggregate and outstanding at any one time exceeds $5,000; and (ii) which in the aggregate and outstanding at any one time exceeds 10% of the capital funds of the finance company. [4/2017] (2) Despite the provisions of subsection (1)( b ) and ( c ), a finance company with capital funds of at least $100 million may apply to the Authority for exemption from those provisions and the Authority may approve the application subject to — ( a ) the condition that the aggregate amount of foreign currency exposure of the finance company must not at any time exceed 10% of its capital funds; and ( b ) any other condition which the Authority may think fit to impose. (3) Subsection (1)( d ) and ( e ) does not apply to — ( a ) transactions with the Government; ( b ) transactions with banks; or ( c ) any other type of transaction which the Authority may from time to time approve. (4) Subsection (1)( f ) does not apply to the purchase of — ( a ) any Singapore Government securities; or ( b ) any bonds issued by such statutory corporation as the Authority may, by written notification, determine. [15/2021] (5) All the directors of a finance company are liable jointly and severally to indemnify a finance company against any loss arising from the making of any unsecured advance, loan or credit facility to — ( a ) any of its directors, whether those credit facilities are obtained by its directors jointly or severally; ( b ) a firm or limited liability partnership in which that finance company or any of its directors has an interest as a partner, manager or agent; ( c ) any individual of whom, or firm or limited liability partnership of which, any of that finance company’s directors is a guarantor; ( d ) a company in which any of that finance company’s directors, whether legally or beneficially, owns more than 50% of the issued capital or in which any of that finance company’s directors controls the composition of the board of directors, but excluding any public company the securities of which are listed on the Singapore Exchange Securities Trading Limited or any other approved exchange which the Authority may approve under the Securities and Futures Act 2001, and the subsidiaries of such public company; or ( e ) a corporation that is deemed to be related to the finance company as described in section 6 of the Companies Act 1967. [4/2017] (6) In this section — ( a ) “aggregate amount of foreign currency exposure” means the aggregate value of investments in securities, securities-based derivatives contracts or units in a collective investment scheme, denominated in foreign currencies which are listed on exchanges recognised by the Authority and holdings of foreign currencies; ( b ) the reference to “director” in subsection (5) includes the wife, husband, father, mother, son or daughter of a director; ( c ) “substantial loan” means any credit facility granted by a finance company to a single person or to any group of persons under the control or influence of a single person which in the aggregate exceeds 15% of the finance company’s capital funds; ( d ) “unsecured advance”, “unsecured loan” or “unsecured credit facility” means any advance, loan or credit facility given without security, or in respect of any advance, loan or credit facility given with security, any part thereof which at any time exceeds the market value of the assets constituting that security, or where the Authority is satisfied that there is no established market value, on the basis of a valuation approved by it. [4/2017] (7) Any finance company which contravenes any of the provisions of this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.


document_id: fca-1967
provision_ref: s24
chapter: PART 4 - REGULATION OF BUSINESS
section: 24
title: Dealing by finance company in its own shares, etc.
content:
24. —(1) Except as is otherwise expressly provided by this Act, a finance company must not give, directly or indirectly and whether by means of a loan guarantee or the provision of security or otherwise, any financial assistance for the purpose of or in connection with a purchase or subscription made or to be made by any person of, or for, any shares in the finance company or, where such company is a subsidiary, in its holding company, or in any way purchase, deal in or lend money on its own shares. (2) Nothing in subsection (1) prohibits — ( a ) the provision by a finance company, in accordance with any scheme for the time being in force, of money to purchase or subscribe for fully‑paid shares in the finance company or its holding company, being a purchase or subscription by trustees of or for shares to be held by or for the benefit of employees of the company, including any director holding a salaried employment or office in the company; or ( b ) the giving of financial assistance by a finance company to persons, other than directors, bona fide in the employment of that company or of a subsidiary of that company with a view to enabling those persons to purchase fully‑paid shares in the finance company to be held by themselves by way of beneficial ownership. (3) If there is any contravention of this section, the finance company and every officer of that company who is in default shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months. (4) Nothing in this section operates to prevent the finance company from recovering the amount of any loan made in contravention of this section or any amount for which it becomes liable on account of any financial assistance given in contravention of this section.


document_id: fca-1967
provision_ref: s25
chapter: PART 4 - REGULATION OF BUSINESS
section: 25
title: Restrictions on trade by finance companies
content:
25. —(1) A finance company must not engage, whether on its own account or on a commission basis, and whether alone or with others, in the wholesale or retail trade, including the import or export trade, except for the purpose of carrying on its financing business. (2) Except as is otherwise provided in this Act, a finance company must not carry on any kind of business other than financing business.


document_id: fca-1967
provision_ref: s26
chapter: PART 4 - REGULATION OF BUSINESS
section: 26
title: Restrictions on investments by finance companies
content:
26. —(1) A finance company must not acquire or hold any part of the share capital of, or otherwise have a direct interest in, any financial, commercial, agricultural, industrial or other undertaking exceeding in aggregate 25% of the capital funds of that finance company except such shareholding as the finance company may acquire in the course of realising debts due to it, which shareholding must, however, be disposed of at the earliest suitable moment. (2) Despite subsection (1), the percentage holding or interest mentioned in that subsection may upon the application of a finance company to the Authority, and with the consent of the Authority, be increased to at most 50% of the capital funds of that finance company.


document_id: fca-1967
provision_ref: s27
chapter: PART 4 - REGULATION OF BUSINESS
section: 27
title: Restrictions on holding immovable property by finance companies
content:
27. —(1) A finance company must not purchase or acquire any immovable property, or any right, title or interest therein exceeding in the aggregate at any one time 25% of the finance company’s capital funds, except as may be reasonably necessary for the purpose of conducting its business or of housing or providing amenities for its staff. (2) Subsection (1) does not prevent a finance company — ( a ) from letting part of any building which is used for the purpose of conducting its business; or ( b ) from securing a debt on any immovable property and in the event of default in payment of the debt, from holding that immovable property for realisation by sale or auction at the earliest suitable moment. (3) This section does not apply to such property as may from time to time be approved by the Authority. (4) The Registrar of Titles in issuing any certificate of title or registering any assurance in the Land Titles Registry or any purchaser is exonerated from enquiring as to any matter or fact relating to the title of a finance company to, or to the power of a finance company in dealing with, any immovable property, or any right, title and interest therein, which has been purchased or acquired in contravention of the prohibition contained in this section and is protected from the effect of notice of any such matter or fact.


document_id: fca-1967
provision_ref: s28
chapter: PART 4 - REGULATION OF BUSINESS
section: 28
title: Control over finance companies in the acquisition of shares in companies
content:
28. —(1) A finance company must not enter into an agreement to acquire the share capital of any company by virtue of which the finance company would, if the agreement is carried out, acquire or hold, directly or indirectly, an interest of 20% or more of the share capital of that company (or in the case of an umbrella VCC, either 20% or more of the share capital in the umbrella VCC that is not in respect of any of its sub-funds, or 20% or more of the share capital in the umbrella VCC in respect of any one of its sub-funds), without first notifying the Authority of its intention to enter into the agreement and obtaining the approval of the Authority to its entering into the agreement. [S 26/2022 wef 13/01/2022] (2) The Authority may approve the entering into the agreement with or without conditions or may disapprove it without giving any reasons. (3) Subsection (1) does not apply to an agreement by virtue of which the finance company would acquire an interest of 20% or more of the share capital in a company (or in the case of an umbrella VCC, either 20% or more of the share capital in the umbrella VCC that is not in respect of any of its sub-funds, or 20% or more of the share capital in the umbrella VCC in respect of any one of its sub-funds) by way of enforcement of security to satisfy debts due to it by the company if, upon making the acquisition, the finance company obtains the approval of the Authority to retain the shareholdings as an investment. [S 26/2022 wef 13/01/2022] (4) If the Authority does not grant approval under subsection (3), the finance company must dispose of the shareholdings at the earliest opportunity. (5) In this section, “company” means a company whether incorporated in Singapore or elsewhere, and includes a VCC. [S 26/2022 wef 13/01/2022] (6) A finance company which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.


document_id: fca-1967
provision_ref: s29
chapter: PART 4 - REGULATION OF BUSINESS
section: 29
title: Power of Authority to secure compliance with sections 23, 26, 27 and 31
content:
29. —(1) Any finance company, if at any time called upon in writing by the Authority to do so, must satisfy the Authority, by producing such evidence or information as the Authority may require, that the finance company is not in contravention of any of the provisions of section 23, 26, 27 or 31. (2) For the purpose of securing compliance with the sections mentioned in subsection (1), the Authority may from time to time by written notice require any finance company to aggregate its assets, liabilities or profits (as the case may be) with the assets, liabilities or profits of all or any of the finance company’s related companies, as described in section 6 of the Companies Act 1967, and the finance company must comply with that requirement within the time specified in the notice. (3) A finance company which fails to comply with any requirement of the Authority under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000 for every day during which the default continues after conviction.


document_id: fca-1967
provision_ref: s30
chapter: PART 4 - REGULATION OF BUSINESS
section: 30
title: Notices to finance companies
content:
30. —(1) The Authority may, if it appears to the Authority to be necessary or expedient in the public interest or the interest of the financial system, by written notice to finance companies give directions or impose requirements on or relating to the activities or operations of and standards to be maintained by finance companies. (2) Without limiting subsection (1), any notice under that subsection may be given in respect of — ( a ) the revaluation of the assets of finance companies; ( b ) the maintenance of credit files of borrowers and classification of loans, advances and credit facilities of a finance company; ( c ) the restrictions on the granting of Singapore dollar credit facilities in whatever form or by whatever means to residents of Singapore where such facilities are to be used outside Singapore, or to non‑residents; ( d ) the appointment of the directors, chief executive and deputy chief executive of a finance company; ( e ) the code of conduct governing the manner and method by which a finance company solicits business and deals with its customers, the procedures for the reporting of transactions between a finance company and its employees, and conflicts of interest involving the finance company and its employees or involving the finance company and its customers; ( f ) the maximum aggregate permissible percentage holdings by any class, category or description of persons of interests in shares of a finance company; ( g ) the preparation by finance companies of profit and loss accounts and balance sheets and the form and content thereof; ( h ) the conditions under which finance companies can engage in the financing of trade and inventory; ( i ) the forms, returns and submission of statistics for the purposes of this Act; and ( j ) the provision for and writing off of bad debts by a finance company. [10/2013] (3) Every finance company must comply with any direction or requirement imposed by any notice under this section. (4) It is not necessary to publish any written notice issued under this Act in the Gazette . [10/2013]


document_id: fca-1967
provision_ref: s31
chapter: PART 4 - REGULATION OF BUSINESS
section: 31
title: Orders by Authority
content:
31. —(1) The Authority may, by order, prescribe — ( a ) the maximum rates of interest that finance companies are to pay on different types or classes of deposits; ( b ) the maximum amount or amounts, expressed as a percentage or percentages, of total assets that finance companies may hold in one or more types or classes of loans, or advances; ( c ) the minimum down payments and maximum maturity periods for different types or classes of loans, or advances granted by finance companies; ( d ) the maximum rates of interest or commission and other charges and the methods of computing such interest or commission and other charges that finance companies may impose on different types or classes of loans, or advances granted by them; ( e ) the maximum amount of loans or advances which finance companies may grant to any person or class of persons; and ( f ) the reserves to be maintained with the Authority. (2) Any order made under subsection (1) is to apply uniformly to all finance companies, or to any class or classes of finance companies, and must, together with its effective date, be published in the Gazette . (3) Where a finance company has failed to maintain the reserves required by an order made under subsection (1)( f ), the Authority may by written notice direct that finance company to make good the deficiency within the period specified in the notice. (4) If the defaulting finance company fails to make good the deficiency within the period specified in the notice mentioned in subsection (3), it is lawful, despite any other written law, for the Authority to serve a written notice upon any bank with which the defaulting finance company has a credit balance, whether in current or deposit account, directing that bank to transfer to the Authority up to the amount specified in the notice as being equivalent to the amount of the deficiency in the minimum cash balances of the defaulting finance company required under subsection (1)( f ) and the bank must comply immediately with the requirements of that notice. (5) The Authority may, despite any notice given under subsection (3) or (4), impose on any finance company that fails to maintain the reserves required by an order made under subsection (1)( f ) a penalty interest charge of $100 per day or such larger amount as the Authority may determine for every day during which the finance company continues to fail to maintain such reserves.


document_id: fca-1967
provision_ref: s32
chapter: PART 5 - MINIMUM LIQUID ASSETS
section: 32
title: Minimum holdings of liquid assets by finance companies
content:
32. —(1) Every finance company must maintain a minimum holding of liquid assets, as defined in subsection (4). (2) The minimum amount of liquid assets to be maintained by every finance company is to be determined from time to time by the Authority and must be expressed in the form of a percentage or percentages which those assets bear to the liabilities of each finance company on account of deposits and other liabilities, either jointly or separately. (3) The Authority must prescribe the method of computing the amount of liquid assets to be held by finance companies. (4) In this section, “liquid assets” means — ( a ) notes and coins that are legal tender in Singapore; ( b ) Singapore Government securities; ( c ) Singapore Government securities held under overnight repurchase agreements with banks in Singapore and approved primary and registered dealers in Singapore Government securities; ( d ) bills of exchange denominated in Singapore dollars accepted or endorsed by at least 2 banks in Singapore, which arise from genuine trade transactions and are payable within 3 months; and ( e ) such other assets as the Authority may from time to time specify by a written notice. [15/2021] (5) Any finance company which fails to comply with any requirement of this section shall be liable, on being called upon to do so by the Authority (in addition to any other penalty that may be imposed under this Act), to pay a penalty interest charge of $100 per day or such larger amount as the Authority may determine for every day during which the default continues and must not while the default continues accept any deposits or enter into new commitments without the approval of the Authority.


document_id: fca-1967
provision_ref: s33
chapter: PART 6 - INSPECTION AND CONTROL OF FINANCE COMPANIES
section: 33
title: Inspection and investigation of finance companies and production of books, etc.
content:
33. —(1) The Authority may, from time to time, inspect or cause to be inspected under conditions of secrecy, the books, accounts and transactions of any finance company and of any branch, agency or office outside Singapore opened by a finance company incorporated in Singapore. (2) The Authority may at any time make an investigation, under conditions of secrecy, of the books, accounts and transactions of a finance company, if the Authority has reason to believe that the finance company — ( a ) is carrying on its business in a manner detrimental to the interests of its depositors and other creditors; ( b ) has insufficient assets to cover its liabilities to the public; or ( c ) is contravening the provisions of this Act. (3) The Authority may appoint any auditor, other than the auditor appointed by the finance company under section 205 of the Companies Act 1967, to exercise the powers of the Authority under subsections (1) and (2). (4) For the purpose of an inspection or investigation under this section, a finance company must afford the Authority access to its books, accounts and documents and must give any information and facilities that may be required to conduct the investigation. (5) No books, accounts and documents mentioned in subsection (4) are to be required to be produced at any time and at any place that would interfere with the proper conduct of the normal daily business of that finance company. (6) If any book, account or document or information is not produced in accordance with subsection (4), the finance company concerned shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 and to a further fine of $1,000 for every day during which the default continues after conviction.


document_id: fca-1967
provision_ref: s34
chapter: PART 6 - INSPECTION AND CONTROL OF FINANCE COMPANIES
section: 34
title: Information of insolvency, etc.
content:
34. —(1) Any finance company which is or is likely to become insolvent, which is or is likely to become unable to meet its obligations, or which has suspended or is about to suspend payments, must immediately inform the Authority of that fact. [10/2013] (2) Any finance company which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 and, in the case of a continuing offence, to a further fine not exceeding $2,000 for every day or part of a day during which the offence continues after conviction. [10/2013]


document_id: fca-1967
provision_ref: s34A
chapter: PART 6 - INSPECTION AND CONTROL OF FINANCE COMPANIES
section: 34A
title: Interpretation of sections 34A to 39
content:
34A. In this section and sections 35 to 39, unless the context otherwise requires — “business” includes affairs and property; “office holder”, in relation to a finance company, means any person acting as the liquidator, the provisional liquidator, the receiver or the receiver and manager of the finance company, or acting in an equivalent capacity in relation to the finance company; “relevant business” means any business of a finance company — ( a ) which the Authority has assumed control of under section 35; or ( b ) in relation to which a statutory adviser or a statutory manager has been appointed under section 35; “statutory adviser” means a statutory adviser appointed under section 35; “statutory manager” means a statutory manager appointed under section 35. [10/2013]


document_id: fca-1967
provision_ref: s35
chapter: PART 6 - INSPECTION AND CONTROL OF FINANCE COMPANIES
section: 35
title: Action by Authority if finance company unable to meet obligations, etc.
content:
35. —(1) The Authority may exercise any one or more of the powers specified in subsection (2) as appears to it to be necessary, where — ( a ) a finance company informs the Authority that it is or is likely to become insolvent, or that it is or is likely to become unable to meet its obligations, or that it has suspended or is about to suspend payments; ( b ) a finance company becomes unable to meet its obligations, or is insolvent, or suspends payments; ( c ) the Authority is of the opinion that a finance company — (i) is carrying on its business in a manner likely to be detrimental to the interests of its depositors or creditors; (ii) is or is likely to become insolvent, or is or is likely to become unable to meet its obligations, or is about to suspend payments; (iii) has contravened any of the provisions of this Act; or (iv) has failed to comply with any condition attached to its licence; or ( d ) the Authority considers it in the public interest to do so. [10/2013] (2) Subject to subsection (1), the Authority may — ( a ) require the finance company immediately to take any action or to do or not to do any act or thing whatsoever in relation to its business as the Authority may consider necessary; ( b ) appoint one or more persons as statutory adviser, on such terms and conditions as the Authority may specify, to advise the finance company on the proper management of such of the business of the finance company as the Authority may determine; or ( c ) assume control of and manage such of the business of the finance company as the Authority may determine, or appoint one or more persons as statutory manager to do so on such terms and conditions as the Authority may specify. [10/2013] (3) Where the Authority appoints 2 or more persons as the statutory manager of a finance company, the Authority must specify, in the terms and conditions of the appointment, which of the duties, functions and powers of the statutory manager — ( a ) may be discharged or exercised by such persons jointly and severally; ( b ) must be discharged or exercised by such persons jointly; and ( c ) must be discharged or exercised by a specified person or such persons. [10/2013] (4) Where the Authority has exercised any power under subsection (2), it may, at any time and without affecting its power under section 15(1)( c )(ii), do one or more of the following: ( a ) vary or revoke any requirement of, any appointment made by or any action taken by the Authority in the exercise of such power, on such terms and conditions as it may specify; ( b ) further exercise any of the powers under subsection (2); ( c ) add to, vary or revoke any term or condition specified by the Authority under this section. [10/2013] (5) No liability shall be incurred by a statutory manager or a statutory adviser for anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the course of or in connection with — ( a ) the exercise or purported exercise of any power under this Act; ( b ) the performance or purported performance of any function or duty under this Act; or ( c ) the compliance or purported compliance with this Act. [10/2013] (6) Any finance company that fails to comply with a requirement imposed by the Authority under subsection (2)( a ) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 and, in the case of a continuing offence, to a further fine not exceeding $2,000 for every day or part of a day during which the offence continues after conviction. [10/2013]


document_id: fca-1967
provision_ref: s36
chapter: PART 6 - INSPECTION AND CONTROL OF FINANCE COMPANIES
section: 36
title: Effect of assumption of control under section 35
content:
36. —(1) Upon assuming control of the relevant business of a finance company, the Authority or statutory manager (as the case may be) must take custody or control of the relevant business. [10/2013] (2) During the period when the Authority or statutory manager is in control of the relevant business of a finance company, the Authority or statutory manager — ( a ) must manage the relevant business of the finance company in the name of and on behalf of the finance company; and ( b ) is deemed to be an agent of the finance company. [10/2013] (3) In managing the relevant business of a finance company, the Authority or statutory manager — ( a ) must take into consideration the interests of the depositors of the finance company; and ( b ) has all the duties, powers and functions of the members of the board of directors of the finance company (collectively and individually) under this Act, the Companies Act 1967 and the constitution of the finance company, including powers of delegation, in relation to the relevant business of the finance company; but nothing in this paragraph requires the Authority or statutory manager to call any meeting of the finance company under the Companies Act 1967 or the constitution of the finance company. [10/2013] (4) Despite any written law or rule of law, upon the assumption of control of the relevant business of a finance company by the Authority or statutory manager, any appointment of a person as the chief executive or a director of the finance company, which was in force immediately before the assumption of control, is deemed to be revoked, unless the Authority gives its approval, by written notice to the person and the finance company, for the person to remain in the appointment. [10/2013] (5) Despite any written law or rule of law, during the period when the Authority or statutory manager is in control of the relevant business of a finance company, except with the approval of the Authority, a person must not be appointed as the chief executive or a director of the finance company. [10/2013] (6) Where the Authority has given its approval under subsection (4) or (5) to a person to remain in the appointment of, or to be appointed as, the chief executive or a director of a finance company, the Authority may at any time, by written notice to the person and the finance company, revoke that approval, and the appointment is deemed to be revoked on the date specified in the notice. [10/2013] (7) Despite any written law or rule of law, if any person, whose appointment as the chief executive or a director of a finance company is revoked under subsection (4) or (6), acts or purports to act after the revocation as the chief executive or a director of the finance company during the period when the Authority or statutory manager is in control of the relevant business of the finance company — ( a ) the act or purported act of the person is invalid and of no effect; and ( b ) the person shall be guilty of an offence. [10/2013] (8) Despite any written law or rule of law, if any person who is appointed as the chief executive or a director of a finance company in contravention of subsection (5) acts or purports to act as the chief executive or a director of the finance company during the period when the Authority or statutory manager is in control of the relevant business of the finance company — ( a ) the act or purported act of the person is invalid and of no effect; and ( b ) the person shall be guilty of an offence. [10/2013] (9) During the period when the Authority or statutory manager is in control of the relevant business of a finance company — ( a ) if there is any conflict or inconsistency between — (i) a direction or decision given by the Authority or statutory manager (including a direction or decision to a person or body of persons referred to in sub‑paragraph (ii)); and (ii) a direction or decision given by any chief executive, director, member, executive officer, employee, agent or office holder, or the board of directors, of the finance company, the direction or decision mentioned in sub‑paragraph (i) prevails over the direction or decision mentioned in sub‑paragraph (ii) to the extent of the conflict or inconsistency; and ( b ) a person must not exercise any voting or other right attached to any share in the finance company in any manner that may defeat or interfere with any duty, function or power of the Authority or statutory manager, and any such act or purported act is invalid and of no effect. [10/2013] (10) Any person who is guilty of an offence under subsection (7) or (8) shall be liable on conviction to a fine not exceeding $20,000 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 $2,000 for every day or part of a day during which the offence continues after conviction. [10/2013] (11) In this section, “constitution”, in relation to a finance company, means the memorandum of association and articles of association of the finance company. [10/2013]


