tca2015-l4_scenario_test-simple.jl

{"num": "1", "text": "1.\u00a0\u00a0This Act is the Trust Companies Act 2005.", "return": ["A trust company is established in a jurisdiction where the Act is applicable.", "The application of the Act leads to confusion among trust companies and their clients.", "The Trust Companies Act 2005 is applied in a jurisdiction where trust companies are not commonly used."]}{"num": "2", "text": "2.\u00a0\u00a0In this Act, unless the context otherwise requires\u00a0\u2014\u201cadvocate and solicitor\u201d means an advocate and solicitor of the Supreme Court or a foreign lawyer as defined in section\u00a02(1) of the Legal Profession Act\u00a01966;\u201cAuthority\u201d means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act\u00a01970;\u201cbook\u201d includes any record, register, account, deed, writing and information, however compiled, recorded or stored, whether in written or printed form or on microfilm or in any other electronic form or otherwise;\u201ccapital markets products\u201d has the meaning given by section\u00a02(1) of the Securities and Futures Act\u00a02001;\u201cchief executive\u201d, in relation to a licensed trust company, means any person, by whatever name described, who\u00a0\u2014(a)is in the direct employment of, or acting for or by arrangement with, the licensed trust company; and(b)is principally responsible for the management and conduct of the business of the licensed trust company;\u201ccollective investment scheme\u201d has the meaning given by section\u00a02(1) of the Securities and Futures Act\u00a02001;\u201ccontroller\u201d, in relation to a licensed trust company, means a 20% controller, a 50% controller or an indirect controller as defined in section\u00a016(3);\u201ccorporation\u201d has the meaning given by section\u00a04(1) of the Companies Act\u00a01967;\u201cdirector\u201d has the meaning given by section\u00a04(1) of the Companies Act\u00a01967;\u201cexecutive officer\u201d, in relation to a licensed trust company, means any person, by whatever name described, who\u00a0\u2014(a)is in the direct employment of, or acting for or by arrangement with, the licensed trust company; and(b)is concerned with or takes part in the management of the licensed trust company on a day\u2011to\u2011day basis;\u201cexempt person\u201d means a person who is exempt under section\u00a015 from holding a licence for the carrying on of any trust business;\u201cfinancial year\u201d has the meaning given by section\u00a04(1) of the Companies Act\u00a01967;\u201cfutures contract\u201d has the meaning given by section\u00a02(1) of the Securities and Futures Act\u00a02001;\u201clicensed trust company\u201d means a corporation holding a trust business licence;\u201cofficer\u201d has the meaning given by section\u00a04(1) of the Companies Act\u00a01967;\u201cparent supervisory authority\u201d, in relation to a licensed trust company incorporated outside Singapore, means the supervisory authority which is responsible, under the laws of the country or territory where the licensed trust company is incorporated, formed or established, for supervising the licensed trust company;\u201cprotected party\u201d, in relation to a trust company, means a trust for which the trust company provides trust business services and includes the settlor and beneficiary under the trust;\u201crelated corporation\u201d has the meaning given by section\u00a04(1) of the Companies Act\u00a01967;\u201cresident manager\u201d means an individual resident in Singapore who, under the immediate authority of the directors of a licensed trust company, is responsible for the conduct of the trust business of the licensed trust company;\u201csecurities\u201d has the meaning given by section\u00a02(1) of the Securities and Futures Act\u00a02001;\u201cspecified securities-based derivatives contract\u201d has the meaning given by section\u00a02(1) of the Securities and Futures Act\u00a02001;\u201csubstantial shareholder\u201d has the meaning given by Division\u00a04 of Part\u00a04 of the Companies Act\u00a01967;\u201ctrust business\u201d means any business specified in the First\u00a0Schedule;\u201ctrust business licence\u201d means a licence granted by the Authority under section\u00a05 that authorises the holder of the licence to carry on trust business;\u201ctrust business service\u201d means any service in respect of any business specified in the First\u00a0Schedule;\u201cunit\u201d has the meaning given by section\u00a02(1) of the Securities and Futures Act\u00a02001;\u201cwritten directions\u201d means written directions issued by the Authority under section\u00a076.[2/2007; 10/2013; 4/2017]", "return": ["", "", ""]}{"num": "3", "text": "3.\u2014(1)\u00a0\u00a0Subject to subsection\u00a0(3), a person must not carry on any trust business or hold himself, herself or itself out as carrying on any trust business in or from within Singapore unless that person is a licensed trust company.(2)\u00a0\u00a0A licensed trust company must not, without the prior approval of the Authority, establish a place of business outside Singapore to carry on any business which, if carried on in Singapore, would constitute trust business.(3)\u00a0\u00a0Subsection\u00a0(1) does not apply to any person specified in the Second\u00a0Schedule.(4)\u00a0\u00a0Any person who contravenes subsection\u00a0(1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000 or to imprisonment for a term not exceeding 3\u00a0years or to both and, in the case of a continuing offence, to a further fine not exceeding $7,500 for every day or part of a day during which the offence continues after conviction.", "return": ["A foreign company wants to establish a trust business in Singapore.", "The company will be guilty of an offence and liable to a fine or imprisonment.", "A foreign company wants to establish a trust business in Singapore without obtaining a license."]}{"num": "4", "text": "4.\u2014(1)\u00a0\u00a0An application for a trust business licence must\u00a0\u2014(a)be made to the Authority in such form and manner as the Authority may require; and(b)be accompanied by the prescribed application fee, which is non\u2011refundable and which must be paid in the manner specified by the Authority.(2)\u00a0\u00a0The Authority may require an applicant to provide it with such information or documents as it considers necessary in relation to the application.", "return": ["The applicant is a foreign company applying for a trust business licence.", "The Authority requests additional documentation to verify the applicant's identity.", "The applicant is a non-resident and the Authority is unsure about the applicant's true identity."]}{"num": "5", "text": "5.\u2014(1)\u00a0\u00a0The Authority must not grant a trust business licence to an applicant therefor unless the applicant is\u00a0\u2014(a)a company incorporated under the Companies Act\u00a01967; or(b)a foreign company registered under Division\u00a02 of Part\u00a011 of the Companies Act\u00a01967.(2)\u00a0\u00a0A trust business licence may only be granted if the applicant meets such minimum financial and other requirements as the Authority may prescribe.(3)\u00a0\u00a0Subject to regulations made under this Act, where an application is made for the grant of a trust business licence, the Authority may refuse the application if\u00a0\u2014(a)the applicant has not provided the Authority with such information or document as the Authority may require in relation to\u00a0\u2014(i)the applicant or any person employed by or associated with the applicant for the purposes of its trust business; or(ii)any circumstances likely to affect the manner in which the applicant conducts its trust business;(b)any information or document that is provided by the applicant to the Authority is false or misleading;(c)the applicant or its substantial shareholder is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;(d)an enforcement order against the applicant or its substantial shareholder in respect of a judgment debt has been returned unsatisfied in whole or in part;[Act 25 of 2021 wef 01/04/2022](e)a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the applicant or its substantial shareholder;(f)the applicant or its substantial shareholder has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with its creditors, being a compromise or scheme of arrangement that is still in operation;(g)the applicant or its substantial shareholder, or any officer of the applicant\u00a0\u2014(i)has been convicted, whether in Singapore or elsewhere, of any offence involving fraud or dishonesty or the conviction for which involved a finding that the applicant, substantial shareholder or officer had acted fraudulently or dishonestly; or(ii)has been convicted of an offence under this Act;(h)the Authority is not satisfied as to the educational or other qualification or experience of the officers or employees of the applicant having regard to the nature of the duties they are to perform if the applicant were granted the trust business licence;(i)the applicant fails to satisfy the Authority that it is a fit and proper person to be licensed or that all of its officers, employees and substantial shareholders are fit and proper persons;(j)the Authority has reason to believe that the applicant may not be able to act in the best interests of any protected party having regard to the reputation, character, financial integrity and reliability of the applicant or its officers, employees or substantial shareholders;(k)the Authority is not satisfied as to the financial standing of the applicant or its substantial shareholders or the manner in which the applicant\u2019s trust business is to be conducted;(l)the Authority is not satisfied as to the record of past performance or expertise of the applicant, having regard to the nature of the trust business which the applicant may carry on if granted the trust business licence;(m)there are other circumstances which are likely\u00a0\u2014(i)to lead to the improper conduct of the applicant\u2019s trust business by the applicant or any of its officers, employees or substantial shareholders; or(ii)to reflect discredit on the manner in which the applicant or its substantial shareholders conduct its trust business;(n)the Authority has reason to believe that the applicant, or any of its officers or employees, will not efficiently, honestly or fairly perform any of the activities or provide any of the services for which the applicant seeks to be licensed; or(o)the Authority is of the opinion that it would be contrary to the interests of the public to grant the trust business licence to the applicant.(4)\u00a0\u00a0The Authority must not refuse an application for a trust business licence without giving the applicant an opportunity to be heard, except in the following circumstances:(a)the applicant is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;(b)a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the applicant; or(c)the applicant has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that it had acted fraudulently or dishonestly.", "return": ["The applicant has a history of fraudulent activities and is applying for a trust business licence.", "The Authority refuses to grant a trust business licence to the applicant.", "Applicant is a company incorporated under the Companies Act 1967 but has a history of fraudulent activities."]}{"num": "6", "text": "6.\u2014(1)\u00a0\u00a0Every licensed trust company must pay to the Authority such licence fee as may be prescribed.(2)\u00a0\u00a0Any licence fee paid to the Authority under this Act is not to be refunded or remitted if\u00a0\u2014(a)the licence is revoked or suspended or lapses during the period to which the licence fee relates; or(b)the licensed trust company ceases to carry on trust business during the period to which the licence fee relates.(3)\u00a0\u00a0Despite subsection\u00a0(2), the Authority may, where it considers appropriate, refund or remit the whole or part of any licence fee paid to it.", "return": ["A licensed trust company pays a licence fee to the Authority, but then ceases to carry on trust business during the period to which the licence fee relates.", "The licence fee is not refunded or remitted.", "The licensed trust company ceases to carry on trust business during the period to which the licence fee relates."]}{"num": "7", "text": "7.\u2014(1)\u00a0\u00a0The Authority may grant a trust business licence subject to such conditions or restrictions as it thinks fit.(2)\u00a0\u00a0The Authority may, at any time, by written notice to a licensed trust company, vary or revoke any condition or restriction or attach such further condition or restriction as it thinks fit.(3)\u00a0\u00a0Any licensed trust company which contravenes any condition or restriction attached to its trust business licence 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 of a day during which the offence continues after conviction.", "return": ["A trust company applies for a trust business licence and the Authority grants it with a condition that the company must establish a new department to oversee its trust business operations.", "The licensed trust company is unsure about the implications of the condition and seeks clarification from the Authority.", "The Authority grants a trust business licence with an unusual condition that is not clearly defined in the provision."]}{"num": "8", "text": "8.\u00a0\u00a0Any person who, in connection with an application for a trust business licence and without reasonable excuse\u00a0\u2014(a)makes any statement which is false or misleading in a material particular; or(b)omits to state any matter or thing without which the application is misleading in a material respect,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\u00a0months or to both.", "return": ["The applicant submits a false statement in their trust business licence application", "The applicant is convicted and fined $50,000", "The applicant has a history of dishonesty"]}{"num": "9", "text": "9.\u2014(1)\u00a0\u00a0Where\u00a0\u2014(a)a licensed trust company ceases to carry on any trust business;(b)any person has ceased to be a resident manager or a controller of a licensed trust company;(c)any civil or criminal proceedings have been instituted against a licensed trust company or any officer of the licensed trust company;(d)any change occurs in the name of a licensed trust company or the address of the principal place of business at which the licensed trust company carries on its trust business;(e)a licensed trust company has ceased to fulfil the minimum financial or other requirements prescribed by the Authority; or(f)any change occurs in relation to any other matters that may be prescribed,the licensed trust company must, not later than 14\u00a0days after the occurrence of the event, provide particulars of the event to the Authority in the prescribed form and manner.(2)\u00a0\u00a0Where a licensed trust company ceases to carry on any trust business, it must, within 14\u00a0days of the date of the cessation of its trust business, surrender to the Authority the trust business licence that has been granted to it.(3)\u00a0\u00a0Any licensed trust company which contravenes subsection\u00a0(1) or (2) shall be guilty of an offence.", "return": ["A licensed trust company changes its name or address.", "The licensed trust company is guilty of an offence.", "A licensed trust company fails to notify the Authority of a change in its name or address within the 14-day timeframe."]}{"num": "10", "text": "10.\u2014(1)\u00a0\u00a0The trust business licence of a licensed trust company lapses\u00a0\u2014(a)if the licensed trust company is wound up or otherwise dissolved, whether in Singapore or elsewhere; or(b)in the event of such other occurrence or in such other circumstances as may be prescribed.(2)\u00a0\u00a0The Authority may revoke or suspend the trust business licence of a licensed trust company in respect to all or any of the trust business services that are provided by the licensed trust company if\u00a0\u2014(a)there exists a ground on which the Authority may refuse an application under section\u00a05(3);(b)the licensed trust company fails or ceases to carry on any trust business;(c)the Authority has reason to believe that the licensed trust company, or any of its officers or employees, has not performed its, his or her duties efficiently, honestly or fairly;(d)the licensed trust company has contravened or is contravening\u00a0\u2014(i)any condition or restriction attached to its trust business licence;(ii)any direction issued to it by the Authority under this Act; or(iii)any provision of this Act;(e)upon the Authority exercising any power under section\u00a021C(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 licensed trust company, the Authority considers that it is in the public interest to revoke or suspend the trust business licence;[Act 18 of 2022 wef 10/05/2024](f)any information or document that is provided by the licensed trust company to the Authority is false or misleading; or(g)the interests of the public or of the protected parties of the licensed trust company are in any way prejudiced.[10/2013; 31/2017](3)\u00a0\u00a0The Authority must not revoke or suspend the trust business licence of a licensed trust company under subsection\u00a0(2) without giving the licensed trust company an opportunity to be heard, except in any of the following circumstances:(a)the licensed trust company is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;(b)a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the licensed trust company;(c)the licensed trust company has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that it had acted fraudulently or dishonestly.", "return": ["The licensed trust company is in the process of being wound up or otherwise dissolved.", "The trust business licence of the licensed trust company lapses.", "The licensed trust company is wound up or otherwise dissolved, whether in Singapore or elsewhere."]}{"num": "11", "text": "11.\u2014(1)\u00a0\u00a0A licensed trust company must not, without the sanction of the court and for so long as any trust in respect of which the licensed trust company is a trustee remains in whole or in part unadministered\u00a0\u2014(a)cease to carry on its trust business; or(b)surrender its trust business licence to the Authority.(2)\u00a0\u00a0Any licensed trust company which contravenes subsection\u00a0(1) 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 of a day during which the offence continues after conviction.", "return": ["A licensed trust company decides to cease its trust business without the sanction of the court.", "The licensed trust company is found guilty of an offence and is fined $25,000.", "The licensed trust company has a large number of trusts that are still unadministered."]}{"num": "12", "text": "12.\u2014(1)\u00a0\u00a0The persons who may apply under the Insolvency, Restructuring and Dissolution Act\u00a02018 for the winding up of the affairs of a licensed trust company, or for the continuance of the winding up of the affairs of a licensed trust company subject to the supervision of the court, include the Authority.