Corporate and Accounting Laws (Amendment) Bill

in subsection (1), replace paragraph (b) with —“(b)issue a written order to require any person to provide any information, book or document, or a copy or an extract thereof, which is —

in the possession of the person;

within the knowledge of the person; or

in the custody or under the control of the person,by the time specified in the order and in such form and manner and at such place as may be specified in the order;

in subsection (1)(c), replace “require, by order in writing,” with “issue a written order to require”;

after subsection (1), insert —“(1A) The power to issue a written order to a person under subsection (1)(b) or (ba) includes the power to issue a written order —

to require that person to produce or grant access to the information, book, document, copy or extract;

to inspect, make copies of or take extracts from the information, book or document, without fee or reward;

to require that person to provide an explanation of the information, book, document, copy or extract;

if the information, book, document, copy or extract is not provided, to require that person to state, to the best of that person’s knowledge and belief, where it is; and

if the information, book, document, copy or extract is recorded otherwise than in legible form, to require the information, book or document, copy or extract to be made available to the officer or employee of the Authority in legible form.(1B) An officer or employee of the Authority is entitled without payment to keep any information, book or document, or any copy or extract thereof, provided to him or her pursuant to a requirement imposed by him or her under subsection (1)(b) or (ba).”;

in subsection (6)(b), replace “or copy thereof” with “, copy or extract”; and

after subsection (6), insert —“(7) No liability shall lie against a person who, in good faith and with reasonable care, does or omits to do anything in complying with any written order issued under subsection (1)(b) or (ba).”.

in paragraph (i), delete “or” at the end;

in paragraph (j), replace the full‑stop at the end with “; or”; and

after paragraph (j), insert —“(k)for the purpose of providing any information under an arrangement between the Authority and a foreign audit regulator (as defined in section 59B(5) of the Accountants Act 2004), to which section 59B of that Act applies.”.

in subsection (1), after the definition of “accounting corporation”, insert —“ “accounting entity” means an accounting corporation, accounting firm or accounting LLP;”;

in subsection (1), after the definition of “Complaints Committee”, insert —“ “constitution”, in relation to a company, has the meaning given by section 4(1) of the Companies Act 1967;”;

in subsection (1), after the definition of “identification”, insert —“ “individual practitioner”, in relation to an accounting entity, means —

in the case of an accounting corporation or accounting LLP — a corporate practitioner; or

in the case of an accounting firm — a public accountant who is —

a partner or an employee of the accounting firm; and

practising as a public accountant in the accounting firm;”;

in subsection (1), after the definition of “professional indemnity insurance”, insert —“ “proliferation financing” means the financing of the proliferation of weapons of mass destruction;”; and

in subsection (3), replace “15(6)” with “15(8)”.

after paragraph (a), insert —“(aa)consider all applications for registration or renewal of registration referred by the Registrar to the Oversight Committee under section 11 or 13, and take any action under either of those sections;”;

in paragraph (b), delete sub‑paragraph (i);

in paragraph (g)(i)(A) and (B), replace “money laundering or the financing of terrorism” with “money laundering, the financing of terrorism or proliferation financing”; and

in paragraphs (g)(i) and (ga)(ii), replace “money laundering and the financing of terrorism” with “money laundering, the financing of terrorism and proliferation financing”.

in subsections (1), (2) and (3)(a) and (b), replace “the commencement date” with “9 December 2024”;

in subsections (1)(b) and (2)(b), replace “inspection” with “access”;

in subsection (3), replace “as from the commencement date” with “as from that date”;

in subsection (3), replace “public inspection of” with “public access to”; and

delete subsection (4).

in the section heading, replace “inspection” with “access”; and

in subsections (1), (2) and (3), replace “inspection” wherever it appears with “access”.

in the section heading, replace “inspection” with “access”; and

in subsections (1), (2), (5) and (8), replace “inspection” with “access”.