document_id: fca-1967
provision_ref: s37
chapter: PART 6 - INSPECTION AND CONTROL OF FINANCE COMPANIES
section: 37
title: Duration of control
content:
37. —(1) The Authority must cease to be in control of the relevant business of a finance company when the Authority is satisfied that — ( a ) the reasons for the Authority’s assumption of control of the relevant business have ceased to exist; or ( b ) it is no longer necessary for the protection of the depositors of the finance company. [10/2013] (2) A statutory manager is deemed to have assumed control of the relevant business of a finance company on the date of the statutory manager’s appointment as a statutory manager. [10/2013] (3) The appointment of a statutory manager in relation to the relevant business of a finance company may be revoked by the Authority at any time — ( a ) if the Authority is satisfied that — (i) the reasons for the appointment have ceased to exist; or (ii) it is no longer necessary for the protection of the depositors of the finance company; or ( b ) on any other ground, and upon such revocation, the statutory manager ceases to be in control of the relevant business of the finance company. [10/2013] (4) The Authority must, as soon as practicable, publish in the Gazette the date, and any other particulars that the Authority thinks fit, of — ( a ) the Authority’s assumption of control of the relevant business of a finance company; ( b ) the cessation of the Authority’s control of the relevant business of a finance company; ( c ) the appointment of a statutory manager in relation to the relevant business of a finance company; and ( d ) the revocation of a statutory manager’s appointment in relation to the relevant business of a finance company. [10/2013]


document_id: fca-1967
provision_ref: s38
chapter: PART 6 - INSPECTION AND CONTROL OF FINANCE COMPANIES
section: 38
title: Responsibilities of officers, member, etc., of finance company
content:
38. —(1) During the period when the Authority or statutory manager is in control of the relevant business of a finance company — ( a ) the General Division of the High Court may, on an application by the Authority or statutory manager, direct any person who has ceased to be or who is still any chief executive, director, member, executive officer, employee, agent, banker, auditor or office holder of, or trustee for, the finance company to pay, deliver, convey, surrender or transfer to the Authority or statutory manager, within such period as the General Division of the High Court may specify, any property, book, accounts, record or other documents, whether in electronic, print or other form, of the finance company which is comprised in, forms part of or relates to the relevant business of the finance company, and which is in the person’s possession or control; and ( b ) any person who has ceased to be or who is still any chief executive, director, member, executive officer, employee, agent, banker, auditor or office holder of, or trustee for, the finance company must give to the Authority or statutory manager such information as the Authority or statutory manager may require for the discharge of the Authority’s or statutory manager’s duties or functions, or the exercise of the Authority’s or statutory manager’s powers, in relation to the finance company, within such time and in such manner as may be specified by the Authority or statutory manager. [10/2013; 40/2019] (2) Any person who — ( a ) without reasonable excuse, fails to comply with subsection (1)( b ); or ( b ) in purported compliance with subsection (1)( b ), knowingly or recklessly provides 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 $20,000 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 $2,000 for every day or part of a day during which the offence continues after conviction. [10/2013]


document_id: fca-1967
provision_ref: s39
chapter: PART 6 - INSPECTION AND CONTROL OF FINANCE COMPANIES
section: 39
title: Remuneration and expenses of Authority and others in certain cases
content:
39. The Authority may at any time fix the remuneration and expenses to be paid by a finance company — ( a ) to a statutory manager or statutory adviser appointed in relation to the finance company, whether or not the appointment has been revoked; and ( b ) where the Authority has assumed control of the relevant business of the finance company, to the Authority and any person authorised or appointed by the Authority under section 42 in relation to the Authority’s assumption of control of the relevant business, whether or not the Authority has ceased to be in control of the relevant business. [10/2013]


document_id: fca-1967
provision_ref: s39A
chapter: PART 6A - VOLUNTARY TRANSFER OF BUSINESS
section: 39A
title: Interpretation of this Part
content:
39A. In this Part, unless the context otherwise requires — “business” includes affairs, property, right, obligation and liability; “Court” means the General Division of the High Court; “debenture” has the meaning given by section 4(1) of the Companies Act 1967; “property” includes property, right and power of every description; “Registrar of Companies” means the Registrar of Companies appointed under the Companies Act 1967 and includes any Deputy or Assistant Registrar of Companies appointed under that Act; “transferee” means a finance company, or a company which has applied or will be applying for a licence to carry on financing business in Singapore, to which the whole or any part of a transferor’s business is, is to be or is proposed to be transferred under this Part; “transferor” means a finance company the whole or any part of the business of which is, is to be, or is proposed to be transferred under this Part. [10/2013; 40/2019]


document_id: fca-1967
provision_ref: s39B
chapter: PART 6A - VOLUNTARY TRANSFER OF BUSINESS
section: 39B
title: Voluntary transfer of business
content:
39B. —(1) A transferor may transfer the whole or any part of its business (including any business that is not financing business) to a transferee, if — ( a ) the Authority has consented to the transfer; ( b ) the transfer involves the whole or any part of the financing business of the transferor; and ( c ) the Court has approved the transfer. [10/2013] (2) Subsection (1) does not affect the right of a finance company to transfer the whole or any part of its business under any law. [10/2013] (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. [10/2013] (4) The Authority may at any time appoint one or more persons to perform an independent assessment of, and provide a report on, the proposed transfer of a transferor’s business (or any part thereof) under this Part. [10/2013] (5) The remuneration and expenses of any person appointed under subsection (4) must be paid by the transferor and the transferee jointly and severally. [10/2013] (6) The Authority must serve a copy of any report provided under subsection (4) on the transferor and the transferee. [10/2013] (7) The Authority may require a person to provide, 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 Part. [10/2013] (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 provides 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 $20,000 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 $2,000 for every day or part of a day during which the offence continues after conviction. [10/2013] (9) Where a person claims, before providing the Authority with any information or document that the person is required to provide under subsection (7), that the information or document might tend to incriminate the person, the information or document is not admissible in evidence against the person in criminal proceedings other than proceedings under subsection (8). [10/2013]


document_id: fca-1967
provision_ref: s39C
chapter: PART 6A - VOLUNTARY TRANSFER OF BUSINESS
section: 39C
title: Approval of transfer
content:
39C. —(1) A transferor must apply to the Court for its approval of the transfer of the whole or any part of the business of the transferor to the transferee under this Part. [10/2013] (2) Before making an application under subsection (1) — ( a ) the transferor must lodge with the Authority a report setting out such details of the transfer and provide such supporting documents as the Authority may specify; ( b ) the transferor must obtain the consent of the Authority under section 39B(1)( a ); ( c ) the transferor and the transferee must, if they intend to serve on their respective customers a summary of the transfer, obtain the Authority’s approval of the summary; ( d ) the transferor must, at least 15 days before the application is made but not earlier than one month after the report mentioned in paragraph ( a ) is lodged with the Authority, publish in the Gazette and in such newspaper or newspapers as the Authority may determine a notice of the transferor’s intention to make the application and containing such other particulars as may be prescribed; ( e ) the transferor and the transferee must keep at their respective offices in Singapore, for inspection by any person who may be affected by the transfer, a copy of the report mentioned in paragraph ( a ) for a period of 15 days after the publication of the notice mentioned in paragraph ( d ) in the Gazette ; and ( f ) unless the Court directs otherwise, the transferor and the transferee must serve on their respective customers affected by the transfer, at least 15 days before the application is made, a copy of the report mentioned in paragraph ( a ) or a summary of the transfer approved by the Authority under paragraph ( c ). [10/2013] (3) The Authority and any person who, in the opinion of the Court, is likely to be affected by the transfer — ( a ) have the right to appear before and be heard by the Court in any proceedings relating to the transfer; and ( b ) may make any application to the Court in relation to the transfer. [10/2013] (4) The Court must not approve the transfer if the Authority has not consented under section 39B(1)( a ) to the transfer. [10/2013] (5) The Court may, after considering the views (if any) of the Authority on the transfer — ( a ) approve the transfer without modification or subject to any modification agreed to by the transferor and the transferee; or ( b ) refuse to approve the transfer. [10/2013] (6) If the transferee is not granted a licence by the Authority, the Court may approve the transfer on terms that the transfer takes effect only in the event of the transferee being granted a licence by the Authority. [10/2013] (7) The Court may by the order approving the transfer or by any subsequent order provide for all or any of the following matters: ( a ) the transfer to the transferee of the whole or any part of the business of the transferor; ( b ) the allotment or appropriation by the transferee of any share, debenture, policy or other interest in the transferee which under the transfer is to be allotted or appropriated by the transferee to or for any person; ( c ) the continuation by (or against) the transferee of any legal proceedings pending by (or against) the transferor; ( d ) the dissolution, without winding up, of the transferor; ( e ) the provisions to be made for persons who are affected by the transfer; ( f ) such incidental, consequential and supplementary matters as are, in the opinion of the Court, necessary to secure that the transfer is fully effective. [10/2013] (8) Any order under subsection (7) may — ( a ) provide for the transfer of any business, whether or not the transferor otherwise has the capacity to effect the transfer in question; ( b ) make provision in relation to any property which is held by the transferor as trustee; and ( c ) make provision as to any future or contingent right or liability of the transferor, including provision as to the construction of any instrument under which any such right or liability may arise. [10/2013] (9) Subject to subsection (10), where an order made under subsection (7) provides for the transfer to the transferee of the whole or any part of the transferor’s business, then by virtue of the order the business (or part of the business) of the transferor specified in the order is transferred to and vests in the transferee, free in the case of any particular property (if the order so directs) from any charge which by virtue of the transfer is to cease to have effect. [10/2013] (10) No order under subsection (7) has any effect or operation in transferring or otherwise vesting land in Singapore until the appropriate entries are made with respect to the transfer or vesting of that land by the appropriate authority. [10/2013] (11) If any business specified in an order under subsection (7) is governed by the law of any foreign country or territory, the Court may order the transferor to take all necessary steps for securing that the transfer of the business to the transferee is fully effective under the law of that country or territory. [10/2013] (12) Where an order is made under this section, the transferor and the transferee must each lodge within 7 days after the order is made — ( a ) a copy of the order with the Registrar of Companies and with the Authority; and ( b ) where the order relates to land in Singapore, an office copy of the order with the appropriate authority concerned with the registration or recording of dealings in that land. [10/2013] (13) A transferor or transferee which contravenes subsection (12), and every officer of the transferor or transferee (as the case may be) who fails to take all reasonable steps to secure compliance by the transferor or transferee (as the case may be) with that subsection, shall each be guilty of an offence and shall each be liable on conviction to a fine not exceeding $2,000 and, in the case of a continuing offence, to a further fine not exceeding $200 for every day or part of a day during which the offence continues after conviction. [10/2013]


document_id: fca-1967
provision_ref: s40
chapter: PART 7 - SUBMISSION OF FINANCIAL STATEMENTS AND DUTIES OF AUDITORS
section: 40
title: Directors to submit copy of financial statements
content:
40. The directors of a finance company must submit to the Authority a copy of the financial statements made under section 201(1) and (2) of the Companies Act 1967. [35/2014]


document_id: fca-1967
provision_ref: s41
chapter: PART 7 - SUBMISSION OF FINANCIAL STATEMENTS AND DUTIES OF AUDITORS
section: 41
title: Appointment and duties of auditors
content:
41. —(1) Despite the provisions of the Companies Act 1967, every finance company must appoint annually an auditor approved by the Authority. (2) An auditor must not be approved by the Authority as an auditor for finance companies unless the auditor is able to comply with such conditions in relation to the discharge of the auditor’s duties as may be determined by the Authority. (3) The Authority may appoint an auditor — ( a ) if the finance company fails to appoint an auditor; or ( b ) if the Authority considers it desirable that another auditor should act with the auditor appointed under subsection (1), and may at any time fix the remuneration to be paid by the finance company to that auditor. (4) The duties of an auditor appointed under subsections (1) and (3) are to carry out, for the year in respect of which the auditor is appointed, an audit of the financial statements of the finance company and to make a report in accordance with section 207 of the Companies Act 1967. [35/2014] (5) The Authority may impose all or any of the following duties on an auditor in addition to those provided under subsection (4): ( a ) a duty to submit any additional information in relation to the auditor’s audit that the Authority considers necessary; ( b ) a duty to enlarge or extend the scope of the auditor’s audit of the business and affairs of the finance company; ( c ) a duty to carry out any other examination or establish any other procedure in any particular case; and ( d ) a duty to submit a report on any of the matters referred to in paragraphs ( b ) and ( c ), and the finance company must remunerate the auditor in respect of the discharge by the auditor of all or any of these additional duties. (6) The auditor’s report made under subsection (4) must be attached to the financial statements and a copy of the report together with any reports submitted under subsection (5) must be transmitted in writing to the Authority. [35/2014] (7) If an auditor, in the course of the performance of the auditor’s duties as an auditor of a finance company, is satisfied that — ( a ) there has been a serious breach or non-observance of the provisions of this Act or that otherwise a criminal offence involving fraud or dishonesty has been committed; ( b ) losses have been incurred which reduce the capital funds of the finance company by 50%; ( c ) serious irregularities have occurred, including irregularities that jeopardise the security of the creditors; or ( d ) the auditor is unable to confirm that the claims of creditors are still covered by the assets, the auditor must immediately report the matter to the Authority.


document_id: fca-1967
provision_ref: s42
chapter: PART 8 - MISCELLANEOUS
section: 42
title: Authority to administer Act
content:
42. —(1) The Authority is charged with the general administration of this Act and the exercise of the functions imposed on it by this Act. (2) The Authority may authorise or appoint any person to assist it in the exercise of its functions and duties under this Act, either generally or in a particular case. (3) The members of the Authority are deemed to be public servants within the meaning of the Penal Code 1871.


document_id: fca-1967
provision_ref: s43
chapter: PART 8 - MISCELLANEOUS
section: 43
title: Prohibition against transacting of financing business on public holidays
content:
43. A finance company must not transact any business without the approval of the Authority on any day that is a public holiday under the provisions of the Holidays Act 1998, or on any day declared by the Authority to be a bank holiday under section 60 of the Banking Act 1970.


document_id: fca-1967
provision_ref: s44
chapter: PART 8 - MISCELLANEOUS
section: 44
title: Priority of specified liabilities
content:
44. —(1) Where a finance company becomes unable to meet its obligations or becomes insolvent or suspends payment, the assets of the finance company are to be available to meet the liabilities in Singapore of the finance company specified in section 44A. (2) The liabilities in Singapore specified in section 44A have priority over all unsecured liabilities of the finance company other than the preferential debts specified in section 203(1) of the Insolvency, Restructuring and Dissolution Act 2018. [40/2018]


document_id: fca-1967
provision_ref: s44A
chapter: PART 8 - MISCELLANEOUS
section: 44A
title: Priority of specified liabilities inter se
content:
44A. —(1) Despite any written law or rule of law relating to the winding up of companies, in the event of a winding up of a finance company, the following liabilities in Singapore of the finance company, among themselves, rank in the following order of priority: ( a ) firstly, any premium contributions due and payable by the finance company under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011; ( b ) secondly, liabilities incurred by the finance company under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 in respect of insured deposits, up to the amount of compensation paid or payable out of the DI Fund by the Agency under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 in respect of such insured deposits; ( c ) thirdly, any sum claimed by the trustee of a resolution fund within the meaning of section 107 of the Financial Services and Markets Act 2022 from the finance company under section 112, 113, 114 or 115 of that Act. [31/2017] [Act 18 of 2022 wef 10/05/2024] (2) The liabilities in each class specified in subsection (1) — ( a ) rank in the order specified but as between liabilities of the same class, such liabilities rank equally between themselves; and ( b ) must be paid in full unless the assets of the finance company are insufficient to meet them in which case they are to abate in equal proportions between themselves. (3) In this section, “Agency” and “DI Fund” have the same respective meanings as in section 2(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011. 45. [ Repealed by Act 10 of 2013 ]


document_id: fca-1967
provision_ref: s46
chapter: PART 8 - MISCELLANEOUS
section: 46
title: Memorandum and articles of association of finance company
content:
46. —(1) Every company must, before it is granted a licence by the Authority to carry on financing business under this Act, include in its memorandum or articles of association the restrictions, limitations and prohibitions contained in sections 23 to 27. (2) Every company that — ( a ) has carried on financing business in Singapore before 10 January 1968; and ( b ) is licensed under this Act, but whose memorandum or articles of association do not include all or any of the restrictions, limitations or prohibitions contained in sections 23 to 27, is deemed to have included in its memorandum or articles of association all or any of such restrictions, limitations or prohibitions as are not so included. (3) To the extent that any such restriction, limitation or prohibition so deemed to have been included in those memorandum or articles of association under subsection (2) is inconsistent with any provision already included in the memorandum or articles of association, that restriction, limitation or prohibition prevails over such provision.


document_id: fca-1967
provision_ref: s47
chapter: PART 8 - MISCELLANEOUS
section: 47
title: Disqualification or removal of director or executive officer
content:
47. —(1) Despite any other written law, a finance company must not, without the prior written consent of the Authority, permit a person to act as its director or executive officer, if the person — ( a ) has been convicted, whether in Singapore or elsewhere, of an offence committed before, on or after 18 April 2013, 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; ( b ) is an undischarged bankrupt, whether in Singapore or elsewhere; ( c ) has had an enforcement order against him or her in respect of a judgment debt returned unsatisfied in whole or in part; [Act 25 of 2021 wef 01/04/2021] ( d ) 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; ( e ) has had a prohibition order made against him or her that remains in force; or [Act 18 of 2022 wef 31/07/2024] ( f ) 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 by the Authority or, in the case of a regulated financial institution in a foreign country or territory, by the regulatory authority in that foreign country or territory. [10/2013; 4/2017] (2) Despite any other written law, where the Authority is satisfied that a director or an executive officer of a finance company — ( a ) has wilfully contravened or wilfully caused the finance company to contravene any provision of this Act; ( b ) has, without reasonable excuse, failed to secure the compliance of the finance company with this Act, the Monetary Authority of Singapore Act 1970 or any of the written laws set out in the Schedule to that Act; or ( c ) has failed to discharge any of the duties of his or her office, the Authority may, if it thinks it necessary in the public interest or for the protection of the depositors or creditors of the finance company, by written notice to the finance company, direct the finance company to remove the director or executive officer (as the case may be) from his or her office or employment within such period as may be specified by the Authority in the notice, and the finance company must comply with the notice. [10/2013] (3) Without affecting any other matter that the Authority may consider relevant, the Authority must, when determining whether a director or an executive officer of a finance company has failed to discharge the duties of his or her office for the purposes of subsection (2)( c ), have regard to any criteria prescribed. [10/2013] (4) Before directing a finance company to remove a person from his or her office or employment under subsection (2), the Authority must — ( a ) give the finance company and the person written notice of its intention to do so; and ( b ) in the notice referred to in paragraph ( a ), call upon the finance company and the person to show cause, within the time specified in the notice, why the person should not be removed. [10/2013] (5) If the finance company and the person mentioned in subsection (4) — ( a ) fail to show cause within the time specified under subsection (4)( b ) or within any extended period of time that the Authority allows; or ( b ) fail to show sufficient cause, the Authority may direct the finance company to remove the person under subsection (2). [10/2013] (6) Any finance company which, or any director or executive officer of a finance company who, is aggrieved by a direction of the Authority under subsection (2) may, within 30 days after receiving the direction, appeal in writing to the Minister, whose decision is final. [10/2013] (7) Any finance company which 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 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. [10/2013] (8) No criminal or civil liability is incurred by a finance company, or any person acting on behalf of the finance company, in respect of anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the discharge or purported discharge of the obligations of the finance company under this section. [10/2013] (9) In this section, unless the context otherwise requires — “prohibition order” means — ( a ) a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)( b ) and (2) to (7) of the Financial Services and Markets Act 2022; ( b ) a prohibition order made under section 68(1) of the Financial Advisers Act 2001 as in force immediately before the date of commencement of section 200(1)( b ) and (2) to (7) of the Financial Services and Markets Act 2022, and as continued by section 217(2) of the Financial Services and Markets Act 2022; ( c ) 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; ( d ) 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; ( e ) 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; ( f ) 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; ( g ) 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; ( h ) 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; or ( i ) a prohibition order made under section 7(1) of the Financial Services and Markets Act 2022; [Act 18 of 2022 wef 31/07/2024] “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 territory, means an authority of the foreign country or territory 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. [10/2013]


document_id: fca-1967
provision_ref: s48
chapter: PART 8 - MISCELLANEOUS
section: 48
title: Penalty for offences not otherwise provided for
content:
48. Any finance company which, or person who, contravenes or fails to comply with any provisions of this Act or any order made under this Act for which no penalty is expressly provided shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 3 years or to both.