[40/2018](2)\u00a0\u00a0The Authority may, in accordance with the provisions of the Insolvency, Restructuring and Dissolution Act\u00a02018, apply for the winding up of a licensed trust company if the licensed trust company has contravened any provision of this Act.[40/2018](3)\u00a0\u00a0The Authority is to be a party to any proceedings under the Insolvency, Restructuring and Dissolution Act\u00a02018 relating to the winding up of the affairs of a licensed trust company.[40/2018](4)\u00a0\u00a0The liquidator in any winding up mentioned in subsection\u00a0(3) must give to the Authority such information as the Authority may, from time to time, require about the affairs of the licensed trust company.(5)\u00a0\u00a0Any liquidator who contravenes subsection\u00a0(4) shall be guilty of an offence.", "return": ["The licensed trust company has failed to comply with a provision of this Act.", "The Authority applies for the winding up of the licensed trust company.", "The licensed trust company has contravened a provision of this Act, but the Authority is unsure if it should apply for winding up."]}{"num": "13", "text": "13.\u2014(1)\u00a0\u00a0A licensed trust company must not appoint a person as\u00a0\u2014(a)its resident manager; or(b)its director where, upon appointment, the person\u00a0\u2014(i)resides or is to reside in Singapore, whether or not he or she is directly responsible for its business in Singapore or any part of such business; or(ii)is directly responsible for its business in Singapore or any part of such business, whether he or she resides in Singapore or elsewhere,unless it has obtained the approval of the Authority.(2)\u00a0\u00a0Where a licensed trust company has obtained the approval of the Authority to appoint a person as its resident manager or director under subsection\u00a0(1), the person may be re\u2011appointed as resident manager or director (as the case may be) of the licensed trust company immediately upon the expiry of the earlier term without the approval of the Authority.(3)\u00a0\u00a0Without affecting any other matter that the Authority may consider relevant, the Authority may, in determining whether to grant its approval under subsection\u00a0(1), have regard to such requirements as may be prescribed or as may be specified in written directions.(4)\u00a0\u00a0The Authority must not refuse an application for approval under subsection\u00a0(1) without giving the licensed trust company an opportunity to be heard, except where the person proposed to be appointed\u00a0\u2014(a)is an undischarged bankrupt, whether in Singapore or elsewhere; or(b)has been convicted, whether in Singapore or elsewhere, of an offence\u00a0\u2014(i)involving fraud or dishonesty or the conviction for which involved a finding that he or she had acted fraudulently or dishonestly; and(ii)punishable with imprisonment for a term of 3\u00a0months or more.(5)\u00a0\u00a0Where the Authority refuses an application for approval under subsection\u00a0(1), the Authority need not give the person who was proposed to be appointed an opportunity to be heard.(6)\u00a0\u00a0Any licensed trust company which contravenes subsection\u00a0(1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.", "return": ["A licensed trust company applies for approval to appoint a person with a prior conviction as its resident manager", "The Authority refuses the application for approval", "The person proposed to be appointed has a prior conviction for fraud"]}{"num": "14", "text": "14.\u2014(1)\u00a0\u00a0Where the Authority is satisfied that an officer of a licensed trust company\u00a0\u2014(a)has wilfully contravened or wilfully caused the licensed trust company to contravene this Act;(b)has, without reasonable excuse, failed to enforce compliance with this Act;(c)has failed to discharge the duties or functions of the officer\u2019s office;(d)is an undischarged bankrupt, whether in Singapore or elsewhere;(e)has had an enforcement order against the officer in respect of a judgment debt returned unsatisfied in whole or in part;[Act 25 of 2021 wef 01/04/2022](f)has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with the officer\u2019s creditors, being a compromise or scheme of arrangement that is still in operation; or(g)has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that the officer had acted fraudulently or dishonestly,the Authority may, if it thinks it necessary in the interest of the public or of the protected parties of the licensed trust company, by written notice direct that licensed trust company to remove the officer from office or employment, and that licensed trust company must comply with the notice despite the provisions of section\u00a0152 of the Companies Act\u00a01967.(2)\u00a0\u00a0Without affecting any other matter that the Authority may consider relevant, the Authority must, in determining whether an officer of a licensed trust company has failed to discharge the duties or functions of his or her office for the purposes of subsection\u00a0(1)(c), have regard to such criteria as may be prescribed or as may be specified in written directions.(3)\u00a0\u00a0The Authority must not direct a licensed trust company to remove an officer from office or employment under subsection\u00a0(1) without giving that licensed trust company an opportunity to be heard, except in the following circumstances:(a)the officer is an undischarged bankrupt, whether in Singapore or elsewhere;(b)the officer has been convicted, whether in Singapore or elsewhere, of an offence\u00a0\u2014(i)involving fraud or dishonesty or the conviction for which involved a finding that the officer had acted fraudulently or dishonestly; and(ii)punishable with imprisonment for a term of 3\u00a0months or more.(4)\u00a0\u00a0Where the Authority directs a licensed trust company to remove an officer from office or employment under subsection\u00a0(1), the Authority need not give that officer an opportunity to be heard.(5)\u00a0\u00a0No civil or criminal liability is incurred by\u00a0\u2014(a)a licensed trust company; or(b)any person acting on behalf of the licensed trust company,in respect of anything done or omitted to be done with reasonable care and in good faith in the discharge or purported discharge of its obligations under this section.(6)\u00a0\u00a0Any licensed trust company which fails to comply with a notice issued by the Authority under subsection\u00a0(1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.", "return": ["The Authority is satisfied that an officer of a licensed trust company has wilfully contravened or wilfully caused the licensed trust company to contravene this Act.", "The Authority directs the licensed trust company to remove the officer from office or employment.", "The officer is an undischarged bankrupt, whether in Singapore or elsewhere."]}{"num": "15", "text": "15.\u2014(1)\u00a0\u00a0Subject to subsection\u00a0(9), the following persons are exempt from the requirement to hold a trust business licence in respect of the carrying on of trust business:(a)any bank licensed under the Banking Act\u00a01970 in respect of\u00a0\u2014(i)the provision of services in relation to the creation of an express trust;(ii)the arrangement for any person to act as trustee in relation to an express trust; or(iii)the provision of trust administration services which are procedural and non\u2011discretionary;(b)any merchant bank licensed under the Banking Act\u00a01970 in respect of\u00a0\u2014(i)the provision of services in relation to the creation of an express trust;(ii)the arrangement for any person to act as trustee in relation to an express trust; or(iii)the provision of trust administration services which are procedural and non-discretionary;(c)any holder of a capital markets services licence, or any person who is exempt from holding a capital markets services licence, for providing fund management or custodial services under the Securities and Futures Act\u00a02001, in respect of the provision of fund management or custodial services;(d)any other person or class of persons that may be prescribed;(e)any other person not falling within the description of paragraphs\u00a0(a) to (d) whom the Authority may, on the application of the person, by written notice so exempt.[4/2017; 1/2020](2)\u00a0\u00a0Any bank providing any trust business service referred to in subsection\u00a0(1)(a)(i) or (ii) must\u00a0\u2014(a)within 3\u00a0months from 1 February 2006 or one month from the date of commencement of its trust business, whichever is the later, notify the Authority in writing that it is providing such service; and(b)as soon as practicable, notify the Authority if it ceases to provide such service, but in any case no later than 14\u00a0days from the date of cessation.(3)\u00a0\u00a0Any merchant bank providing any trust business service referred to in subsection\u00a0(1)(b)(i) or (ii) must\u00a0\u2014(a)within 3\u00a0months from 1 February 2006 or one month from the date of commencement of its trust business, whichever is the later, notify the Authority in writing that it is providing such service; and(b)as soon as practicable, notify the Authority if it ceases to provide such service, but in any case no later than 14\u00a0days from the date of cessation.(4)\u00a0\u00a0The Authority may prescribe the provisions of this Act that apply to persons referred to in subsection\u00a0(1)(a), (b) and (c).(5)\u00a0\u00a0The Authority may prescribe or specify in written directions the provisions of this Act that apply to persons mentioned in subsection\u00a0(1)(d) and (e).(6)\u00a0\u00a0The Authority may prescribe or specify in written directions such conditions or restrictions as it thinks fit to impose on an exempt person in relation to the conduct of trust business or any related matter as the Authority thinks fit and the exempt person must comply with such conditions or restrictions.(7)\u00a0\u00a0The Authority may at any time vary, rescind or revoke any written direction issued under subsection\u00a0(5) or (6).(8)\u00a0\u00a0Any exempt person who contravenes\u00a0\u2014(a)subsection\u00a0(2) or (3);(b)any applicable provision of this Act as prescribed under subsection\u00a0(4) or (5) in relation to the exempt person; or(c)any condition or restriction imposed under subsection\u00a0(6),shall be guilty of an offence and shall be liable on conviction\u00a0\u2014(d)in the case of a contravention of any applicable provision of this Act, to the same penalties as are prescribed under this Act for any such contravention; and(e)in the case of a contravention of subsection\u00a0(2) or (3) or a contravention of any condition or restriction imposed under subsection\u00a0(6), 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.(9)\u00a0\u00a0The Authority may revoke an exemption conferred on any person by this section if\u00a0\u2014(a)the person contravenes any applicable provision of this Act or any condition or restriction imposed on that person under subsection\u00a0(6);(b)the person contravenes any written direction issued to it by the Authority; or(c)the Authority considers that the person is carrying on trust business in a manner that is, in the opinion of the Authority, contrary to the public interest.(10)\u00a0\u00a0Where the Authority revokes an exemption conferred on any person by this section, the Authority need not give the person an opportunity to be heard.(11)\u00a0\u00a0The revocation under subsection\u00a0(9) of the exemption conferred on any person by this section does not operate so as to\u00a0\u2014(a)avoid or affect any agreement, transaction or arrangement relating to any trust business entered into by the person, whether the agreement, transaction or arrangement was entered into before or after the revocation of the exemption; or(b)affect any right, obligation or liability arising under any such agreement, transaction or arrangement.(12)\u00a0\u00a0Any person who is aggrieved by a decision of the Authority made under subsection\u00a0(9) may, within 30\u00a0days after being notified of the decision of the Authority, appeal to the Minister whose decision is final.", "return": ["A bank or merchant bank is providing trust business services and is exempt from holding a trust business licence.", "The exempt persons would still need to comply with certain requirements and notifications.", "Interpretation of the provision might be hairy in cases where banks or merchant banks are exempt from holding a trust business licence."]}{"num": "16", "text": "16.\u2014(1)\u00a0\u00a0A person must not become\u00a0\u2014(a)a 20% controller;(b)a 50% controller; or(c)an indirect controller,of a licensed trust company incorporated in Singapore without obtaining the prior approval of the Authority in accordance with section\u00a017.(2)\u00a0\u00a0Where any person becomes a controller of a licensed trust company that is incorporated outside Singapore, the licensed trust company must notify the Authority in writing as soon as practicable after the acquisition of the control.(3)\u00a0\u00a0In this section\u00a0\u2014\u201c20% controller\u201d means a person who, alone or together with the person\u2019s associates\u00a0\u2014(a)holds 20% or more but less than 50% of the total number of issued shares in the licensed trust company; or(b)is in a position to control voting power of 20% or more but less than 50% in the licensed trust company;\u201c50% controller\u201d means a person who, alone or together with the person\u2019s associates\u00a0\u2014(a)holds 50% or more of the total number of issued shares in the licensed trust company; or(b)is in a position to control voting power of 50% or more in the licensed trust company;\u201cindirect controller\u201d 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 licensed trust company\u00a0\u2014(a)in accordance with whose directions, instructions or wishes the directors of the licensed trust 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 licensed trust company,but does not include any person\u00a0\u2014(c)who is a director or other officer of the licensed trust company whose appointment has been approved by the Authority; or(d)in accordance with whose directions, instructions or wishes the directors of the licensed trust company are accustomed to act by reason only that they act on advice given by the person in the person\u2019s professional capacity.(4)\u00a0\u00a0For the purposes of subsection\u00a0(3)\u00a0\u2014(a)a person holds a share if\u00a0\u2014(i)the person is deemed to have an interest in that share under section\u00a07(6) to (10) of the Companies Act\u00a01967; or(ii)the person otherwise has a legal or an equitable interest in that share except for such interest as is to be disregarded under section\u00a07(6) to (10) of the Companies Act\u00a01967;(b)a reference to the control of a percentage of the voting power in a licensed trust 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 licensed trust company; and(c)a person, A, is an associate of another person, B, if\u00a0\u2014(i)A is the spouse or a parent, remoter lineal ancestor or step\u2011parent or a son, daughter, remoter issue, stepson or stepdaughter 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;(iii)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;(iv)A is a subsidiary of B;(v)A is a body corporate in which B, alone or together with other associates of B as described in sub\u2011paragraphs\u00a0(ii), (iii) and (iv), is in a position to control at least 20% of the voting power in A; or (vi)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 licensed trust company.[35/2014](5)\u00a0\u00a0In subsection\u00a0(4)(c), \u201csubsidiary\u201d has the meaning given by section\u00a05 of the Companies Act\u00a01967.[35/2014]", "return": ["A person acquires 20% of the shares in a licensed trust company without notifying the Authority.", "The Authority may take enforcement action against the person and the licensed trust company.", "A person becomes a 20% controller of a licensed trust company without obtaining prior approval of the Authority."]}{"num": "17", "text": "17.\u2014(1)\u00a0\u00a0An application for the approval of the Authority as required under section\u00a016(1) must be made to the Authority in such form and manner as the Authority may require and the Authority may grant such approval to the applicant therefor if the Authority is satisfied that\u00a0\u2014(a)the applicant is a fit and proper person; and(b)having regard to the applicant\u2019s likely influence, the licensed trust company is likely to continue to conduct its business prudently and comply with the provisions of this Act and directions made under this Act.(2)\u00a0\u00a0Any 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\u00a0\u2014(a)restricting the person\u2019s disposal or further acquisition of shares or voting power in the licensed trust company; or(b)restricting the person\u2019s exercise of voting power in the licensed trust company.(3)\u00a0\u00a0Any condition imposed under subsection\u00a0(2) has effect despite any provision of the Companies Act\u00a01967 or anything contained in the memorandum or articles of association of the licensed trust company.", "return": ["The applicant has a history of misconduct", "The Authority may not grant approval", "The applicant is not a fit and proper person"]}{"num": "18", "text": "18.\u2014(1)\u00a0\u00a0The Authority may serve a written notice of objection on any person mentioned in section\u00a016 if the Authority is satisfied that\u00a0\u2014(a)any condition of approval imposed on the person under section\u00a017(2) has not been complied with;(b)the person is not or ceases to be a fit and proper person;(c)having regard to the likely influence of the person, the licensed trust company is not able to or is no longer likely to conduct its business prudently or to comply with the provisions of this Act or any direction made under this Act;(d)the person has provided false or misleading information or documents in connection with an application under section\u00a017; or(e)the Authority would not have granted its approval under section\u00a017 had it been aware, at that time, of circumstances relevant to the person\u2019s application for such approval.(2)\u00a0\u00a0The Authority must not serve a notice of objection on any person without giving the person an opportunity to be heard, except in the following circumstances:(a)the person is in the course of being wound up or otherwise dissolved, or in the case of an individual, in the course of bankruptcy proceedings, whether in Singapore or elsewhere;(b)a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the person;(c)the person has been convicted, whether in Singapore or elsewhere, of any offence involving fraud or dishonesty or the conviction for which involved a finding that the person had acted fraudulently or dishonestly.(3)\u00a0\u00a0Any person served with a notice of objection under this section must comply with the requirements of the notice.", "return": ["The Authority is satisfied that a person has not complied with a condition of approval", "The person is given an opportunity to be heard, except in certain circumstances", "The Authority serves a written notice of objection on a person mentioned in section 16 due to non-compliance with a condition of approval"]}{"num": "19", "text": "19.