Clause 33

Subject to section 34, the Commission may, with the approval of the Minister, by order published in the Gazette, amend the Third Schedule by adding thereto, deleting therefrom or otherwise varying any designated entity.

A designated entity shall be subject to such conditions as the Commission may, from time to time, specify.

Without prejudice to the Societies Act (Cap. 311) or any other legislation governing or regulating the designated entity, a designated entity may, with the concurrence of the Commission, modify any of its membership rules relating to chartered accountants in such manner as provided in its membership rules.

In the event of any inconsistency between the membership rules of a designated entity relating to chartered accountants and this Act, this Act shall prevail to the extent of the inconsistency.

In this section, “membership rules”, in relation to a designated entity, includes but is not limited to the requirements for the registration, and renewal of the registration, of chartered accountants, codes of professional conduct, standards and ethics applicable to chartered accountants, and rules relating to disciplinary and other actions that may be taken by the designated entity against its members who are chartered accountants.