Financial Services and Markets Act 2022 — Part 1: FURTHER DISCLOSURE NOT PROHIBITED

Part of a comprehensive analysis of the Financial Services and Markets Act 2022

All Parts in This Series

1. PART 1
2. PART 2
3. PART 3
4. PART 4
5. PART 4
6. PART 5
7. PART 6
8. PART 7
9. PART 8
10. PART 9
11. PART 10
12. PART 11
13. PART 12
14. PART 13
15. Part 7
16. PART 14
17. Part 1
18. Part 2
19. Part 3
20. Part 1 (this article)
21. Part 3

Disclosure Obligations Under Specified Written Laws and the Evidence Act 1893

In the realm of financial services and market regulation, the obligation to disclose information is a critical mechanism to ensure transparency, accountability, and the effective enforcement of laws. The provisions governing disclosure under specified written laws and the Evidence Act 1893 serve as foundational pillars for investigations and prosecutions of offences. This analysis explores the key provisions related to disclosure, their purposes, and the legal framework that supports compliance, with a focus on the powers conferred by Part 1 of the relevant legislation.

Key Provisions Governing Disclosure

The primary provision mandates disclosure when it is necessary for compliance with orders or requests made under any specified written law. Specifically, disclosure is required in two principal scenarios:

"Disclosure is necessary for — (a) compliance with an order or request made under any specified written law to provide information, for the purposes of an investigation or prosecution, of an offence alleged or suspected to have been committed under any written law; or (b) the making of a complaint or report under any specified written law for an offence alleged or suspected to have been committed under any written law" — Section 1, Part 1

This provision ensures that authorities can obtain necessary information to investigate or prosecute offences effectively. It reflects the legislative intent to facilitate the administration of justice by enabling the flow of information from entities or individuals who may possess relevant data.

Additionally, disclosure is mandated to comply with orders issued by the Supreme Court or a Judge sitting in the Supreme Court under the powers granted by Part 4 of the Evidence Act 1893:

"Disclosure is necessary for compliance with an order of the Supreme Court or a Judge sitting in the Supreme Court pursuant to the powers conferred under Part 4 of the Evidence Act 1893" — Section 1, Part 1

Verify Section 1 in source document →

This provision underscores the judiciary's authority to compel disclosure as part of legal proceedings, ensuring that evidence can be properly gathered and assessed in the course of litigation or criminal prosecution.

Purpose and Rationale Behind the Disclosure Provisions

The disclosure requirements serve several critical functions within the legal and regulatory framework:

• Facilitating Investigations and Prosecutions: By mandating disclosure upon lawful request or order, the provisions enable regulatory bodies and law enforcement agencies to access information essential for uncovering offences and building cases.
• Ensuring Compliance with Judicial Orders: The explicit reference to the Supreme Court's powers under the Evidence Act 1893 ensures that the judiciary can enforce disclosure orders, thereby upholding the rule of law and the integrity of judicial processes.
• Promoting Accountability and Transparency: These provisions deter concealment of information and encourage entities to cooperate with investigations, fostering a culture of compliance within the financial and market sectors.
• Supporting Legal Certainty: By clearly defining when disclosure is necessary, the law provides guidance to entities on their obligations, reducing ambiguity and potential disputes over compliance.

Absence of Explicit Definitions and Penalties in Part 1

Notably, Part 1 of the legislation does not provide explicit definitions for terms such as "specified written law" or "disclosure," nor does it specify penalties for non-compliance with disclosure obligations. This absence suggests that these terms and enforcement mechanisms are either defined elsewhere in the broader legislative framework or are subject to interpretation based on established legal principles.

The lack of explicit penalties within this Part may be intentional, allowing for flexibility in enforcement or deferring to other statutes that prescribe sanctions for failure to comply with disclosure orders. This approach aligns with the principle that procedural provisions often operate in conjunction with substantive laws that define offences and penalties.

Cross-References to Other Legislation

The disclosure provisions explicitly reference other legislative instruments, highlighting the interconnected nature of Singapore’s legal framework:

"Part 4 of the Evidence Act 1893" — Section 1, Part 1

Verify Section 1 in source document →

"Any specified written law" — Section 1, Part 1

The Evidence Act 1893, particularly Part 4, empowers the Supreme Court to issue orders compelling disclosure of evidence, thereby reinforcing the judiciary’s role in ensuring that relevant information is available during legal proceedings. The term "specified written law" is a broad reference that encompasses various statutes under which investigations or prosecutions may be conducted, thereby extending the scope of disclosure obligations across multiple regulatory domains.

Judicial Enforcement and the Role of the Supreme Court

The provision empowering the Supreme Court or a Judge to order disclosure under Part 4 of the Evidence Act 1893 is a critical enforcement mechanism. It ensures that disclosure is not merely voluntary but can be compelled through judicial authority. This power is essential for overcoming resistance or reluctance by parties who may otherwise withhold information.

Such judicial orders are instrumental in maintaining the integrity of the legal process, allowing courts to access all relevant evidence necessary for fair adjudication. The legislative design reflects a balance between protecting individual rights and enabling effective law enforcement.

Conclusion

The disclosure provisions under Part 1 of the relevant legislation establish a clear legal obligation to provide information when required by specified written laws or judicial orders. These provisions are fundamental to the enforcement of laws relating to financial services and markets, ensuring that investigations and prosecutions can proceed with access to necessary evidence.

By mandating disclosure in these contexts, the law promotes transparency, accountability, and the effective administration of justice. The cross-references to the Evidence Act 1893 and other specified written laws demonstrate the integrated nature of Singapore’s legal framework, where multiple statutes work in concert to uphold legal and regulatory standards.

Sections Covered in This Analysis

• Section 1, Part 1 — Disclosure obligations under specified written laws and the Evidence Act 1893
• Part 4, Evidence Act 1893 — Judicial powers to compel disclosure

Source Documents

• Archived Copy — Litt Law CDN
• Original — Singapore Statutes Online

For the authoritative text, consult SSO.