An individual may apply to the Registrar to be registered as a public accountant, if the individual —

is at least 21 years of age;

is registered or deemed to be registered as a chartered accountant under Part 6B of the Accounting and Corporate Regulatory Authority Act 2004 and his or her registration is not suspended under that Part; and

satisfies the prescribed requirements.(2) For the purposes of subsection (1)(c), the prescribed requirements may relate to one or more of the following:

qualifications;

practical experience;

continuing professional education or other professional courses or training;

membership in any professional accountancy body or organisation.(3) The Oversight Committee may, subject to any condition that the Oversight Committee thinks fit to impose, exempt a particular applicant from any of the requirements mentioned in subsection (1)(b) or (c) if the Oversight Committee is satisfied that the applicant is fit to practise as a public accountant despite the applicant not satisfying the requirement.(4) An exemption under subsection (3) —

must be in writing and given to the applicant; and

need not be published in the Gazette.Application for registration11.—

An application mentioned in section 10 must be made to the Registrar in the form and manner that the Registrar requires and must —

contain the following particulars of the applicant:

full name;

identification;

nationality;

residential address and contact address; and

be accompanied by —

the prescribed fee for the application; and

a declaration by the applicant verifying any information contained in or relating to the application as the Registrar may require.(2) The Registrar may require an applicant to undergo any interview that the Registrar considers necessary for a proper consideration of the application.(3) Subject to subsections (4) and (5), the Registrar may register an applicant if the Registrar is satisfied that the application satisfies the requirements in subsection (1), the applicant satisfies any requirement imposed under subsection (2), and the applicant meets —

the requirements for registration in section 10(1); or

if the Oversight Committee has exempted, under section 10(3), the applicant from having to meet any requirement in section 10(1)(b) or (c) —

the other requirements for registration in section 10(1); and

the condition or (if more than one) all the conditions that the Oversight Committee has imposed on the applicant in relation to the exemption.(4) The Registrar must refer an application mentioned in subsection (1) to the Oversight Committee for its decision if —

the Registrar is of the opinion that the applicant —

is not of good reputation or character;

is engaged in any business or occupation that is inconsistent with the integrity of a public accountant; or

is otherwise unfit to practise as a public accountant; or

the applicant has had his or her registration, licence or approval to practise as a public accountant in any other country or territory withdrawn, suspended, cancelled or revoked.(5) The Oversight Committee may, after considering an application under subsection (4), direct the Registrar to —

register the applicant as a public accountant; or

refuse to register the applicant as a public accountant.(6) Every registration of an applicant as a public accountant under this section is valid for the period starting on the date of registration and ending on 31 December of the year in which the date of registration falls.(7) An applicant who is aggrieved by a direction of the Oversight Committee to the Registrar to refuse to register the applicant may, within 30 days after being informed of the direction, appeal to the Minister whose decision is final.”.

A public accountant may apply to the Registrar to renew his or her registration as a public accountant, if the public accountant —

is registered or deemed to be registered as a chartered accountant under Part 6B of the Accounting and Corporate Regulatory Authority Act 2004 and his or her registration is not suspended under that Part; and

satisfies the prescribed requirements.(2) For the purposes of subsection (1)(b), the prescribed requirements may relate to one or more of the following:

continuing professional education or other professional courses or training; (b)membership in any professional accountancy body or organisation.(3) The Oversight Committee may, subject to any condition that the Oversight Committee thinks fit to impose, exempt a particular applicant from any of the requirements mentioned in subsection (1)(a) or (b) if the Oversight Committee is satisfied that the applicant is fit to practise as a public accountant despite the applicant not satisfying the requirement.(4) An exemption under subsection (3) —

must be in writing and given to the applicant; and

need not be published in the Gazette.(5) An application mentioned in subsection (1) must —

unless the Registrar allows otherwise, be made to the Registrar at least one month (or any other period prescribed in substitution) before the date the registration expires;

be in the form and manner that the Registrar requires; and

be accompanied by —

the prescribed fee for the application; and

a declaration by the applicant verifying any information contained in or relating to the application as the Registrar may require.(6) Subject to subsections (7) and (8), the Registrar may renew the registration of an applicant if the Registrar is satisfied that the application satisfies the requirements in subsection (5), and the applicant meets —

the requirements for the renewal of registration in subsection (1) or, if the Oversight Committee has exempted, under subsection (3), the applicant from having to meet any requirement in subsection (1)(a) or (b) —

