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(e)
Insurance Act (Cap. 142);
(f)
Monetary Authority of Singapore Act (Cap. 186);
(g)
Securities and Futures Act (Cap. 289);
(h)
such other Act as the Authority may prescribe.
“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;
“supervision”, in relation to a regulatory authority, means the taking of any action for or
in connection with the supervision of the licensee, an operator, a settlement institution
or a participant of a designated payment system, or any other person, regulated by the
regulatory authority.
Conditions for provision of assistance
87.—(1) The Authority may provide the assistance referred to in section 89 to a regulatory
authority of a foreign country if the Authority is satisfied that all of the following conditions
are fulfilled:
(a)
the assistance is intended to enable the regulatory authority, or any other authority
of the foreign country, to carry out the supervision, investigation or enforcement;
(b)
the regulatory authority has given a written undertaking that any material or copy
thereof obtained pursuant to its request shall not be used for any purpose other than
a purpose that is specified in the request and approved by the Authority;
(c)
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 (d)) 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;
(d)
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;
(e)
the material requested 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;
(f)
the matter to which the request relates is of sufficient gravity; and
(g)
the rendering of assistance will not be contrary to the public interest.
(2)
For the purposes of subsection (1)(c) and (d), “designated third party”, in relation to a
foreign country, means —
(a)
any person or body responsible for supervising the regulatory authority in question;
88
(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.
Other factors to consider for provision of assistance
88. In deciding whether to grant a request for assistance referred to in section 89 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; and
(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.
Assistance that may be rendered
89.—(1) Notwithstanding 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 furnish 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 furnish 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) shall have effect notwithstanding any
obligations as to secrecy or other restrictions upon the disclosure of information imposed by
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