Why you need it
Singapore has several agencies with powers to investigate and sanction: the Inland Revenue Authority of Singapore (IRAS), the Commercial Affairs Department (CAD), the Corrupt Practices Investigation Bureau (CPIB), the Competition and Consumer Commission of Singapore (CCCS), the Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX RegCo). Each has its own process, its own powers to compel documents and interviews, and its own range of outcomes.
The consequences reach past fines. MAS can issue prohibition orders and revoke licences or representative status. SGX RegCo can require a listed company to replace a director or officer, or object to an appointment. CCCS can impose financial penalties on businesses for anti-competitive conduct under the Competition Act 2004. A finding against you can affect future directorships and how employers and counterparties see you.
Regulatory investigations also run alongside other proceedings. What you tell one agency may reach another, or be used in a civil claim. That is why the first response needs thought.
How we help
We respond to notices and requests for information, prepare clients for interviews, and make written submissions on the facts and the law. Where a criminal referral is possible, we plan the regulatory response with that risk in mind.
Past matters include defending a chief financial officer in an SGX investigation into financial statement fraud, which ended with a warning; representing a financial adviser in an MAS investigation where MAS sought to revoke his licence, which also ended with a warning; appearing for a company before the GST Board of Review on an input tax claim of S$1.4 million involving alleged missing trader fraud; and acting for a client charged by ACRA for breach of directors’ duties. Outcomes depend on the facts of each case.
- IRAS audits, reviews and investigations; GST and income tax appeals
- CAD and CPIB investigations
- CCCS investigations under the Competition Act 2004
- MAS investigations, licence and representative status issues
- SGX RegCo queries and investigations involving listed companies and their officers
- ACRA prosecutions for breach of directors’ duties
Related practice areas
Received a notice from a regulator? Send it to us before the response date. Contact us to arrange a confidential discussion.
The information on this page is general information only and is not legal advice. The law changes and develops over time, and nothing on this page creates a solicitor–client relationship. For advice on your own situation, please contact us.