6 Legislations for Wealth Managers in Singapore to know

Chapter 19

Original Enactment: Act 41 of 1970

An Act to provide for the licensing and regulation of the business of banks and related financial institutions, and the credit card and charge card business of banks and other institutions, and matters related thereto.

Section 47

Customer information shall not, in any way, be disclosed by a bank in Singapore or any of its officers to any other person except as expressly provided in this Act.

(5)  Any person (including, where the person is a body corporate, an officer of the body corporate) who receives customer information referred to in Part II of the Third Schedule shall not, at any time, disclose the customer information or any part thereof to any other person, except as authorised under that Schedule or if required to do so by an order of court.

Penalties

(6)  Any person who contravenes subsection (1) or (5) shall be guilty of an offence and shall be liable on conviction —

(a) in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both; or

(b) in any other case, to a fine not exceeding $250,000.

Chapter 289

Original Enactment: Act 42 of 2001

An Act relating to the regulation of activities and institutions in the securities, futures and derivatives industry, including leveraged foreign exchange trading, and of clearing facilities, and for matters connected therewith.

Division 1 — Prohibited Conduct — Securities

197. False trading and market rigging transactions
198. Securities market manipulation
199. False or misleading statements, etc.
200. Fraudulently inducing persons to deal in securities
201. Employment of manipulative and deceptive devices
202. Dissemination of information about illegal transactions
203. Continuous disclosure
204. Penalities under this Division

Penalties

Any person who contravenes any of the provisions of this Division shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 7 years or to both.

Division 3- Insider Trading

221. (1)  A person who contravenes section 218 or 219, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 7 years or to both.

Chapter 110

Original Enactment: Act 43 of 2001

An Act to regulate financial advisers and their representatives, and for other purposes relating thereto or connected therewith.

Chapter 186

Original Enactment: Act 42 of 1970

An Act to establish a corporation to be known as the Monetary Authority of Singapore and to provide for the transfer to the corporation of certain functions and assets of the Government and for matters incidental thereto and connected therewith.

Source: Singapore Statues Online