the other requirements for registration in subsection (1); and

the condition or (if more than one) all the conditions that the Oversight Committee has imposed on the applicant in relation to the exemption; and

any other requirement that the Oversight Committee may reasonably impose in a particular case.(7) The Registrar must refer an application mentioned in subsection (1) to the Oversight Committee for its decision if the Registrar is of the opinion that —

the applicant has not complied with any order made under section 38(1) or (2)(b);

the applicant has not satisfied any prescribed requirement mentioned in subsection (1)(b) that relates to continuing professional education or other professional courses or training; or

the applicant has not satisfied any requirement imposed under subsection (6)(b).(8) The Oversight Committee may, after considering an application under subsection (7), direct the Registrar to —

renew the applicant’s registration as a public accountant; or

refuse to renew the applicant’s registration as a public accountant.(9) Every renewal of registration of an applicant as a public accountant under this section is valid for the period starting on the date of renewal of registration to 31 December of the year in which the date of renewal of registration falls or for any longer period as may be prescribed.(10) An applicant who is aggrieved by a direction of the Oversight Committee to the Registrar to refuse to renew his or her registration may, within 30 days after being informed of the direction, appeal to the Minister whose decision is final.Conditions of registration or renewal of registration13A.—

In directing the Registrar to register an applicant as a public accountant under section 11(5) or renew an applicant’s registration as a public accountant under section 13(8), the Oversight Committee may impose any condition in respect of the registration or renewal of registration that the Oversight Committee thinks fit.(2) Without limiting subsection (1), the conditions that the Oversight Committee may impose include conditions —

restricting the type of public accountancy service or services that the public accountant may provide; and

requiring the public accountant to complete a specified professional course or training within a specified period of time.(3) The Oversight Committee may at any time (without compensation) modify, remove or add conditions in respect of the registration or renewal of registration of an applicant as a public accountant, in any manner that the Oversight Committee thinks fit.(4) Before the Oversight Committee modifies or adds any condition under subsection (3), the Oversight Committee must give the public accountant a written notice of the Oversight Committee’s intention to do so.(5) The written notice must —

state the modification or addition that the Oversight Committee proposes to make; and

specify the time (being at least 14 days after the date the notice is given to the public accountant) within which written representations may be made to the Oversight Committee in relation to the proposed modification or addition.(6) On receiving any written representation mentioned in subsection (5)(b), the Oversight Committee must consider the representation and may —

reject the representation;

amend the proposed modification or addition in the manner that the Oversight Committee thinks fit having regard to the representation; or

withdraw the proposed modification or addition.(7) The Oversight Committee must give the public accountant a written notice of the Oversight Committee’s decision under subsection (6) and, where subsection (6)(a) or (b) applies, the notice must specify the date from which the proposed modification or addition as specified in the notice under subsection (5) or as amended under subsection (6)(b) (as the case may be) takes effect.”.

The Registrar may (without compensation) cancel the registration of a public accountant who has applied to the Registrar for his or her registration to be cancelled.(2) Despite subsection (1), the Registrar must not cancel a public accountant’s registration under that subsection if —

the Oversight Committee has referred any complaint in respect of the public accountant to the Registrar for review under section 41(1);

the Oversight Committee has referred any information concerning any improper or dishonourable act or conduct of the public accountant to the Registrar for review under section 41(2); or

any disciplinary proceedings under Part 6 are pending against the public accountant.”.

in subsection (1)(d), replace “failed to renew his or her certificate of registration after one month from the date of the expiry of the certificate of registration;” with “not renewed his or her registration under section 13 within one month after the date of the expiry of the registration; or”;

in subsection (1)(e), after “under”, insert “subsection (4), section 14A or”;

in subsection (1)(e), replace “; or” at the end with a full‑stop;

in subsection (1), delete paragraph (f);

replace subsections (2) and (3) with —“(2) An individual whose name and relevant particulars have been removed from the Register under subsection (1)(c), (d) or (e) is nevertheless treated as a public accountant for the purposes of Part 6 (but not any other Part) if —

