79
(6)
Any person to whom the report is disclosed and that 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 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 form, the person has, 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 has, as soon as
practicable after receiving the report, taken all reasonable steps to ensure that all
electronic copies of the report have been deleted and that the report and all copies
of the report in other forms have been surrendered to the Authority.
(7)
Any person convicted of an offence under subsection (6) shall be liable on conviction
—
(a)
in the case of an individual, to a fine not exceeding $50,000 or to imprisonment for
a term not exceeding 2 years or to both; or
(b)
in any other case, to a fine not exceeding $100,000.
Self-incrimination
77.—(1) A person is not excused from disclosing information to the Authority pursuant to
a requirement made of the person under this Part on the grounds 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 by such requirement, 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 96(1) or (2).
Savings for advocates and solicitors
78.—(1) Nothing in this Part —
(a)
compels an advocate and solicitor to disclose or produce privileged
communication, or a document or other material containing privileged
communication, made by or to him or her in that capacity; or
(b)
authorises the taking of any such document or other material that is in his or her
possession.
(2)
An advocate and solicitor who refuses to disclose the information or produce the
document or other material mentioned in subsection (1) must nevertheless 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.
(3)
Any advocate and solicitor who contravenes subsection (2) shall be guilty of an offence.
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PART 5
EMERGENCY POWERS
Interpretation of this Part
79. In this Part, unless the context otherwise requires —
“business” includes affairs and property;
“emergency”, in relation to a designated payment system, means—
(a)
any situation which prevents a designated payment system from carrying on
its functions;
(b)
any situation in which, in the opinion of the Authority, a designated payment
system is carrying on its operations in a manner likely to be detrimental to
the interests of its participants; or
(c)
any undesirable situation or practice which, in the opinion of the Authority,
constitutes an emergency.
“office‑holder”, in relation to a payment entity, means any person acting as the
liquidator, provisional liquidator, receiver, receiver and manager, judicial manager or
an equivalent person of the relevant payment entity;
“relevant business”, in relation to a payment entity, means any of its business —
(a)
in relation to which a statutory adviser has been appointed under section
80(2)(b);
(b)
in relation to which a statutory manager has been appointed under section
80(2)(c); or
(c)
that the Authority has assumed control of under section 80(2)(c);
“payment entity” means any of the following:
(a)
a licensee;
(b)
a person licensed to carry on the business of issuing credit cards or charge
cards in Singapore under section 57B of the Banking Act (Cap. 19);
(c)
an operator of a designated payment system;
(d)
a settlement institution of a designated payment system.
“statutory adviser” means a statutory adviser appointed under section 80(2)(b);
“statutory manager” means a statutory manager appointed under section 80(2)(c).
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Action by Authority if the payment entity is unable to meet obligations, etc
80.—(1) The Authority may exercise one or more of the powers specified in subsection
(2) as appears to it to be necessary, where —
(a)
a payment entity 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 payment entity is insolvent, becomes unable to meet its obligations, or suspends
payments;
(c)
the Authority is of the opinion that the payment entity —
(i)
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;
(ii)
has contravened any of the provisions of this Act; or
(d)
the Authority considers it in the public interest to do so.
(2)
Subject to subsection (1), the Authority may —
(a)
require the payment entity to immediately take any action or to do or not to do any
act in relation to its business as the Authority may consider necessary;
(b)
appoint one or more persons as statutory adviser, on such terms as the Authority
may specify, to advise the payment entity on the proper management of its business
as the Authority may determine; or
(c)
assume control of and manage the business of the payment entity as the Authority
may determine, or appoint one or more persons as statutory manager to do so on
such terms as the Authority may specify.
(3)
Where the Authority appoints 2 or more persons as statutory manager of a payment
entity, the Authority must specify, in the terms 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 of such persons.
(4)
Where the Authority has exercised any power under subsection (2), it may, at any time
and without affecting its powers under section 12(2) or (3), 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 under subsection (2) in the exercise of such power, on such terms
as it may specify;
(b)
exercise any of the powers under subsection (2);
(c)
add to, vary or revoke any term the Authority has specified under this section.
(5)
A statutory manager or a statutory adviser incurs no liability 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 —
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