Section 58

the Registrar is not satisfied with —

the financial standing of the designated credit bureau; or

the manner in which the designated credit bureau’s business is being conducted;

the designated credit bureau is contravening or has contravened any provision of this Part, or any direction or notice issued, or any condition imposed, by the Registrar under this Part;

it appears to the Registrar that the designated credit bureau is failing or has failed to satisfy any of its obligations under or arising from this Part, or any direction or notice issued, or any condition imposed, by the Registrar under this Part;

the designated credit bureau has provided to the Registrar any information or document required under this Part that is false or misleading; or

the designated credit bureau, or any of its officers or employees, has not performed its or the officer’s or employee’s duties under this Part honestly.

the designated credit bureau is insolvent, becomes unable to meet its obligations, or suspends payments;

the designated credit bureau informs the Registrar that it is or is likely to become insolvent, or that it is or is likely to become unable to meet its obligations, or that it has suspended or is about to suspend payments;

the Registrar is of the opinion that the designated credit bureau —

is carrying on its business in a manner likely to be detrimental to the confidentiality, security or integrity of any data held by the designated credit bureau; or

is or is likely to become insolvent, is or is likely to become unable to meet its obligations, or is about to suspend payments;

the designated credit bureau is wound up or otherwise dissolved, whether in Singapore or elsewhere; (e)it appears to the Registrar that it would be contrary to the public interest for the designated credit bureau to continue its operations.

for the cancellation of the designation of the designated credit bureau to take effect on a later date, pending the designation of a subsequent designated credit bureau; or

for the cancellation of the designation of the designated credit bureau to take effect on an earlier date so that a subsequent designated credit bureau can be designated,the Registrar may, by a further written notice to the designated credit bureau, specify a different date (being a date not earlier than the date that the further notice is served on the designated credit bureau) on which the cancellation of the designation is to take effect, and the cancellation takes effect on the date specified in the further notice.

on the date stated in the written notice under subsection (1); or

if a further written notice mentioned in subsection (5) is served, on the date specified in that notice,unless the cancellation of the designation is withdrawn by the Registrar before the date mentioned in paragraph (a) or (b), whichever is applicable.