before the removal, the Oversight Committee —

has referred any complaint in respect of the public accountant to the Registrar for review under section 41(1); or

has referred any information concerning any improper or dishonourable act or conduct of the public accountant to the Registrar for review under section 41(2); or

as at the date of the removal, disciplinary proceedings under Part 6 are pending against the public accountant.(3) An individual whose name and relevant particulars have been removed from the Register under subsection (1)(d) may, if he or she desires to be reinstated to the Register, apply to the Registrar for reinstatement within 21 days after he or she has been informed by the Registrar of the removal, and the Registrar must reinstate the individual to the Register on being satisfied that the individual —

has applied to renew his or her registration as a public accountant under section 13 and the application has been granted; and

has paid the prescribed fee to be reinstated to the Register.”;

in subsection (4), replace “also” with “(without compensation)”;

in subsection (4), delete “and order the removal of his or her name and relevant particulars from the Register of Public Accountants”;

in subsection (4)(a), after “registration”, insert “or renewal of registration”;

in subsection (4), replace paragraphs (c) and (d) with —“(c)the public accountant is no longer registered, or deemed to be registered, as a chartered accountant under Part 6B of the Accounting and Corporate Regulatory Authority Act 2004 or has had his or her registration as such revoked or suspended under that Part;

any condition of exemption imposed under section 10(3) or 13(3), as the case may be; or

any condition of registration or renewal of registration imposed under section 13A(1);

the public accountant has been censured for any reason by any professional accountancy body or organisation of which he or she is a member or with which he or she is registered, or has had his or her membership or registration with the body or organisation terminated or suspended for any reason; or”; and

replace subsections (5) and (6) with —“(5) The Oversight Committee must, before cancelling a public accountant’s registration under subsection (4), give the public accountant a written notice —

stating that the Oversight Committee intends to cancel the registration of the public accountant; and

specifying the time (being at least 14 days after the date the notice is given to the public accountant) within which written representations may be made to the Oversight Committee in relation to the proposed cancellation.(6) The Oversight Committee may decide to cancel the registration of the public accountant —

after considering any written representation made to the Oversight Committee pursuant to the written notice mentioned in subsection (5); or

where, after the time delimited in the written notice under subsection (5)(b) lapses, no written representation is so made or any written representation so made is subsequently withdrawn.(7) Where the Oversight Committee has made any decision under subsection (6) in respect of any public accountant, the Oversight Committee must give the public accountant a written notice of the Oversight Committee’s decision.(8) An individual who is aggrieved by the Oversight Committee’s decision made under subsection (6) may, within 30 days after being notified of the decision, appeal to the Minister whose decision is final.(9) A decision made by the Oversight Committee under subsection (6) to cancel an individual’s registration does not take effect —

until the expiry of 30 days after the date on which the individual is notified of the decision; or

if, before the expiry of the 30‑day period mentioned in paragraph (a), the individual appeals to the Minister against the Oversight Committee’s decision under subsection (8), until the appeal has been determined or withdrawn.”.

in paragraph (c), replace “articles of association” with “constitution”; and

in paragraph (e), after “the prescribed requirements”, insert “, if any”.

in paragraph (b), delete “and” at the end; and

after paragraph (b), insert —“(ba)the firm or proposed firm is or will be covered by professional indemnity insurance in accordance with section 28 and the prescribed requirements, if any; and”.

in the section heading, replace “memorandum and articles of association” with “constitution”;

in subsection (1), replace “memorandum and articles of association” with “constitution”;

in subsection (2), replace “30 days” with “14 days”; and

in subsection (2)(a), replace “memorandum or articles of association” with “constitution”.

replace “Every accounting corporation and every accounting LLP” with “Every accounting entity”;

in paragraph (b), replace “corporate practitioner in the accounting corporation or accounting LLP” with “individual practitioner in the accounting entity”; and

in paragraph (c), replace “accounting corporation or accounting LLP” wherever it appears with “accounting entity”.