\u00a0\u00a0A licensed trust company must provide to the Authority, in such form and manner as the Authority may prescribe, information relating to its controllers and the quantity of their control in the licensed trust company.", "return": ["A licensed trust company has a complex ownership structure", "The Authority requests additional information to clarify the control structure", "The licensed trust company has multiple controllers with varying levels of control"]}{"num": "20", "text": "20.\u2014(1)\u00a0\u00a0Any person who contravenes section\u00a016(1), 18(3) or 19 or any condition imposed under section\u00a017(2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.(2)\u00a0\u00a0Where a person is charged with an offence in respect of a contravention of section\u00a016(1), it is a defence for the person to prove that\u00a0\u2014(a)the person was not aware that the person had contravened that provision; and(b)the person has, within 14\u00a0days of becoming aware that the person had contravened that provision, notified the Authority of the contravention and, within the time determined by the Authority, taken such actions in relation to the person\u2019s shareholding or control of the voting power in the licensed trust company as the Authority may direct.(3)\u00a0\u00a0Where a person is charged with an offence in respect of a contravention of section\u00a016(1), it is also a defence for the person to prove that, even though the person was aware of the contravention\u00a0\u2014(a)the contravention occurred as a result of an increase in the shareholding as described in section\u00a016(4)(a) or in the voting power controlled by any of the person\u2019s associates described in section\u00a016(4)(c)(i);(b)the person 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 licensed trust company; and(c)the person has, within 14\u00a0days of the date of the contravention, notified the Authority of the contravention and, within such time as may be determined by the Authority, taken such action in relation to the person\u2019s shareholding or control of the voting power in the licensed trust company as the Authority may direct.(4)\u00a0\u00a0Except as provided in subsections\u00a0(2) and (3), it is not a defence for a person charged with an offence in respect of a contravention of section\u00a016(1) to prove that the person did not intend to or did not knowingly contravene that provision.", "return": ["A person contravenes section 16(1) unintentionally and takes corrective action within 14 days.", "The person is not guilty of an offence.", "A person is unaware that they have contravened section 16(1) and notifies the Authority within 14 days of becoming aware of the contravention."]}{"num": "21", "text": "21.\u2014(1)\u00a0\u00a0A licensed trust company must not, without obtaining the prior approval of the Authority, acquire or hold more than\u00a0\u2014(a)20% of the total number of issued shares; or(b)20% of the voting power,in a corporation, unless it acquires or holds such shares or voting power in the course of acting as a trustee.(2)\u00a0\u00a0Any licensed trust company which contravenes subsection\u00a0(1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.", "return": ["A licensed trust company acquires shares in a corporation without obtaining the prior approval of the Authority.", "The licensed trust company is guilty of an offence and is liable to a fine not exceeding $50,000.", "A licensed trust company acquires 25% of the total number of issued shares in a corporation without obtaining the prior approval of the Authority."]}{"num": "21A", "text": "21A.\u00a0\u00a0In this Part, unless the context otherwise requires \u2014\u201cbusiness\u201d includes affairs and property;\u201coffice holder\u201d, in relation to a licensed trust company, means any person acting as the liquidator, the provisional liquidator, the receiver or the receiver and manager of the licensed trust company, or acting in an equivalent capacity in relation to the licensed trust company;\u201crelevant business\u201d means any business of a licensed trust company\u00a0\u2014(a)which the Authority has assumed control of under section\u00a021C; or(b)in relation to which a statutory adviser or a statutory manager has been appointed under section\u00a021C;\u201cstatutory adviser\u201d means a statutory adviser appointed under section\u00a021C;\u201cstatutory manager\u201d means a statutory manager appointed under section\u00a021C.[10/2013]", "return": ["The licensed trust company is experiencing financial difficulties", "The licensed trust company is subject to the Authority's control", "The Authority has assumed control of a licensed trust company under section 21C"]}{"num": "21B", "text": "21B.\u2014(1)\u00a0\u00a0Any licensed trust 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)\u00a0\u00a0Any licensed trust company which contravenes subsection\u00a0(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.[10/2013]", "return": ["A licensed trust company is experiencing financial difficulties and is considering whether to inform the Authority.", "The licensed trust company is convicted and fined $50,000 for failing to inform the Authority of its insolvency.", "A licensed trust company is on the brink of insolvency and is unsure whether to inform the Authority."]}{"num": "21C", "text": "21C.\u2014(1)\u00a0\u00a0The Authority may exercise any one or more of the powers specified in subsection\u00a0(2) as appears to it to be necessary, where\u00a0\u2014(a)a licensed trust 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 licensed trust company becomes unable to meet its obligations, or is insolvent, or suspends payments;(c)the Authority is of the opinion that a licensed trust company\u00a0\u2014(i)is carrying on its business in a manner likely to be detrimental to the interests of the public or a section of the public or of the protected parties of the licensed trust company;(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 or restriction attached to its trust business licence; or(d)the Authority considers it in the public interest to do so.[10/2013](2)\u00a0\u00a0Subject to subsections (1) and (3), the Authority may\u00a0\u2014(a)require the licensed trust 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 licensed trust company on the proper management of such of the business of the licensed trust company as the Authority may determine; or(c)assume control of and manage such of the business of the licensed trust 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)\u00a0\u00a0In the case of a licensed trust company incorporated outside Singapore, any appointment of a statutory adviser or statutory manager or any assumption of control by the Authority of any business of the licensed trust company under subsection\u00a0(2) must only be in relation to\u00a0\u2014(a)the business or affairs of the licensed trust company carried on in, or managed in or from, Singapore; or(b)the property of the licensed trust company located in Singapore, or reflected in the books of the licensed trust company in Singapore (as the case may be) in relation to its operations in Singapore.[10/2013](4)\u00a0\u00a0Where the Authority appoints 2 or more persons as the statutory manager of a licensed trust company, the Authority must specify, in the terms and conditions of the appointment, which of the duties, functions and powers of the statutory manager\u00a0\u2014(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](5)\u00a0\u00a0Where the Authority has exercised any power under subsection\u00a0(2), it may, at any time and without affecting its power under section\u00a010(2)(e), 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\u00a0(2);(c)add to, vary or revoke any term or condition specified by the Authority under this section.[10/2013](6)\u00a0\u00a0No 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\u00a0\u2014(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](7)\u00a0\u00a0Any licensed trust company that fails to comply with a requirement imposed by the Authority under subsection\u00a0(2)(a) 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]", "return": ["Licensed trust company becomes unable to meet its obligations", "Authority exercises powers specified in subsection (2)", "Licensed trust company informs the Authority that it is or is likely to become insolvent"]}{"num": "21D", "text": "21D.\u2014(1)\u00a0\u00a0Upon assuming control of the relevant business of a licensed trust company, the Authority or statutory manager (as the case may be) must take custody or control of the relevant business.[10/2013](2)\u00a0\u00a0During the period when the Authority or statutory manager is in control of the relevant business of a licensed trust company, the Authority or statutory manager\u00a0\u2014(a)must manage the relevant business of the licensed trust company in the name of and on behalf of the licensed trust company; and(b)is deemed to be an agent of the licensed trust company.[10/2013](3)\u00a0\u00a0In managing the relevant business of a licensed trust company, the Authority or statutory manager\u00a0\u2014(a)must take into consideration the interests of the public or the section of the public mentioned in section\u00a021C(1)(c)(i), or of the protected parties of the licensed trust company; and(b)has all the duties, powers and functions of the members of the board of directors of the licensed trust company (collectively and individually) under this Act, the Companies Act\u00a01967 and the constitution of the licensed trust company, including powers of delegation, in relation to the relevant business of the licensed trust company; but nothing in this paragraph requires the Authority or statutory manager to call any meeting of the licensed trust company under the Companies Act\u00a01967 or the constitution of the licensed trust company.[10/2013](4)\u00a0\u00a0Despite any written law or rule of law, upon the assumption of control of the relevant business of a licensed trust company by the Authority or statutory manager, any appointment of a person as the chief executive or a director of the licensed trust 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 licensed trust company, for the person to remain in the appointment.[10/2013](5)\u00a0\u00a0Despite 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 licensed trust company, except with the approval of the Authority, a person must not be appointed as the chief executive or a director of the licensed trust company.[10/2013](6)\u00a0\u00a0Where the Authority has given its approval under subsection\u00a0(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 licensed trust company, the Authority may at any time, by written notice to the person and the licensed trust company, revoke that approval, and the appointment is deemed to be revoked on the date specified in the notice.[10/2013](7)\u00a0\u00a0Despite any written law or rule of law, if any person, whose appointment as the chief executive or a director of a licensed trust company is revoked under subsection\u00a0(4) or (6), acts or purports to act after the revocation as the chief executive or a director of the licensed trust company during the period when the Authority or statutory manager is in control of the relevant business of the licensed trust company\u00a0\u2014(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)\u00a0\u00a0Despite any written law or rule of law, if any person who is appointed as the chief executive or a director of a licensed trust company in contravention of subsection\u00a0(5) acts or purports to act as the chief executive or a director of the licensed trust company during the period when the Authority or statutory manager is in control of the relevant business of the licensed trust company\u00a0\u2014(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)\u00a0\u00a0During the period when the Authority or statutory manager is in control of the relevant business of a licensed trust company\u00a0\u2014(a)if there is any conflict or inconsistency between\u00a0\u2014(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\u2011paragraph\u00a0(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 licensed trust company,the direction or decision mentioned in sub\u2011paragraph\u00a0(i) prevails over the direction or decision mentioned in sub\u2011paragraph\u00a0(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 licensed trust 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)\u00a0\u00a0Any person who is guilty of an offence under subsection\u00a0(7) or (8) shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 3\u00a0years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.[10/2013](11)\u00a0\u00a0In this section, \u201cconstitution\u201d, in relation to a licensed trust company, means the memorandum of association and articles of association of the licensed trust company.[10/2013]", "return": ["The Authority or statutory manager takes custody or control of the relevant business of a licensed trust company", "The Authority or statutory manager manages the business in the name of the licensed trust company", "Assuming control of a licensed trust company's business"]}{"num": "21E", "text": "21E.\u2014(1)\u00a0\u00a0The Authority must cease to be in control of the relevant business of a licensed trust company when the Authority is satisfied that\u00a0\u2014(a)the reasons for the Authority\u2019s assumption of control of the relevant business have ceased to exist; or(b)it is no longer necessary in the interests of the public or the section of the public mentioned in section\u00a021C(1)(c)(i) or for the protection of the protected parties of the licensed trust company.[10/2013](2)\u00a0\u00a0A statutory manager is deemed to have assumed control of the relevant business of a licensed trust company on the date of the statutory manager\u2019s appointment as a statutory manager.[10/2013](3)\u00a0\u00a0The appointment of a statutory manager in relation to the relevant business of a licensed trust company may be revoked by the Authority at any time\u00a0\u2014(a)if the Authority is satisfied that\u00a0\u2014(i)the reasons for the appointment have ceased to exist; or(ii)it is no longer necessary in the interests of the public or the section of the public mentioned in section\u00a021C(1)(c)(i) or for the protection of the protected parties of the licensed trust company; or(b)on any other ground,and upon the revocation, the statutory manager ceases to be in control of the relevant business of the licensed trust company.[10/2013](4)\u00a0\u00a0The Authority must, as soon as practicable, publish in the Gazette the date, and any other particulars that the Authority thinks fit, of\u00a0\u2014(a)the Authority\u2019s assumption of control of the relevant business of a licensed trust company;(b)the cessation of the Authority\u2019s control of the relevant business of a licensed trust company;(c)the appointment of a statutory manager in relation to the relevant business of a licensed trust company; and(d)the revocation of a statutory manager\u2019s appointment in relation to the relevant business of a licensed trust company.[10/2013]", "return": ["The Authority is considering revoking the appointment of a statutory manager", "The statutory manager's appointment is revoked", "The Authority is not satisfied that the reasons for the appointment of a statutory manager have ceased to exist"]}{"num": "21F", "text": "21F.\u2014(1)\u00a0\u00a0During the period when the Authority or statutory manager is in control of the relevant business of a licensed trust company\u00a0\u2014(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 licensed trust 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 or book of the licensed trust company which is comprised in, forms part of or relates to the relevant business of the licensed trust company, and which is in the person\u2019s 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 licensed trust 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\u2019s or statutory manager\u2019s duties or functions, or the exercise of the Authority\u2019s or statutory manager\u2019s powers, in relation to the licensed trust company, within such time and in such manner as may be specified by the Authority or statutory manager.[10/2013; 40/2019](2)\u00a0\u00a0Any person who \u2014(a)without reasonable excuse, fails to comply with subsection\u00a0(1)(b); or(b)in purported compliance with subsection\u00a0(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 $50,000 or to imprisonment for a term not exceeding 3\u00a0years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.[10/2013]", "return": ["The licensed trust company is under the control of the Authority or statutory manager, and the former director is withholding information necessary for the discharge of the Authority's or statutory manager's duties.", "The Authority or statutory manager applies to the General Division of the High Court for a direction to compel the former director to provide the required information.", "A former director of a licensed trust company refuses to provide information to the Authority or statutory manager."]}{"num": "21G", "text": "21G.\u2014(1)\u00a0\u00a0The Authority may at any time fix the remuneration and expenses to be paid by a licensed trust company\u00a0\u2014(a)to a statutory manager or statutory adviser appointed in relation to the licensed trust company, whether or not the appointment has been revoked; and(b)where the Authority has assumed control of the relevant business of the licensed trust company, to the Authority and any person appointed by the Authority under section\u00a073 in relation to the Authority\u2019s assumption of control of the relevant business, whether or not the Authority has ceased to be in control of the relevant business.[10/2013](2)\u00a0\u00a0The licensed trust company must reimburse the Authority any remuneration and expenses payable by the licensed trust company to a statutory manager or statutory adviser.[10/2013]", "return": ["The licensed trust company is under the control of the Authority.", "The Authority will fix the remuneration and expenses to be paid to the statutory manager or statutory adviser.", "The Authority has assumed control of the relevant business of the licensed trust company, but the statutory manager or statutory adviser has not been appointed yet."]}{"num": "21H", "text": "21H.