Singapore legislation
Clause 42
Clause 42
Saving and transitional provisions due to repeal of Singapore Accountancy Commission Act 2013
(1)
Any approval, grant, loan, other financial benefit, standard, guideline, notice (or other document) or decision that is —
given, issued or made by the Commission in the exercise of its functions and powers under the repealed Act; and
valid immediately before the specified date,remains valid and is deemed to have been given, issued or made by the Authority under the ACRA Act, to the extent that it is not inconsistent with that Act.
(2)
Any programme, qualification, certification, specialisation or continuing professional development relating to the accountancy sector and its related fields in Singapore that is —
developed, provided for or administered by the Commission, or that the Commission facilitated or collaborated on the development, provision or administration of, in the exercise of its functions and powers under the repealed Act; and
valid immediately before the specified date,remains valid.
(3)
Where —
an application is made by a company or proposed company, a firm or proposed firm or a limited liability partnership or proposed limited liability partnership (called in this subsection an entity), which is not an accounting entity, to the Commission under section 25A(1) of the repealed Act for approval to describe itself as “Chartered Accountant of Singapore” and use the initials “CA (Singapore)” after its name; and
the application is pending immediately before the specified date,the application is deemed to be an application made by the entity to the Authority under section 35C(1) of the ACRA Act.
(4)
Every approval that —
is granted before the specified date by the Commission under section 25A(2) of the repealed Act; and
is in force on the specified date,is to continue, and is deemed to be an approval granted by the Authority under section 35C(2) of the ACRA Act.
(5)
Where —
an application is made by a person to a specified designated entity to register the person as a chartered accountant under section 26(2) of the repealed Act;
the application is pending immediately before the specified date; and
the specified designated entity is a designated entity under the ACRA Act,the application is deemed to be an application made by the person to that entity under section 35D(2) of the ACRA Act.
(6)
Every registration, or renewal of the registration, of a person as a chartered accountant by a specified designated entity that —
is granted before the specified date in accordance with section 26 of the repealed Act; and
is in force on the specified date,is to continue, and is deemed to be a registration under section 35D of the ACRA Act.
(7)
However, every registration mentioned in subsection (6) lapses on the date it would have if the repealed Act had not been repealed, unless the registration is earlier revoked.
(8)
Where —
a specified designated entity, before the specified date, commences proceedings against any of its members registered with it as a chartered accountant in accordance with its membership rules with a view to taking any disciplinary or other action against, or imposing any penalty on or making any other order against, that member in accordance with section 28(1) of the repealed Act;
the proceedings have not been completed or disposed of before the specified date; and
the specified designated entity is a designated entity under the ACRA Act,the proceedings may be dealt with and disposed of by that entity in accordance with the repealed Act as if this Act had not been enacted.
(9)
Subject to subsection (10), any disciplinary or other action taken or penalty imposed or other order made by a specified designated entity against any of its members registered with it as a chartered accountant as provided in its membership rules —
in accordance with section 28(1) of the repealed Act before the specified date; or
in accordance with subsection (8) on or after the specified date,continues in force as if the action were taken or the penalty was imposed or the order was made under section 35F of the ACRA Act, provided that the specified designated entity is a designated entity under the ACRA Act.
(10)
Where —
a specified designated entity suspends the registration of a chartered accountant under the repealed Act —
in accordance with section 28(1) of the repealed Act before the specified date; or
in accordance with subsection (8) on or after the specified date; and
the specified designated entity is a designated entity under the ACRA Act,the following applies:
the suspension of the registration is treated as a suspension imposed under the ACRA Act;
the suspension continues for the period ordered by the specified designated entity, unless the suspension is earlier revoked under the ACRA Act.
(11)
Where —
the Commission commences a review of any matter under section 29(2) of the repealed Act; and
the review of that matter has not been completed or disposed of or discontinued immediately before the specified date,the review may be continued and disposed of by the Authority under section 35G of the ACRA Act.
(12)
Where —
the Authority, on or after the specified date, is informed of any matter mentioned in subsection (11)(a) relating to a contravention or an alleged contravention that occurred or is alleged to have occurred before the specified date; and
the Commission did not commence a review of that matter immediately before the specified date,the Authority may commence a review and dispose of that matter in accordance with section 35G of the ACRA Act.
(13)
Where the Commission, before the specified date, suspends, or extends the suspension of, the registration of a chartered accountant under the repealed Act —
the suspension, or extension of the suspension, is treated as a suspension, or extension of the suspension, under the ACRA Act; and
the suspension (including any extension thereof) continues for the period ordered by the Commission, unless the suspension is earlier revoked under the ACRA Act.
(14)
Where —
an appeal has been made to the Commission under section 30 of the repealed Act before the specified date; and
the appeal has not been dealt with or disposed of immediately before the specified date,the appeal may be dealt with and disposed of by the Authority in accordance with section 35H of the ACRA Act.
(15)
Where —
an appeal has been made to the Minister under section 31 of the repealed Act before the specified date; and
the appeal has not been dealt with or disposed of immediately before the specified date,the appeal may be dealt with and disposed of by the Minister in accordance with section 35I of the ACRA Act.
(16)
In this section —
Definition
“accounting corporation”, “accounting entity”, “accounting firm” and “accounting limited liability partnership” have the meanings given by section 35A(1) of the ACRA Act;
Definition
“ACRA Act” means the Accounting and Corporate Regulatory Authority Act 2004 as amended by this Act;
Definition
“Authority” means the Accounting and Corporate Regulatory Authority established under the ACRA Act;
Definition
“Commission” means the Singapore Accountancy Commission established under the repealed Act;
Definition
“repealed Act” means the Singapore Accountancy Commission Act 2013 as in force immediately before the specified date;
Definition
“specified date” means the date of commencement of section 40 of this Act;
Definition
“specified designated entity” means a designated entity specified in the Third Schedule to the repealed Act.