delete the definition of “accounting entity”;

replace the definitions of “AML/CFT requirements” or “Anti‑Money Laundering and Countering the Financing of Terrorism requirements” and “AML/CFT requirements review” with —“ “AML/CFT/CPF requirements” or “Anti‑Money Laundering and Countering the Financing of Terrorism and Proliferation Financing requirements” means the prescribed requirements relating to the detection and prevention of money laundering, the financing of terrorism or proliferation financing by public accountants and accounting entities;“AML/CFT/CPF requirements review” means a review to determine the compliance with any AML/CFT/CPF requirement by an accounting entity and any of its individual practitioners;”;

in the definition of “entity reviewer”, replace “AML/CFT requirements” with “AML/CFT/CPF requirements”; and

delete the definition of “individual practitioner”.

in subsection (1), replace “subsection (2)” with “subsections (1A), (2) and (3)”;

after subsection (1), insert —“(1A) The Oversight Committee must not, unless it thinks there are special reasons to do so, refer a complaint to the Registrar for review, and must dismiss the complaint, if the complaint is made to the Oversight Committee after the following date:

where the complaint relates to any fraud alleged to have been committed by a public accountant, an accounting corporation, an accounting firm or an accounting LLP — the date of expiry of 6 years after the earliest date on which the complainant discovered the alleged fraud or could with reasonable diligence have discovered the alleged fraud;

in any other case — the date of expiry of 6 years after the date of the conduct on which the complaint is based.”; and

replace subsection (3) with —“(3) The Oversight Committee need not refer any complaint or information to the Registrar for review where the complaint or information relates to any matter set out in section 15(1) or 31(1) or (2), and in such a case, the Registrar may act in accordance with that provision instead.(3A) The Oversight Committee need not refer any complaint or information to the Registrar for review where the complaint or information relates to any matter set out in section 15(4) or 31(5), and the Oversight Committee may act in accordance with that provision instead.”.

delete subsection (10); and

after subsection (11), insert —“(12) Any book, document, paper or other records or information used by a Complaints Committee in the course of its deliberations, and the record of proceedings of the Complaints Committee mentioned in subsection (11), are confidential and must not be disclosed to any person including the public accountant, accounting corporation, accounting firm or accounting LLP concerned unless the Complaints Committee in its discretion decides otherwise.”.

in subsection (5), replace “advisor” with “adviser”;

in subsection (6)(a), after “against whom the complaint has been made”, insert “or in respect of whom the information has been referred to the Disciplinary Committee”;

in subsection (6)(b), after “against which the complaint has been made”, insert “or in respect of which the information has been referred to the Disciplinary Committee”;

after subsection (15), insert —“(15A) Where, in the course of its inquiry of any matter in respect of a public accountant, an accounting corporation, an accounting firm or an accounting LLP (X) a Disciplinary Committee receives new information or evidence relating to the conduct of X which may give rise to further proceedings under this Part, the Disciplinary Committee —

may make a report of the new information or evidence to the Oversight Committee; and

must, if directed by the Oversight Committee, begin a formal inquiry in respect of the new information or evidence.(15B) The Disciplinary Committee —

must give notice to X of the formal inquiry mentioned in subsection (15A)(b) in respect of the new information or evidence; and

must fix the formal inquiry on a date at least 14 days after the notice mentioned in paragraph (a) is given.”; and

after subsection (17), insert —“(18) In this section and section 51B(1)(b), “advocate and solicitor” means an advocate and solicitor of the Supreme Court, and includes a legal officer of the Authority, whether or not he or she holds a practising certificate under the Legal Profession Act 1966.”.

Any information obtained by a Disciplinary Committee during a formal inquiry, the record of a Disciplinary Committee’s proceedings mentioned in section 51(16), and the report made by a Disciplinary Committee to the Oversight Committee (each called in this section a record of proceedings), is confidential and must not be disclosed (whether in whole or in part) to any person except —

with the consent of the Oversight Committee;

where the information is publicly available; (c)where the disclosure is required by or for any purpose under this Act; or

when ordered by a court.(2) Nothing in subsection (1) prevents —

a public accountant from disclosing —

the whole or any part of any record of proceedings in the public accountant’s possession; or

any document in the public accountant’s possession which he or she submitted to the Disciplinary Committee for the purposes of the formal inquiry; or

an accounting entity from disclosing —

the whole or any part of any record of proceedings in its possession; or

any document in its possession which it submitted to the Disciplinary Committee for the purposes of the formal inquiry,for the purpose of seeking legal advice or assistance in relation to or connected with the disciplinary proceedings concerned, or any appeal or other legal proceedings following the conclusion of the disciplinary proceedings.Pre-hearing conferences by Disciplinary Committee51B.—