\u00a0\u00a0In this Part, unless the context otherwise requires \u2014\u201cbusiness\u201d includes affairs, property, right, obligation and liability;\u201cCourt\u201d means the General Division of the High Court;\u201cdebenture\u201d has the meaning given by section\u00a04(1) of the Companies Act\u00a01967;\u201cproperty\u201d includes property, right and power of every description;\u201cRegistrar of Companies\u201d means the Registrar of Companies appointed under the Companies Act\u00a01967 and includes any Deputy or Assistant Registrar of Companies appointed under that Act;\u201ctransferee\u201d means a licensed trust company, or a corporation which has applied or will be applying for a trust business licence, to which the whole or any part of a transferor\u2019s business is, is to be or is proposed to be transferred under this Part;\u201ctransferor\u201d means a licensed trust 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]", "return": ["A trust company is transferring its business to another licensed trust company", "The transferee is liable for the transferor's obligations", "Interpretation of 'business' in the context of a transfer of business"]}{"num": "21I", "text": "21I.\u2014(1)\u00a0\u00a0A transferor may transfer the whole or any part of its business (including any business that is not trust business) to a transferee, if\u00a0\u2014(a)the Authority has consented to the transfer;(b)the transfer involves the whole or any part of the trust business of the transferor; and(c)the Court has approved the transfer.[10/2013](2)\u00a0\u00a0Subsection\u00a0(1) does not affect the right of a licensed trust company to transfer the whole or any part of its business under any law.[10/2013](3)\u00a0\u00a0The Authority may consent to a transfer under subsection\u00a0(1)(a) if the Authority is satisfied that\u00a0\u2014(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)\u00a0\u00a0The 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\u2019s business (or any part thereof) under this Part.[10/2013](5)\u00a0\u00a0The remuneration and expenses of any person appointed under subsection\u00a0(4) must be paid by the transferor and the transferee jointly and severally.[10/2013](6)\u00a0\u00a0The Authority must serve a copy of any report provided under subsection\u00a0(4) on the transferor and the transferee.[10/2013](7)\u00a0\u00a0The 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)\u00a0\u00a0Any person who\u00a0\u2014(a)without reasonable excuse, fails to comply with any requirement under subsection\u00a0(7); or(b)in purported compliance with any requirement under subsection\u00a0(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 $50,000 or to imprisonment for a term not exceeding 3\u00a0years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.[10/2013](9)\u00a0\u00a0Where a person claims, before providing the Authority with any information or document that the person is required to provide under subsection\u00a0(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\u00a0(8).[10/2013]", "return": ["The transferor wants to transfer its trust business to a transferee", "The Authority does not consent to the transfer", "The transferee is not a fit and proper person"]}{"num": "21J", "text": "21J.\u2014(1)\u00a0\u00a0A 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)\u00a0\u00a0Before making an application under subsection\u00a0(1)\u00a0\u2014(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\u00a021I(1)(a);(c)the transferor and the transferee must, if they intend to serve on their respective protected parties a summary of the transfer, obtain the Authority\u2019s approval of the summary;(d)the transferor must, at least 15\u00a0days before the application is made but not earlier than one month after the report mentioned in paragraph\u00a0(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\u2019s intention to make the application and containing any other particulars that 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\u00a0(a) for a period of 15\u00a0days after the publication of the notice mentioned in paragraph\u00a0(d) in the Gazette; and(f)unless the Court directs otherwise, the transferor and the transferee must serve on their respective protected parties affected by the transfer, at least 15\u00a0days before the application is made, a copy of the report mentioned in paragraph\u00a0(a) or a summary of the transfer approved by the Authority under paragraph\u00a0(c).[10/2013](3)\u00a0\u00a0The Authority and any person who, in the opinion of the Court, is likely to be affected by the transfer\u00a0\u2014(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)\u00a0\u00a0The Court must not approve the transfer if the Authority has not consented under section\u00a021I(1)(a) to the transfer.[10/2013](5)\u00a0\u00a0The Court may, after taking into consideration the views (if any) of the Authority on the transfer\u00a0\u2014(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)\u00a0\u00a0If the transferee is not granted a trust business 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 trust business licence by the Authority.[10/2013](7)\u00a0\u00a0The 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)\u00a0\u00a0Any order under subsection\u00a0(7) may\u00a0\u2014(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)\u00a0\u00a0Subject to subsection\u00a0(10), where an order made under subsection\u00a0(7) provides for the transfer to the transferee of the whole or any part of the transferor\u2019s business, then by virtue of the order the business (or part thereof) 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)\u00a0\u00a0No order under subsection\u00a0(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)\u00a0\u00a0If any business specified in an order under subsection\u00a0(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)\u00a0\u00a0Where an order is made under this section, the transferor and the transferee must each lodge within 7\u00a0days after the order is made\u00a0\u2014(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)\u00a0\u00a0A transferor or transferee which contravenes subsection\u00a0(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]", "return": ["", "", ""]}{"num": "22", "text": "22.\u00a0\u00a0Where a licensed trust company is appointed executor of the will of any testator, the licensed trust company may apply to the court for probate of the will and, if probate is granted, to exercise and discharge all the powers and duties of an executor.", "return": ["A wealthy individual passes away, leaving a complex estate with multiple beneficiaries", "The court grants probate and the licensed trust company exercises its powers and duties as executor", "The licensed trust company is also a beneficiary of the will"]}{"num": "23", "text": "23.\u2014(1)\u00a0\u00a0Subject to subsection\u00a0(3), where any person is entitled to apply for probate of the will of any testator without leave being reserved to any other person to apply for probate, it is lawful for the person, whether absent from Singapore or not, and despite the provisions of any other written law, instead of the person applying for probate, to authorise a licensed trust company to apply to the court for a grant of administration with the will of the testator annexed, and such a grant may be made to the licensed trust company upon its own application, when so authorised.(2)\u00a0\u00a0Subject to subsection\u00a0(3), where any person is entitled to apply for letters of administration with the will of any testator annexed, it is lawful for the person, whether absent from Singapore or not, and despite the provisions of any other written law, to authorise a licensed trust company, either alone or jointly with any other person, to apply to the court for a grant of letters of administration with the will of the testator annexed, and such a grant may be made to the licensed trust company upon its own application, when so authorised.(3)\u00a0\u00a0Subsections\u00a0(1) and (2) do not apply to a case in which a will provides that the licensed trust company must not act as executor or in the trusts thereof.(4)\u00a0\u00a0Despite the provisions of any other written law, any person or persons entitled to apply for letters of administration of the estate of any intestate, whether the person or persons are absent from Singapore or not, may authorise a licensed trust company to apply to the court for such letters of administration, either alone or jointly with any other person, and administration of the estate of the intestate may be granted to the licensed trust company, either alone or jointly, upon its own application, when so authorised.(5)\u00a0\u00a0For the purposes of any application to the court for letters of administration of the estate of any deceased person, the court is to consider a licensed trust company, when authorised under subsection\u00a0(4), to be in law entitled equally with any other person or class of persons to apply for and obtain a grant, but a licensed trust company, being so entitled, is not on that account alone to be preferred to the widower, widow or next of kin of any intestate.(6)\u00a0\u00a0A grant of probate or of letters of administration is not to be made to an agent or a nominee on behalf of a licensed trust company.", "return": ["A licensed trust company is authorised to apply for a grant of administration with the will of the testator annexed.", "The licensed trust company is not granted administration of the estate.", "The testator has specified in their will that the licensed trust company must not act as executor or in the trusts thereof."]}{"num": "24", "text": "24.\u2014(1)\u00a0\u00a0In all cases in which a licensed trust company is empowered under this Act to apply for probate or for letters of administration, any application, declaration, account or affidavit or other necessary document may be made or sworn by any officer of the company duly authorised by the licensed trust company in that behalf. [42/2005](2)\u00a0\u00a0Subject to subsection\u00a0(3), any officer of a licensed trust company appointed by the licensed trust company for that purpose may, on behalf of the licensed trust company, sign any application, account or statement, take any oath, swear any affidavit, make any declaration, verify any act, attend at any court or place, and do any act or thing whatsoever, which may be required to be signed, taken, sworn, made, verified, given or done on behalf of the licensed trust company. [42/2005](3)\u00a0\u00a0Nothing in this Act confers upon any person, not otherwise entitled thereto, any right to appear or be heard before or in any court on behalf of a licensed trust company or to do any act whatsoever on behalf of a licensed trust company which could otherwise be lawfully done only by an advocate and solicitor.", "return": ["The licensed trust company is short-staffed", "The application is delayed", "The licensed trust company has no officers available to make the application"]}{"num": "25", "text": "25.\u2014(1)\u00a0\u00a0Despite the provisions of the Probate and Administration Act\u00a01934, a licensed trust company to which a grant of letters of administration has been made is not required to provide security for the due administration of the estate.(2)\u00a0\u00a0Despite the provisions of the Probate and Administration Act\u00a01934 or any other written law, a licensed trust company appointed by the court to perform the duties of receiver, guardian, committee or any other office or trust is not required to provide security for the due performance of such duties.", "return": ["A licensed trust company is appointed by the court to perform the duties of receiver", "The court may still require the licensed trust company to provide security", "The licensed trust company is not a fit and proper person to hold the office or trust"]}{"num": "26", "text": "26.\u2014(1)\u00a0\u00a0A licensed trust company must not be any of the following:(a)a guardian of the person of an infant;(b)a donee of a lasting power of attorney which is granted by an individual under the Mental Capacity Act\u00a02008, and under which that individual confers on the donee authority to make decisions in relation to the personal welfare of that individual;(c)a deputy who is appointed or deemed to be appointed for an individual by the court under the Mental Capacity Act\u00a02008, and who is conferred power to make decisions in relation to the personal welfare of that individual.[16/2016](2)\u00a0\u00a0Any licensed trust company which accepts any appointment in contravention of subsection\u00a0(1) shall be guilty of an offence.", "return": ["A licensed trust company is appointed as a guardian of the person of an infant.", "The licensed trust company is guilty of an offence.", "A licensed trust company is appointed as a guardian of the person of an infant."]}{"num": "27", "text": "27.\u2014(1)\u00a0\u00a0A licensed trust company or any of its employees involved in the management of the assets of an express trust must not enter into any transaction for the purchase or sale of any capital markets products for its, his or her own account unless all instructions to purchase or sell the capital markets products of the same class for the account of the trust have been fulfilled.[4/2017](2)\u00a0\u00a0Any person who contravenes subsection\u00a0(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\u00a0years or to both.", "return": ["A trust company is managing the assets of an express trust and is also involved in buying and selling capital markets products for its own account.", "The trust suffers a financial loss as a result of the trust company's actions.", "The trust company has a conflict of interest and prioritizes its own account over the trust's account."]}{"num": "28", "text": "28.\u2014(1)\u00a0\u00a0Where a licensed trust company acts as a trustee of any express trust, the licensed trust company must keep, or cause to be kept, such books as will sufficiently explain the transactions entered into by the licensed trust company on behalf of the trust and the financial position of the trust.(2)\u00a0\u00a0A licensed trust company must keep, or cause to be kept, the books relating to the company as will\u00a0\u2014(a)sufficiently explain the transactions and financial position of its business; and(b)enable true and fair profit and loss accounts and balance sheets to be prepared from time to time,and its books must be kept in such a manner as will enable them to be conveniently and properly audited.(3)\u00a0\u00a0An entry in the books of a licensed trust company required to be kept in accordance with this section is deemed to have been made by, or with the authority of, the licensed trust company.(4)\u00a0\u00a0A licensed trust company must retain such books as may be required to be kept under this Act for a period of at least 5\u00a0years.[2/2007](5)\u00a0\u00a0A licensed trust company must\u00a0\u2014(a)provide such returns and records in such form and manner as may be prescribed or as may be notified by the Authority in writing; and(b)provide such information relating to its business as the Authority may require.(6)\u00a0\u00a0The Authority may, without limiting section\u00a082(1), make regulations in respect of all or any of the matters in this section, including the keeping of such books, by a licensed trust company, in such form and manner as the Authority may prescribe.(7)\u00a0\u00a0Any licensed trust company which, without reasonable excuse, contravenes subsection\u00a0(1), (2) or (4) or any regulations made under subsection\u00a0(6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.(8)\u00a0\u00a0Any licensed trust company which, without reasonable excuse, contravenes subsection\u00a0(5) 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.", "return": ["A licensed trust company is audited and found to be non-compliant with the provision.", "The licensed trust company is fined $50,000 and required to rectify the issue.", "A licensed trust company fails to keep proper books and records, leading to inaccurate financial reporting and potential legal issues."]}{"num": "29", "text": "29.\u2014(1)\u00a0\u00a0A licensed trust company must appoint an auditor to audit its accounts and where, for any reason, the auditor ceases to act for the licensed trust company, the licensed trust company must, as soon as practicable thereafter, appoint another auditor.(2)\u00a0\u00a0Despite any other provision of this Act or any other written law, the Authority may, if it is not satisfied with the performance of duties by an auditor appointed by a licensed trust company\u00a0\u2014(a)at any time direct the licensed trust company to remove the auditor; and(b)direct the licensed trust company, as soon as practicable thereafter, to appoint another auditor,and the licensed trust company must comply with the direction.(3)\u00a0\u00a0Any licensed trust company which contravenes subsection\u00a0(1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.", "return": ["A licensed trust company's auditor resigns suddenly.", "The Authority directs the licensed trust company to remove the auditor and appoint another one.", "The licensed trust company fails to appoint an auditor after the previous one ceases to act."]}{"num": "30", "text": "30.\u2014(1)\u00a0\u00a0A licensed trust company must, in respect of each financial year\u00a0\u2014(a)prepare a true and fair profit and loss account and a balance sheet in relation to its business made up to the last day of the financial year; and(b)lodge the profit and loss account and balance sheet with the Authority within 5\u00a0months, or any extension thereof permitted by the Authority under subsection\u00a0(2), after the end of the financial year, together with an auditor\u2019s report on that profit and loss account and balance sheet.(2)\u00a0\u00a0Where an application for an extension of the period of 5\u00a0months specified in subsection\u00a0(1) has been made by a licensed trust company to the Authority and the Authority is satisfied that there is a special reason for requiring the extension, the Authority may extend that period by not more than 4\u00a0months, subject to such conditions or restrictions as the Authority may think fit to impose.(3)\u00a0\u00a0A licensed trust company must submit to the Authority, at such intervals and in such manner as the Authority may specify, consolidated statements or information relating to the trusts that are administered by the licensed trust company or for which it provides trust administration services.(4)\u00a0\u00a0Any licensed trust company which contravenes subsection\u00a0(1) or (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $500 for every day or part of a day that the lodgment is late, subject to a maximum fine of $50,000.(5)\u00a0\u00a0Any licensed trust company which contravenes any condition or restriction imposed under subsection\u00a0(2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.", "return": ["A licensed trust company is experiencing financial difficulties and is unable to prepare and lodge the required financial statements on time.", "The licensed trust company is liable to a fine not exceeding $500 for every day or part of a day that the lodgment is late, subject to a maximum fine of $50,000.", "A licensed trust company fails to lodge the profit and loss account and balance sheet with the Authority within the specified timeframe."]}{"num": "31", "text": "31.