document_id: fca-1967
provision_ref: s48A
chapter: PART 8 - MISCELLANEOUS
section: 48A
title: Composition of offences
content:
48A. —(1) The Authority may 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. [10/2013] (2) The Authority may compound any offence under this Act (including an offence under a provision which 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. [10/2013] (3) On payment of the sum of money referred to in subsection (1) or (2), no further proceedings are to be taken against that person in respect of the offence. [10/2013] (4) The Authority may make regulations to prescribe the offences which may be compounded. [10/2013] (5) All sums collected by the Authority under subsection (1) or (2) must be paid into the Consolidated Fund. [10/2013]


document_id: fca-1967
provision_ref: s48B
chapter: PART 8 - MISCELLANEOUS
section: 48B
title: Recovery of fees, expenses, etc.
content:
48B. There is recoverable as a civil debt due to the Authority from the finance company concerned — ( a ) the amount of any fees payable under section 6(7); and ( b ) any remuneration and expenses payable by the finance company to — (i) a statutory adviser appointed under section 35(2); (ii) a statutory manager appointed under section 35(2); (iii) the Authority or any person authorised or appointed by the Authority under section 42 in relation to the Authority’s assumption of control of any business of the finance company under section 35; and (iv) any person appointed to perform any independent assessment under Part 6A. [10/2013]


document_id: fca-1967
provision_ref: s49
chapter: PART 8 - MISCELLANEOUS
section: 49
title: Offences by directors or managers
content:
49. —(1) Any person who, being a director, managing director or manager of a finance company — ( a ) fails to comply, or to take all reasonable steps to secure compliance by the finance company, with the provisions of this Act or any order made under this Act or any other law relating to finance companies in force in Singapore; or ( b ) fails to ensure or to take all reasonable steps to ensure the accuracy and correctness of any statement or information submitted under this Act or any other law relating to finance companies in force in Singapore, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 3 years or to both. (2) In any proceedings against a person under subsection (1), it is a defence to prove that the person had reasonable grounds to believe and did believe that a competent and reliable person was charged with the duty of securing compliance with the provisions of this Act or any order made under this Act or any other written law relating to finance companies in Singapore or with the duty of securing that those statements were accurate and correct and that the person was in a position to discharge that duty. (3) A person shall not be sentenced to imprisonment for any offence under subsection (1) unless in the opinion of the court the offence was committed wilfully.


document_id: fca-1967
provision_ref: s50
chapter: PART 8 - MISCELLANEOUS
section: 50
title: Falsification of books, documents, etc.
content:
50. Any director, manager, trustee, auditor, employee or agent of any finance company who — ( a ) wilfully makes or causes to be made a false entry in any book of record or in any report, slip, document or statement of the business, affairs, transactions, conditions, assets or accounts of that finance company; ( b ) wilfully omits to make an entry in any book of record or in any report, slip, document or statement of the business, affairs, transactions, conditions, assets or accounts of that finance company, or wilfully causes any such entry to be omitted; or ( c ) wilfully alters, abstracts, conceals or destroys an entry in any book of record or in any report, slip, document or statement of the business, affairs, transactions, conditions, assets or accounts of that finance company, or wilfully causes any such entry to be altered, abstracted, concealed or destroyed, 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 3 years or to both.


document_id: fca-1967
provision_ref: s51
chapter: PART 8 - MISCELLANEOUS
section: 51
title: Holding out as finance company
content:
51. Where any public or private company or firm or limited liability partnership or VCC holds itself out to be a licensed finance company when it is not licensed under this Act, such company or firm or limited liability partnership or VCC shall be guilty of an offence and every director, manager or every officer of that company and the proprietor or every partner or officer of that firm and every partner or manager of the limited liability partnership and every director, manager or officer of that VCC shall, unless the person proves that such holding out by the company or firm or limited liability partnership or VCC was made without the person’s knowledge or consent, be guilty of an offence and shall be liable on conviction to a fine not exceeding $15,000 or to imprisonment for a term not exceeding 2 years or to both. [S 26/2022 wef 13/01/2022]


document_id: fca-1967
provision_ref: s52
chapter: PART 8 - MISCELLANEOUS
section: 52
title: Consent of Public Prosecutor
content:
52. No prosecution in respect of any offence under this Act may be instituted except by, or with the consent of, the Public Prosecutor acting upon a complaint made by the Authority.


document_id: fca-1967
provision_ref: s52A
chapter: PART 8 - MISCELLANEOUS
section: 52A
title: Jurisdiction of District Court
content:
52A. 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 the offence.


document_id: fca-1967
provision_ref: s53
chapter: PART 8 - MISCELLANEOUS
section: 53
title: Exemptions
content:
53. —(1) This Act does not apply to — ( a ) any bank or merchant bank licensed under the Banking Act 1970; or ( b ) any business of pawnbroking carried on by a person licensed under the Pawnbrokers Act 2015. [2/2015; 1/2020] (2) Every co-operative society registered as a credit society under the Co-operative Societies Act 1979 to provide financial services is, to the extent that such services amount to financing business, exempt from section 3 in respect of such services. (3) Despite the provisions of this Act, the Authority may exempt any finance company from all or any of the provisions of this Act.


document_id: fca-1967
provision_ref: s54
chapter: PART 8 - MISCELLANEOUS
section: 54
title: Winding up provisions
content:
54. —(1) Without affecting the provisions of the Insolvency, Restructuring and Dissolution Act 2018 and Part 8 of the Financial Services and Markets Act 2022 — ( a ) a company (whether or not it is being wound up voluntarily) may be wound up under an order of the court on the application of the Authority; and ( b ) the court may order the winding up of a company if — (i) the company has held a licence under this Act and that licence has expired or has been revoked; or (ii) the company has carried on financing business in Singapore in contravention of the provisions of this Act. [10/2013; 40/2018] [Act 18 of 2022 wef 10/05/2024] (2) In the winding up of a company that has been carrying on financing business, the depositors are deemed to be holders of debentures issued to them by the company and secured by a floating charge over all the property and undertaking of the company.


document_id: fca-1967
provision_ref: s55
chapter: PART 8 - MISCELLANEOUS
section: 55
title: Redemption of securities held by finance company
content:
55. —(1) As soon as practicable after the making of an order for the winding up of a finance company, the liquidator of the company must — ( a ) publish in the Gazette a notice requiring every debtor of the finance company to redeem any property that the debtor has deposited with the company as security for any loan that the debtor has obtained from the finance company; and ( b ) send by registered post such notice to every debtor whose security is held by the finance company and whose name is mentioned in the statement of affairs made out under section 141 of the Insolvency, Restructuring and Dissolution Act 2018. [40/2018] (2) The notice must specify the latest date up to which any security may be redeemed, which date must be at least 3 months from the date of the notice. (3) After the latest date for redeeming any security held by the finance company specified in the notice, the liquidator may proceed to realise any security held by the finance company forthwith, despite any agreement setting out any other period of redemption previously entered into between the finance company and the debtor.


document_id: fca-1967
provision_ref: s56
chapter: PART 8 - MISCELLANEOUS
section: 56
title: Operation of Act not to affect Companies Act 1967
content:
56. Nothing in this Act affects the operation of the Companies Act 1967, and any company that is liable to be incorporated under that Act continues to be so liable as if this Act had not been passed but in case of conflict between that Act and this Act the provisions of this Act prevail unless otherwise provided in this Act.


document_id: fca-1967
provision_ref: s57
chapter: PART 8 - MISCELLANEOUS
section: 57
title: Regulations
content:
57. —(1) The Authority may, from time to time, make regulations for, or in respect of, every purpose which is considered by it necessary for carrying out the provisions of this Act and for the prescribing of any matter which is authorised or required under this Act to be so prescribed. (2) Without limiting subsection (1), the Authority may by such regulations — ( a ) prescribe fees to be charged under this Act; and ( b ) regulate advertisements of finance companies. (3) Such regulations may provide that a contravention of any provision of the regulations shall be an offence and shall be punishable with a fine not exceeding $5,000 or with imprisonment for a term not exceeding 12 months or with both as may be specified in the regulations.


document_id: fea-1920
provision_ref: s2
section: 2
title: Minister for Finance may prescribe fees, etc.
content:
2. The Minister for Finance may by order prescribe — ( a ) the fees and payments for licences, permits and otherwise; ( b ) the charges and penalties for the late payment of any fee or payment referred to in paragraph ( a ); and ( c ) the interest payable on any outstanding amount of any fee, payment, charge or penalty referred to in paragraph ( a ) or ( b ) or for any payment thereof by instalment, that are leviable or to be leviable, in the subordinate courts of civil and criminal jurisdiction, and in all public offices and departments. [Act 4 of 2008 wef 01/04/2024]


document_id: fea-1920
provision_ref: s3
section: 3
title: Publication
content:
3. Every order under section 2 shall — ( a ) be published in the Gazette ; ( b ) have effect from the date of the publication; and ( c ) be presented to Parliament as soon as possible after publication. [Act 4 of 2008 wef 01/04/2024]


document_id: fea-1920
provision_ref: s4
section: 4
title: Officers may decline to act till payment
content:
4. The officer of any court, public office or department required to do anything for which a fee or payment is chargeable under this Act may decline to do that thing until the fee is paid or the payment is made.


document_id: fea-1920
provision_ref: s5
section: 5
title: Fees, etc., recoverable as fines before Magistrate’s Court
content:
5. —(1) All fees, payments, charges, penalties and interest prescribed in any order under section 2 shall be recoverable when not otherwise provided for by summary procedure before a Magistrate’s Court in the manner provided for the recovery of fines and penalties before a Magistrate’s Court, on complaint by or on behalf of the officer to whom the fees, charges, penalties and interest ought to have been paid or the payments ought to have been made. (2) A certificate by such officer that the fee, charge, penalty or interest has not been paid, or that the payment has not been made, shall be held to be prima facie proof of non-payment. [Act 4 of 2008 wef 01/04/2024]


document_id: fea-1920
provision_ref: s6
section: 6
title: Payments by stamps
content:
6. The Minister for Finance may by order declare that all or any fees or payments for licences or permits in any of the subordinate courts of civil and criminal jurisdiction, public offices and departments so fixed, or to be fixed, shall be payable by means of stamps under any written law in force relating to the collection of stamp duties.


document_id: fea-1920
provision_ref: s7
section: 7
title: Minister for Finance may declare fees and payments to be payable in stamps or money
content:
7. The Minister for Finance may by order declare that all or any fees or payments in any of the public offices and departments now made payable by means of stamps shall be paid in money, notwithstanding any Act in force to the contrary.


document_id: fea-1920
provision_ref: s8
section: 8
title: Fees, etc., prescribed by written law
content:
8. Nothing in this Act shall be held to affect the amount of any fee, payment, charge, penalty or interest leviable or chargeable under any written law in force when express provision is made as to the amount of such fee, payment, charge, penalty or interest in that written law. [Act 4 of 2008 wef 01/04/2024]


document_id: fea-1920
provision_ref: s9
section: 9
title: Remission of fees, etc.
content:
9. —(1) Notwithstanding section 8, it shall be lawful for the Minister for Finance to remit wholly or in part, and either generally or in any particular case or class of cases, any fee, payment, charge, penalty or interest prescribed under this Act or under any other written law. (2) The Minister for Finance may, in making any order under section 2 prescribing fees, payments, charges, penalties or interest, provide for the remission of any such fees, payments, charges, penalties or interest and may specify in the order the person by whom remissions shall be granted. [Act 4 of 2008 wef 01/04/2024]


document_id: fea-1920
provision_ref: s10
section: 10
title: Validation of collection of charge or penalty for late payment of fee or payment, etc.
content:
10. Every amount collected before the date of commencement of the Statutes (Miscellaneous Amendments) Act 2008 as, or purportedly as — ( a ) a charge or penalty for the late payment of any fee or payment under this Act; or ( b ) interest on any outstanding amount of any such fee or payment or for any payment thereof by instalment, shall be deemed to be and always to have been validly collected, and no legal proceedings shall lie or be instituted or maintained in any court of law on account of or in respect of any such collection. [Act 4 of 2008 wef 01/04/2024]


document_id: feda-2015
provision_ref: s2
chapter: PART 1 - PRELIMINARY
section: 2
title: Interpretation
content:
2. —(1) In this Act, unless the context otherwise requires — “boarding premises” means premises (or a complex of premises) that — ( a ) provide boarders or lodgers with a principal place of residence; ( b ) may have shared facilities (such as a communal living room, bathroom, laundry or kitchen) or services that are provided to boarders or lodgers, or both; and ( c ) have rooms (some or all of which may have private kitchen or bathroom facilities) that accommodate one or more boarders or lodgers; “business restriction directive” means the regulatory action mentioned in section 14(2)( b )(iii); “code of practice” or “standard of performance” means a code of practice or standard of performance issued or approved under section 19; “Commissioner” means the Commissioner for Foreign Employee Dormitories appointed under section 6(1), and includes any Deputy Commissioner for Foreign Employee Dormitories or Assistant Commissioner for Foreign Employee Dormitories delegated under section 6(5) to exercise the Commissioner’s powers or duties under this Act; “compliance directive” means a directive given under section 13(1); “dormitory inspector” means — ( a ) the Commissioner; ( b ) any Deputy Commissioner for Foreign Employee Dormitories and any Assistant Commissioner for Foreign Employee Dormitories; and ( c ) any individual appointed under section 6(3) and authorised under section 6(5) or any other provision in this Act to perform any duty or exercise any power under that provision; “foreign employee” means a foreigner — ( a ) who seeks employment, or is employed to work, in Singapore but excludes a self‑employed foreigner; or ( b ) whose employment in Singapore has expired or has been terminated (whether or not for justified reasons) and is authorised under the Immigration Act 1959 to remain in Singapore; “foreign employee dormitory” has the meaning given by section 3(1); “foreigner” means an individual who is neither a citizen of Singapore nor a permanent resident of Singapore; [Act 31 of 2023 wef 31/12/2024] “licence” means a licence granted under section 9(1)( a ) authorising a person to operate the boarding premises specified in the licence as a foreign employee dormitory; “licensed operator” means the person to whom a valid licence is granted under section 9(1)( a ); “manager”, in relation to boarding premises or a foreign employee dormitory, means an individual who is responsible for the day‑to‑day control and supervision of the operations of the boarding premises or foreign employee dormitory; “modification” and “modify”, in relation to the conditions of a licence, include deleting or varying and substituting a condition, and adding a condition; “occupancy agreement”, in relation to boarding premises, means an agreement (written or unwritten) — ( a ) to which a proprietor or an operator of the boarding premises (or a person acting on behalf of the operator) is a party; and ( b ) under which a foreign employee is provided one or more beds or rooms, or spaces within a room, in the boarding premises to occupy as a resident of those premises; “occupancy load”, for any premises, means the prescribed maximum number of individuals permitted by law to ordinarily occupy those premises at any one time; “operate”, in relation to any boarding premises, means managing and maintaining, in the course of a business, the boarding premises (whether self‑owned or under lease) as a foreign employee dormitory, for residents who may or may not be employees of the operator; “permanent resident of Singapore” has the meaning given by section 2 of the Immigration Act 1959; [Act 31 of 2023 wef 01/12/2025] “premises” means a building or structure (whether permanent or temporary) or part of such a building or structure, and includes any immediately adjoining space or land necessary for access to, or the enjoyment of residents of, the building or structure; “proprietor”, in relation to any premises that are leased or are subject to a tenancy or licence to occupy, includes the owner of the premises who is the lessor or grantor of the licence to occupy; “public authority” means a body established or constituted by or under a public Act to perform or discharge a public function; “Register” means the register of licensed operators of foreign employee dormitories kept under section 21; “relative”, in relation to an individual, includes any of the following individuals: ( a ) the spouse of the individual; ( b ) a parent, step‑parent, son, daughter, stepson, stepdaughter, grandparent, grandchild, brother, sister, stepbrother, stepsister, uncle, aunt, niece or nephew (whether by blood, marriage or adoption) of the individual; ( c ) a guardian or ward of the individual; “resident”, in relation to boarding premises (whether or not a foreign employee dormitory), means any individual who occupies or enjoys a right to occupy one or more beds or rooms, or spaces within a room, in those premises as the individual’s main or only residence in Singapore, and includes any resident who is a proprietor or manager of those premises or a relative of the proprietor or manager. (2) For the purposes of the definition of “boarding premises” in subsection (1), the Commissioner may determine whether buildings, structures or facilities are to be regarded as a single complex of premises.


document_id: feda-2015
provision_ref: s3
chapter: PART 1 - PRELIMINARY
section: 3
title: Premises to which Act applies
content:
3. —(1) Subject to subsection (2), in this Act, “foreign employee dormitory” means any boarding premises that — ( a ) provide the threshold number of beds or higher for use by residents who are foreign employees; ( b ) provide accommodation to the threshold number of residents who are foreign employees, or higher; or ( c ) have the prescribed occupancy load and provide accommodation substantially to foreign employees. (2) However, this Act does not apply to — ( a ) premises that are used as a hotel, an inn, a hostel or a bed and breakfast accommodation; ( b ) a serviced apartment, being a building or part of a building that is used to provide self‑contained tourist or visitor accommodation that is regularly cleaned by or on behalf of the proprietor or manager; ( c ) premises for the reception, lodging and care of aged or disabled persons, or persons suffering or convalescing from any sickness, injury or infirmity, including but not limited to a convalescent home or nursing home, but excluding a sick bay or similar facility within any boarding premises; ( d ) a student hostel or hall of residence for the accommodation of students; ( e ) a house; ( f ) a self‑contained residence that is a flat or an apartment (consisting of a suite of rooms) forming a portion of a building; ( g ) any prison where an individual is incarcerated to serve a sentence of imprisonment, any other place where a prisoner may serve his or her sentence of imprisonment outside of a prison, or premises for the detention of individuals serving orders of detention under any written law, whether or not for their rehabilitation or safety; ( h ) any vessel used as boarding premises for employees in connection with their work or employment on or relating to the vessel; ( i ) premises used for crisis accommodation provided by or on behalf of the Government or a public authority; and ( j ) any boarding premises specified or described by the Minister, by order in the Gazette , as not to be treated as a foreign employee dormitory. (3) In this section, “threshold number” means 1,000 or any lower number that the Minister may, by notification in the Gazette , prescribe in substitution. (4) Any notification made under subsection (3) prescribing a lower threshold number in substitution may contain any saving, transitional, incidental or consequential provisions that the Minister considers necessary or proper. (5) Every order and notification made under subsections (2)( j ) and (3), respectively, must be presented to Parliament as soon as possible after publication in the Gazette .


document_id: feda-2015
provision_ref: s4
chapter: PART 1 - PRELIMINARY
section: 4
title: Purpose of Act
content:
4. The purpose of this Act is to provide a regulatory framework for the provision of facilities and amenities, and the delivery of services, to residents of foreign employee dormitories who are foreign employees by — ( a ) providing for the licensing of operators of foreign employee dormitories; ( b ) providing for certain accommodation standards to be observed with respect to the accommodation of residents of foreign employee dormitories and for the appropriate mechanisms for the enforcement of those standards; and ( c ) promoting the sustainability of, and continuous improvements in, the provision of services at foreign employee dormitories.


document_id: feda-2015
provision_ref: s5
chapter: PART 1 - PRELIMINARY
section: 5
title: Interface with other laws
content:
5. Nothing in this Act derogates from any requirement imposed by or under — ( a ) the Building Control Act 1989; ( b ) the Control of Vectors and Pesticides Act 1998; ( c ) the Environmental Public Health Act 1987; ( d ) the Fire Safety Act 1993; ( e ) the Planning Act 1998; or ( f ) any other prescribed written law with respect to the use of premises as, or the provision of services to residents of, foreign employee dormitories.


document_id: feda-2015
provision_ref: s6
chapter: PART 1 - PRELIMINARY
section: 6
title: Appointment of Commissioner, etc., and dormitory inspectors
content:
6. —(1) The Minister may in writing appoint a public officer as the Commissioner for Foreign Employee Dormitories who is responsible for the administration of this Act. (2) The Minister may also appoint public officers to be Deputy Commissioners for Foreign Employee Dormitories and Assistant Commissioners for Foreign Employee Dormitories. (3) The Commissioner may appoint as dormitory inspectors any of the following persons with suitable qualifications and experience to properly exercise the powers of a dormitory inspector: ( a ) a public officer; ( b ) an employee of any public authority; ( c ) any individual who is not a public officer or an employee mentioned in paragraph ( a ) or ( b ). (4) The Commissioner is to issue, or cause to be issued, to each dormitory inspector an identification card, which must be carried at all times by the dormitory inspector when exercising powers under this Act. (5) Subject to subsection (6), the Commissioner may authorise, by delegation, the exercise of all or any of the powers conferred or duties imposed upon the Commissioner by or under this Act to a Deputy Commissioner for Foreign Employee Dormitories, an Assistant Commissioner for Foreign Employee Dormitories or a dormitory inspector, except the power of delegation under this subsection. (6) Any delegation under subsection (5) may be general or in a particular case and may be subject to any conditions or limitations set out in this Act or that the Commissioner may specify. (7) The Commissioner, every Deputy Commissioner for Foreign Employee Dormitories, every Assistant Commissioner for Foreign Employee Dormitories and every dormitory inspector is deemed to be a public servant for the purposes of the Penal Code 1871.


document_id: feda-2015
provision_ref: s7
chapter: PART 2 - LICENSING OF FOREIGN EMPLOYEE
section: 7
title: Licence needed to operate foreign employee dormitory, etc.
content:
7. —(1) Unless exempted under section 32, a person must not operate any boarding premises as a foreign employee dormitory except under the authority of a valid licence for those premises. (2) Unless exempted under section 32, a proprietor of boarding premises must not use (or permit the use of) the premises as a foreign employee dormitory unless those premises are used as such by a licensed operator holding a valid licence relating to those premises. (3) A person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction — ( a ) to a fine not exceeding $500,000 or to imprisonment for a term not exceeding 2 years or to both; and ( b ) in the case of a second or subsequent conviction, to a fine not exceeding $1 million or to imprisonment for a term not exceeding 4 years or to both. (4) It is a defence in proceedings for an offence under subsection (3) for contravening subsection (2) if the proprietor of boarding premises satisfies the court, on a balance of probabilities, that the proprietor did not know, and could not reasonably have been expected to know, that those premises were being used as a foreign employee dormitory otherwise than by the holder of a valid licence relating to those premises. (5) An offence under subsection (1) or (2) is an arrestable offence. (6) To avoid doubt, nothing in subsection (2) affects the law relating to abetment of offences.


