Singapore legislation

Clause 19

Regulatory action for contravention of Act, etc., by registered corporate service providers

(1)

This section applies where the Registrar is satisfied that a registered corporate service provider (Z) is contravening or is not complying with, or has contravened or failed to comply with —

(a)

if Z is not a deemed registered corporate service provider —

(i)

any of the conditions of Z’s registration; or

(ii)

any requirement under this Act or the regulations, the contravention of or non‑compliance with which is not an offence under this Act; or

(b)

if Z is a deemed registered corporate service provider — any requirement under this Act or the regulations, the contravention of or non‑compliance with which is not an offence under this Act.

(2)

Where this section applies, the Registrar may —

(a)

cancel Z’s registration;

(b)

suspend Z’s registration for a period not exceeding 12 months;

(c)

restrict Z’s use of the electronic transaction system to the extent the Registrar thinks fit;

(d)

direct Z to pay, within a period specified in the direction, a financial penalty of an amount the Registrar thinks fit, but not exceeding $25,000 for each contravention or non‑compliance that is the subject of the regulatory action; or

(e)

censure Z.

(3)

If Z has been directed to pay a financial penalty under subsection (2)(d) and fails to pay the financial penalty within the period specified in the direction, the Registrar may (without affecting section 28) —

(a)

cancel Z’s registration;

(b)

suspend Z’s registration for a period not exceeding 12 months; or

(c)

restrict Z’s use of the electronic transaction system to the extent the Registrar thinks fit.

Read in full context — Corporate Service Providers Bill →