\u2014(1)\u00a0\u00a0Where the auditor of a licensed trust company, in the performance of his, her or its duties as such auditor, becomes aware of\u00a0\u2014(a)any matter which, in the auditor\u2019s opinion, adversely affects or may adversely affect the financial position of the licensed trust company to a material extent;(b)any matter which, in the auditor\u2019s opinion, constitutes or may constitute a contravention of any provision of this Act or an offence involving fraud or dishonesty; or(c)any irregularity that has or may have a material effect upon the accounts, including any irregularity that may affect or jeopardise the moneys or other assets of any protected party of the licensed trust company,the auditor must immediately thereafter send a report in writing of the matter or irregularity to the Authority.(2)\u00a0\u00a0Any auditor who contravenes subsection\u00a0(1) shall be guilty of an offence.", "return": ["Auditor discovers a material irregularity in the licensed trust company's accounts but fails to report it to the Authority", "The Authority takes disciplinary action against the auditor", "Auditor fails to report a material irregularity in the licensed trust company's accounts"]}{"num": "32", "text": "32.\u2014(1)\u00a0\u00a0Where\u00a0\u2014(a)a licensed trust company fails to lodge an auditor\u2019s report under section\u00a031; or(b)the Authority receives a report under section\u00a031,the Authority may, without affecting its powers under section\u00a036, if it is satisfied that it is in the interests of the licensed trust company, any protected party of the licensed trust company or the public, appoint in writing an auditor to examine and audit, either generally or in relation to any particular matter, the books of the licensed trust company.(2)\u00a0\u00a0Where the Authority is of the opinion that the whole or any part of the costs and expenses of an auditor appointed by the Authority under subsection\u00a0(1) should be borne by the licensed trust company, the Authority may by written notice, direct the licensed trust company to pay a specified amount, being the whole or part of such costs and expenses, within such time and in such manner as may be specified in the direction.(3)\u00a0\u00a0Where a licensed trust company fails to comply with a direction under subsection\u00a0(2), the amount specified in the direction may be recovered by the Authority as a civil debt.(4)\u00a0\u00a0An auditor appointed under subsection\u00a0(1) must, on the conclusion of the examination and audit, submit a report to the Authority.(5)\u00a0\u00a0Any auditor who contravenes subsection\u00a0(4) shall be guilty of an offence.", "return": ["The Authority appoints an auditor to examine and audit the licensed trust company's books due to the company's failure to lodge an auditor's report.", "The Authority recovers the amount as a civil debt.", "The licensed trust company fails to comply with the direction to pay the specified amount for the auditor's costs and expenses."]}{"num": "33", "text": "33.\u2014(1)\u00a0\u00a0Any person who, with intent to prevent, delay or obstruct the carrying out of any audit under this Part\u00a0\u2014(a)destroys, conceals or alters any book relating to the business of a licensed trust company or any trust that is administered by the licensed trust company; or(b)sends, or conspires with any other person to send, out of Singapore, any book or asset of any description belonging to, in the possession of or under the control of a licensed trust company,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\u00a0years or to both.(2)\u00a0\u00a0If, in any proceedings for an offence under subsection\u00a0(1), it is proved that the person charged with the offence\u00a0\u2014(a)destroyed, concealed or altered any book mentioned in subsection\u00a0(1)(a); or(b)sent, or conspired to send, out of Singapore, any book or asset mentioned in subsection\u00a0(1)(b),the onus of proving that, in so doing, the person did not act with intent to prevent, delay or obstruct the carrying out of an examination and audit under this Part lies on the person.", "return": ["A licensed trust company is being audited and an employee destroys a book related to the business.", "The employee is found guilty of an offence and is liable to a fine and/or imprisonment.", "A licensed trust company is being audited and an employee destroys a book related to the business, claiming it was an accident."]}{"num": "34", "text": "34.\u2014(1)\u00a0\u00a0A licensed trust company must take reasonable precautions\u00a0\u2014(a)to prevent falsification of the books required to be kept by it under this Act; and(b)to facilitate the discovery of any falsification of any such book.(2)\u00a0\u00a0Any licensed trust company which contravenes subsection\u00a0(1) shall be guilty of an offence.", "return": ["A licensed trust company has a complex system of checks and balances in place to prevent falsification of books, but a rogue employee finds a way to circumvent them.", "The trust company is held liable for the rogue employee's actions and is guilty of an offence.", "A licensed trust company has a rogue employee who intentionally falsifies the books."]}{"num": "35", "text": "35.\u2014(1)\u00a0\u00a0Except as may be necessary for the carrying into effect of the provisions of this Act or so far as may be required for the purposes of any legal proceedings, whether civil or criminal, an auditor appointed under section\u00a032 or carrying out any duty imposed under section\u00a036, and any employee of such an auditor, must not disclose any information which may come to his, her or its knowledge or possession in the course of performing his, her or its duties as such auditor or employee (as the case may be) to any person other than\u00a0\u2014(a)the Authority; and(b)in the case of an employee of such auditor, the auditor.(2)\u00a0\u00a0Any auditor who contravenes subsection\u00a0(1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.(3)\u00a0\u00a0Any employee of an auditor who contravenes subsection\u00a0(1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.", "return": ["An auditor's employee is working on a project and shares confidential information with a friend who is not authorized to receive it.", "The employee is fined $25,000 for breaching confidentiality.", "Auditor's employee accidentally shares confidential information with a friend."]}{"num": "36", "text": "36.\u2014(1)\u00a0\u00a0The Authority may impose all or any of the following duties on an auditor of a licensed trust company:(a)a duty to submit to the Authority such additional information in relation to the auditor\u2019s audit as the Authority considers necessary;(b)a duty to enlarge or extend the scope of the auditor\u2019s audit of the business and affairs of the licensed trust company;(c)a duty to carry out any other examination or establish any procedure in any particular case;(d)a duty to submit a report to the Authority on any of the matters referred to in paragraphs\u00a0(b) and (c),and the auditor must carry out such additional duty or duties.(2)\u00a0\u00a0A licensed trust company must remunerate the auditor in respect of the discharge of such additional duty or duties as the Authority may impose under subsection\u00a0(1).(3)\u00a0\u00a0Any auditor who contravenes subsection\u00a0(1) shall be guilty of an offence.(4)\u00a0\u00a0Any licensed trust company which contravenes subsection\u00a0(2) shall be guilty of an offence.", "return": ["The Authority suspects irregularities in the licensed trust company's financial reporting and requires the auditor to conduct a more in-depth audit.", "The auditor is able to provide the required information and the licensed trust company is able to comply with the Authority's demands.", "The Authority imposes an unusual duty on the auditor, such as requiring an audit of a specific aspect of the licensed trust company's business."]}{"num": "37", "text": "37.\u2014(1)\u00a0\u00a0An auditor of a licensed trust company or employee of such auditor is not, in the absence of malice on the auditor\u2019s or employee\u2019s part, liable to any action for defamation at the suit of any person in respect of\u00a0\u2014(a)any statement made orally or in writing in the discharge of the auditor\u2019s or employee\u2019s duties under this Part; or(b)the submission of any report to the Authority under section\u00a031(1), 32(4) or 36(1)(d).(2)\u00a0\u00a0Subsection\u00a0(1) does not restrict or otherwise affect any right, privilege or immunity that, apart from this section, the auditor or the auditor\u2019s employee has as a defendant in an action for defamation.", "return": ["Auditor submits a report to the Authority under section 31(1), 32(4) or 36(1)(d) that contains a false statement", "Auditor is sued for defamation", "Auditor makes a statement that is later found to be false"]}{"num": "38", "text": "38.\u2014(1)\u00a0\u00a0A person is not excused from disclosing any information to the Authority, pursuant to a requirement made of that person under this Part, on the ground that the disclosure of the information might tend to incriminate the person.(2)\u00a0\u00a0Where a person claims, before making a statement disclosing any information that the person is required to disclose by a requirement made of the person under this Part, 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 under this Act.", "return": ["A person is required to disclose information to the Authority under this Part", "The person is not excused from disclosing the information", "The person is being asked to disclose information that might incriminate them"]}{"num": "39", "text": "39.\u2014(1)\u00a0\u00a0Nothing in this Part\u00a0\u2014(a)compels an advocate and solicitor to disclose or produce a privileged communication, or a document or other material containing a privileged communication, made by or to him or her in that capacity; or(b)authorises the taking of any such document or other material which is in his or her possession.(2)\u00a0\u00a0An advocate and solicitor who refuses to disclose the information or produce the document or other material referred to in subsection\u00a0(1) 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, that privileged communication was made.(3)\u00a0\u00a0Any advocate and solicitor who contravenes subsection\u00a0(2) shall be guilty of an offence.", "return": ["A court case where an advocate and solicitor is asked to disclose a privileged communication.", "The advocate and solicitor refuses to disclose the communication, citing privilege.", "The advocate and solicitor is asked to disclose a privileged communication in court."]}{"num": "40", "text": "40.\u2014(1)\u00a0\u00a0The Authority may, for the purpose of ensuring that the provisions of this Act have been or are being complied with, from time to time inspect, under conditions of secrecy, the books in the possession, custody or control of a licensed trust company and of any branch, agency or office outside Singapore opened by a licensed trust company that is incorporated in Singapore.(2)\u00a0\u00a0For the purposes of an inspection under this section\u00a0\u2014(a)the licensed trust company, or any person who is in possession of the books of the licensed trust company, must produce the books to the Authority and give such information or facilities as may be required by the Authority;(b)the licensed trust company must procure that any person who is in possession of its books produce the books to the Authority and give such information or facilities as may be required by the Authority; and(c)the Authority may\u00a0\u2014(i)make copies of, or take possession of, any of the books;(ii)use, or permit the use of, any of the books for the purposes of any proceedings under this Act; and(iii)retain possession of any of the books for so long as is necessary\u00a0\u2014(A)for the purposes of exercising a power conferred by this section (other than subsection\u00a0(4));(B)for a decision to be made on whether or not proceedings should be commenced under this Act in relation to the books; or(C)for such proceedings to be commenced and carried on.(3)\u00a0\u00a0A person is not entitled, as against the Authority, to claim a lien on any of the books, but such a lien is not otherwise prejudiced.(4)\u00a0\u00a0Subject to Part\u00a08, while the books of a licensed trust company are in the possession of the Authority, the Authority\u00a0\u2014(a)must permit another person to inspect at all reasonable times any of the books that the other person would be entitled (whether under any written law, rule of law or contract) to inspect if they were not in the possession of the Authority; and(b)may permit any other person to inspect any of the books.(5)\u00a0\u00a0The Authority may require a person who produced any book to the Authority to explain, to the best of the person\u2019s knowledge and belief, any matter about the compilation of the book or to which the book relates.(6)\u00a0\u00a0Any person who, without reasonable excuse, contravenes subsection\u00a0(2) or any requirement of the Authority under subsection\u00a0(5) 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\u00a0years or to both and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.", "return": ["The Authority conducts an inspection of a licensed trust company's books under section 40 of the Act.", "The Authority exercises its power to take possession of the books and commence proceedings under this Act.", "The licensed trust company refuses to produce the books or provide information to the Authority."]}{"num": "41", "text": "41.\u2014(1)\u00a0\u00a0The Authority may conduct such investigation, under conditions of secrecy, as it considers necessary or expedient for any of the following purposes:(a)to perform any of the Authority\u2019s functions under this Act;(b)to ensure compliance with this Act or any written direction;(c)to investigate any alleged or suspected contravention of any provision of this Act.(2)\u00a0\u00a0The Authority may exercise any of its powers for the purposes of conducting an investigation under this Division despite the provisions of any prescribed written law or any requirement imposed thereunder or any rule of law.(3)\u00a0\u00a0A requirement imposed by the Authority in the exercise of its powers under this Division has effect despite any obligation as to secrecy or other restrictions upon the disclosure of information imposed by any prescribed written law or any requirement imposed thereunder, any rule of law, any contract or any rule of professional conduct.(4)\u00a0\u00a0Any person who complies with a requirement imposed by the Authority in the exercise of its powers under this Division is not to be 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)\u00a0\u00a0No civil or criminal action, other than proceedings for an offence under section\u00a046, shall lie against any person for\u00a0\u2014(a)providing information or producing books to the Authority if the person had provided the information or produced the books in good faith in compliance with a requirement imposed by the Authority under this Division; or(b)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.", "return": ["Authority conducts an investigation to ensure compliance with the Act", "Compliance with the Act or written direction", "Investigation by the Authority under conditions of secrecy"]}{"num": "42", "text": "42.\u00a0\u00a0For the purpose of an investigation under this Division, the Authority may by written notice require any person to provide information or produce any book relating to any matter under investigation at a specified time and place, and the person must immediately comply with that requirement.", "return": ["The Authority is investigating a company's financial records", "The Authority takes legal action against the person", "The person refuses to comply with the requirement"]}{"num": "43", "text": "43.\u2014(1)\u00a0\u00a0Where the Authority has reasonable grounds to suspect that there is, on any particular premises, any book the production of which has been required under section\u00a042, and\u00a0\u2014(a)which has not been produced in compliance with that requirement; or(b)which the Authority has reasonable grounds to believe will not be produced in compliance with that requirement,the Authority may apply to a Magistrate for the issue of a warrant to search the premises for such book.(2)\u00a0\u00a0Whenever it appears to a Magistrate, upon an application made under subsection\u00a0(1) and after such enquiry as he or she may think necessary, that there are reasonable grounds for suspecting that there is, on any particular premises, any book the production of which has been required under section\u00a042, and\u00a0\u2014(a)which has not been produced in compliance with that requirement; or(b)which the Magistrate has reasonable grounds to suspect will not be produced in compliance with that requirement,the Magistrate may issue a warrant authorising the Authority or any person named in the warrant, with or without assistance\u00a0\u2014(c)to enter and search the premises and to break open and search anything, whether a fixture or not, in the premises; and(d)to take possession of, or secure against interference, any book that appears to be a book the production of which was so required.(3)\u00a0\u00a0The powers conferred under subsections\u00a0(1) and (2) are in addition to, and are not in derogation of, any other power conferred by any other written law or rule of law.(4)\u00a0\u00a0In this section, \u201cpremises\u201d includes any structure, building, aircraft, vehicle, vessel or place.", "return": ["The Authority has reasonable grounds to suspect that there is, on any particular premises, any book the production of which has been required under section 42.", "The Authority may apply to a Magistrate for the issue of a warrant to search the premises for such book.", "The Authority has reasonable grounds to suspect that there is, on any particular premises, any book the production of which has been required under section 42, but the book is not produced in compliance with that requirement."]}{"num": "44", "text": "44.\u2014(1)\u00a0\u00a0This section applies where\u00a0\u2014(a)books are produced to the Authority under a requirement imposed under section\u00a042;(b)under a warrant issued under section\u00a043, the Authority or a person named in the warrant\u00a0\u2014(i)takes possession of books; or(ii)secures books against interference; or(c)under a previous application of subsection\u00a0(6), books are delivered into the possession of the Authority or a person authorised by the Authority to receive them.(2)\u00a0\u00a0If subsection\u00a0(1)(a) applies, the Authority may take possession of any of the books.(3)\u00a0\u00a0The Authority or, where applicable, a person mentioned in subsection\u00a0(1)(b) may\u00a0\u2014(a)inspect, and make copies of, or take extracts from, any of the books;(b)use, or permit the use of, any of the books for the purposes of any proceedings; and(c)retain possession of any of the books for so long as is necessary\u00a0\u2014(i)for the purposes of exercising a power conferred by this section (other than subsection\u00a0(5));(ii)for a decision to be made on whether or not proceedings should be commenced under this Act in relation to such book; or(iii)for such proceedings to be commenced and carried on.