Singapore legislation

Section 27

of Accounting and Corporate Regulatory Authority Act 2004

Section 27

Establishment of electronic transaction system

Amended by18/201440/201818/201440/201818/201440/201818/201418/201440/201818/201440/2018

(1)

The Authority may establish an electronic transaction system —

(a)

to enable any person to carry out any transaction with the Registrar; (b)to enable the Registrar to issue any approval, certificate, notice, determination or other document under a scheduled Act or Fifth Schedule Act;

(c)

to enable the Authority to provide a service to the public by which information relating to transactions with the Registrar is supplied to the public (whether in bulk or otherwise);

(d)

to enable the Authority to provide any other service falling within the Authority’s functions to persons registered or to be registered under a scheduled Act or Fifth Schedule Act; and

(e)

for the purposes of, or connected with, the registration of registered filing agents and registered qualified individuals under this Part.

Amended by18/201440/2018

(2)

The information that may be provided under the service mentioned in subsection (1)(c) —

(a)

may include —

(i)

copies or extracts of documents filed or lodged with, submitted to, or issued by, the Registrar;

(ii)

information extracted from documents filed or lodged with, submitted to, or issued by, the Registrar; and

(iii)

collations, summaries, reports or analyses of documents filed or lodged with, submitted to, or issued by, the Registrar;

(b)

may consist of, or be derived from, documents filed or lodged with, submitted to, or issued by, the Registrar other than through the electronic transaction system; and

(c)

is subject to any restriction relating to confidentiality under a scheduled Act or Fifth Schedule Act.

Amended by18/201440/2018

(3)

Where any transaction with the Registrar can be carried out using the electronic transaction system, the Registrar may refuse to process the transaction unless —

(a)

the transaction is carried out in accordance with this Part including the requirements for the use of the system specified in subsection (4);

(b)

the transaction meets the requirements prescribed in the scheduled Act or Fifth Schedule Act in respect of which the transaction is made; and

(c)

the fee or penalty payable in respect of the transaction has been paid.

Amended by18/201440/2018

(4)

Subject to this Part and any regulations made under section 35, the Chief Executive may determine the requirements for the use of the electronic transaction system, which may include —

(a)

terms and conditions of access to, and use of, the electronic transaction system;

(b)

security and authentication requirements for access to, and use of, the electronic transaction system;

(c)

retention and production of documents supporting or authenticating transactions; and

(d)

modes of payment for transactions.

Amended by18/2014

(5)

The fees payable —

(a)

in respect of any transaction with the Registrar, or for the issue of any approval, certificate, notice, determination or other document under a scheduled Act or Fifth Schedule Act, referred to in subsection (1)(a) and (b) are to be determined under the scheduled Act or Fifth Schedule Act in respect of which the transaction was made or the approval, certificate, notice, determination or other document was issued; and

(b)

in respect of any service provided by the Authority mentioned in subsection (1)(c) or (d) are to be determined by the Authority.

Amended by18/201440/2018

(6)

The Chief Executive must keep a record, in such form as the Chief Executive may determine, of —

(a)

all transactions with the Registrar under the scheduled Acts or Fifth Schedule Acts carried out using the electronic transaction system unless otherwise ordered by an order of the court; and

(b)

all approvals, certificates, notices, determinations and other documents issued under the scheduled Acts or Fifth Schedule Acts through the electronic transaction system.[28B

Amended by18/201440/2018
Section 27 — Accounting and Corporate Regulatory Authority Act 2004