Singapore legislation
Regulation 15
Regulation 15
Furnishing information to Authority
Subregulation 1
A bank incorporated in Singapore shall, after its Nominating Committee has concluded its deliberations in respect of the matters under regulations 13 and 14 and the board of directors has concurred with the Nominating Committee —
notify the Authority in writing of the particulars of the persons proposed to be appointed to the positions referred to in regulation 13(1)(a) and (b), including whether the requirements for independence in regulations 6 and 7 are satisfied;
(aa)notify the Authority in writing of the review and assessment of each existing director referred to in regulation 14(2)(aa);
in the case where the Nominating Committee has made a determination under regulation 8, provide the Authority with the Nominating Committee’s explanation of its decision as to why the director should be considered independent; and (c)furnish to the Authority such other information as the Authority may require.
Subregulation 2
Any bank which contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.