(4)\u00a0\u00a0A person is not entitled, as against the Authority or, where applicable, a person mentioned in subsection\u00a0(1)(b), to claim a lien on any of the books, but such a lien is not otherwise prejudiced.(5)\u00a0\u00a0Subject to Part\u00a08, while the books are in the possession of the Authority or, where applicable, a person mentioned in subsection\u00a0(1)(b), the Authority or the person\u00a0\u2014(a)must permit another person to inspect at all reasonable times any of the books that the second\u2011mentioned person would be entitled (whether under any written law, rule of law or contract) to inspect if they were not in the possession of the Authority or the firstmentioned person; and(b)may permit any other person to inspect any of the books.(6)\u00a0\u00a0Unless subsection\u00a0(1)(b)(ii) applies, a person mentioned in subsection\u00a0(1)(b) may deliver any of the books into the possession of the Authority or of a person authorised by the Authority to receive them.(7)\u00a0\u00a0If subsection\u00a0(1)(a) or (b) applies, the Authority, a person mentioned in subsection\u00a0(1)(b) or a person into whose possession the books are delivered under subsection\u00a0(6) may require\u00a0\u2014(a)if subsection\u00a0(1)(a) applies, a person who so produced any of the books; or(b)in any other case, a person who was a party to the compilation of any of the books,to explain, to the best of the person\u2019s knowledge and belief, any matter about the compilation of any of the books or to which any of the books relate.", "return": ["The Authority exercises power conferred by this section", "The Authority inspects and makes copies of the books", "The Authority takes possession of books under section 42"]}{"num": "45", "text": "45.\u00a0\u00a0Where a person fails to comply with a requirement imposed by the Authority under section\u00a042 to produce any book, the Authority may require the person to state, to the best of that person\u2019s knowledge and belief\u00a0\u2014(a)the place where the book may be found; or(b)the person who last had possession, custody or control of the book and the place where that person may be found.", "return": ["A person is required to produce a book under section 42, but claims they cannot find it", "The Authority requires the person to provide information about the book's possible location", "The person is unable to recall the exact location of the book"]}{"num": "46", "text": "46.\u2014(1)\u00a0\u00a0Any person who, without reasonable excuse, refuses or fails to comply with a requirement imposed under section\u00a042, 44(7) or 45 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\u00a0years or to both.(2)\u00a0\u00a0Any person who, in purported compliance with a requirement imposed under section\u00a042, 44(7) or 45, 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\u00a0years or to both.(3)\u00a0\u00a0It is a defence to a prosecution for an offence under subsection\u00a0(2) if the defendant proves that the defendant believed on reasonable grounds that the information or statement was true and not misleading.(4)\u00a0\u00a0Any person who conceals, destroys, mutilates or alters any book relating to a matter that the Authority is investigating or about to investigate under this Division or, where such a book is within the territory of Singapore, takes or sends the book 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\u00a0years or to both.(5)\u00a0\u00a0Any person who, without reasonable excuse, obstructs or hinders the Authority in the exercise of any power under section\u00a042, 44 or 45, or obstructs or hinders a person who is executing a warrant issued under section\u00a043, 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\u00a0years or to both.(6)\u00a0\u00a0Any occupier, or person in charge, of the premises that a person enters under a warrant issued under section\u00a043 who fails to provide to that person all reasonable facilities and assistance for the effective exercise of that person\u2019s powers under the warrant 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\u00a0months or to both.", "return": ["The person is being investigated by the Authority under this Division.", "The person is guilty of an offence and is liable to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 2 years or to both.", "A person is investigated by the Authority and refuses to comply with a requirement imposed under section 42, 44(7) or 45 without a reasonable excuse."]}{"num": "47", "text": "47.\u2014(1)\u00a0\u00a0In relation to a licensed trust company that is incorporated outside Singapore, the parent supervisory authority may, with the prior written approval of the Authority and under conditions of secrecy, conduct an inspection in Singapore of the books, accounts and transactions of any branch or office of that licensed trust company in Singapore in accordance with this section if the following conditions are satisfied:(a)the inspection is required by the parent supervisory authority for the sole purpose of carrying out its supervisory functions;(b)the parent supervisory authority\u00a0\u2014(i)is prohibited by the laws applicable to the parent supervisory authority from disclosing information obtained by it in the course of the inspection to any other person; or(ii)has given to the Authority such written undertaking, as to the confidentiality of the information obtained, as the Authority may determine;(c)the parent supervisory authority has given a written undertaking to the Authority to comply with the provisions of this Act and such conditions as the Authority may impose under subsection\u00a0(2).(2)\u00a0\u00a0The Authority may at any time, whether before, on or after giving written approval for an inspection under this section, require the parent supervisory authority to comply with conditions relating to\u00a0\u2014(a)the classes of information to which the parent supervisory authority is or is not to 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; and(d)any other matters that the Authority may determine.(3)\u00a0\u00a0Subject to compliance by a parent supervisory authority with such conditions as the Authority may impose under subsection\u00a0(2), a licensed trust company under inspection\u00a0\u2014(a)must afford the parent supervisory authority access to the books, accounts and documents of the branch or office of the licensed trust company under inspection, and provide such information (including information relating to the licensed trust company\u2019s internal control systems) and facilities as may be required to conduct the inspection; and(b)is not required to afford the parent supervisory authority access to its books, accounts and documents or to 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 licensed trust company.(4)\u00a0\u00a0A parent supervisory authority may, with the prior written approval of the Authority, appoint another body to conduct the inspection under subsection\u00a0(1), and in such event the provisions of this section apply to the appointed body as they apply to the parent supervisory authority.(5)\u00a0\u00a0For the purposes of ensuring the confidentiality of any information obtained in the course of an inspection by a parent supervisory authority under this section, section\u00a049(1) applies, with the necessary modifications, to any official of the parent supervisory authority as if the official were an officer of a licensed trust company.(6)\u00a0\u00a0To avoid doubt, this section, and section\u00a048 in relation to an inspection under this section, do not apply to any inspection by a parent supervisory authority of the books, accounts and transactions of any branch or office of a licensed trust company, if\u00a0\u2014(a)the parent supervisory 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 licensed trust company; and[Act 18 of 2022 wef 28/04/2023](b)the inspection is solely for the purpose of such consolidated supervision.[31/2017](7)\u00a0\u00a0Any licensed trust company which, without reasonable excuse, refuses or neglects to afford access to any book, account or document or provide any information or facility as may be required by this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000 and, in the case of a continuing offence, to a further fine not exceeding $7,500 for every day or part of a day during which the offence continues after conviction.", "return": ["The parent supervisory authority wants to conduct an inspection in Singapore of the books, accounts and transactions of a branch or office of a licensed trust company in Singapore.", "The Authority may not give prior written approval for the inspection.", "The parent supervisory authority is not prohibited by the laws applicable to the parent supervisory authority from disclosing information obtained by it in the course of the inspection to any other person."]}{"num": "48", "text": "48.\u2014(1)\u00a0\u00a0Where a written report or any part of the written report (called in this section the report) has been produced in respect of any licensed trust company in Singapore\u00a0\u2014(a)by the Authority upon an inspection under section\u00a040 or an investigation under section\u00a041; or(b)by a parent supervisory authority upon an inspection under section\u00a047,the report must not be disclosed by the licensed trust company, or any officer or auditor of the licensed trust company, to any other person except in the circumstances provided under subsection\u00a0(2).(2)\u00a0\u00a0Disclosure of the report mentioned in subsection\u00a0(1) may be made\u00a0\u2014(a)by the licensed trust company in Singapore to any officer or auditor of that licensed trust company solely in connection with the performance of the duties of the officer or auditor (as the case may be) in that licensed trust company;(b)by any officer or auditor of the licensed trust company in Singapore to any other officer or auditor of that licensed trust company, solely in connection with the performance of their duties in that licensed trust company;(c)to the Authority if requested by the Authority, where the report has been produced by a parent supervisory authority; or(d)to any other person as the Authority may approve in writing.(3)\u00a0\u00a0In granting written approval for any disclosure under subsection\u00a0(2)(d), the Authority may impose such conditions as it considers appropriate.(4)\u00a0\u00a0The obligation on an officer or auditor referred to in subsection\u00a0(1) continues after the termination or cessation of the officer\u2019s or auditor\u2019s employment or appointment at the licensed trust company.(5)\u00a0\u00a0Any person who contravenes subsection\u00a0(1) or any condition imposed by the Authority under subsection\u00a0(3) shall be guilty of an offence and shall be liable on conviction\u00a0\u2014(a)in the case of an individual, to a fine not exceeding $75,000 or to imprisonment for a term not exceeding 3\u00a0years or to both; or(b)in any other case, to a fine not exceeding $150,000.(6)\u00a0\u00a0Any person who solicits or procures the disclosure to the person or to any other person of any report or any part of the report in contravention of subsection\u00a0(1) shall be guilty of an offence.(7)\u00a0\u00a0If any person to whom any report or any part of the report is disclosed knows or has reasonable grounds for believing, at the time of the disclosure, that the report was disclosed to the person in contravention of that subsection, the person must report the disclosure to the Authority and take any one or more of the following actions, as appropriate, as soon as is practicable:(a)where the disclosure was made in any written form, to surrender or take all reasonable steps to surrender the report and all copies of the report to the Authority;(b)where the disclosure was made in an electronic form, to take all reasonable steps to ensure that all electronic copies of the report received by the person are deleted;(c)to take any other action that the Authority may direct.(8)\u00a0\u00a0Any person who contravenes subsection\u00a0(7) shall be guilty of an offence.", "return": ["A licensed trust company in Singapore receives a written report from the Authority after an inspection.", "The licensed trust company would be liable for an offence and may be fined up to $150,000.", "What if the licensed trust company accidentally discloses the report to an unauthorized person?"]}{"num": "49", "text": "49.\u2014(1)\u00a0\u00a0Information regarding a protected party or the business or other affairs of the protected party (called in this section protected information) must not, in any way, be disclosed by a licensed trust company in Singapore or any of its officers to any other person except as expressly provided in this Act.(2)\u00a0\u00a0A licensed trust company in Singapore or any of its officers may, for such purpose as may be specified in the first column of the Third\u00a0Schedule, disclose protected information to such persons or class of persons as may be specified in the second column of that Schedule, and in compliance with such conditions as may be specified in the third column of that Schedule.(3)\u00a0\u00a0Where any protected information is likely to be disclosed in any proceedings referred to in item\u00a03 or 4 of Part\u00a01 of the Third\u00a0Schedule, the court may, either of its own motion or on the application of any party to the proceedings or the protected party to which the information relates\u00a0\u2014(a)direct that the proceedings be held in private; and[Act 25 of 2021 wef 01/04/2022](b)make any further orders that the court considers necessary to ensure the confidentiality of the information.(4)\u00a0\u00a0Where an order has been made by a court under subsection\u00a0(3), any person who, contrary to the order, publishes any information that is likely to lead to the identification of any party to the proceedings shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $75,000.(5)\u00a0\u00a0Any person (including, where the person is a body corporate, an officer of the body corporate) who receives any protected information referred to in Part\u00a02 of the Third\u00a0Schedule must not, at any time, disclose the information or any part of the information to any other person, except as authorised under that Schedule or if required to do so by an order of court.(6)\u00a0\u00a0Any person who contravenes subsection\u00a0(1) or (5) shall be guilty of an offence and shall be liable on conviction\u00a0\u2014(a)in the case of an individual, to a fine not exceeding $75,000 or to imprisonment for a term not exceeding 3\u00a0years or to both; or(b)in any other case, to a fine not exceeding $150,000.(7)\u00a0\u00a0In this section and in the Third\u00a0Schedule, unless the context otherwise requires\u00a0\u2014(a)where disclosure of any protected information is authorised under the Third\u00a0Schedule to be made to any person which is a body corporate, such information may be disclosed to such officers of the body corporate as may be necessary for the purpose for which the disclosure is authorised under that Schedule; and(b)the obligation of any officer or other person who receives any protected information referred to in Part\u00a02 of the Third\u00a0Schedule continues after the termination or cessation of the officer\u2019s or other person\u2019s appointment, employment, engagement or other capacity or office in which the officer or other person had received such information.(8)\u00a0\u00a0To avoid doubt, nothing in this section is to be construed to prevent a licensed trust company from entering into an express agreement with a protected party of that licensed trust company for a higher degree of confidentiality than that prescribed in this section and in the Third\u00a0Schedule.(9)\u00a0\u00a0Where, in the course of an inspection under section\u00a040 or an investigation under section\u00a041 or the carrying out of the Authority\u2019s function of supervising or regulating a licensed trust company, the Authority incidentally obtains any protected information and such protected information is not necessary for the supervision or regulation of the licensed trust company by the Authority, then, such protected information must be treated as secret by the Authority.(10)\u00a0\u00a0Nothing in subsection\u00a0(9) prevents the Authority from disclosing or publishing consolidated statements aggregating any information obtained by the Authority under section\u00a030(3).", "return": ["A licensed trust company in Singapore receives a request to disclose protected information to a third party.", "The licensed trust company and its officers may be liable for an offence and may be fined or imprisoned.", "What if a licensed trust company in Singapore discloses protected information to an unauthorized person?"]}{"num": "50", "text": "50.\u00a0\u00a0Any applicant or licensed trust company which is aggrieved by\u00a0\u2014(a)the refusal of the Authority to grant a trust business licence;(b)the revocation or suspension of a trust business licence by the Authority;(c)the refusal of the Authority to grant an approval to a licensed trust company to appoint a person as its director or resident manager; or(d)the direction of the Authority to a licensed trust company to remove an officer from office or employment,may, within 30\u00a0days after it is notified of the decision of the Authority, appeal to the Minister whose decision is final.", "return": ["A reputable company is unfairly denied a trust business licence.", "The Minister overturns the Authority's decision and grants the licence.", "The applicant is a well-established company with a good reputation, but the Authority has refused to grant a trust business licence due to a minor technicality."]}{"num": "51", "text": "51.\u2014(1)\u00a0\u00a0Where 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 any directions in the matter that he or she thinks fit, and the decision of the Minister is final.(2)\u00a0\u00a0Where an appeal is made to the Minister under this Act, the Minister must, within 28\u00a0days of his or her receipt of the appeal, constitute an Appeal Advisory Committee comprising at least 3\u00a0members of the Appeal Advisory Panel and refer that appeal to the Appeal Advisory Committee.(3)\u00a0\u00a0The Appeal Advisory Committee must submit to the Minister a written report on the appeal referred to it under subsection\u00a0(2), and may make any recommendations that it thinks fit.(4)\u00a0\u00a0The Minister must consider the report submitted under subsection\u00a0(3) in making his or her decision under this section but he or she is not bound by the recommendations in the report.", "return": ["The appeal is made by a group of residents against a development project", "The Minister's decision is delayed due to the complexity of the appeal", "The appeal is made by a minor or someone with a disability"]}{"num": "52", "text": "52.\u2014(1)\u00a0\u00a0For the purpose of enabling Appeal Advisory Committees to be constituted under section\u00a051, 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)\u00a0\u00a0A member of the Appeal Advisory Panel is to be appointed for a term of not more than 2\u00a0years and is eligible for re\u2011appointment.