Clause 44

by deleting item 1 of Part II and substituting the following item: “1.Disclosure is solely —

in connection with the performance of duties as an officer or a professional adviser of the bank; or

to enable an auditor appointed or engaged by a bank in Singapore, the head office of the bank in Singapore or, (in the case of a foreign‑owned bank incorporated in Singapore) its parent bank, to make certain disclosures.(a)For the purpose of item 1(a) in the first column —

an officer of the bank in Singapore;

an officer designated in writing by the head office of the bank in Singapore or, in the case of a foreign‑owned bank incorporated in Singapore, its parent bank;

a lawyer, consultant or other professional adviser appointed or engaged by the bank in Singapore under a contract for service; or

an auditor appointed or engaged by the bank in Singapore, the head office of the bank in Singapore or, in the case of a foreign‑owned bank incorporated in Singapore, its parent bank, under a contract for service.(b)For the purpose of item 1(b) in the first column —

the head office of the bank in Singapore, where the head office receives information from an auditor under paragraph (a)(iv);

in the case of a foreign‑owned bank incorporated in Singapore, its parent bank, where the parent bank receives information from an auditor under paragraph (a)(iv); or

any employee of the Accounting and Corporate Regulatory Authority who is appointed under section 35 of the Accountants Act to carry out a practice review of an auditor, where the employee receives information from the auditor under paragraph (a)(iv).(a)Disclosure must not be made to any auditor referred to in paragraph (a)(iv) of the second column, other than an auditor appointed or engaged by the bank in Singapore, unless the auditor has given to the bank a written undertaking that the auditor will not disclose any customer information obtained by the auditor in the course of the performance of audit to any person other than —

the head office of the bank in Singapore;

in the case of a foreign‑owned bank incorporated in Singapore, its parent bank;

an employee of the Accounting and Corporate Regulatory Authority appointed as a reviewer under section 35 of the Accountants Act (Cap. 2) to carry out a practice review of the auditor.(b)The disclosure by any auditor to any person mentioned in paragraph (b)(iii) of the second column is subject to any conditions specified in a notice issued by the Authority to the auditor.”; (b)by deleting the words “If any out‑sourced function is to be performed outside Singapore, the” in the third column of item 3 of Part II and substituting the word “The”;

by inserting, immediately after the word “perform” in paragraph (c) of the second column of item 10 of Part II, the words “any act in connection with”; and

by inserting, immediately after the definition of “lawyer” in Part III, the following definitions:“ “practice review” and “reviewer” have the same meanings as in section 32 of the Accountants Act;”.