Singapore legislation
Section 79
Section 79
Obligation to notify Registrar of certain events
(1)
The designated credit bureau must notify the Registrar as soon as practicable after the occurrence of any of the following events:
an event that results in a compromise of the confidentiality or security of any data in the possession or under the control of the designated credit bureau;
any civil or criminal proceeding instituted against the designated credit bureau, whether in Singapore or elsewhere;
any event (including an irregularity in any operation of the designated credit bureau) that impedes or impairs the operations of the designated credit bureau;
the designated credit bureau is becoming, or is likely to become, insolvent or unable to meet any of its financial, statutory, contractual or other obligations;
any other event that the Minister may prescribe.
(2)
Subject to subsection (1), the designated credit bureau must notify the Registrar within 7 days after the occurrence of any of the following events:
any change of any of its executive officers other than a director or the chief executive officer of the designated credit bureau;
any other event that the Minister may prescribe.
(3)
If the designated credit bureau contravenes subsection (1) or (2), the designated credit bureau shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000.[30ZA