document_id: feda-2015
provision_ref: s8
chapter: PART 2 - LICENSING OF FOREIGN EMPLOYEE
section: 8
title: Application for licence to operate foreign employee dormitory
content:
8. —(1) An application for a licence is to be made to the Commissioner in such form and manner as the Commissioner may determine, and must be accompanied by an application fee (if prescribed). (2) An application for a licence to operate any boarding premises as a foreign employee dormitory must state — ( a ) the name and the residential or business address of each proprietor of the premises; ( b ) the name (if any) and the address of the premises; ( c ) the number of residents or prospective residents of the foreign employee dormitory who are foreign employees; ( d ) the total number of beds provided as sleeping accommodation for those residents or prospective residents; ( e ) whether the written permission or authorisation required by the Planning Act 1998 for the development of the premises has been granted or deemed granted; ( f ) the identity of and other particulars about the individual who is to be the manager of the foreign employee dormitory; ( g ) the prescribed particulars and information; and ( h ) any other particulars and information that the Commissioner may require in any particular case. (3) If the Commissioner receives an application for a licence for any boarding premises, the Commissioner may carry out, or arrange to be carried out by dormitory inspectors, any investigations and inquiries in relation to the application that the Commissioner considers necessary for a proper consideration of the application. (4) A dormitory inspector may, for the purpose of making an investigation or inquiry relating to an application for a licence to operate boarding premises as a foreign employee dormitory — ( a ) at any reasonable time; ( b ) after declaring his or her office and after producing his or her identification card on demand being made; and ( c ) with any assistants that may reasonably be required, enter those premises and exercise any powers mentioned in subsection (5). (5) The powers for the purposes of an investigation or inquiry under subsection (4) are — ( a ) to inspect the premises and any equipment, vehicle or other thing at the premises; ( b ) to photograph or film, or make audio recordings or make sketches of, any part of the premises or anything at the premises; ( c ) to inspect and make copies of, or take extracts from (without fee or reward) any document kept at the premises; ( d ) to take any document or any other thing at the premises; and ( e ) to ask any individual at the premises — (i) to answer a question to the best of that person’s knowledge, information and belief; or (ii) to take reasonable steps to provide information or produce a document. (6) A power under subsection (5)( a ), ( b ), ( c ) or ( d ) is limited to a document or thing that is used or likely to be used in the management or operation of the premises as a foreign employee dormitory. (7) Without limiting subsection (5) — ( a ) a dormitory inspector exercising functions under that subsection may be accompanied by — (i) one or more police officers; or (ii) one or more medical practitioners who may inspect the premises and observe, examine and speak with any person apparently residing at the premises; and ( b ) a dormitory inspector, in exercising his or her power under subsection (5)( a ), may also open any ground and remove any flooring and take any measures that may be necessary to ascertain the character and condition of the premises and of any pipe, sewer, drain, wire or fitting.


document_id: feda-2015
provision_ref: s9
chapter: PART 2 - LICENSING OF FOREIGN EMPLOYEE
section: 9
title: Grant of licence, etc.
content:
9. —(1) After considering any application for a licence, including the results of any investigation and inquiry under section 8(3), the Commissioner may — ( a ) on payment of a licence fee (if prescribed), grant the licence; or ( b ) refuse to grant the licence. (2) In determining whether an applicant should be granted a licence under subsection (1), the Commissioner is to have regard to, and give such weight as the Commissioner considers appropriate to, all of the following matters: ( a ) whether the applicant is a suitable person to be involved in the management or operation of a foreign employee dormitory and, where necessary, whether the members of the board of directors or committee or board of trustees or other governing body of an applicant which is a body corporate, are also similarly suitable; ( b ) whether the applicant does not have (or is unlikely to have) the financial capacity to operate the boarding premises as a foreign employee dormitory; ( c ) whether the boarding premises are fit to be used as a foreign employee dormitory for reasons connected with the site, construction, accommodation, staffing or equipment, and with building safety, fire safety and public health and sanitation requirements prescribed by or under this Act or any other written law; ( d ) whether the applicant, any associate of the applicant, or where the applicant is a body corporate, any member of the board of directors or committee or board of trustees or other governing body of the body corporate — (i) is disqualified by section 16 or the regulations under section 34 from holding a licence; or (ii) has been convicted of an offence under this Act; ( e ) whether it is otherwise contrary to the public interest for the licence to be granted to the applicant. (3) To avoid doubt, the Commissioner is not confined to consideration of the matters specified in subsection (2) and may take into account such other matters and evidence as may be relevant. (4) For the purposes of subsection (2)( d ), a person is an associate of another if the person has a relationship with the other in a manner prescribed.


document_id: feda-2015
provision_ref: s10
chapter: PART 2 - LICENSING OF FOREIGN EMPLOYEE
section: 10
title: Validity and renewal of licence, etc.
content:
10. —(1) Every licence granted under this Act is to be in a form that the Commissioner may determine. (2) Every licence granted or renewed under this Act continues in force for such period as may be specified in the licence (not exceeding 3 years), unless it is earlier revoked or suspended under section 14 or earlier terminated under section 20. (3) The Commissioner may, on the application of a licensed operator to renew the licensed operator’s licence — ( a ) grant a renewal of the licence on payment of a renewal fee or late renewal fee (if prescribed) with or without adding to, deleting from or varying conditions of the licence; or ( b ) refuse to renew the licence. (4) An application to renew a licence must be made no later than 3 months before the date of expiry of the licence (or any longer period that may be prescribed in substitution), unless otherwise allowed by the Commissioner in any particular case, which is to be treated as a late renewal application. (5) Sections 8 and 9 apply, with the necessary modifications, to every application to renew a licence as if the application is for a grant of the licence. (6) To avoid doubt — ( a ) a licence does not cease only by reason that the boarding premises to which it relates stops being a foreign employee dormitory; and ( b ) section 12 does not apply to or in relation to granting a renewal of a licence with additional, deleted or varied conditions of the licence.


document_id: feda-2015
provision_ref: s11
chapter: PART 2 - LICENSING OF FOREIGN EMPLOYEE
section: 11
title: Conditions of licence
content:
11. —(1) In granting a licence to any person to operate any boarding premises as a foreign employee dormitory, the Commissioner may impose any conditions that the Commissioner considers requisite or expedient having regard to the purposes of this Act. (2) Without limiting subsection (1), a licence to operate any boarding premises as a foreign employee dormitory may include conditions requiring the licensed operator concerned — ( a ) to meet all the following standards prescribed, or specified in the licence insofar as they are not prescribed: (i) standards for facilities and services provided to residents including, but not limited to, standards for the maintenance, cleanliness, water supply, sanitation and hygiene of those premises and standards concerning the physical and mental welfare, social activities, personal protection and meals of foreign employees who are resident; (ii) standards for accommodation provided to residents including, but not limited to, standards concerning bedrooms, bathrooms and other rooms or spaces within rooms that are occupied or used by residents; (iii) standards to prevent overcrowding; ( b ) to prepare to deal with any public emergency; ( c ) to furnish to the Commissioner financial information including accounts in respect of such period and on such basis as may be specified; ( d ) to furnish persons specified in the licence or the Commissioner, in such manner and at such times as may be similarly specified, with such information as appears to the Commissioner to be requisite or expedient for the purpose of facilitating the exercise by those persons or the Commissioner of the functions or duties assigned to them or as may be reasonably required for that purpose; and ( e ) to provide or further provide a performance bond, guarantee or other form of security on such terms and conditions as the Commissioner may determine, of such amount as the Commissioner considers appropriate. (3) A licensed operator who contravenes or fails to comply with a condition of the licensed operator’s licence 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 12 months, or to both, for each condition that is contravened or not complied with.


document_id: feda-2015
provision_ref: s12
chapter: PART 2 - LICENSING OF FOREIGN EMPLOYEE
section: 12
title: Modification of conditions of licence
content:
12. —(1) Subject to this section, it is lawful for the Commissioner to modify the conditions of a licence without compensating the licensed operator concerned. (2) Before modifying any conditions of a licence, the Commissioner must, unless subsection (5) applies, give notice to the licensed operator holding that licence — ( a ) stating that the Commissioner proposes to make the modification in the manner as specified in the notice; and ( b ) specifying the time (being at least 14 days from the date of service of notice on the licensed operator) within which the licensed operator may make written representations to the Commissioner with respect to the proposed modification. (3) Upon receiving any written representation mentioned in subsection (2)( b ), the Commissioner must consider that representation and may — ( a ) reject the representation; ( b ) amend the proposed modification in any manner as the Commissioner thinks fit having regard to the representation; or ( c ) withdraw the proposed modification and reinstate the licence condition without modification. (4) Where — ( a ) the Commissioner rejects any written representation under subsection (3)( a ); ( b ) the Commissioner amends any proposed modification under subsection (3)( b ); or ( c ) no written representation is received by the Commissioner within the time specified in subsection (2)( b ), or any written representation made under that subsection is subsequently withdrawn, and the licensed operator has not given immediate effect to the modification, the Commissioner is to issue a written direction to the licensed operator in question requiring the licensed operator, within the time specified by the Commissioner, to give effect to the modification as specified in the notice under subsection (2) or as amended by the Commissioner under subsection (3), as the case may be. (5) However, where the Commissioner considers that it is impracticable or undesirable to give notice under subsection (2) before modifying the conditions of a particular licence, in the circumstances of the particular case because of danger or risk to — ( a ) the security and good order within the foreign employee dormitory; or ( b ) the safety and health of the residents of the foreign employee dormitory, the Commissioner may, without compensating the licensed operator concerned, and by giving notice to that licensed operator, modify the conditions of the particular licence with immediate effect. (6) The licensed operator whose licence conditions have been modified with immediate effect under subsection (5) may, within 7 days after the Commissioner has given notice under that subsection, apply to the Commissioner to review his or her decision. (7) On reviewing his or her decision under subsection (6), the Commissioner may — ( a ) confirm his or her decision; or ( b ) delete or vary the modified licence condition, or reinstate the licence condition without modification, with effect from the date specified, without compensating the licensed operator concerned, and there is to be no further review. (8) An application to review the Commissioner’s decision does not affect the operation of the decision under subsection (5) or prevent the taking of action to implement that decision, and unless otherwise allowed by the Commissioner, the decision to be reviewed must be complied with unless the determination of the review indicates otherwise.


document_id: feda-2015
provision_ref: s13
chapter: PART 2 - LICENSING OF FOREIGN EMPLOYEE
section: 13
title: Compliance directive
content:
13. —(1) The Commissioner may (without compensation) give a compliance directive if the Commissioner — ( a ) considers that the duties imposed by or under this Act in connection with the management of the business of operating boarding premises as a foreign employee dormitory, or the operations of a foreign employee dormitory, are being carried out in a careless or incompetent manner; ( b ) is satisfied that a licensed operator has contravened or failed to comply with any condition of the licensed operator’s licence, or any code of practice or standard of performance applicable to the licensed operator, and that the contravention or non‑compliance may be rectified; or ( c ) has reasonable grounds to believe — (i) that there is a serious and imminent threat or risk to the safety and health of the residents of any boarding premises specified in a licence; or (ii) that the occurrence within or outside Singapore of any civil unrest, hostilities, war, election or other event (whether or not of a similar kind) may occasion disorder within any boarding premises specified in a licence, or cause feelings of ill will or hostility between, by or with such residents, and that a compliance directive is appropriate or requisite to avoid any actual or imminent occurrence that endangers the safety or health of those residents, to prevent disorder or preserve the safety of those residents, or to avoid serious disruptions to the community in the vicinity of those boarding premises, as the case may be. (2) A compliance directive may be given to either or both the following: ( a ) a licensed operator in respect of any boarding premises specified in the licensed operator’s licence; ( b ) the proprietor of the boarding premises operated as a foreign employee dormitory by a licensed operator where the Commissioner receives a statutory declaration from the licensed operator under subsection (7) and is satisfied that compliance by the licensed operator with the compliance directive requires the permission or other cooperation of that proprietor. (3) A compliance directive — ( a ) may require the licensed operator or proprietor concerned (according to the circumstances of the case) to do, or to refrain from doing, such things as are specified or described in the directive; ( b ) is to take effect at such time, being the earliest practicable time, as is determined by or under that directive; and ( c ) may be revoked at any time by the Commissioner. (4) Without limiting subsection (3)( a ), a compliance directive — ( a ) may include the measures to be taken to remedy any contravention or non‑compliance to which the directive relates, or to otherwise comply with the directive; ( b ) may offer the licensed operator or proprietor to whom the directive is given a choice of ways in which to remedy the contravention or non‑compliance or to comply with the directive; ( c ) may order the licensed operator or proprietor to stop the boarding premises concerned from being used as a foreign employee dormitory for a period not exceeding 3 months in order to deal with a serious and imminent threat or risk to the safety and health of the residents of those boarding premises; and ( d ) where the circumstances in subsection (1)( c ) apply, may order the licensed operator to check or control the movement of residents in those boarding premises, including restricting entry to and exit from those premises. (5) Every licensed operator or proprietor of a foreign employee dormitory must comply with every compliance directive given to the licensed operator or proprietor (as the case may be) as soon as it takes effect. (6) Without affecting the right of the Commissioner to exercise the powers under subsection (8) — ( a ) the licensed operator of a foreign employee dormitory who, without reasonable excuse, contravenes or fails to comply with a requirement imposed by a compliance directive given to the licensed operator (whether or not the same directive is also given to a proprietor); or ( b ) the proprietor of a foreign employee dormitory who, without reasonable excuse, contravenes or fails to comply with a requirement imposed by a compliance directive given to the proprietor (whether or not the same directive is also given to a licensed operator), 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 12 months or to both 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. (7) A licensed operator given a compliance directive to demolish, renovate or otherwise alter any part of the premises specified in the licence of the licensed operator may, within 7 days after receiving the directive, provide the Commissioner a statutory declaration stating — ( a ) that by reason of any arrangements (by contract or otherwise) with the proprietor of the boarding premises operated as a foreign employee dormitory, the licensed operator is not entitled to do, or is to refrain from doing, such things as are specified or described in the compliance directive, and describing those arrangements; and ( b ) the name and address of the proprietor. (8) If a compliance directive is not complied with to the Commissioner’s satisfaction, the Commissioner may carry out or cause to be carried out all or any of the repairs, work or alteration specified in that directive, and recover (as a debt due to the Government) all expenses reasonably incurred by him or her in the exercise of powers under this subsection from the licensed operator or the proprietor of a foreign employee dormitory in default. (9) It is not necessary to publish any compliance directive given under this section in the Gazette , or for the Commissioner to provide a licensed operator or proprietor reasonable opportunity to be heard before giving the licensed operator or proprietor a compliance directive.


document_id: feda-2015
provision_ref: s14
chapter: PART 2 - LICENSING OF FOREIGN EMPLOYEE
section: 14
title: Suspension or revocation, etc., of licence
content:
14. —(1) Subject to subsection (3), if the Commissioner is satisfied that — ( a ) a licensed operator is contravening or not complying with, or has contravened or failed to comply with — (i) any of the conditions of the licence or any code of practice or standard of performance applicable to the licensed operator; or (ii) any provision of this Act applicable to the licensed operator, whether or not the licensed operator has been convicted of an offence for the contravention or non‑compliance; ( b ) the continued use of the boarding premises as a foreign employee dormitory under the licence would constitute an unacceptable risk to the safety, welfare or wellbeing of residents at those premises; ( c ) the licensed operator has not complied with any compliance directive or business restriction directive, whether or not the licensed operator has been convicted of an offence under section 13(6) or 15(3), as the case may be; ( d ) the licensed operator has gone or is likely to go into compulsory or voluntary liquidation other than for the purpose of amalgamation or reconstruction; ( e ) the licensed operator has made any assignment to, or composition with, any creditor of the licensed operator; or ( f ) the public interest or security of Singapore requires, the Commissioner may take any regulatory action described in subsection (2). (2) The regulatory actions that the Commissioner may take against a licensed operator are — ( a ) revoke (without compensation) the licensed operator’s licence, with or without forfeiting any performance bond, guarantee or other form of security furnished under paragraph ( b )(iv) or section 11(2)( e ); or ( b ) in lieu of revoking the licence, any one or more (without compensation) of the following: (i) issue a letter of censure to the licensed operator; (ii) modify the conditions of the licensed operator’s licence; (iii) give a business restriction directive to the licensed operator; (iv) require the licensed operator to furnish a performance bond, guarantee or other form of security, or an additional performance bond, guarantee or other form of security; (v) forfeit the whole or part of any performance bond, guarantee or other form of security furnished under sub‑paragraph (iv) or section 11(2)( e ); (vi) suspend (for not more than 6 months) the licensed operator’s licence. (3) Before exercising any powers under this section, the Commissioner must give written notice to the licensed operator concerned — ( a ) stating that the Commissioner intends to take regulatory action against the licensed operator under this section; ( b ) specifying the type of action the Commissioner proposes to take, and each instance of non‑compliance that is the subject of the action; and ( c ) specifying the time (being at least 14 days after the date of service of notice on the licensed operator) within which written representations may be made to the Commissioner with respect to the proposed action. (4) The Commissioner may — ( a ) after considering any written representation made in accordance with subsection (3); or ( b ) after the time delimited under subsection (3)( c ) lapses if no representation is so made, decide to take the regulatory action in subsection (2) that the Commissioner considers appropriate. (5) Where the Commissioner has made any decision under subsection (4) against any licensed operator, the Commissioner must serve on the licensed operator concerned a notice of his or her decision. (6) Subject to section 22(7), a decision to revoke a licence, or to impose a regulatory action in subsection (2)( b ) that is specified in the notice given under subsection (5), is to take effect from the date on which that notice is given, or on any other date that may be specified in the notice. (7) The revocation or suspension of any licence does not prejudice the enforcement by any person of any right or claim against the licensed operator or former licensed operator concerned, or by the licensed operator or former licensed operator of any right or claim against any person. (8) In any proceedings under this section in relation to the conviction of a licensed operator for a criminal offence, the Commissioner is to accept the licensed operator’s conviction as final and conclusive.


document_id: feda-2015
provision_ref: s15
chapter: PART 2 - LICENSING OF FOREIGN EMPLOYEE
section: 15
title: Business restriction directive
content:
15. —(1) A business restriction directive may include a direction to a licensed operator to do one or more of the following: ( a ) not to enter into an occupancy agreement for the purpose of any foreign employee becoming a new resident of the boarding premises specified in the licensed operator’s licence; ( b ) not to enter into, or renew or extend, an occupancy agreement that enables a foreign employee to continue as a resident of the boarding premises specified in the licensed operator’s licence; ( c ) not to enter into, or renew or extend, an occupancy agreement mentioned in paragraph ( a ) or ( b ) except in accordance with such terms as the Commissioner may specify; ( d ) not to accept anyone as a new resident of the boarding premises specified in the licensed operator’s licence; ( e ) not to allow anyone to continue as a resident of the boarding premises specified in the licensed operator’s licence if the occupancy agreement for that individual expires or lapses; ( f ) to inform the proprietor of the boarding premises specified in the licensed operator’s licence of any direction in paragraph ( a ), ( b ), ( c ), ( d ) or ( e ) given to the licensed operator, where the licensed operator is not also the proprietor. (2) Any purported entry, renewal or extension of an occupancy agreement in contravention of a business restriction directive is void and of no effect. (3) A licensed operator that, without reasonable excuse, contravenes or fails to comply with a requirement imposed by a business restriction directive 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 12 months or to both.


document_id: feda-2015
provision_ref: s16
chapter: PART 2 - LICENSING OF FOREIGN EMPLOYEE
section: 16
title: Disqualification from holding licence
content:
16. —(1) Where a licence to operate boarding premises as a foreign employee dormitory is revoked under section 14, the person that was the holder of that licence is also disqualified, for such period as may be specified by the Commissioner — ( a ) from holding a licence for the same premises or such other premises as the Commissioner may specify in the order; and ( b ) from being a manager of those premises as a foreign employee dormitory or of any other foreign employee dormitory. (2) Any licence obtained by a person while disqualified by an order of the Commissioner under this section from obtaining such a licence is of no effect.


document_id: feda-2015
provision_ref: s17
chapter: PART 2 - LICENSING OF FOREIGN EMPLOYEE
section: 17
title: Restriction on transfer of licence
content:
17. —(1) A licence must not be transferred or assigned to any person without the prior written consent of the Commissioner. (2) Any purported transfer or assignment of a licence in contravention of this section is void and of no effect. (3) Any consent under subsection (1) may be given subject to compliance with any conditions that the Commissioner thinks fit to impose, which may, subject to section 12, include conditions modifying, or requiring or otherwise providing for the making of modifications to, the conditions of the licence.


document_id: feda-2015
provision_ref: s18
chapter: PART 2 - LICENSING OF FOREIGN EMPLOYEE
section: 18
title: Annual returns of foreign employee dormitory
content:
18. —(1) A licensed operator must, within the prescribed period after the end of the annual reporting period for the boarding premises specified in the licensed operator’s licence, give notice to the Commissioner of any changes in any of the particulars mentioned in section 8(2) as at the end of that reporting period. (2) In subsection (1), “annual reporting period” for boarding premises specified in a licence, is the period of 12 months starting on the date the licence for those premises was granted or the last anniversary of that date, whichever is the later. (3) However, nothing in subsection (1) prevents any condition being imposed on a licence requiring the giving of particulars to the Commissioner for the purposes of this Act on a more frequent basis than annually. (4) A licensed operator that contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both.


document_id: feda-2015
provision_ref: s19
chapter: PART 2 - LICENSING OF FOREIGN EMPLOYEE
section: 19
title: Codes of practice or standards of performance
content:
19. —(1) The Commissioner may — ( a ) issue one or more codes of practice or standards of performance applicable to licensed operators; ( b ) approve as a code of practice or standard of performance applicable to licensed operators any document prepared by a person other than the Commissioner if the Commissioner considers the document as suitable for this purpose; or ( c ) amend or revoke any code of practice or standard of performance issued under paragraph ( a ) or approved under paragraph ( b ), with respect to all or any of the following: ( d ) the management and operations of boarding premises as a foreign employee dormitory; ( e ) the provision of services and facilities in boarding premises operated as a foreign employee dormitory; ( f ) the quality of any aspect of such services and facilities. (2) A code of practice or standard of performance may, in particular, specify the duties and obligations of any licensed operator in relation to the licensed operator’s business operation insofar as it relates to the provision of boarding premises as a foreign employee dormitory in Singapore. (3) If any provision in any code of practice or standard of performance is inconsistent with any provision of this Act, that provision, to the extent of the inconsistency — ( a ) is to have effect subject to the provisions of this Act; and ( b ) having regard to the provisions of this Act, is not to have effect. (4) Where a code of practice or standard of performance is issued, approved, amended or revoked by the Commissioner under subsection (1), the Commissioner must — ( a ) publish a notice of the issue, approval, amendment or revocation (as the case may be) of the code of practice or standard of performance in any manner that will secure adequate publicity for such issue, approval, amendment or revocation; ( b ) specify in the notice mentioned in paragraph ( a ) the date of issue, approval, amendment or revocation, as the case may be; and ( c ) ensure that, so long as the code of practice or standard of performance remains in force, copies of that code or standard, and of all amendments to that code or standard, are available for inspection by any licensed operator of a foreign employee dormitory and any foreign employee. (5) No code of practice or standard of performance, and no amendment to, or revocation of, an approved code of practice or standard of performance, has any force or effect until the notice relating thereto is published in accordance with subsection (4). (6) A code of practice or standard of performance issued or approved under this section does not have legislative effect. (7) Subject to subsection (8), every licensed operator must comply with the relevant codes of practice and standards of performance applicable to the licensed operator. (8) The Commissioner may, either generally or for such time as the Commissioner may specify, waive the application of any code of practice or standard of performance, or part thereof, issued or approved under this section to any licensed operator. (9) Any contravention of, or failure to comply by a person with, a code of practice or standard of performance that applies to the person does not of itself render the person liable to criminal proceedings, but any such contravention or failure to comply may, in any proceedings (criminal or otherwise under this Act) in connection with an offence under this Act, be relied on by any party to those proceedings as tending to establish or negative any liability which is in question in those proceedings.


