Clause 15

by inserting, immediately after subsection (2) of section 2, the following subsection:“(3) For the purposes of sections 25A(5) and 31, any reference to the Minister includes a reference to such Minister of State for his Ministry who is authorised by the Minister for the purpose of hearing an appeal under that section.”;

by repealing section 25 and substituting the following sections:“Restrictions on use of “Chartered Accountant of Singapore”25.—

An accounting entity or a person who is registered as a chartered accountant may —

describe himself or itself, as the case may be, as “Chartered Accountant of Singapore”; and

use the initials “CA (Singapore)” after his name or its name, as the case may be.(2) A person who is not an accounting entity or a person registered as a chartered accountant may also describe itself as “Chartered Accountant of Singapore” and use the initials “CA (Singapore)” after its name if it is an approved entity.(3) An individual who is not registered as a chartered accountant, or whose registration as such is suspended, under this Act shall not —

practise as, or hold himself out to be, a Chartered Accountant of Singapore; or

use, verbally or otherwise, in connection with his business, employment, profession, description or name (or the name under which he carries on business) —

the expression “Chartered Accountant of Singapore” or any of its derivatives or abbreviations, in any language;

the initials “CA (Singapore)”; or

any word, designation or description, in any language, tending to convey the impression that he is a Chartered Accountant of Singapore, or that he is qualified or authorised to practise as such. (4) A person which is not an individual and which is not an accounting entity or an approved entity shall not —

practise as, or hold itself out to be, a Chartered Accountant of Singapore; or

use, verbally or otherwise, in connection with its business, profession, description or name (or the name under which it carries on business) —

the expression “Chartered Accountant of Singapore” or any of its derivatives or abbreviations, in any language;

the initials “CA (Singapore)”; or

any word, designation or description, in any language, tending to convey the impression that the person is a Chartered Accountant of Singapore, or that it is qualified or authorised to practise as such.(5) Any person who —

contravenes subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and, in the case of a second or subsequent offence, to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 6 months or to both; or

contravenes subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and, in the case of a second or subsequent offence, to a fine not exceeding $10,000.(6) In this section, “approved entity” means an entity approved by the Commission under section 25A(2) to describe itself as “Chartered Accountant of Singapore” and use the initials “CA (Singapore)” after its name and which approval has not ceased under section 25A(3).Approved entity25A.—

A company or proposed company, a firm or proposed firm, or a limited liability partnership or proposed limited liability partnership (referred to in this section as an entity), which is not an accounting entity, may apply to the Commission for approval to describe itself as “Chartered Accountant of Singapore” and use the initials “CA (Singapore)” after its name.(2) The Commission may approve an application made under subsection (1) if the following conditions are satisfied:

one of the primary objects of the entity is to provide such accounting services as may be prescribed; (b)in the case of an entity that is —

a company or proposed company, the constitution of the company or proposed company provides that not less than two‑thirds, or such other proportion as may be prescribed, of the directors (including the chairman) shall be chartered accountants, or —

if the company or proposed company has only one director, that that director shall be a chartered accountant; or

if the company or proposed company has only 2 directors, that at least one of those directors shall be a chartered accountant;

a firm or proposed firm, at least two‑thirds, or such other proportion as may be prescribed, of the partners are chartered accountants, or if the partnership has only 2 partners, at least one of those partners is a chartered accountant; or

a limited liability partnership or proposed limited liability partnership, at least two‑thirds, or such other proportion as may be prescribed, of the partners are chartered accountants, or if the partnership has only 2 partners, at least one of those partners is a chartered accountant; and

the entity meets such other conditions as may be prescribed.(3) If any of the conditions referred to in subsection (2) ceases to be satisfied by the entity, the Commission’s approval under subsection (2) automatically ceases. (4) Subsection (3) does not prevent an entity from making a fresh application under subsection (1) and from being approved by the Commission under subsection (2) if the entity subsequently meets the conditions of subsection (2) again.(5) An entity aggrieved by the Commission’s refusal to approve an application under subsection (2) may, within 30 days after being informed of the Commission’s refusal, appeal to the Minister whose decision is final.(6) In this section and section 25 —“accounting corporation” means a company approved or deemed to be approved as an accounting corporation under the Accountants Act (Cap. 2);“accounting entity” means a public accountant, an accounting corporation, an accounting firm or an accounting limited liability partnership;“accounting firm” means a firm approved or deemed to be approved as an accounting firm under the Accountants Act;“accounting limited liability partnership” means a limited liability partnership approved as an accounting limited liability partnership under the Accountants Act;“public accountant” means a person who is registered or deemed to be registered in accordance with the Accountants Act as a public accountant.”; and

by deleting subsection (7) of section 31.