Singapore legislation

Clause 71

Duty to report on completion of default proceedings

(1)

A clearing house shall, upon the completion by it of default proceedings, make a report on such proceedings stating in respect of each defaulter —

(a)

the net sum, if any, certified by the clearing house to be payable by or to the defaulter; or

(b)

the fact that no sum is so payable,as the case may be, and the clearing house may include in that report such other particulars in respect of such proceedings as it thinks fit.

(2)

A clearing house which has made a report under subsection (1) shall supply the report to —

(a)

the Authority;

(b)

any relevant office holder acting in relation to —

(i)

the defaulter to whom the report relates; or

(ii)

that defaulter’s estate;

(c)

if there is no relevant office holder referred to in paragraph (b), the defaulter to whom the report relates.

(3)

The clearing house shall publish a notice of the fact that a report has been made under subsection (1) in such manner as it thinks appropriate to bring that fact to the attention of the creditors of the defaulter to whom the report relates.

(4)

Where a relevant office holder or defaulter receives under subsection (2) a report made under subsection (1), he shall, at the request of a creditor of the defaulter to whom the report relates —

(a)

make the report available for inspection by the creditor; and

(b)

on payment of such reasonable fee as the relevant office holder or defaulter, as the case may be, determines, supply to the creditor all or any part of that report.

(5)

In subsections (2), (3) and (4), “report” includes a copy of a report.

Read in full context — Securities and Futures Bill →