(3)\u00a0\u00a0An Appeal Advisory Committee has the power, in the exercise of its functions, to inquire into any matter or thing relating to any trust business or any licensed trust company and may, for this purpose, summon any person to give evidence on oath or affirmation or produce any document or material necessary for the purpose of the inquiry.(4)\u00a0\u00a0For the purposes of this Act, every member of an Appeal Advisory Committee\u00a0\u2014(a)is deemed to be a public servant for the purposes of the Penal Code\u00a01871; and(b)in case of any suit or legal proceedings brought against the member for any act done or omitted to be done in the execution of the member\u2019s duty under the provisions of this Act, has the like protection and privileges as are by law given to a Judge in the execution of his or her office.(5)\u00a0\u00a0Every Appeal Advisory Committee must have regard to\u00a0\u2014(a)the interest of the public;(b)the interest of the protected parties of licensed trust companies; and(c)the safeguarding of sources of information.(6)\u00a0\u00a0Subject to the provisions of this Part, an Appeal Advisory Committee may regulate its own procedure and is not bound by the rules of evidence.", "return": ["The Minister appoints a member of the Appeal Advisory Panel for a term exceeding 2 years.", "The Minister's appointment would be deemed invalid.", "Interpretation of the provision might be hairy when the Minister appoints a member of the Appeal Advisory Panel for a term exceeding 2 years."]}{"num": "53", "text": "53.\u00a0\u00a0Nothing in this Act requires the Minister or any public servant to disclose any information which he or she considers to be against the interest of the public to disclose.", "return": ["A journalist requests information about a government project, but the Minister believes it could compromise national security.", "The Minister refuses to disclose the information, citing that it is against the public interest.", "The Minister is asked to disclose information that could compromise national security."]}{"num": "54", "text": "54.\u2014(1)\u00a0\u00a0The Minister may make regulations for the purposes and provisions of this Part and for the due administration of this Part.(2)\u00a0\u00a0Without limiting subsection\u00a0(1), the Minister may make regulations for or with respect to\u00a0\u2014(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.", "return": ["The Minister makes regulations that are not in line with the Act", "The regulations are invalid", "The Minister makes regulations that are ultra vires"]}{"num": "55", "text": "55.\u2014(1)\u00a0\u00a0Neither the application by a licensed trust company for registration as a member or shareholder in the books of any company or corporation nor the entry of the name of a licensed trust company in the books of any company or corporation constitutes a notice of trust.(2)\u00a0\u00a0A company or corporation is not entitled to object to the entering of the name of a licensed trust company in its books by reason only that the licensed trust company may be or is a trustee.(3)\u00a0\u00a0In dealings with property, the fact that the person or one of the persons dealt with is a licensed trust company does not of itself constitute a notice of trust.", "return": ["A licensed trust company is a shareholder in a company.", "The company is not entitled to object to the licensed trust company being a shareholder.", "A licensed trust company is a shareholder in a company and the company is not aware of the trust relationship."]}{"num": "56", "text": "56.\u2014(1)\u00a0\u00a0Subject to subsection\u00a0(2), in all cases in which the court or any person or persons has or have power to appoint a trustee, whether as an original or a new or an additional trustee, to perform any legal trust or duty, a licensed trust company may be appointed in the same manner as if the licensed trust company were a private individual.(2)\u00a0\u00a0A licensed trust company must not be appointed in any case in which the instrument creating the trust, or the power authorising the appointment, forbids the appointment of a company.", "return": ["A licensed trust company is being considered for appointment as a trustee.", "The licensed trust company cannot be appointed.", "The instrument creating the trust forbids the appointment of a company."]}{"num": "57", "text": "57.\u00a0\u00a0A licensed trust company, acting in a fiduciary capacity, is capable of acquiring and holding any property in joint tenancy in the same manner as if it were a private individual.", "return": ["A trust company is trying to acquire property in joint tenancy for a client", "The trust company cannot acquire and hold property in joint tenancy", "The trust company is acting in a non-fiduciary capacity"]}{"num": "58", "text": "58.\u2014(1)\u00a0\u00a0Subject to subsection\u00a0(2), a licensed trust company may act under any deed or instrument by which the licensed trust company is appointed agent or attorney for any person, and all the powers conferred upon the licensed trust company by any such deed or instrument may be exercised by such officer of the licensed trust company as the licensed trust company may appoint for that purpose.(2)\u00a0\u00a0Nothing in this section is deemed to authorise any person to confer upon a licensed trust company any power which may not lawfully be delegated by the person.", "return": ["A person with dementia appoints a licensed trust company as their agent to manage their financial affairs.", "The licensed trust company exercises the powers conferred upon it by the deed or instrument, but only to the extent that the person with dementia would have been able to do so if they had capacity.", "A licensed trust company is appointed as an agent for a person with dementia."]}{"num": "59", "text": "59.\u2014(1)\u00a0\u00a0Every licensed trust company must ensure that all moneys, property, securities, specified securities\u2011based derivatives contracts and units in a collective investment scheme received or held by the licensed trust company in a fiduciary capacity are always kept distinct and in separate accounts from its own moneys, property, securities, specified securities\u2011based derivatives contracts and units in a collective investment scheme and marked in its books for each particular trust, so that they may be distinguished from any other assets shown in the registers and other books of account kept by it and so that the trust moneys do not form part of, or are not mixed with, its general assets.[4/2017](2)\u00a0\u00a0Every licensed trust company must ensure that all investments made by it as trustee are designated so that the trusts to which the investments belong may be readily identified at any time.(3)\u00a0\u00a0Any licensed trust company which contravenes subsection\u00a0(1) or (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.", "return": ["A licensed trust company fails to keep its clients' assets separate from its own.", "The licensed trust company is liable for an offence and faces a fine.", "A licensed trust company mixes its own assets with those of its clients."]}{"num": "60", "text": "60.\u2014(1)\u00a0\u00a0All moneys and assets which remain in the hands of a licensed trust company, as trustee of a trust constituted in Singapore, and unclaimed by the person entitled to them for a period of 6\u00a0years after the time when they became payable to that person (except where payment has been restrained by order of a court of competent jurisdiction), together with interest (if any) that has been received by the licensed trust company in respect of the moneys and assets, less any commission or other charges properly chargeable by the licensed trust company, must be paid by the licensed trust company into court\u00a0\u2014(a)under and in accordance with section\u00a062 of the Trustees Act\u00a01967; and(b)within such time or at such intervals as may be prescribed.(2)\u00a0\u00a0It is not necessary for a licensed trust company to obtain the concurrence or consent of any person to make payment into court in accordance with subsection\u00a0(1).", "return": ["A trust company holds moneys and assets for a trust constituted in Singapore, but the beneficiary has not claimed them for 6 years", "The licensed trust company pays the moneys and assets into court, and the court decides on the rightful owner", "The licensed trust company is unsure about the identity of the person entitled to the moneys and assets"]}{"num": "61", "text": "61.\u00a0\u00a0Any officer, auditor, employee or agent of any licensed trust company who\u00a0\u2014(a)wilfully makes, or causes to be made, a false entry in any book of the licensed trust company;(b)wilfully omits to make, or causes to be omitted, an entry in any such book; or(c)wilfully alters, extracts, conceals or destroys, or causes to be altered, extracted, concealed or destroyed, an entry in any such book,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\u00a0years or to both.", "return": ["The officer was responsible for maintaining the company's financial records and was tempted to alter the records to cover up a personal loan from the company's funds.", "The officer was convicted of an offence under this provision and was fined $50,000.", "The officer of the licensed trust company intentionally altered a crucial entry in the company's book to conceal a fraudulent transaction."]}{"num": "62", "text": "62.\u2014(1)\u00a0\u00a0Any person who provides the Authority with any information under this Act must use due care to ensure that the information is not false or misleading in any material particular.(2)\u00a0\u00a0Subsection\u00a0(1) applies only to a requirement in relation to which no other provision of this Act creates an offence in connection with the provision of information.(3)\u00a0\u00a0Any person who signs any document lodged with the Authority must use due care to ensure that the document is not false or misleading in any material particular.(4)\u00a0\u00a0Any person who contravenes subsection\u00a0(1) or (3) 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\u00a0years or to both.", "return": ["A person is required to provide information to the Authority under this Act.", "The person is still guilty of an offence under subsection (4) and may be fined or imprisoned.", "A person provides false information to the Authority, but claims it was an honest mistake."]}{"num": "63", "text": "63.\u00a0\u00a0Despite any provision to the contrary in the Criminal Procedure Code\u00a02010, 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.", "return": ["A person is charged with an offence under this Act", "The District Court imposes the maximum penalty", "The accused is a repeat offender"]}{"num": "64", "text": "64.\u2014(1)\u00a0\u00a0Where an offence under this Act committed by a body corporate is proved\u00a0\u2014(a)to have been committed with the consent or connivance of an officer; or(b)to be attributable to any neglect on the officer\u2019s 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)\u00a0\u00a0Where the affairs of the body corporate are managed by its members, subsection\u00a0(1) applies in relation to the acts and defaults of a member in connection with the member\u2019s functions of management as if the member were a director of the body corporate.(3)\u00a0\u00a0In this section, \u201cofficer\u201d, 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.(4)\u00a0\u00a0Regulations may provide for the application of any provision of this section, with such modifications as the Authority considers appropriate, to a body corporate formed or recognised under the law of a territory outside Singapore.", "return": ["A company is found guilty of an environmental offence, and the CEO claims they were not aware of the illegal activities", "The officer is still liable for the company's offence", "The officer was not aware of the company's illegal activities"]}{"num": "65", "text": "65.\u2014(1)\u00a0\u00a0Any person, being an officer of a licensed trust company, who fails to take all reasonable steps to secure\u00a0\u2014(a)compliance with any provision of this Act; or(b)the accuracy and correctness of any statement submitted 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\u00a0years or to both.(2)\u00a0\u00a0In any proceedings against an officer under subsection\u00a0(1), it is a defence for the officer to prove that the officer 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)\u00a0\u00a0An officer shall not be sentenced to imprisonment for any offence under subsection\u00a0(1) unless, in the opinion of the court, the officer committed the offence wilfully.", "return": ["The officer failed to take reasonable steps to secure compliance with a provision of this Act.", "The officer is guilty of an offence and is liable to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 2 years or to both.", "The officer had reasonable grounds for believing that another person was charged with the duty of securing compliance with the requirements of this Act, but that person was not competent or in a position to discharge that duty."]}{"num": "66", "text": "66.\u00a0\u00a0Any person who is 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.", "return": ["A person is prosecuted for an offence under this Act, but the specific offence does not have a specified penalty.", "The person is liable to a fine not exceeding $12,500.", "A person is found guilty of an offence under this Act, but the specific offence does not have a specified penalty."]}{"num": "67", "text": "67.\u2014(1)\u00a0\u00a0Subject to subsections\u00a0(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\u00a0times the maximum amount that the court could, but for this subsection, impose as a fine for that offence.(2)\u00a0\u00a0Subsection\u00a0(1) does not apply to\u00a0\u2014(a)offences under section\u00a07(3), 11(2), 13(6), 14(6), 21(2), 28(7) or (8), 29(3), 30(4) or (5), 47(6), 48(5)(b) or 49(6)(b); and(b)offences under any subsidiary legislation made under this Act where it is expressly provided in the subsidiary legislation that subsection\u00a0(1) does not apply to those offences.(3)\u00a0\u00a0Where an individual is convicted of an offence under this Act by virtue of section\u00a064, he or she shall be liable to the fine or imprisonment or both as prescribed for that offence and subsection\u00a0(1) does not apply.", "return": ["A corporation is convicted of an offence under this Act", "The court may impose a fine not exceeding 2 times the maximum amount that the court could, but for this subsection, impose as a fine for that offence", "A corporation is convicted of an offence under this Act"]}{"num": "68", "text": "68.\u00a0\u00a0Proceedings for an offence under this Act may be taken only with the consent of the Public Prosecutor.[15/2010]", "return": ["A company is accused of violating the Act and the authorities want to take action.", "The proceedings are delayed indefinitely.", "The Public Prosecutor is on leave and no one else can give consent."]}{"num": "69", "text": "69.\u2014(1)\u00a0\u00a0The 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.[10/2013](2)\u00a0\u00a0The Authority may compound any offence under this Act (including an offence under a provision which has been repealed) that\u00a0\u2014(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)\u00a0\u00a0On payment of the sum of money mentioned in subsection\u00a0(1) or (2), no further proceedings are to be taken against that person in respect of the offence.[10/2013](4)\u00a0\u00a0The Authority may make regulations to prescribe the offences that may be compounded.(5)\u00a0\u00a0All sums collected by the Authority under subsection\u00a0(1) or (2) must be paid into the Consolidated Fund.[10/2013]", "return": ["The Authority is dealing with an offender who has committed an offence that was previously compoundable but has since ceased to be so.", "The Authority compounds the offence and collects a sum of money not exceeding half of the maximum fine prescribed for that offence at the time it was committed.", "The Authority is dealing with an offender who has committed an offence that was previously compoundable but has since ceased to be so."]}{"num": "70", "text": "70.\u2014(1)\u00a0\u00a0Without limiting section\u00a082(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 trust business, to which Singapore or the Authority is a party.(2)\u00a0\u00a0Without limiting subsection\u00a0(1), such regulations may provide for\u00a0\u2014(a)exemptions from any requirement relating to\u00a0\u2014(i)the licensing or approval of any person; or(ii)the lodgment or registration of any document,under this Act;(b)exemptions from any other requirement in this Act;(c)the application of this Act with such modifications as may be necessary;(d)the revocation or withdrawal of any exemption granted; and(e)the variation of any condition or restriction imposed in connection with the granting of any exemption under this Act.", "return": ["A treaty, convention, arrangement, etc. is signed by Singapore, and the Authority needs to make regulations to give effect to its provisions.", "The Authority may make regulations to give effect to the provisions of the treaty, convention, arrangement, etc.", "Interpretation of the provision might be hairy when Singapore is not a party to the treaty, convention, arrangement, etc."]}{"num": "71", "text": "71.\u00a0\u00a0Where 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.", "return": ["A person is given an opportunity to be heard by the Authority regarding a decision that affects their business.", "The person is unable to attend the hearing and feels their opportunity to be heard has been compromised.", "The Authority decides to hold a hearing in a remote location, making it difficult for the person to attend."]}{"num": "72", "text": "72.\u2014(1)\u00a0\u00a0Where the Authority is satisfied that a relevant person is guilty of misconduct, the Authority may, if it thinks it necessary in the interest of the public or of the protection of the protected parties of licensed trust companies, reprimand the relevant person.(2)\u00a0\u00a0In this section\u00a0\u2014\u201cmisconduct\u201d means\u00a0\u2014(a)the contravention of\u00a0\u2014(i)any provision of this Act;(ii)any condition or restriction of a licence or an exemption granted under this Act;(iii)any written direction issued by the Authority under this Act; or(iv)any code, guideline, policy statement or practice note issued or published under section\u00a074;(b)the failure by an officer of a licensed trust company or an exempt person to discharge any duty or function of his or her office; or(c)the commission of an offence under section\u00a064 or 65(1);\u201cofficer\u201d \u00a0\u2014(a)in relation to a body corporate, means a director, chief executive, manager, resident manager, secretary or other similar officer of the body corporate, 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, 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;\u201crelevant person\u201d means any licensed trust company or exempt person, or any employee, officer or partner of the licensed trust company or exempt person.", "return": ["A licensed trust company or exempt person is found guilty of misconduct, and the Authority decides to reprimand them.", "The Authority reprimands the licensed trust company or exempt person, which may damage their reputation.", "The licensed trust company or exempt person is not guilty of misconduct, but the Authority still decides to reprimand them."]