document_id: feda-2015
provision_ref: s20
chapter: PART 2 - LICENSING OF FOREIGN EMPLOYEE
section: 20
title: Notice of stoppage of use as foreign employee dormitory
content:
20. —(1) A licensed operator operating boarding premises as a foreign employee dormitory must not, without the prior approval of the Commissioner — ( a ) wholly and permanently cease operating the boarding premises specified in the licensed operator’s licence; or ( b ) for any reason surrender the licensed operator’s licence. (2) An application by a licensed operator for approval under subsection (1) must be made to the Commissioner at least 28 days (or any longer period that may be prescribed in substitution) immediately before the following date, whichever is applicable: ( a ) the date on which operations of the boarding premises are to wholly and permanently cease; ( b ) the date on which the licensed operator intends the surrender of the licence to take effect. (3) In granting any approval, the Commissioner may impose any conditions that he or she thinks fit, including but not limited to directing the licensed operator to provide assistance to foreign employees who are residents of the boarding premises specified in the licence to find alternative accommodation in Singapore. (4) The Commissioner may terminate a licence that is surrendered only when all conditions of his or her approval imposed under subsection (3) are satisfied. (5) A person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $200,000 or to imprisonment for a term not exceeding 2 years or to both. (6) A person who contravenes or fails to comply with any condition imposed under subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 2 years or to both.


document_id: feda-2015
provision_ref: s21
chapter: PART 2 - LICENSING OF FOREIGN EMPLOYEE
section: 21
title: Register
content:
21. —(1) The Commissioner is to keep a Register of licensed operators of foreign employee dormitories. (2) The Register may be kept in any form that the Commissioner considers appropriate. (3) The Commissioner may record in the Register in relation to a foreign employee dormitory — ( a ) particulars of any enforcement or regulatory action taken in respect of the foreign employee dormitory, its proprietor or licensed operator or any of its staff; and ( b ) any other particulars or information that the Commissioner considers appropriate or that may be prescribed. (4) The Commissioner is to ensure that information in the Register is kept up‑to‑date and may arrange for any information in the Register that the Commissioner considers appropriate to be available to the public without charge. (5) The Register is evidence of the particulars or information recorded in it. (6) A certificate signed or purporting to be signed by the Commissioner and stating that the premises named in the certificate were or were not licensed at a specified time, or stating any other particulars or information recorded in the Register at a specified time, is admissible in any legal proceedings and is evidence of the matters stated in the certificate.


document_id: feda-2015
provision_ref: s22
chapter: PART 3 - APPEALS
section: 22
title: Appeal to Minister
content:
22. —(1) The former holder of the licence revoked (called the appellant) may appeal to the Minister against the decision by the Commissioner under section 14 to revoke the licence. (2) An appeal must be in writing and specify the grounds on which it is made, and be made within a prescribed period after the date of receipt of the decision that is appealed against. (3) The Minister may reject an appeal of an appellant that fails to comply with subsection (2). (4) After consideration of an appeal, the Minister may — ( a ) reject the appeal and confirm the Commissioner’s decision; or ( b ) allow the appeal and substitute or vary the Commissioner’s decision. (5) The Minister’s decision on an appeal is final. (6) Every appellant must be notified of the Minister’s decision under subsection (5). (7) An appeal against the Commissioner’s decision does not affect the operation of the decision or prevent the taking of action to implement the decision, and unless otherwise directed by the Minister, the decision appealed against must be complied with until the determination of the appeal.


document_id: feda-2015
provision_ref: s23
chapter: PART 3 - APPEALS
section: 23
title: Designation of persons to hear appeals
content:
23. —(1) The Minister may designate any of the following persons to hear and determine, in his or her place, any appeals or a specific appeal under section 22: ( a ) any Minister of State or Parliamentary Secretary for his or her Ministry; ( b ) any public officer in his or her Ministry not subordinate to the Commissioner whose decision is appealed against. (2) Any reference in section 22 to the Minister includes a reference to the Minister of State, Parliamentary Secretary or public officer so designated under subsection (1) for that appeal.


document_id: feda-2015
provision_ref: s24
chapter: PART 4 - ENFORCEMENT
section: 24
title: Powers of entry, etc., for enforcement purpose
content:
24. —(1) A police officer or a dormitory inspector may, for an enforcement purpose, do all or any of the following in relation to any boarding premises (whether or not a foreign employee dormitory that is the subject of a licence): ( a ) enter and inspect, without warrant, the premises, and inspect any equipment, vehicle or other thing at the premises; ( b ) photograph or film, or make audio recordings or make sketches of, any part of the premises or anything at the premises and of any individual apparently residing at the premises; ( c ) enter and search, in the day or night, the premises, if the police officer or dormitory inspector has reasonable cause to believe that evidence of the commission of an offence under this Act can be found at those premises; ( d ) detain any individual found within those premises until the search of the premises is complete; ( e ) inspect and make copies of, or take extracts from (without fee or reward) any document kept at the premises; ( f ) take any document or any other thing at the premises if the police officer or dormitory inspector considers it necessary to do so for the purpose of obtaining evidence of an offence under this Act, including asking any individual who is able to operate any equipment at the premises to do so for the purpose of enabling the police officer or dormitory inspector to ascertain whether the equipment, or a disk, tape or other storage device that can be used or associated with the equipment, contains information that is relevant; ( g ) require any person whom the police officer or dormitory inspector has reason to believe to be in possession of any document (including travel documents or documents of identity) or information relevant to the purposes of this Act to take reasonable steps to produce the document or provide the information; ( h ) require any person whom the police officer or dormitory inspector has reason to believe to be acquainted with any facts or circumstances relevant to the carrying out of the provisions of this Act — (i) to answer any question to the best of that person’s knowledge, information and belief, immediately or at any place and time specified in writing; or (ii) to take reasonable steps to provide information or produce a document, immediately or at any place and time specified in writing; ( i ) require the manager of the premises to produce all or any of the residents of those premises or the occupancy agreements for the residents of those premises. (2) The power to require a person to provide information or produce a document under subsection (1)( g ) or ( h ) includes the power — ( a ) to require that person, or any person who is or was an officer or employee of that person, to provide an explanation of the document or information; ( b ) if the document or information is not provided, to require that person to state, to the best of his or her knowledge and belief, where it is; and ( c ) if the information is recorded otherwise than in legible form, to require the information to be made available to the police officer or dormitory inspector in legible form. (3) Where any document or information the production of which has been required of a person under subsection (1)( h ) has not been produced or provided in compliance with that requirement, and the police officer or dormitory inspector concerned has reasonable grounds to believe that the person will not attend to produce or provide the document or information in compliance with that requirement, the police officer or dormitory inspector may apply to a Magistrate for the issue of a warrant to secure the attendance of that person for that purpose. (4) If entry to any boarding premises mentioned in subsection (1) cannot be obtained, a police officer or dormitory inspector may, where the police officer or dormitory inspector has reasonable cause to believe that evidence of the commission of an offence under this Act can be found at those premises — ( a ) after declaring his or her office and after producing his or her identification card on demand being made; and ( b ) with such force as is necessary to obtain entry, break open any door or window leading to the premises, or remove by force any obstruction to the entry or search. (5) Without limiting subsection (1) — ( a ) a dormitory inspector exercising any function under this section may be accompanied by one or more medical practitioners and any of those medical practitioners may inspect the premises and observe, examine and speak with any person apparently residing at the premises; and ( b ) a dormitory inspector, in exercising his or her power under subsection (1)( a ) or ( c ), may also open any ground and remove any flooring and take such measures as may be necessary to ascertain the character and condition of the premises and of any pipe, sewer, drain, wire or fitting. (6) Any person asked under subsection (1)( g ) or ( h ) is bound to state truly what the person knows of the facts and circumstances concerning matters under this Act, except that the person need not say anything that might expose that person to a criminal charge, penalty or forfeiture. (7) A statement made by any person asked under this section must — ( a ) be reduced to writing; ( b ) be read over to the person; ( c ) if the person does not understand English, be interpreted in a language that the person understands; and ( d ) after correction, if necessary, be signed by that person. (8) In this section, “enforcement purpose” means — ( a ) ensuring that the provisions of this Act and the regulations made under section 34 with respect to boarding premises operated as foreign employee dormitories, a code of practice or standard of performance, and any conditions imposed on a licence or any other consent, approval or authorisation under this Act with respect to boarding premises operated as foreign employee dormitories, are being complied with; or ( b ) investigating any offence under this Act or any contravention of or non‑compliance with a provision of this Act or a code of practice or standard of performance.


document_id: feda-2015
provision_ref: s25
chapter: PART 4 - ENFORCEMENT
section: 25
title: Power to arrest
content:
25. —(1) A police officer or a dormitory inspector may arrest without warrant any individual whom the police officer or dormitory inspector (as the case may be) reasonably suspects is committing or has committed an offence under section 7. (2) For the purposes of this section, an officer or a member of a body corporate or an unincorporated association or a partner of a partnership that is liable for an offence under section 7 by virtue of section 27 is to be regarded as having committed the offence. (3) A police officer or a dormitory inspector making an arrest without warrant must, without unnecessary delay and subject to subsection (4), take or send the individual arrested before a Magistrate’s Court. (4) A dormitory inspector must not detain in custody any individual arrested without warrant for longer than is reasonable in the circumstances, and the period must not in any case exceed 48 hours exclusive of the time necessary for the journey from the place of arrest to the Magistrate’s Court. (5) An individual who has been arrested by a police officer or a dormitory inspector under this section may be released on bail, or on the individual’s own bond, by a police officer or dormitory inspector. (6) The provisions of Division 5 of Part 6 of the Criminal Procedure Code 2010 apply to any bail or bond granted under this section; and for this purpose, any reference in those provisions to “officer”, “police officer” or “police officer of or above the rank of sergeant” is to be read as a reference to a dormitory inspector. (7) Sections 21A to 21G of the Employment of Foreign Manpower Act 1990 apply, with the necessary modifications, to an arrest under this section by a dormitory inspector for or in relation to an offence. (8) In this section, a reference to an offence under section 7 includes a reference to an abetment of, or a conspiracy or an attempt to commit, the offence. (9) To avoid doubt, nothing in this section affects a police officer’s powers or duties under the Criminal Procedure Code 2010.


document_id: feda-2015
provision_ref: s26
chapter: PART 4 - ENFORCEMENT
section: 26
title: Offence of providing false information, etc.
content:
26. —(1) If — ( a ) a person furnishes a document, or makes a statement (whether orally, in writing or any other way) or gives information, to the Commissioner or a dormitory inspector; ( b ) the document, statement or information is false or misleading, or the statement or information omits any matter or thing without which the statement or information (as the case may be) is misleading; ( c ) the person knows, or ought reasonably to know, that the document, statement or information is as described in paragraph ( b ); and ( d ) the document is furnished in, or the statement is made or the information is given in, or in connection with — (i) an application (whether for that person or for another) for a licence or renewal of a licence; (ii) a representation requested under section 13 or 14; or (iii) a question or requirement of a dormitory inspector under section 24(1) or (2), the person shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 2 years or to both. (2) Subsection (1) does not apply if the document, statement or information is not false or misleading in a material particular, or if the statement or information did not omit any matter or thing without which the statement or information (as the case may be) is misleading in a material particular. (3) A person who refuses to give access to, or obstructs, hinders or delays the Commissioner or any other dormitory inspector in the discharge of his or her duties under this Act shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both. (4) It is not an offence under subsection (3) for any person to refuse to comply with any request, demand or order made or given by the Commissioner or any dormitory inspector who fails to declare his or her office and refuses to produce his or her identification card on demand being made by that person.


document_id: feda-2015
provision_ref: s27
chapter: PART 4 - ENFORCEMENT
section: 27
title: Offences by bodies corporate, etc.
content:
27. —(1) Where an offence under this Act committed by a body corporate is proved — ( a ) to have been committed with the consent or connivance of an officer of the body corporate; or ( b ) to be attributable to any neglect on the officer’s part, the officer, as well as the body corporate, shall be guilty of the offence and shall be liable to be proceeded against and punished accordingly. (2) Where the affairs of a body corporate are managed by its members, subsection (1) applies in relation to the acts and defaults of a member in connection with the member’s functions of management as if that member were a director of the body corporate. (3) Where an offence under this Act committed by a partnership is proved — ( a ) to have been committed with the consent or connivance of a partner; or ( b ) to be attributable to any neglect on the partner’s part, the partner, as well as the partnership, shall be guilty of the offence and shall be liable to be proceeded against and punished accordingly. (4) Where an offence under this Act committed by an unincorporated association (other than a partnership) is proved — ( a ) to have been committed with the consent or connivance of an officer of the unincorporated association or a member of its governing body; or ( b ) to be attributable to any neglect on the part of such an officer or a member, the officer or member, as well as the unincorporated association, shall be guilty of the offence and shall be liable to be proceeded against and punished accordingly. (5) In this section — “body corporate” includes a limited liability partnership as defined in section 2(1) of the Limited Liability Partnerships Act 2005; “officer” — ( a ) in relation to a body corporate, means any director, partner, member of the committee of management, chief executive, manager, secretary or other similar officer of the body corporate and includes any 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 any member of the committee of the unincorporated association, or any person holding a position analogous to that of president, secretary or member of the committee and includes any person purporting to act in any such capacity; “partner” includes a person purporting to act as a partner.


document_id: feda-2015
provision_ref: s28
chapter: PART 4 - ENFORCEMENT
section: 28
title: Composition of offences
content:
28. —(1) The Commissioner may compound any offence under this Act that is prescribed as a compoundable offence by collecting from the person reasonably suspected of having committed the offence a sum not exceeding the lower of the following: ( a ) one half of the amount of the maximum fine that is prescribed for the offence; ( b ) $5,000. (2) On payment of the sum of money, no further proceedings are to be taken against that person in respect of the offence. (3) All sums collected under this section must be paid into the Consolidated Fund.


document_id: feda-2015
provision_ref: s29
chapter: PART 5 - MISCELLANEOUS
section: 29
title: Foreign employee dormitory deemed to be public place
content:
29. Every foreign employee dormitory is deemed to be a public place for the purposes of section 14(1) of the Liquor Control (Supply and Consumption) Act 2015. [5/2015]


document_id: feda-2015
provision_ref: s30
chapter: PART 5 - MISCELLANEOUS
section: 30
title: Service of documents
content:
30. —(1) A document that is permitted or required by this Act to be served on a person may be served as described in this section. (2) A document permitted or required by this Act to be served on an individual may be served — ( a ) by giving it to the individual personally; ( b ) by sending it by prepaid registered post to the address specified by the individual for the service of documents or, if no address is so specified, the individual’s residential address or business address; ( c ) by leaving it at the individual’s residential address with an adult apparently resident there, or at the individual’s business address with an adult apparently employed there; ( d ) by affixing a copy of the document in a conspicuous place at the individual’s residential address or business address; ( e ) by sending it by fax to the fax number last known to the person giving or serving the document as the fax number for the service of documents on the individual; or ( f ) by sending it by email to the last email address of the individual. (3) A document permitted or required by this Act to be served on a partnership (other than a limited liability partnership) may be served — ( a ) by giving it to any partner, secretary or other similar officer of the partnership; ( b ) by leaving it at, or by sending it by prepaid registered post to, the partnership’s business address; ( c ) by sending it by fax to the fax number used at the partnership’s business address; or ( d ) by sending it by email to the partnership’s last email address. (4) A document permitted or required by this Act to be served on a body corporate (including a limited liability partnership) or an unincorporated association may be served — ( a ) by giving it to the secretary or other like officer of the body corporate or unincorporated association, or the limited liability partnership’s manager; ( b ) by leaving it at, or by sending it by prepaid registered post to, the registered office or principal office in Singapore of the body corporate or unincorporated association; ( c ) by sending it by fax to the fax number used at the registered office or principal office in Singapore of the body corporate or unincorporated association; or ( d ) by sending it by email to the last email address of the body corporate or unincorporated association. (5) Service of a document under subsection (1) takes effect — ( a ) if the document is sent by fax and a notification of successful transmission is received, on the day of transmission; ( b ) if the document is sent by email, at the time that the email becomes capable of being retrieved by the person to whom it is addressed; and ( c ) if the document is sent by prepaid registered post, 2 days after the day the document is posted (even if it is returned undelivered). (6) This section does not apply to documents to be served in proceedings in court. (7) In this section — “business address” means — ( a ) in the case of an individual, the individual’s usual or last known place of business in Singapore; or ( b ) in the case of a partnership (other than a limited liability partnership), the partnership’s principal or last known place of business in Singapore; “last email address” means the last email address given by the addressee concerned to the person serving the document as the email address for the service of documents under this Act, or the last email address of the addressee concerned known to the person serving the document; “residential address” means an individual’s usual or last known place of residence in Singapore.


document_id: feda-2015
provision_ref: s31
chapter: PART 5 - MISCELLANEOUS
section: 31
title: Protection from personal liability
content:
31. No liability shall lie against the Commissioner, a Deputy Commissioner for Foreign Employee Dormitories, an Assistant Commissioner for Foreign Employee Dormitories or any other dormitory inspector for anything done or intended to be done with reasonable care and in good faith in the execution or purported execution of this Act.


document_id: feda-2015
provision_ref: s32
chapter: PART 5 - MISCELLANEOUS
section: 32
title: General exemption
content:
32. The Minister may, by order in the Gazette , exempt any person or class of persons from all or any provisions of this Act, either generally or in a particular case and subject to any conditions that the Minister may impose.


document_id: feda-2015
provision_ref: s33
chapter: PART 5 - MISCELLANEOUS
section: 33
title: Jurisdiction of courts
content:
33. Despite any provision to the contrary in the Criminal Procedure Code 2010, a District Court or a Magistrate’s Court has jurisdiction to try any offence under this Act and has power to impose the full penalty or punishment in respect of the offence.


document_id: feda-2015
provision_ref: s34
chapter: PART 5 - MISCELLANEOUS
section: 34
title: Regulations
content:
34. —(1) The Minister may make regulations necessary or convenient to be prescribed for carrying out or giving effect to this Act. (2) In particular, the Minister may make regulations for any of the following: ( a ) classes of licences; ( b ) the form and manner in which, and the time within which, an application for a licence or an application to renew a licence may be made, and the information and evidence required to be provided in connection with such an application; ( c ) the carrying out of probity checks of applicants for a licence, and of individuals who are or are proposed to be a manager of boarding premises operated as a foreign employee dormitory; ( d ) the duties of licensed operators in connection with operating foreign employee dormitories; ( e ) the appointment, duties and qualifications of managers of boarding premises operated as foreign employee dormitories, including but not limited to the maximum number of such premises in respect of which the manager may be appointed as manager; ( f ) standards to be observed and facilities to be provided in boarding premises operated as foreign employee dormitories to prevent overcrowding, for the maintenance, cleanliness, water supply, sanitation and hygiene of the premises, and generally in connection with the health, safety and wellbeing of foreign employees residing at the premises; ( g ) a standard form of occupancy agreement, for use for different classes of boarding premises operated as foreign employee dormitories, occupancy agreements or parties and the enforceability of occupancy agreements that are not in the standard form, except that the terms of standard forms of occupancy agreements must not apply to occupancy agreements entered into before the regulations for those standard forms take effect; ( h ) the fees to be paid in respect of applications for, and the grant and renewal or late renewal of, any licence and otherwise in connection with the administration of this Act, and the waiver, reduction or refund of fees charged; ( i ) the records that are to be kept by licensed operators and managers of boarding premises operated as foreign employee dormitories and the provision of returns and other information with respect to the premises. (3) In particular, the Minister may, for the purposes of the definition of “boarding premises” in section 2(1), make regulations — ( a ) prescribing that the buildings, structures or facilities of a specified or described nature, or adapted or designed in a specified or described way, are to be regarded by the Commissioner under section 2(2) as a single complex of premises in the administration of this Act; or ( b ) prescribing criteria by which the Commissioner may determine under section 2(2) whether buildings, structures or facilities are to be regarded as a single complex of premises in the administration of this Act. (4) In particular, the Minister may, for the purposes of the definition of “occupancy load” in section 2(1), make regulations — ( a ) prescribing the criteria by which the Commissioner is to determine the occupancy load of any premises; and ( b ) adopting or incorporating by reference, any number — (i) contained in or prescribed by or under any written law as in force at a particular time or from time to time relating to maximum occupancy of boarding premises; or (ii) contained in or specified by any agreement, permission, approval, authorisation or other document (by whatever name) made with, issued or granted or to be made with, issued or granted, to a proprietor or an operator of boarding premises relating to its maximum occupancy by a public authority. (5) Regulations made under this section may — ( a ) prescribe the offences under this Act that may be compounded; ( b ) provide that any contravention of any provision of the regulations shall be an offence punishable with a fine not exceeding $50,000 or with imprisonment for a term not exceeding 3 years or with both; and ( c ) provide for such transitional, saving and other consequential, incidental and supplemental provisions as the Minister considers necessary or expedient. (6) All regulations made under this section must be presented to Parliament as soon as possible after publication in the Gazette .


document_id: fhca-2013
provision_ref: s1
chapter: PART I - PRELIMINARY
section: 1
title: Short title and commencement
content:
1. This Act may be cited as the Financial Holding Companies Act 2013 and shall come into operation on such date as the Minister may, by notification in the Gazette , appoint.


