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In exercise of the powers conferred by sections 336 and 341 of the Securities and Futures Act 2001, the Monetary Authority of Singapore hereby makes the following Regulations:
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Citation and commencement
- 1. These Regulations may be cited as the Securities and Futures (Composition of Offences) Regulations 2002 and shall come into operation on 1st July 2002.
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Compoundable offences
- 2. The following offences may be compounded by the Authority in accordance with section 336 (2) of the Act:
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(a) any offence under the Act which is punishable by a fine only;
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(b) any offence under section 5 (15), 6 (15), 50 (12), 82 (3) or 83 (3) of the Act; or
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(c) any offence under section 332 (1) (a) of the Act, where the non-compliance referred to in that section constitutes an offence which is compoundable under paragraph (a) or (b).
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Acceptance of composition of offence
- 3. (1) The Authority may compound an offence under section 336 (2) of the Act only if the person reasonably suspected of having committed the offence :
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(a) accepts the offer of composition made by the Authority in writing in the form set out in the Schedule; and
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(b) pays the composition sum to the Authority,
within 14 days after the offer of composition is made or such longer period as the Authority may specify.
(2) Where the person referred to in paragraph (1) is not an individual, the acceptance of composition shall be made :
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(a) in the case ofa body corporate, by an officer of that body corporate;
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(b) in the case of a partnership, by a partner of that partnership; or
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(c) in the case of an unincorporated association (other than a partnership), by an officer of that association or a member of its governing body.
(3) For the purposes of paragraph (2), 'officer' :
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(a) in relation to a body corporate, means a director, member of the committee of management, chief executive, manager, secretary or other similar officer of the body; or
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(b) in relation to an unincorporated association (other than a partnership), means the president, the secretary or any member of the committee of the association and includes persons holding positions analogous to those of president, secretary or member of a committee.
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THE SCHEDULE
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Acceptance of offer of composition made by the Monetary Authority of Singapore
- 1. I, _____________ [Name and NRIC/Passport Number] [If made by an officer of a body corporate, partner of partnership, or officer or member of governing body of unincorporated association, to state his position], acknowledge that the Monetary Authority of Singapore has by way of a letter dated ______________ made an offer of composition under section 336 (2) of the Securities and Futures Act 2001 (Act 42 of 2001) (the Act) in respect of an offence [or offences] under the Act or any subsidiary legislation made thereunder, committed by _______________ [myself/my business trading as Business Name/Name of body corporate, partnership or unincorporated association, of which I am a representative authorised by the body corporate/partnership/unincorporated association.].
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2. The offer made by the Monetary Authority of Singapore is as follows:
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S/No
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Offence and date of offence
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Composition sum offered
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1.
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(Brief description of the offence, and state the provision of the Act breached and the date of the breach) |
(State Composition sum) |
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3. I agree to the offer of composition as stated above and enclose, with this form, payment of the composition sum.
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| ____________________________________ |
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| Signature of person accepting the offer of composition or authorised person accepting the offer of composition on behalf of a body corporate, a partnership, or an unincorporated association |
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| Date: ___________________________ |
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| ____________________________________________________________________________ |
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| If the person to whom the offer of composition is made and who accepts the composition is not literate in English, the person interpreting it shall attest as follows: |
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| I, ______________________ [Name and NRIC/Passport Number], have interpreted this form to the person accepting the offer of composition in _______________________ [state language] and have ascertained that he understands the contents of the form and agrees to the composition. |
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| __________________________________ |
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| Signature of interpreter |
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| Date: ____________________________ |
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