}{"num": "73", "text": "73.\u2014(1)\u00a0\u00a0Subject to subsection\u00a0(2), the Authority may appoint any person to exercise any of its powers or perform any of its functions or duties under this Act, either generally or in any particular case, except the power to make subsidiary legislation.(2)\u00a0\u00a0The Authority may, by notification in the Gazette, appoint one or more of its officers to exercise the power to grant an exemption to any person (not being an exemption granted to a class of persons) under any of the provisions of this Act as specified in the Fourth\u00a0Schedule, or to revoke any such exemption.(3)\u00a0\u00a0Any person appointed by the Authority under subsection\u00a0(1) is deemed to be a public servant for the purposes of the Penal Code\u00a01871.", "return": ["The Authority appoints an officer to grant exemptions under the Act.", "The exemption is deemed invalid, and the Authority takes disciplinary action against the officer.", "The Authority appoints an officer to grant an exemption to a person, but the officer grants the exemption to a class of persons instead."]}{"num": "74", "text": "74.\u2014(1)\u00a0\u00a0The Authority may issue, in such manner as it considers appropriate, such codes, guidelines, policy statements, practice notes and no-action letters as it considers appropriate for providing guidance\u00a0\u2014(a)in furtherance of its regulatory objectives;(b)in relation to any matter relating to any of the functions of the Authority under any provision of this Act; or(c)in relation to the operation of any provision of this Act.(2)\u00a0\u00a0The Authority may publish any such code, guideline, policy statement, practice note or no\u2011action letter in such manner as it thinks fit.(3)\u00a0\u00a0The Authority may revoke, vary, revise or amend the whole or any part of any code, guideline, policy statement, practice note or no\u2011action letter issued under this section in such manner as it thinks fit.(4)\u00a0\u00a0Where amendments are made under subsection\u00a0(3)\u00a0\u2014(a)the other provisions of this section apply, with the necessary modifications, to such amendments as they apply to the code, guideline, policy statement, practice note or no\u2011action letter; and(b)any reference in this Act or any other written law to the code, guideline, policy statement, practice note or no\u2011action letter however expressed is, unless the context otherwise requires, a reference to the code, guideline, policy statement, practice note or no\u2011action letter as so amended.(5)\u00a0\u00a0Any failure of a person to comply with any provision of a code, guideline, policy statement or practice note issued under this section that applies to the person does not of itself render that person liable to criminal proceedings but any such failure may, in any proceedings whether civil or criminal, be relied upon by any party to the proceedings as tending to establish or to negate any liability which is in question in the proceedings.(6)\u00a0\u00a0The issue by the Authority of a no-action letter does not of itself prevent the institution of any criminal proceedings against any person for a contravention of any provision of this Act.(7)\u00a0\u00a0Any code, guideline, policy statement or practice note issued under this section\u00a0\u2014(a)may be of general or specific application; and(b)may specify that different provisions thereof apply to different circumstances or provide for different cases or classes of cases.(8)\u00a0\u00a0It is not necessary to publish any code, guideline, policy statement, practice note or no\u2011action letter issued under this section in the Gazette.[10/2013](9)\u00a0\u00a0In this section, \u201cno-action letter\u201d means a letter written by the Authority to an applicant for such a letter to the effect that, if the facts are as represented by the applicant, the Authority will not institute proceedings against the applicant in respect of a particular state of affairs or particular conduct.", "return": ["A person fails to comply with a provision of a code, guideline, policy statement or practice note issued under this section", "The person may not be liable to criminal proceedings but the failure may be relied upon by any party to the proceedings as tending to establish or to negate any liability which is in question in the proceedings", "Failure of a person to comply with any provision of a code, guideline, policy statement or practice note issued under this section that applies to the person"]}{"num": "75", "text": "75.\u2014(1)\u00a0\u00a0The Authority may, where it thinks it necessary or expedient in the interest of the public, a section of the public or the protected parties of licensed trust companies, publish in such form and manner as it thinks fit\u00a0\u2014(a)any information relating to\u00a0\u2014(i)any licensed trust company;(ii)any exempt person; or(iii)any other person or class of persons granted an exemption under section\u00a080; or(b)any other information which the Authority has acquired in the exercise of its functions or the performance of its duties under this Act.(2)\u00a0\u00a0Without limiting subsection\u00a0(1), the Authority may publish information relating to\u00a0\u2014(a)the lapsing, revocation or suspension of the approval, licence or exemption granted to any person referred to in subsection\u00a0(1);(b)the removal of an officer of any person referred to in subsection\u00a0(1);(c)the composition of any offence\u00a0\u2014(i)under this Act committed by any person; or(ii)under any other law (whether of Singapore or any territory or country outside Singapore) involving a person referred to in subsection\u00a0(1);(d)any civil or criminal proceedings brought\u00a0\u2014(i)under this Act against any person and the outcome of the proceedings, including any settlement, whether in or out of court; or(ii)under any other law, whether of Singapore or any territory or country outside Singapore, against any person referred to in subsection\u00a0(1) and the outcome of the proceedings, including any settlement, whether in or out of court;(e)any disciplinary proceedings brought by the Authority against any person referred to in subsection\u00a0(1) and the outcome of the proceedings; and(f)any other action as may have been taken by the Minister or the Authority against any person referred to in subsection\u00a0(1).", "return": ["A licensed trust company is accused of misconduct and the Authority publishes information about the company without following due process.", "The Authority's decision may be challenged in court.", "Interpretation of the provision might be hairy when the Authority publishes information about a licensed trust company without proper justification."]}{"num": "76", "text": "76.\u2014(1)\u00a0\u00a0The Authority may, if it thinks it necessary or expedient in the interest of the public or the protected parties of licensed trust companies, issue written directions, either of a general or specific nature, to\u00a0\u2014(a)any licensed trust company;(b)any exempt person;(c)any officer of a licensed trust company or an exempt person; or(d)any class of the persons referred to in paragraphs\u00a0(a), (b) or (c),to comply with such requirements as the Authority may specify in the written directions.(2)\u00a0\u00a0Without limiting subsection\u00a0(1), any written direction may be issued with respect to\u00a0\u2014(a)the standards to be maintained by the licensed trust company or exempt person concerned in the conduct of the business of the licensed trust company or exempt person;(b)the type and frequency of submission of financial returns and other information to be submitted to the Authority; and(c)the qualifications, experience and training of the officers of the licensed trust company or exempt person,and the person to whom the direction is issued must comply with the direction.(3)\u00a0\u00a0Any person who contravenes any direction issued under subsection\u00a0(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 of $5,000 for every day or part of a day during which the offence continues after conviction.(4)\u00a0\u00a0It is not necessary to publish any direction issued under subsection\u00a0(1) in the Gazette.[10/2013](5)\u00a0\u00a0The Authority may at any time vary, rescind or revoke any written direction under subsection\u00a0(1).", "return": ["A licensed trust company is issued a direction by the Authority to implement new reporting requirements, but the company is unsure how to comply with the direction.", "The licensed trust company seeks clarification from the Authority, and the Authority provides a revised direction that is more specific and clear.", "The Authority issues a direction to a licensed trust company that is overly broad and vague, and the company is unsure how to comply."]}{"num": "77", "text": "77.\u2014(1)\u00a0\u00a0Where on the application of the Authority, it appears to the court that a person\u00a0\u2014(a)has committed an offence under this Act;(b)has contravened any condition or restriction of a trust business licence; or(c)is about to do an act that, if done, would be such an offence or contravention,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:(d)in the case of a persistent or continuing breach of this Act or of any condition or restriction of a licence, an order restraining a person from carrying on all or any of the trust business or from holding the person out as so carrying on all or any of the trust business or so acting;(e)for the purpose of securing compliance with any other order under this section, an order directing a person to do or refrain from doing a specified act;(f)any ancillary order deemed to be necessary or desirable in consequence of the making of any of these orders.(2)\u00a0\u00a0The court may, before making an order under subsection\u00a0(1), direct that notice of the application be given to such person as the court thinks fit or that notice of the application be published in such manner as it thinks fit, or both.(3)\u00a0\u00a0Any person who, without reasonable excuse, contravenes an order made under subsection\u00a0(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\u00a0years or to both.(4)\u00a0\u00a0Subsection\u00a0(3) does not affect the powers of the court in relation to the punishment for contempt of court.(5)\u00a0\u00a0The court may, on the application of an affected person or of its own motion, rescind, vary or discharge an order made by the court under this section or suspend the operation of such an order.", "return": ["A person has been found guilty of an offence under this Act and the court is considering the appropriate penalty.", "The court makes an order restraining the person from carrying on trust business.", "A person has committed an offence under this Act and the court is considering making an order to restrain them from carrying on trust business."]}{"num": "78", "text": "78.\u2014(1)\u00a0\u00a0Where 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 the Authority, grant an injunction restraining the 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.(2)\u00a0\u00a0Where a person has refused or failed, is refusing or failing, or is likely to refuse or fail, to do an act or thing that the person is required by this Act to do, the court may, on the application of the Authority, make an order requiring the person to do that act or thing.(3)\u00a0\u00a0Where an application is made to the court for an injunction under subsection\u00a0(1) or an order under subsection\u00a0(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 referred to in subsection\u00a0(1) or make an interim order requiring a person to do any act or thing, pending the determination of the application.(4)\u00a0\u00a0Where the court has granted an injunction or interim injunction or made an order or interim order under this section, the court may, on application by the Authority or by any person affected by the injunction, order, interim injunction or interim order, rescind or vary the injunction, order, interim injunction or interim order.(5)\u00a0\u00a0An injunction, order, interim injunction or interim order granted or made under this section may be expressed to operate for a period specified in the injunction, order, interim injunction or interim order or until the injunction, order, interim injunction or interim order is rescinded.(6)\u00a0\u00a0Any person who contravenes an injunction, order, interim injunction or interim order that is granted or made by the court under this section that is applicable to the person 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\u00a0years or to both.(7)\u00a0\u00a0Where an application is made to the court for the grant of an injunction under subsection\u00a0(1), the power of the court to grant the injunction may be exercised\u00a0\u2014(a)if the court is satisfied that the person has engaged in conduct of that kind referred to in that subsection, 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 referred to in that subsection, 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.(8)\u00a0\u00a0Where an application is made to the court for the making of an order under subsection\u00a0(2), the power of the court to make the order may be exercised\u00a0\u2014(a)if the court is satisfied that the person has refused or failed to do that act or thing mentioned in that subsection, 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 mentioned in that subsection, 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.(9)\u00a0\u00a0Where the Authority 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 is not to require the Authority or any other person, as a condition of granting the injunction, order, interim injunction or interim order, to give any undertaking as to damages.(10)\u00a0\u00a0Subsection\u00a0(6) does not affect the powers of the court in relation to the punishment for contempt of court.", "return": ["A person has engaged in conduct that constitutes a contravention of this Act", "The court grants an injunction restraining the person from engaging in the conduct", "A person has engaged in conduct that constitutes a contravention of this Act"]}{"num": "79", "text": "79.\u2014(1)\u00a0\u00a0Any notice or direction to be given or served by the Authority on a person is for all purposes regarded as duly given or served if it has been delivered or sent by post or fax transmission to the person at the person\u2019s last known address.(2)\u00a0\u00a0In the case of a corporation, the last known address mentioned in subsection\u00a0(1) is\u00a0\u2014(a)if it is a company incorporated in Singapore, the address of its registered office in Singapore; or(b)if it is a foreign company, the address of its registered office in Singapore or the registered address of its authorised representative, referred to in section\u00a0366(1) of the Companies Act\u00a01967, or, if it does not maintain a place of business in Singapore, its registered office in the place of its incorporation.[35/2014]", "return": ["A company's registered office address was outdated", "The notice is still considered duly given", "The notice was sent to the wrong address"]}{"num": "80", "text": "80.\u2014(1)\u00a0\u00a0The 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 conditions or restrictions as may be prescribed.(2)\u00a0\u00a0The Authority may, on the application of any person, by written notice exempt the person from all or any of the provisions of this Act or the requirements specified in any written direction made by the Authority under this Act if the Authority considers it appropriate to do so in the circumstances of the case.(3)\u00a0\u00a0An exemption granted under subsection\u00a0(2)\u00a0\u2014(a)may be granted subject to such conditions or restrictions as the Authority may specify by written notice;(b)need not be published in the Gazette; and(c)may be withdrawn at any time by the Authority.(4)\u00a0\u00a0Any person who contravenes any condition or restriction imposed under subsection\u00a0(1) or (3)(a) shall be guilty of an offence.", "return": ["A person applies for an exemption from a provision of this Act.", "The person is not guilty of an offence for contravening a non-existent condition or restriction.", "The Authority grants an exemption to a person without specifying any conditions or restrictions."]}{"num": "81", "text": "81.\u2014(1)\u00a0\u00a0The Minister may, by order in the Gazette, amend, add to or vary any of Schedules.(2)\u00a0\u00a0The Minister may, in any order made under subsection\u00a0(1), make such incidental, consequential or supplementary provisions to the Act as may be necessary or expedient.(3)\u00a0\u00a0Any order made under subsection\u00a0(1) must be presented to Parliament as soon as possible after publication in the Gazette.", "return": ["The Minister amends a schedule to reflect a change in industry standards.", "The amendment is challenged in court.", "The Minister amends a schedule in a way that has unintended consequences."]}{"num": "82", "text": "82.\u2014(1)\u00a0\u00a0The Authority may make regulations for carrying out the purposes and provisions of this Act and for the due administration of this Act.(2)\u00a0\u00a0Without limiting subsection\u00a0(1), the Authority may make regulations for or with respect to\u00a0\u2014(a)applications for the grant of licences under this Act and matters incidental thereto;(b)the minimum financial and other requirements that an applicant must fulfil for it to be issued a licence under this Act;(c)the activities of, and standards to be maintained by, a licensed trust company, an exempt person or any person who is granted an exemption under section\u00a080, including the manner, method and place of conducting trust business;(d)the particulars to be recorded in, or in respect of, books kept by a licensed trust company; and(e)the requirements and restrictions relating to the granting of any unsecured advance, unsecured loan or unsecured credit facility by a licensed trust company.(3)\u00a0\u00a0Except as otherwise expressly provided in this Act, the regulations made under this Act\u00a0\u2014(a)may be of general or specific application;(b)may provide that a contravention of any specified provision thereof shall be an offence; and(c)may provide for penalties not exceeding a fine of $25,000 or imprisonment for a term not exceeding 12\u00a0months or both for each offence.", "return": ["The Authority makes regulations that are overly restrictive, stifling innovation in the trust industry.", "The trust industry is stifled, and innovation is hindered.", "The Authority makes regulations that are overly restrictive, stifling innovation in the trust industry."]}