document_id: fhca-2013
provision_ref: s2
chapter: PART I - PRELIMINARY
section: 2
title: Interpretation
content:
2. —(1) In this Act, unless the context otherwise requires — “Accounting Standards” has the same meaning as in section 4(1) of the Companies Act (Cap. 50); “activity” means any activity whether carried out as or as part of a business or otherwise; “agreement” means an agreement whether formal or informal and whether express or implied; “Authority” means the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act (Cap. 186); “bank” has the same meaning as in section 2(1) of the Banking Act (Cap. 19); “bank holiday” means a day declared by the Authority to be a bank holiday under section 60(1) of the Banking Act; “book” includes any record, register, document or other record of information and any account or accounting record, however compiled, recorded or stored, whether in written or printed form or on microfilm or by electronic process or otherwise; “business day” means any calendar day other than a Saturday, Sunday, public holiday or bank holiday; “capital funds” means the amount determined by adding the designated financial holding company’s paid-up capital (excluding any amount represented by treasury shares) to its published reserves (excluding such reserves as the Authority may specify by notice in writing to the designated financial holding company), and then deducting therefrom any loss appearing in the accounts of the designated financial holding company; “chief executive”, in relation to a designated financial holding company, means any person, by whatever name described, who — ( a ) is in the direct employment of, or acting for or by arrangement with, the designated financial holding company; and ( b ) is principally responsible for the management and conduct of the activities of the FHC group; “company” means any company defined in any written law for the time being in force relating to companies, any company formed in pursuance of any Royal Charter or Letters Patent, and any company incorporated or registered under any written law in force in Singapore, and includes any body corporate or unincorporate, whether incorporated, formed or established in or outside Singapore; “co-operative society” means a co-operative society registered under the Co-operative Societies Act (Cap. 62); “corporation” — ( a ) has the same meaning as in section 4(1) of the Companies Act; but ( b ) includes a co-operative society; “credit facility” means — ( a ) the granting by a designated financial holding company of advances, loans, guarantees, indemnities and other facilities to a person whereby the person has access to funds or financial guarantees; or ( b ) the incurring by a designated financial holding company of other liabilities on behalf of any person, but does not include the purchase by the designated financial holding company of any debt instrument; “designated financial holding company” means a financial holding company designated under section 4; “designation date”, in relation to a financial holding company, means the date on which the financial holding company becomes designated under section 4; “director” includes any person occupying the position of director of a corporation by whatever name described and includes a person in accordance with whose directions or instructions the directors of a corporation are accustomed to act and an alternate or substitute director; “employee” includes an individual seconded or temporarily transferred from another employer; “executive officer”, in relation to a corporation, means any person, by whatever name described, who — ( a ) is in the direct employment of, or acting for or by arrangement with, the corporation; and ( b ) is concerned with or takes part in the management of the corporation on a day-to-day basis; “FHC group”, in relation to a financial holding company, means the financial holding company, its subsidiaries and any other company or entity treated as part of the financial holding company’s group of companies according to Accounting Standards; “financial holding company” means a holding company — ( a ) which has at least one subsidiary that is a bank incorporated in Singapore or a licensed insurer incorporated, formed or established in Singapore; and ( b ) which subsidiary that is a financial institution accounts, or which subsidiaries that are financial institutions in the aggregate account, for 50% or more of the assets, capital, liabilities or revenue, of the FHC group of the holding company; “financial institution” means any holding company or any company whose business the conduct of which is regulated or authorised, or subject to oversight, by the Authority under any written law or, if carried on in Singapore, would be regulated or authorised, or subject to oversight, by the Authority under any written law; “holding company” has the same meaning as in section 5 of the Companies Act except that any reference to “corporation” in that section shall be construed as if it did not exclude a co‑operative society; “licensed insurer” means an insurer licensed under section 8 of the Insurance Act (Cap. 142); “limited liability partnership” has the same meaning as in section 2(1) of the Limited Liability Partnerships Act (Cap. 163A); “officer”, in relation to a corporation, includes — ( a ) a director, a secretary or an employee of the corporation; ( b ) a receiver or manager of any part of the undertaking of the corporation appointed under a power contained in any instrument; and ( c ) the liquidator of the corporation appointed in a voluntary winding up; “partner” or “manager”, in relation to a limited liability partnership, have the respective meanings assigned to them in section 2(1) of the Limited Liability Partnerships Act; “person” includes a corporation; “profit and loss account” has the same meaning as in section 4(1) of the Companies Act; “published reserve”, in relation to a designated financial holding company, means reserves which appear in the accounts of the designated financial holding company which are duly audited by the auditor of the designated financial holding company; “related corporation”, in relation to a corporation, means a corporation that is deemed to be related to the first‑mentioned corporation under section 6 of the Companies Act, except that any reference to “corporation” in that section shall be construed as if it did not exclude a co‑operative society; “share” has the same meaning as in section 4(1) of the Companies Act and includes an interest in a share; “subsidiary”, in relation to a financial holding company, has the same meaning as in section 5 of the Companies Act, except that any reference to “corporation” in that section shall be construed as if it did not exclude a co-operative society; “substantial shareholder” has the same meaning as in section 81 of the Companies Act; “total number of issued shares”, in relation to a company, does not include treasury shares; “treasury share” has the same meaning as in section 4(1) of the Companies Act. (2) Without prejudice to any other meaning which the word “insolvent” may have, a designated financial holding company shall, for the purposes of this Act, be deemed to be insolvent if either it has ceased to pay its debts in the ordinary course of business or is unable to pay its debts as they become due.


document_id: fhca-2013
provision_ref: s3
chapter: PART II - INFORMATION GATHERING POWERS OVER
section: 3
title: Provision of information to Authority
content:
3. —(1) The Authority may, by notice in writing, require any financial holding company to furnish to the Authority such information or statement at such time and in such manner as the Authority may specify if, in the opinion of the Authority, it requires that information or statement for the proper discharge of its functions under this Act. (2) Any financial holding company to whom a notice is issued under subsection (1) shall comply with the notice. (3) The Authority may require any information or statement submitted to it under subsection (1) to be accompanied by a certificate from the following auditors stating whether, in the opinion of the auditor, the information or statement is correct or reasonable: ( a ) where a designated financial holding company furnishes the information or statement — (i) the auditor appointed by the designated financial holding company under section 39(1); or (ii) any other auditor appointed by the Authority under section 39(3); and ( b ) in all other cases, an auditor appointed by the financial holding company. (4) Except as provided in subsection (5), any information or statement received from a financial holding company under this section shall be treated as secret by the Authority. (5) The Authority may disclose any information or statement received from a financial holding company under this section if — ( a ) the information or statement is in the public domain; ( b ) the information or statement is disclosed in such a manner that the financial holding company’s identity cannot be ascertained; ( c ) the financial holding company, or the person from whom the financial holding company had obtained the information or statement, consents to the disclosure; ( d ) the person to whom the information or statement relates consents to the disclosure; ( e ) the disclosure of the information or statement is necessary for the performance of any principal object or function, or the exercise of any power, of the Authority under this Act or any other written law; or ( f ) the disclosure of the information or statement is pursuant to any requirement under any written law or order of court in Singapore. (6) Nothing in this section shall prevent the Authority from preparing and publishing consolidated statements aggregating such information or statement as may be furnished in compliance with any notice under subsection (1). (7) Any financial holding company which fails or neglects to furnish any information or statement required by the Authority under this section shall be guilty of an offence and shall be liable on conviction 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 thereof during which the offence continues after conviction.


document_id: fhca-2013
provision_ref: s4
chapter: PART III - DESIGNATION OF FINANCIAL HOLDING COMPANIES
section: 4
title: Power of Authority to designate financial holding companies
content:
4. —(1) The Authority may, by order published in the Gazette , designate a financial holding company as a designated financial holding company if it is — ( a ) an ultimate financial holding company incorporated, formed or established in Singapore; or ( b ) an intermediate financial holding company incorporated, formed or established in Singapore, and the operations of any bank incorporated in Singapore, or any licensed insurer incorporated, formed or established in Singapore, that is its subsidiary is considered by the Authority — (i) to be significant to the FHC group of the intermediate financial holding company; or (ii) to affect the stability of, or public confidence in, the financial system in Singapore. (2) For the purposes of subsection (1)( b ), where an intermediate financial holding company is a part of the FHC group of an ultimate financial holding company that is incorporated, formed or established outside Singapore, the Authority may, in deciding whether to designate the intermediate financial holding company as a designated financial holding company, consider the extent to which the foreign supervisory authority supervises the FHC group of the ultimate financial holding company. (3) Any order made under subsection (1) shall identify the designated financial holding company and shall continue to have effect until it is withdrawn by the Authority. (4) A financial holding company which is aggrieved by a decision of the Authority to designate the financial holding company as a designated financial holding company may, within 30 days after the order is published in the Gazette , appeal in writing to the Minister whose decision shall be final. (5) Notwithstanding the lodging of an appeal under subsection (4), the designation by the Authority under this section shall continue to have effect pending the decision of the Minister. (6) The Minister may, when deciding an appeal under subsection (4), confirm or reverse the designation of the financial holding company as a designated financial holding company, and a decision to reverse the designation shall have effect from the date of the decision of the Minister. (7) In this section — “foreign supervisory authority” means the supervisory authority which is responsible, under the laws of the country or territory where the ultimate financial holding company referred to in subsection (2) is incorporated, formed or established, for — ( a ) supervising the ultimate financial holding company; and ( b ) exercising consolidated supervision over the ultimate financial holding company and its FHC group; “intermediate financial holding company” means a financial holding company that is not an ultimate holding company; “ultimate financial holding company” means a financial holding company that is an ultimate holding company; “ultimate holding company” has the same meaning as in section 5A of the Companies Act (Cap. 50), except that any reference to “corporation” in that section shall be construed as if it did not exclude a co‑operative society.


document_id: fhca-2013
provision_ref: s5
chapter: PART III - DESIGNATION OF FINANCIAL HOLDING COMPANIES
section: 5
title: Withdrawal of designation of financial holding company
content:
5. The Authority may, by order published in the Gazette , withdraw the designation of any designated financial holding company at any time if the Authority is of the opinion that the considerations in section 4(1) and (2) are no longer valid or satisfied.


document_id: fhca-2013
provision_ref: s6
chapter: PART III - DESIGNATION OF FINANCIAL HOLDING COMPANIES
section: 6
title: Prohibition on holding out as designated financial holding company
content:
6. —(1) No person shall hold itself out as a designated financial holding company if it is not designated by the Authority under section 4. (2) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction 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 thereof during which the offence continues after conviction.


document_id: fhca-2013
provision_ref: s7
chapter: PART III - DESIGNATION OF FINANCIAL HOLDING COMPANIES
section: 7
title: Use of financial holding company name, etc.
content:
7. —(1) No person, other than an excepted person, shall, without the prior approval of the Authority, in the course of any profession, vocation, trade or business, use any name, logo or trade mark in a manner which indicates or represents that the person or his trade or business is related to or associated with a designated financial holding company. (2) A designated financial holding company shall not cause or knowingly permit any person (other than an excepted person) to use its name, logo or trade mark in the course of the person’s profession, vocation, trade or business without the prior approval of the Authority. (3) Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction — ( a ) in the case of an individual, to a fine not exceeding $125,000 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; or ( b ) in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction. (4) In subsections (1) and (2), “excepted person” means — ( a ) a financial institution that is a related corporation of the designated financial holding company; ( b ) any officer or agent of the designated financial holding company or any of its subsidiaries which is a financial institution, in the conduct of any duty or function in or for the designated financial holding company or the subsidiary, as the case may be; ( c ) any person which, pursuant to any agreement or arrangement with the designated financial holding company or any of the financial institutions within the FHC group, carries on any business the conduct of which is regulated or authorised, or subject to oversight, by the Authority or, if carried on in Singapore, would be regulated or authorised, or subject to oversight, by the Authority under any written law; ( d ) any person which, pursuant to any agreement or arrangement with the designated financial holding company or any of the financial institutions within the FHC group, carries on any business that is incidental to the business of any of the financial institutions within the FHC group; ( e ) any person which, pursuant to any agreement or arrangement with a bank which is a subsidiary of the designated financial holding company, carries on any business that is prescribed under section 30(1)( d ) of the Banking Act (Cap. 19); and ( f ) such other person or class of persons as may be prescribed by regulations made under section 59. (5) Nothing in this section shall prevent a person who, immediately before the designation date of a financial holding company, is lawfully using any name, logo or trade mark in the manner referred to in subsection (1) from continuing to use the name, logo or trade mark in such manner for a period of 3 years from the designation date.


document_id: fhca-2013
provision_ref: s8
chapter: PART III - DESIGNATION OF FINANCIAL HOLDING COMPANIES
section: 8
title: Activities of designated financial holding company
content:
8. —(1) A designated financial holding company shall not carry out any activity without the approval of the Authority, other than the following: ( a ) being a holding company for its subsidiaries; ( b ) acquiring or holding of shares in any company as permitted under section 31; ( c ) for the purposes of providing support to the business conducted by any other company within the FHC group of the designated financial holding company — (i) conducting general management, and capital and liquidity management; and (ii) providing advisory, financial, accounting, or information processing services; and ( d ) such other activity as may be specified by notice in writing by the Authority. (2) Any designated financial holding company which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.


document_id: fhca-2013
provision_ref: s9
chapter: PART III - DESIGNATION OF FINANCIAL HOLDING COMPANIES
section: 9
title: Annual levy
content:
9. —(1) Every designated financial holding company shall pay to the Authority such annual levy as may be prescribed and in such manner as may be specified by the Authority. (2) The Authority may prescribe different levies in respect of different classes or categories of designated financial holding companies and the levies shall apply uniformly to those classes or categories. (3) All levies collected under subsection (1) shall be paid into the funds of the Authority.


document_id: fhca-2013
provision_ref: s10
chapter: PART III - DESIGNATION OF FINANCIAL HOLDING COMPANIES
section: 10
title: Amendment of designated financial holding company’s constitution
content:
10. —(1) Every designated financial holding company shall, prior to the making of any amendment or alteration in the memorandum of association and articles of association or other instrument under which it is incorporated, formed or established, furnish to the Authority particulars in writing of the proposed amendment or alteration. (2) Every designated financial holding company shall, within 3 months after the making of any amendment or alteration in the memorandum of association and articles of association or other instrument under which it is incorporated, formed or established, furnish to the Authority particulars in writing of the amendment or alteration, verified by either of the following: ( a ) a statutory declaration or its equivalent made by a senior officer of the designated financial holding company; or ( b ) proof of lodgment of the amendment or alteration under the Companies Act (Cap. 50). (3) Any designated financial holding company which contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.


document_id: fhca-2013
provision_ref: s11
chapter: PART IV - CHANGES IN SHAREHOLDINGS AND CONTROL OF
section: 11
title: Application and interpretation of this Part
content:
11. —(1) This Part shall apply to, and in relation to — ( a ) all individuals, whether resident in Singapore or not and whether citizens of Singapore or not; and ( b ) all bodies corporate or unincorporate, whether incorporated, formed or established, or carrying on business in Singapore or not. (2) In this Part, unless the context otherwise requires — “12% controller” means a person, not being a 20% controller, who alone or together with his associates — ( a ) holds not less than 12% of the total number of issued shares in the designated financial holding company; or ( b ) is in a position to control voting power of not less than 12% in the designated financial holding company; “20% controller” means a person who, alone or together with his associates — ( a ) holds not less than 20% of the total number of issued shares in the designated financial holding company; or ( b ) is in a position to control voting power of not less than 20% in the designated financial holding company; “arrangement” includes any formal or informal scheme, arrangement or understanding, and any trust whether express or implied; “designated financial holding company with bank subsidiary” and “financial holding company with bank subsidiary” mean a designated financial holding company and a financial holding company, respectively, each of which has a subsidiary that is a bank incorporated in Singapore; “designated financial holding company without bank subsidiary” and “financial holding company without bank subsidiary” mean a designated financial holding company and a financial holding company, respectively, that do not have a subsidiary that is a bank incorporated in Singapore; “indirect controller” means any person, whether acting alone or together with any other person, and whether with or without holding shares or controlling voting power in a designated financial holding company — ( a ) in accordance with whose directions, instructions or wishes the directors of the designated financial holding company are accustomed or under an obligation, whether formal or informal, to act; or ( b ) who is in a position to determine the policy of the designated financial holding company, but does not include — (i) any person who is a director or other officer of the designated financial holding company whose appointment has been approved by the Authority; and (ii) any person in accordance with whose directions, instructions or wishes the directors of the designated financial holding company are accustomed to act by reason only that they act on advice given by him in his professional capacity; “voting shares” has the same meaning as in section 4(1) of the Companies Act (Cap. 50). (3) For the purposes of subsection (2) — ( a ) a person holds a share if — (i) he is deemed to have an interest in that share under section 7(6) of the Companies Act; or (ii) he otherwise has a legal or an equitable interest in that share except for such interests as is to be disregarded under section 7(7) to (9) of the Companies Act; ( b ) a reference to the control of a percentage of the voting power in a designated financial holding company is a reference to the control, whether direct or indirect, of that percentage of the total number of votes that might be cast in a general meeting of the designated financial holding company; and ( c ) a person, A , is an associate of another person, B , if — (i) A is the spouse, or a parent, remoter lineal ancestor or step-parent, or a son, daughter, remoter issue, step‑son or step‑daughter, or a brother or sister, of B ; (ii) A is a body corporate that is, or a majority of the directors of which are, accustomed or under an obligation whether formal or informal to act in accordance with the directions, instructions or wishes of B ; [Act 35 of 2014 wef 30/06/2022] (iii) [ Deleted by Act 35 of 2014 wef 30/06/2022 ] (iv) A is a person who is accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of B ; (v) A is a subsidiary of B ; [Act 35 of 2014 wef 30/06/2022] (vi) [ Deleted by Act 35 of 2014 wef 30/06/2022 ] (vii) A is a body corporate in which B , alone or together with other associates of B as described in sub‑paragraphs (ii), (iv) and (v), is in a position to control not less than 20% of the voting power in A ; or [Act 35 of 2014 wef 30/06/2022] (viii) [ Deleted by Act 35 of 2014 wef 30/06/2022 ] (ix) A is a person with whom B has an agreement or arrangement, whether oral or in writing and whether express or implied, to act together with respect to the acquisition, holding or disposal of shares or other interests in, or with respect to the exercise of their voting power in relation to, the designated financial holding company.


document_id: fhca-2013
provision_ref: s12
chapter: PART IV - CHANGES IN SHAREHOLDINGS AND CONTROL OF
section: 12
title: Mergers involving designated financial holding company with bank subsidiary
content:
12. —(1) A designated financial holding company with bank subsidiary shall not be merged or consolidated with, or be taken over by, any other body corporate or unincorporate without the prior written approval of the Minister. (2) The Minister may approve an application made under subsection (1) if — ( a ) the Authority is satisfied that — (i) the body corporate or unincorporate is a fit and proper person or body of persons; and (ii) having regard to the likely influence of the body corporate or unincorporate, the activities of the designated financial holding company will be or will continue to be conducted prudently and the provisions of this Act will be or will continue to be complied with in relation to its activities; and ( b ) the Minister is satisfied that it is in the national interest to do so. (3) The parties to a proposed merger, consolidation or take‑over, in respect of which an application is made under this section, shall furnish such information as the Minister or the Authority may require for the purposes of subsection (2). (4) Without prejudice to the generality of subsection (1), for the purposes of this section, a designated financial holding company shall be deemed to be merged with a body corporate or unincorporate if the designated financial holding company or its shareholders enter into any agreement or arrangement — ( a ) under which all or substantially all of the activities of the designated financial holding company are to be managed; and ( b ) under which the shareholders of the designated financial holding company will be accorded rights, as if the designated financial holding company has been merged with such body corporate or unincorporate, as the case may be.


document_id: fhca-2013
provision_ref: s13
chapter: PART IV - CHANGES IN SHAREHOLDINGS AND CONTROL OF
section: 13
title: Control of substantial shareholdings of designated financial holding company with bank subsidiary
content:
13. —(1) No person shall become a substantial shareholder of a designated financial holding company with bank subsidiary without first obtaining the approval of the Minister. (2) Subject to section 15(5), a person (other than an excepted person) who is a substantial shareholder of a financial holding company with bank subsidiary immediately before the designation date shall cease to be a substantial shareholder before the expiry of the later of the following dates unless he has applied in writing to the Minister for approval before such date: ( a ) 6 months after the designation date; or ( b ) such longer period as the Minister may allow in any particular case. (3) No person shall enter into any agreement or arrangement, whether oral or in writing and whether express or implied, to act together with any person with respect to the acquisition, holding or disposal of, or the exercise of rights in relation to, their interest in voting shares of an aggregate of 5% or more of the total votes attached to all voting shares in a designated financial holding company with bank subsidiary, without first obtaining the approval of the Minister. (4) Subject to section 15(5), a person (other than an excepted person) who has entered into any agreement or arrangement referred to in subsection (3) at any time before the designation date shall cease to be a party to such an agreement or arrangement before the later of the following dates unless he has applied in writing to the Minister for approval before such date: ( a ) 6 months after the designation date; or ( b ) such longer period as the Minister may allow in any particular case. (5) For the purposes of this section, a person has an interest in any share if — ( a ) he is deemed to have an interest in that share under section 7 of the Companies Act (Cap. 50); or ( b ) he otherwise has a legal or an equitable interest in that share except for such interest as is to be disregarded under section 7 of the Companies Act. (6) For the purposes of — ( a ) subsection (2), an “excepted person” means a person — (i) who — (A) is a substantial shareholder of a bank incorporated in Singapore which is a subsidiary of the relevant designated financial holding company; and (B) had obtained approval to become a substantial shareholder of that bank under section 15C, read with section 15A(1) or (2), of the Banking Act (Cap. 19) and which approval has not been revoked; or (ii) who — (A) immediately before the date of commencement of this section, was a substantial shareholder of a designated financial institution under the Banking Act in force before that date; and (B) had obtained approval to become a substantial shareholder of the designated financial institution under section 15C, read with section 15A(1) or (2), of the Banking Act in force immediately before that date, and which approval has not been revoked; ( b ) subsection (4), an “excepted person” means a person — (i) who — (A) has an agreement or arrangement, whether oral or in writing and whether express or implied, to act together with any person with respect to the acquisition, holding or disposal of, or the exercise of rights in relation to, their interest in voting shares of an aggregate of 5% or more of the total votes attached to all voting shares in a bank incorporated in Singapore which is a subsidiary of the relevant designated financial holding company; and (B) had obtained the approval for such agreement or arrangement under section 15C, read with section 15A(3) or (4), of the Banking Act, and which approval has not been revoked; or (ii) who, immediately before the date of commencement of this section — (A) had an agreement or arrangement, whether oral or in writing and whether express or implied, to act together with any person with respect to the acquisition, holding or disposal of, or the exercise of rights in relation to, their interest in voting shares of an aggregate of 5% or more of the total votes attached to all voting shares in a designated financial institution under the Banking Act in force before that date; and (B) had obtained approval for such agreement or arrangement under section 15C, read with section 15A(3) or (4), of the Banking Act in force immediately before that date, and which approval has not been revoked; and ( c ) subsection (5), any reference to “corporation” in section 7 of the Companies Act shall be construed as if it did not exclude a co‑operative society.


document_id: fhca-2013
provision_ref: s14
chapter: PART IV - CHANGES IN SHAREHOLDINGS AND CONTROL OF
section: 14
title:
Control of shareholdings and voting power of designated financial holding company with bank subsidiary

content:
14. —(1) No person shall become — ( a ) a 12% controller; ( b ) a 20% controller; or ( c ) an indirect controller, of a designated financial holding company with bank subsidiary without first obtaining the approval of the Minister. (2) Subject to section 15(5), a person who is — ( a ) a 12% controller; ( b ) a 20% controller; or ( c ) an indirect controller, of a financial holding company with bank subsidiary immediately before the designation date shall, unless he is an excepted person, cease to be such a controller before the expiry of 6 months after the designation date, or such longer period as the Minister may allow in any particular case, unless he has applied in writing to the Minister for approval before such date. (3) For the purposes of — ( a ) subsection (2)( a ), an “excepted person” means a person — (i) who — (A) is a 12% controller of a bank incorporated in Singapore, which is a subsidiary of the relevant designated financial holding company; and (B) had obtained approval to become a 12% controller of the bank under section 15C, read with section 15B(1)( a ) or (2)( a ), of the Banking Act (Cap. 19) and which approval has not been revoked; or (ii) who — (A) immediately before the date of commencement of this section, was a 12% controller of a designated financial institution under the Banking Act in force before that date; and (B) had obtained approval to become a 12% controller of the designated financial institution under section 15C, read with section 15B(1)( a ) or (2)( a ), of the Banking Act in force immediately before the date of commencement of this section, and which approval has not been revoked; ( b ) subsection (2)( b ), an “excepted person” means a person — (i) who — (A) is a 20% controller of a bank incorporated in Singapore, which is a subsidiary of the relevant designated financial holding company; and (B) had obtained approval to become a 20% controller of the bank under section 15C, read with section 15B(1)( b ) or (2)( b ), of the Banking Act and which approval has not been revoked; or (ii) who — (A) immediately before the date of commencement of this section, was a 20% controller of a designated financial institution under the Banking Act in force before that date; and (B) had obtained approval to become a 20% controller of the designated financial institution under section 15C, read with section 15B(1)( b ) or (2)( b ), of the Banking Act in force immediately before the date of commencement of this section, and which approval has not been revoked; ( c ) subsection (2)( c ), an “excepted person” means a person — (i) who — (A) is an indirect controller of a bank incorporated in Singapore which is a subsidiary of the relevant designated financial holding company; and (B) had obtained approval to become an indirect controller of that bank under section 15C, read with section 15B(1)( c ) or (2)( c ), of the Banking Act and which approval has not been revoked; or (ii) who — (A) immediately before the date of commencement of this section, was an indirect controller of a designated financial institution under the Banking Act in force before that date; and (B) had obtained approval to become an indirect controller of the designated financial institution under section 15C, read with section 15B(1)( c ) or (2)( c ), of the Banking Act in force immediately before the date of commencement of this section, and which approval has not been revoked.


document_id: fhca-2013
provision_ref: s15
chapter: PART IV - CHANGES IN SHAREHOLDINGS AND CONTROL OF
section: 15
title: Approval of applications in case of designated financial holding company with bank subsidiary
content:
15. —(1) The Minister may approve an application made by any person under section 13 or 14 if — ( a ) the Authority is satisfied that — (i) the person is a fit and proper person; and (ii) having regard to the likely influence of the person, the designated financial holding company will or will continue to carry on its activities prudently and comply with the provisions of this Act; and ( b ) the Minister is satisfied that it is in the national interest to do so. (2) Any approval under this section may be granted to any person subject to such conditions as the Minister may determine, including but not limited to any condition — ( a ) restricting the person’s disposal or further acquisition of shares or voting power in the designated financial holding company; or ( b ) restricting the person’s exercise of voting power in the designated financial holding company. (3) The Minister may at any time add to, vary or revoke any condition imposed under subsection (2). (4) Any condition imposed under subsection (2) shall have effect notwithstanding any of the provisions of the Companies Act (Cap. 50) or anything contained in the memorandum or articles of association of the designated financial holding company. (5) Where the Minister disapproves an application made by any person under section 13(2) or (4) or 14(2), the person shall, within such time as the Minister may specify, take such steps as are necessary — ( a ) in the case of section 13(2), to cease to be a substantial shareholder; ( b ) in the case of section 13(4), to cease to be a party to the agreement or arrangement; or ( c ) in the case of section 14(2), to cease to be — (i) a 12% controller; (ii) a 20% controller; or (iii) an indirect controller, as the case may be.


document_id: fhca-2013
provision_ref: s16
chapter: PART IV - CHANGES IN SHAREHOLDINGS AND CONTROL OF
section: 16
title: Power to exempt and make further transitional provisions
content:
16. The Minister may, by order published in the Gazette — ( a ) exempt from section 13 or 14, subject to such terms and conditions as may be specified in the order — (i) any person or class of persons; or (ii) any class or description of shares or interest in shares; and ( b ) make such further transitional provisions as he considers necessary or expedient for the purposes of section 13, 14 or 15.


document_id: fhca-2013
provision_ref: s17
chapter: PART IV - CHANGES IN SHAREHOLDINGS AND CONTROL OF
section: 17
title: Objection to existing control of designated financial holding company with bank subsidiary
content:
17. —(1) The Minister may serve a written notice of objection on any person referred to in section 13 or 14, other than an excepted person as defined in those sections, if — ( a ) the Minister is satisfied that — (i) any condition of approval imposed on the person under section 15(2) has not been complied with; (ii) it is no longer in the national interest to allow the person to continue to be a party to the agreement or arrangement described in section 13(3), or to continue to be a substantial shareholder, a 12% controller, a 20% controller or an indirect controller, as the case may be; (iii) the person has furnished any false or misleading information or document in connection with the person’s application for approval under section 13 or 14; or (iv) he would not have granted his approval under section 15 had he been aware, at that time, of circumstances relevant to the person’s application for such approval; or ( b ) the Authority is satisfied that — (i) the person has ceased to be a fit and proper person; (ii) having regard to the likely influence of the person, the designated financial holding company is no longer likely to carry on its activities prudently or to comply with the provisions of this Act; or (iii) it would not have been satisfied as to any of the matters specified in section 15(1)( a ) had it been aware, at that time, of circumstances relevant to the person’s application under section 13 or 14. (2) The Minister may serve a written notice of objection on any excepted person referred to in section 13 or 14 if — ( a ) the Minister is satisfied that it is not in the national interest to allow the excepted person to continue, as the case may be — (i) to be a party to the agreement or arrangement described in section 13(4); or (ii) to be a substantial shareholder, a 12% controller, a 20% controller or an indirect controller; or ( b ) the Authority is satisfied that — (i) the excepted person is not a fit and proper person; or (ii) having regard to the likely influence of the excepted person, the designated financial holding company is not likely to carry on its activities prudently or to comply with the provisions of this Act. (3) Before the service of a written notice of objection, the Minister shall, unless he decides that it is not practicable or desirable to do so, cause to be given to the person concerned notice in writing of his intention to serve the written notice of objection, specifying a date by which the person may make written representations with regard to the proposed written notice of objection. (4) Upon receipt of any written representations, the Minister shall consider them for the purposes of determining whether to issue a written notice of objection. (5) The Minister shall, in any written notice of objection, specify a reasonable period within which the person to be served the written notice of objection shall — ( a ) take such steps as are necessary to ensure that he ceases to be a party to the agreement or arrangement described in section 13(3) or (4), or ceases to be a substantial shareholder, a 12% controller, a 20% controller or an indirect controller, as the case may be; or ( b ) comply with such direction or directions as the Minister may make under section 18. (6) Any person served with a written notice of objection under this section shall comply with the notice.


document_id: fhca-2013
provision_ref: s18
chapter: PART IV - CHANGES IN SHAREHOLDINGS AND CONTROL OF
section: 18
title: Power to make directions in relation to designated financial holding company with bank subsidiary
content:
18. —(1) Without prejudice to section 26, if the Minister is satisfied that any person has contravened section 13, 14, 15(5) or 17(6) or has failed to comply with any condition imposed under section 15(2), or if the Minister has served a written notice of objection under section 17, the Minister may, by directions in writing — ( a ) direct the transfer or disposal of all or any of the shares in the designated financial holding company held by the person or any of his associates (referred to in this section as the specified shares) within such time or subject to such conditions as the Minister considers appropriate; ( b ) restrict the transfer or disposal of the specified shares; or ( c ) make such other direction or directions as may be specified in the notice. (2) Any person to whom a direction is given under subsection (1) shall comply with such direction or directions as may be specified therein. (3) In the case of any direction made under subsection (1)( a ) or ( b ), until a transfer or disposal is effected in accordance with the direction or until the restriction on the transfer or disposal is removed, as the case may be, notwithstanding any of the provisions of the Companies Act (Cap. 50) or the Insolvency, Restructuring and Dissolution Act 2018 or anything contained in the memorandum or articles of association of the designated financial holding company — ( a ) no voting rights shall be exercisable in respect of the specified shares unless the Minister expressly permits such rights to be exercised; ( b ) no shares of the designated financial holding company shall be issued or offered (whether by way of rights, bonus or otherwise) in respect of the specified shares unless the Minister expressly permits such issue or offer; and ( c ) except in a liquidation of the designated financial holding company, no payment shall be made by the designated financial holding company of any amount (whether by way of dividends or otherwise) in respect of the specified shares unless the Minister expressly authorises such payment. [Act 40 of 2018 wef 30/06/2022]


document_id: fhca-2013
provision_ref: s19
chapter: PART IV - CHANGES IN SHAREHOLDINGS AND CONTROL OF
section: 19
title: Mergers involving designated financial holding company without bank subsidiary
content:
19. —(1) A designated financial holding company without bank subsidiary shall not be merged or consolidated with, or be taken over by, any other body corporate or unincorporate without the prior written approval of the Authority. (2) The Authority may approve an application made under subsection (1) if the Authority is satisfied that — ( a ) the body corporate or unincorporate is a fit and proper person or body of persons; and ( b ) having regard to the likely influence of the body corporate or unincorporate, the activities of the designated financial holding company will be or will continue to be conducted prudently and the provisions of this Act will be or will continue to be complied with in relation to its activities. (3) The parties to a proposed merger, consolidation or take‑over, in respect of which an application is made under this section, shall furnish such information as the Authority may require for the purposes of subsection (2). (4) Without prejudice to the generality of subsection (1), for the purposes of this section, a designated financial holding company shall be deemed to be merged with a body corporate or unincorporate if the designated financial holding company or its shareholders enter into any agreement or arrangement — ( a ) under which all or substantially all of the activities of the designated financial holding company are to be managed; and ( b ) under which the shareholders of the designated financial holding company will be accorded rights, as if the designated financial holding company has been merged with such body corporate or unincorporate, as the case may be.


document_id: fhca-2013
provision_ref: s20
chapter: PART IV - CHANGES IN SHAREHOLDINGS AND CONTROL OF
section: 20
title:
Control of substantial shareholdings of designated financial holding company without bank subsidiary

content:
20. —(1) No person shall become a substantial shareholder of a designated financial holding company without bank subsidiary without first obtaining the approval of the Authority. (2) Subject to section 22(5), a person (other than an excepted person) who is a substantial shareholder of a financial holding company without bank subsidiary immediately before the designation date shall cease to be a substantial shareholder before the expiry of the later of the following dates unless he has applied in writing to the Authority for approval before such date: ( a ) 6 months after the designation date; or ( b ) such longer period as the Authority may, in any particular case, allow. (3) No person shall enter into any agreement or arrangement, whether oral or in writing and whether express or implied, to act together with any person with respect to the acquisition or holding of, or the exercise of rights in relation to, their interest in voting shares of an aggregate of 5% or more of the total votes attached to all voting shares in a designated financial holding company without bank subsidiary, without first obtaining the approval of the Authority. (4) No person shall enter into any agreement or arrangement, whether oral or in writing and whether express or implied, to act together with any person with respect to the disposal of their interest in voting shares of an aggregate of 5% or more of the total votes attached to all voting shares in a designated financial holding company without bank subsidiary, without first notifying the Authority. (5) Subject to section 22(5), a person (other than an excepted person) who has entered into any agreement or arrangement referred to in subsection (3) at any time before the designation date shall cease to be a party to such an agreement or arrangement before the later of the following dates unless he has applied in writing to the Authority for approval before such date: ( a ) 6 months after the designation date; or ( b ) such longer period as the Authority may, in any particular case, allow. (6) For the purposes of this section — ( a ) a person has an interest in any share if — (i) he is deemed to have an interest in that share under section 7 of the Companies Act (Cap. 50); or (ii) he otherwise has a legal or an equitable interest in that share except for such interest as is to be disregarded under section 7 of the Companies Act; ( b ) an “excepted person”, in relation to subsection (2), means a person who — (i) is a substantial shareholder of a licensed insurer incorporated in Singapore which is a subsidiary of the relevant designated financial holding company; and (ii) had obtained approval, or is deemed to have obtained approval, to become such a substantial shareholder under section 29(1) of the Insurance Act (Cap. 142) and which approval has not been revoked; and ( c ) an “excepted person”, in relation to subsection (5), means a person who — (i) has an agreement or arrangement, whether oral or in writing and whether express or implied, to act together with any person with respect to the acquisition or holding of, or the exercise of rights in relation to, their interest in voting shares of an aggregate of 5% or more of the total votes attached to all voting shares in a licensed insurer incorporated in Singapore which is a subsidiary of the relevant designated financial holding company; and (ii) had obtained the approval for such agreement or arrangement under section 29(2) of the Insurance Act and which approval has not been revoked. (7) For the purposes of subsection (6)( a ), any reference to “corporation” in section 7 of the Companies Act shall be construed as if it did not exclude a co-operative society.


document_id: fhca-2013
provision_ref: s21
chapter: PART IV - CHANGES IN SHAREHOLDINGS AND CONTROL OF
section: 21
title:
Control of shareholdings and voting power of designated financial holding company without bank subsidiary

content:
21. —(1) No person shall become — ( a ) a 20% controller; or ( b ) an indirect controller, of a designated financial holding company without bank subsidiary without first obtaining the approval of the Authority. (2) Subject to section 22(5), a person who is — ( a ) a 20% controller; or ( b ) an indirect controller, of a financial holding company without bank subsidiary immediately before the designation date shall, unless he is an excepted person, cease to be such a controller before the expiry of 6 months after the designation date, or such longer period as the Authority may allow in any particular case, unless he has applied in writing to the Authority for approval before such date. (3) In subsection (2), “excepted person” means a person who has obtained, or is deemed to have obtained, approval to obtain effective control of a licensed insurer incorporated in Singapore which is a subsidiary of the relevant designated financial holding company without bank subsidiary under section 28 of the Insurance Act (Cap. 142), and which approval has not been revoked.


document_id: fhca-2013
provision_ref: s22
chapter: PART IV - CHANGES IN SHAREHOLDINGS AND CONTROL OF
section: 22
title: Approval of applications in case of designated financial holding company without bank subsidiary
content:
22. —(1) The Authority may approve an application made by any person under section 20 or 21 if the Authority is satisfied that — ( a ) the person is a fit and proper person; and ( b ) having regard to the likely influence of the person, the designated financial holding company will or will continue to carry on its activities prudently and comply with the provisions of this Act. (2) Any approval under this section may be granted to any person subject to such conditions as the Authority may determine, including but not limited to any condition — ( a ) restricting the person’s disposal or further acquisition of shares or voting power in the designated financial holding company; or ( b ) restricting the person’s exercise of voting power in the designated financial holding company. (3) The Authority may at any time add to, vary or revoke any condition imposed under subsection (2). (4) Any condition imposed under subsection (2) shall have effect notwithstanding any of the provisions of the Companies Act (Cap. 50) or anything contained in the memorandum or articles of association of the designated financial holding company. (5) Where the Authority disapproves an application made by any person under section 20(2) or (5) or 21(2), the person shall, within such time as the Authority may specify, take such steps as are necessary — ( a ) in the case of section 20(2), to cease to be a substantial shareholder; ( b ) in the case of section 20(5), to cease to be a party to the agreement or arrangement; or ( c ) in the case of section 21(2), to cease to be — (i) a 20% controller; or (ii) an indirect controller, as the case may be.


document_id: fhca-2013
provision_ref: s23
chapter: PART IV - CHANGES IN SHAREHOLDINGS AND CONTROL OF
section: 23
title: Objection to existing control of designated financial holding company without bank subsidiary
content:
23. —(1) The Authority may serve a written notice of objection on any substantial shareholder, 20% controller or indirect controller, other than an excepted person, referred to in section 20 or 21 if the Authority is satisfied that — ( a ) any condition of approval imposed on the person under section 22(2) has not been complied with; ( b ) the person furnished any false or misleading information or document in connection with the person’s application under section 20 or 21; ( c ) the person has ceased to be a fit and proper person; ( d ) having regard to the likely influence of the person, the designated financial holding company is no longer likely to carry on its activities prudently or to comply with the provisions of this Act; or ( e ) it would not have been satisfied as to any of the matters specified in section 22(1) had it been aware, at that time, of circumstances relevant to the person’s application under section 20 or 21. (2) The Authority may serve a written notice of objection on any excepted person referred to in section 20 or 21, if the Authority is satisfied that — ( a ) the excepted person is not a fit and proper person; and ( b ) having regard to the likely influence of the excepted person, the designated financial holding company is not likely to carry on its activities prudently or to comply with the provisions of this Act. (3) Before the service of a written notice of objection, the Authority shall, unless the Authority decides that it is not practicable or desirable to do so, cause to be given to the person concerned notice in writing of the Authority’s intention to serve the written notice of objection, specifying a date by which the person may make written representations with regard to the proposed written notice of objection. (4) Upon receipt of any written representations, the Authority shall consider them for the purposes of determining whether to issue a written notice of objection. (5) The Authority shall, in any written notice of objection, specify a reasonable period within which the person served the written notice of objection shall — ( a ) take such steps as are necessary to ensure that he ceases to be a party to the agreement or arrangement described in section 20(3), (4) or (5), or ceases to be a substantial shareholder, a 20% controller or an indirect controller, as the case may be; or ( b ) comply with such direction or directions as the Authority may make under section 24. (6) Any person served with a written notice of objection under this section shall comply with the notice.


document_id: fhca-2013
provision_ref: s24
chapter: PART IV - CHANGES IN SHAREHOLDINGS AND CONTROL OF
section: 24
title:
Power to make directions in relation to designated financial holding company without bank subsidiary

content:
24. —(1) Without prejudice to section 26, if the Authority is satisfied that any person has contravened section 20, 21, 22(5) or 23(6) or has failed to comply with any condition imposed under section 22(2), or if the Authority has served a written notice of objection under section 23, the Authority may, by direction in writing — ( a ) direct the transfer or disposal of all or any of the shares in the designated financial holding company held by the person or any of his associates (referred to in this section as the specified shares) within such time or subject to such conditions as the Authority considers appropriate; ( b ) restrict the transfer or disposal of the specified shares; or ( c ) make such other direction or directions as may be specified in the notice. (2) Any person to whom a direction is given under subsection (1) shall comply with such direction or directions as may be specified therein. (3) In the case of any direction made under subsection (1)( a ) or ( b ), until a transfer or disposal is effected in accordance with the direction or until the restriction on the transfer or disposal is removed, as the case may be, notwithstanding any of the provision of the Companies Act (Cap. 50) or the Insolvency, Restructuring and Dissolution Act 2018 or anything contained in the memorandum or articles of association of the designated financial holding company — ( a ) no voting rights shall be exercisable in respect of the specified shares unless the Authority expressly permits such rights to be exercised; ( b ) no shares of the designated financial holding company shall be issued or offered (whether by way of rights, bonus or otherwise) in respect of the specified shares unless the Authority expressly permits such issue or offer; and ( c ) except in a liquidation of the designated financial holding company, no payment shall be made by the designated financial holding company of any amount (whether by way of dividends or otherwise) in respect of the specified shares unless the Authority expressly authorises such payment. [Act 40 of 2018 wef 30/06/2022]


document_id: fhca-2013
provision_ref: s25
chapter: PART IV - CHANGES IN SHAREHOLDINGS AND CONTROL OF
section: 25
title: Appeals
content:
25. Any person who is aggrieved by a decision of the Authority under this Part may, within 30 days after he is notified of the decision by the Authority, appeal in writing to the Minister whose decision shall be final.


document_id: fhca-2013
provision_ref: s26
chapter: PART IV - CHANGES IN SHAREHOLDINGS AND CONTROL OF
section: 26
title: Offences, penalties and defences under this Part
content:
26. —(1) Any person who contravenes section 12(1), 13(1), (2), (3) or (4), 14(1)( a ) or (2)( a ), 15(5)( a ), ( b ) or ( c )(i), 19(1), 20(1), (2), (3), (4) or (5) or 22(5)( a ) or ( b ) shall be guilty of an offence and shall be liable on conviction — ( a ) in the case of an individual, to a fine not exceeding $125,000 and, in the case of a continuing offence (if applicable), to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; or ( b ) in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence (if applicable), to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction. (2) Any person who contravenes section 14(1)( b ) or ( c ) or (2)( b ) or ( c ), 15(5)( c )(ii) or (iii), 17(6), 18(2) or (3), 21(1) or (2), 22(5)( c ), 23(6) or 24(2) or (3), or who fails to comply with any condition imposed under section 15(2) or 22(2), shall be guilty of an offence and shall be liable on conviction — ( a ) in the case of an individual, 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 (if applicable), to a further fine not exceeding $12,500 for every day or part thereof during which the offence continues after conviction; or ( b ) in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence (if applicable), to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction. (3) Where a person is charged with an offence in respect of a contravention of section 13, 14, 20 or 21, it shall be a defence for the person to prove that — ( a ) he was not aware that he had contravened section 13, 14, 20 or 21, as the case may be; and ( b ) within 14 days after becoming aware that he had contravened section 13, 14, 20 or 21, as the case may be, he notified the Minister or the Authority, as the case may be, of the contravention and, within such further time as determined by the Minister or the Authority, as the case may be, has taken such actions in relation to his shareholding or control of the voting power in the designated financial holding company as the Minister or the Authority, as the case may be, may direct. (4) Where a person is charged with an offence in respect of a contravention of section 14 or 21, it shall also be a defence for the person to prove that, even though he was aware of the contravention — ( a ) the contravention occurred as a result of an increase in the shareholding as described in section 11(3)( a ) of, or in the voting power controlled by, any of his associates described in section 11(3)( c )(i); ( b ) he has no agreement or arrangement, whether oral or in writing and whether express or implied, with that associate with respect to the acquisition, holding or disposal of shares or other interests in, or under which they act together in exercising their voting power in relation to, the designated financial holding company; and ( c ) he has, within 14 days of the date of the contravention, notified the Minister or the Authority, as the case may be, of the contravention and, within such time as may be determined by the Minister or the Authority, as the case may be, taken such action in relation to his shareholding or control of the voting power in the designated financial holding company as the Minister or the Authority, as the case may be, may direct. (5) Except as provided in subsections (3) and (4), it shall not be a defence for a person charged with an offence in respect of a contravention of section 13, 14, 20 or 21 to prove that he did not intend to or did not knowingly contravene section 13, 14, 20 or 21, as the case may be.


document_id: fhca-2013
provision_ref: s27
chapter: PART IV - CHANGES IN SHAREHOLDINGS AND CONTROL OF
section: 27
title: Power of Authority to obtain information
content:
27. —(1) The Authority may, by notice in writing, direct any designated financial holding company to obtain from any of its shareholders and to transmit to the Authority any information relating to its shareholders which the Minister or the Authority may require for the purposes of ascertaining or investigating into the control of shareholding or voting power in the designated financial holding company, or exercising any power or function under sections 13 to 18 and sections 20 to 25, including information — ( a ) as to whether that shareholder holds any share in the designated financial holding company as beneficial owner or as trustee; and ( b ) if he holds the share as trustee, to indicate as far as he can, the person for whom he holds the share (either by name or by other particulars sufficient to enable that person to be identified) and the nature of his interest, and the designated financial holding company shall comply with that direction within such time as may be specified in the notice. (2) The Authority may, by notice in writing, require any shareholder of a designated financial holding company, or any person who appears from information provided to the Authority under subsection (1) or this subsection to have an interest in any share in a designated financial holding company, to provide to the Authority any information relating to the shareholder or the person, as the case may be, which the Minister or the Authority may require for the purposes of ascertaining or investigating into the control of shareholding or voting power in the designated financial holding company, or exercising any power or function under sections 13 to 18 and sections 20 to 25, including — ( a ) whether he holds that interest as beneficial owner or as trustee, and if he holds the interest as trustee, to indicate as far as he can, the person for whom he holds the interest (either by name or by other particulars sufficient to enable that person to be identified) and the nature of his interest; or ( b ) whether any share or any voting right attached to the share is the subject of an agreement or arrangement described in section 11(3)( c )(ix), 13(3) or (4) or 20(3), (4) or (5) and if so, to give particulars of the agreement or arrangement and the parties to it, and the shareholder or the person shall comply with that notice within such time as may be specified therein. (3) Any person who — ( a ) fails to comply with a notice under this section; or ( b ) in purported compliance with the notice, knowingly or recklessly furnishes any information or document that is false or misleading in a material particular, shall be guilty of an offence. (4) Any person convicted of an offence under subsection (3) shall be liable on conviction — ( a ) in the case of an individual, 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; or ( b ) in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction. (5) Where a person claims, before furnishing the Authority with any information or document that he is required to furnish under subsection (2), that the information or documents might tend to incriminate him, the information or documents shall not be admissible in evidence against him in criminal proceedings other than proceedings under this Part.


document_id: fhca-2013
provision_ref: s28
chapter: PART V - EXPOSURES AND LIMITS ON INVESTMENTS
section: 28
title: Exposures
content:
28. —(1) A designated financial holding company shall not grant any credit facility except to — ( a ) any company within its FHC group; or ( b ) any company within the FHC group of the ultimate financial holding company of the designated financial holding company. (2) The Authority may, by notice in writing to any designated financial holding company, or any class of designated financial holding companies, impose such requirements as may be necessary or expedient for the purposes of limiting the exposure of the designated financial holding company, or a designated financial holding company within the class of designated financial holding companies, to any one or more of the following: ( a ) a substantial shareholder group of the designated financial holding company; ( b ) the financial group of the designated financial holding company; ( c ) a director group of the designated financial holding company; ( d ) a third party single counterparty group of the designated financial holding company; ( e ) any other person or class of persons as may be prescribed. (3) Without prejudice to the generality of subsection (2), the Authority may in a notice issued under that subsection — ( a ) specify the limit on any exposure; ( b ) exclude any exposure from any limit; ( c ) specify the method of measuring any exposure; ( d ) exclude any designated financial holding company or class of designated financial holding companies from any requirement imposed under subsection (2); and ( e ) vary any limit in a particular case. (4) A designated financial holding company shall not grant any credit facility against the security of its own shares or those of any of its subsidiaries. (5) Any designated financial holding company which fails to comply with subsection (1) or (4) or any requirement imposed under subsection (2) or (3) shall be guilty of an offence and shall be liable on conviction 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 thereof during which the offence continues after conviction. (6) In this section — ( a ) the words “director group”, “exposure”, “financial group”, “substantial shareholder group” and “third party single counterparty group” have the meanings given to them in the Schedule; and ( b ) a financial holding company is the “ultimate financial holding company” of another corporation if — (i) the other corporation is a subsidiary of the financial holding company; and (ii) the financial holding company is not itself a subsidiary of any other financial holding company.


document_id: fhca-2013
provision_ref: s29
chapter: PART V - EXPOSURES AND LIMITS ON INVESTMENTS
section: 29
title: Disclosure of interests by directors
content:
29. —(1) Every director of a designated financial holding company who has in any manner, directly or indirectly, an interest in an exposure of, or a proposed exposure of — ( a ) that designated financial holding company; or ( b ) any of the companies within the FHC group of the designated financial holding company, shall as soon as practicable declare the nature of his interest to the board of directors of that designated financial holding company and the secretary of that designated financial holding company shall cause the declaration to be circulated immediately to all the directors. (2) The requirements in subsection (1) shall not apply in any case where the interest of the director consists only of being a member or creditor of a company which is interested in an exposure of, or a proposed exposure of, that designated financial holding company if the interest of the director may properly be regarded as of a trivial nature. (3) For the purposes of subsection (1), a general notice given to the board of directors of a designated financial holding company to the effect that he is an officer or a member of a specified company, or a partner or manager of a specified firm or specified limited liability partnership, and that he is to be regarded as having an interest in any exposure which may, after the date of the notice, be acquired in respect of that company, firm or limited liability partnership, shall be deemed to be a sufficient declaration of interest in relation to any exposure so acquired if — ( a ) the notice specifies the nature and extent of his interest in that company, firm or limited liability partnership; ( b ) his interest is not different in nature from or greater in extent than the nature and extent so specified in the notice at the time any exposure is so acquired; and ( c ) it is given at a meeting of the board of directors or the director takes reasonable steps to ensure that it is brought up and read at the next meeting of the board of directors after it is given. (4) Every director of a designated financial holding company who holds any office or possesses any property whereby, directly or indirectly, duties or interest might be created in conflict with his duties or interest as director shall declare at a meeting of the directors of that designated financial holding company the fact and the nature, character and extent of the conflict. (5) The declaration referred to in subsection (4) shall be made at the first meeting of the directors held — ( a ) after he becomes a director of the designated financial holding company; or ( b ) if already a director, after he commences to hold the office or to possess the property, as the case may be. (6) The secretary of the designated financial holding company shall — ( a ) cause to be brought up and read any declaration made under subsection (1) or (4) at the next meeting of the directors after it is given; and ( b ) record any declaration made under this section in the minutes of the meeting at which it was made or at which it was brought up and read. (7) Any director who acts in contravention of subsection (1) or (4) 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. (8) In this section, “exposure” has the meaning given to it in the Schedule.


document_id: fhca-2013
provision_ref: s30
chapter: PART V - EXPOSURES AND LIMITS ON INVESTMENTS
section: 30
title: Limit on equity investments
content:
30. —(1) The Authority may by regulations impose such requirements for the purposes of limiting the amount of equity investment in a single company which the designated financial holding company or class of designated financial holding companies may acquire or hold. (2) This section shall not apply to — ( a ) any interest held by way of security for the purposes of a transaction entered into in the ordinary course of the business of the designated financial holding company; ( b ) any shareholding or interest acquired or held by the designated financial holding company in the course of satisfaction of debts due to it which is disposed of at the earliest suitable opportunity; or ( c ) any major stake approved, or deemed to have been approved, by the Authority under section 31. (3) Without prejudice to the generality of subsection (1), the Authority may, by regulations — ( a ) provide for the manner of valuation of investments for the purposes of compliance with this section; and ( b ) exclude the operation of this section in respect of any investment or class of investments which may be held by any designated financial holding company, subject to such conditions as may be prescribed. (4) Any designated financial holding company which contravenes any regulation made under this section or fails to comply with any condition imposed or prescribed thereunder shall be guilty of an offence and shall be liable on conviction 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 thereof during which the offence continues after conviction. (5) In this section, “equity investment” means — ( a ) any beneficial interest in the share capital of a company; and ( b ) such other investment, interest or right as may be prescribed.


document_id: fhca-2013
provision_ref: s31
chapter: PART V - EXPOSURES AND LIMITS ON INVESTMENTS
section: 31
title: Investments in companies
content:
31. —(1) No designated financial holding company shall acquire or hold, directly or indirectly, a major stake in any company without the prior approval of the Authority. (2) Notwithstanding subsection (1) — ( a ) a designated financial holding company may, within 6 months after its designation date or such longer period as the Authority may allow in any particular case, hold directly or indirectly, a major stake in any company without the prior approval of the Authority; but ( b ) the designated financial holding company shall not continue to hold the major stake after the period referred to in paragraph ( a ) unless it has obtained the approval of the Authority. (3) Subject to subsection (4), the approval of the Authority for a designated financial holding company to acquire or hold, directly or indirectly, a major stake in a company shall be deemed to have been granted in the following circumstances: ( a ) the major stake is acquired or held indirectly through a subsidiary of the designated financial holding company — (i) that is a bank incorporated in Singapore which acquisition or holding of the major stake was approved by the Authority under section 32 of the Banking Act (Cap. 19) prior to the financial holding company being designated under section 4, and which approval has not been revoked; or (ii) that is a licensed insurer which acquisition or holding of the major stake was approved, or deemed to have been approved, by the Authority under section 30B of the Insurance Act (Cap. 142) prior to the financial holding company being designated under section 4, and which approval has not been revoked; or ( b ) the Authority had, prior to the financial holding company being designated under section 4, given the financial holding company approval to acquire or hold the major stake pursuant to the requirements of directions made under section 28(3) of the Monetary Authority of Singapore Act (Cap. 186), and which approval has not been revoked. (4) Any approval granted, or deemed to have been granted, by the Authority under this section to a designated financial holding company to acquire or hold, directly or indirectly, a major stake in a company may be subject to such conditions as the Authority may determine, including any condition relating to the operations or activities of the company. (5) For the avoidance of doubt, the conditions imposed by the Authority under subsection (4) may be specified by notice in writing to a designated financial holding company or any class of designated financial holding companies. (6) The Authority may at any time add to, vary or revoke any condition imposed under subsection (4). (7) This section shall not apply to — ( a ) any interest held by way of security for the purposes of a transaction entered into in the ordinary course of the business of the designated financial holding company; ( b ) any shareholding or interest acquired or held by a designated financial holding company in the course of satisfaction of debts due to it which is disposed of at the earliest suitable opportunity; and ( c ) such other interest as may be prescribed. (8) The Authority may, by regulations — ( a ) exclude the operation of this section in respect of any company or class of companies, subject to such conditions as may be prescribed; ( b ) provide for the manner of computation of major stakes; and ( c ) provide that any interest or control referred to in the definition of “major stake” in subsection (10), that is acquired or held, directly or indirectly, by a company in which a designated financial holding company has, directly or indirectly, a major stake shall be deemed to be acquired or held by the designated financial holding company. (9) Any designated financial holding company which contravenes this section or fails to comply with any condition imposed or prescribed under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction. (10) In this section — “major stake” means — ( a ) any beneficial interest in issued shares of a company exceeding 10% of the total number of issued shares in the company or, in the case of an umbrella VCC, either exceeding 10% of the total number of issued shares in the umbrella VCC that are not in respect of any of its sub-funds, or exceeding 10% of the total number of issued shares in the umbrella VCC in respect of any one of its sub-funds; ( b ) control over more than 10% of the voting power in a company or, in the case of an umbrella VCC, either more than 10% of the voting power in the umbrella VCC that is not in respect of any of its sub-funds or, more than 10% of the voting power in the umbrella VCC in respect of any one of its sub-funds; or ( c ) any interest in a company, where the directors of the company are accustomed or under an obligation, whether formal or informal, to act in accordance with the designated financial holding company’s directions, instructions or wishes, or where the designated financial holding company is in a position to determine the policy of the company; “sub-fund”, in relation to an umbrella VCC, has the meaning given by section 2(1) of the Variable Capital Companies Act 2018; “umbrella VCC” has the meaning given by section 2(1) of the Variable Capital Companies Act 2018. [S 26/2022 wef 30/06/2022]


document_id: fhca-2013
provision_ref: s32
chapter: PART V - EXPOSURES AND LIMITS ON INVESTMENTS
section: 32
title: Immovable property
content:
32. —(1) No designated financial holding company shall acquire or hold interests in or rights over immovable property, wherever situated. (2) Notwithstanding subsection (1) — ( a ) a designated financial holding company may, within 6 months after its designation date or such longer period as the Authority may allow in any particular case, hold interests in or rights over immovable property, wherever situated; but ( b ) the designated financial holding company shall not continue to hold the interests in or rights over immovable property, after the period referred to in paragraph ( a ) unless it obtained the approval of the Authority. (3) In addition to the restriction under subsection (1), the Authority may make such regulations as may be necessary or expedient for the purpose of limiting, in relation to a designated financial holding company, the acquisition or holding of interests in or rights over immovable property by the FHC group of the designated financial holding company in such manner as the Authority may determine. (4) For the purposes of complying with regulations under subsection (3), a designated financial holding company shall aggregate, in such manner as may be prescribed, the value of every interest in or right over immovable property that is acquired or held by any company within the FHC group of the designated financial holding company. (5) In this section, “immovable property” shall exclude the following: ( a ) any interest in or right over immovable property or any part thereof used for the purposes of conducting the business of any of the companies within its FHC group or housing or providing amenities for the officers of any of the companies within its FHC group; ( b ) any interest in or right over immovable property held by way of security for the purposes of a transaction entered into in the ordinary course of the business of any of the companies within its FHC group; ( c ) any interest in or right over immovable property held by way of enforcement of such security referred to in paragraph ( b ), provided that it is disposed of at the earliest suitable opportunity; ( d ) any interest in or right over immovable property or any part thereof held for the benefit of persons other than any company in the FHC group pursuant to an obligation imposed under any written law, rule of law, contract or order of court; and ( e ) such other interest in or right over immovable property as the Authority may prescribe. (6) The Authority may make regulations to provide for the manner of valuation or apportionment of immovable property for the purposes of this section. (7) Any designated financial holding company which contravenes subsection (1), (2) or (4) shall be guilty of an offence and shall be liable on conviction 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 thereof during which the offence continues after conviction.


document_id: fhca-2013
provision_ref: s33
chapter: PART V - EXPOSURES AND LIMITS ON INVESTMENTS
section: 33
title: Power of Authority to secure compliance with provisions of this Part
content:
33. —(1) Any designated financial holding company, if at any time called upon in writing by the Authority to do so, shall satisfy the Authority by the production of such evidence or information as it may require, that the designated financial holding company is not in contravention of any of the provisions in this Part. (2) Without prejudice to sections 28, 30 and 31, the Authority may, for the purposes of securing compliance with those sections on a consolidated basis, from time to time by notice in writing, require any designated financial holding company to aggregate, in such manner as may be specified in the notice, its accounts, with the accounts of all or any of — ( a ) the designated financial holding company’s related corporations; and ( b ) companies in which the designated financial holding company acquires or holds, directly or indirectly, a major stake as defined in section 31(10). (3) The designated financial holding company shall comply with the requirement referred to in subsection (2) within such time as is specified in the notice. (4) Any designated financial holding company that fails to provide any of the evidence or information required by the Authority under subsection (1), shall be guilty of an offence and shall be liable on conviction 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 thereof during which the offence continues after conviction. (5) Any designated financial holding company that fails, within the time referred to in subsection (3), to comply with a requirement referred to in subsection (2) relating to the aggregation of accounts for the purposes of complying with section 28, 30 or 31 on a consolidated basis shall be guilty of an offence and shall be liable on conviction to the same punishment provided under section 28, 30 or 31, whichever is applicable, for failure to comply with that section. (6) In this section, “accounts” means any item on the profit and loss accounts and balance-sheet.


document_id: fhca-2013
provision_ref: s34
chapter: PART VI - MINIMUM ASSET AND CAPITAL REQUIREMENT
section: 34
title: Minimum liquid assets
content:
34. —(1) The Authority may, from time to time, by notice in writing to any designated financial holding company or class of designated financial holding companies, impose requirements in relation to the minimum amount or amounts of liquid assets to be held by the designated financial holding company or class of designated financial holding companies, having regard to the risks arising from the activities of the designated financial holding company and its FHC group and such other factors as the Authority considers relevant. (2) Without prejudice to the generality of subsection (1), the Authority may impose limits on each liquid asset or class of liquid assets to be held by a designated financial holding company or class of designated financial holding companies. (3) Where the Authority issues a notice under subsection (1) to a class of designated financial holding companies, the Authority may require different designated financial holding companies within the class of designated financial holding companies to hold different amount or amounts of liquid assets, having regard to the risks arising from the activities of each designated financial holding company and its FHC group, the systemic impact of each designated financial holding company and its FHC group on the financial sector and such other factors as the Authority may consider relevant. (4) Whenever the Authority issues a notice under subsection (1), each designated financial holding company shall be allowed such period of grace, being not less than 3 business days, as may be specified in the notice, in which to comply with its provisions. (5) A designated financial holding company shall not, during any period in which it has failed to comply with any requirement imposed under subsection (1), without the approval of the Authority, grant further credit facility to any person. (6) Notwithstanding subsection (1) and subject to subsection (9), a designated financial holding company may, in accordance with the requirements imposed under subsection (7), utilise its liquid assets held for the purposes of subsection (1) if the designated financial holding company — ( a ) is in a liquidity stress situation; and ( b ) is solvent immediately before, and will remain solvent after, the utilisation of its liquid assets. (7) For the purposes of subsection (6), the Authority may, from time to time, by notice in writing to a designated financial holding company impose requirements in relation to the utilisation by the designated financial holding company of its liquid assets held for the purposes of subsection (1), including — ( a ) the procedures which the designated financial holding company must comply with before or after utilising, or during the utilisation of, its liquid assets; and ( b ) the manner in which the designated financial holding company may utilise its liquid assets. (8) A designated financial holding company shall, within such time as may be specified by the Authority, provide any information required by the Authority in relation to its liquidity stress situation and the utilisation of its liquid assets held for the purposes of subsection (1). (9) Where the Authority is of the opinion that — ( a ) a designated financial holding company is not in a liquidity stress situation; ( b ) a designated financial holding company has failed to comply with any requirement imposed under subsection (7); ( c ) a designated financial holding company is or is likely to become insolvent, or that it is or is likely to become unable to meet its obligations, or that it is about to suspend payments; or ( d ) it is in the public interest to do so, the Authority may by notice in writing to the designated financial holding company — (i) where the designated financial holding company has already utilised its liquid assets held for the purposes of subsection (1), direct the designated financial holding company to comply with any requirement imposed under subsection (1) within such time as may be specified by the Authority in the notice; or (ii) where the designated financial holding company has not, or has not fully, utilised its liquid assets held for the purposes of subsection (1), do one or more of the following: (A) refuse to allow the designated financial holding company to utilise its liquid assets held for the purposes of subsection (1) which are within the control of the Authority; (B) direct the designated financial holding company to cease utilising its liquid assets held for the purposes of subsection (1); (C) direct the designated financial holding company to comply with any requirement imposed under subsection (1) within such time as may be specified by the Authority in the notice. (10) Any designated financial holding company which fails to comply with — ( a ) subsection (5) or (8); ( b ) any requirement of the Authority under subsection (7); or ( c ) any direction of the Authority under subsection (1) or (9), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction. (11) In this section — “liquid assets” means — ( a ) notes and coins which are legal tender in Singapore other than assets maintained and held by the subsidiary of the designated financial holding company which is a bank incorporated in Singapore for the purposes of section 40 of the Banking Act (Cap. 19); ( b ) balances with the Authority other than — (i) cash balances maintained by a subsidiary of the designated financial holding company which is a bank incorporated in Singapore for the purposes of section 39 of the Banking Act; and (ii) assets maintained and held by a subsidiary of the designated financial holding company which is a bank incorporated in Singapore for the purposes of section 40 of the Banking Act; and ( c ) such other assets as the Authority may from time to time approve; “liquidity stress situation” has the meaning given to it in the Schedule.