The Disciplinary Committee may by written notice direct both of the following persons to attend a pre‑hearing conference in relation to its formal inquiry:

the public accountant or accounting entity (as the case may be) against whom the complaint was made or in relation to whom the information was referred to the Disciplinary Committee;

the advocate and solicitor appointed by the Oversight Committee to prosecute the complaint or act as a legal adviser to the Disciplinary Committee.(2) At the pre‑hearing conference —

the public accountant may appear in person, or be represented by counsel; or

the accounting entity may be represented by any of its individual practitioners, or be represented by counsel.(3) The quorum for a meeting of the Disciplinary Committee in respect of a pre‑hearing conference is constituted by the chairperson and at least 2 other members of the Disciplinary Committee.(4) At the pre‑hearing conference, the Disciplinary Committee may —

require the parties to provide the Disciplinary Committee with any information or document that the Disciplinary Committee requires; and

give any direction that appears to be necessary or desirable for the determination of any issue at the formal inquiry.”.

replace the section heading with —“Action by Oversight Committee against public accountant after conclusion of formal inquiry”;

in subsection (1), replace paragraph (e) with —“(e)has, while being a director of an accounting corporation or a partner of an accounting firm or accounting LLP, failed to take reasonable steps to prevent the accounting corporation, accounting firm or accounting LLP from acting in a manner that would warrant the Oversight Committee imposing any order on the accounting corporation, accounting firm or accounting LLP under section 53(2);”;

in subsection (1)(f)(i), after “a director”, insert “or an employee”;

in subsection (1)(f)(i), delete “or” at the end;

in subsection (1)(f), after sub‑paragraph (i), insert —“(ia)a partner, the sole‑proprietor or an employee of a firm which was not an accounting firm; or”;

in subsection (1)(f)(ii), after “a partner”, insert “or an employee”;

in subsection (1), replace paragraph (g) with —“(g)has, while being a director of an accounting corporation or partner of an accounting firm or accounting LLP, practised public accountancy at a time when it was not covered by any professional indemnity insurance at all or to the extent required by section 28; or”;

in subsection (2)(b), replace “the public accountant from practice” with “the public accountant’s registration”;

in subsection (4)(b), replace “he or she be suspended from practice” with “the public accountant’s registration be suspended”;

in subsection (10), replace “accounting corporation or accounting LLP” wherever it appears with “accounting corporation, accounting firm or accounting LLP”;

in subsection (10)(b), after “partner of the”, insert “accounting firm or”; and

in subsection (11), replace “accounting corporation or an accounting LLP” with “accounting corporation, accounting firm or accounting LLP”.

replace the section heading with —“Action by Oversight Committee against accounting entity after conclusion of formal inquiry”; and

in subsection (1)(e), replace “accounting corporation or accounting LLP” with “accounting corporation, accounting firm or accounting LLP”.

in paragraph (a), replace “Part 5 or 5A; or” with “Part 5, 5A or 6,”; and

delete paragraph (b).

in sub‑paragraph (i), replace “Part 5 or 5A; or” with “Part 5, 5A or 6; and”; and

delete sub‑paragraph (ii).

A public accountant must state clearly his or her full name in the auditor’s report that is issued in respect of every audit engagement that he or she performs, whether performed before, on or after the date of commencement of section 32 of the Corporate and Accounting Laws (Amendment) Act 2025.(2) An accounting entity must state clearly in the auditor’s report that is issued in respect of every audit engagement that it performs (whether performed before, on or after the date of commencement of section 32 of the Corporate and Accounting Laws (Amendment) Act 2025), the full name of the public accountant who —

practises as a public accountant in the accounting entity; and

is responsible for the performance of the audit engagement by the accounting entity, including the issuance of the auditor’s report for and on behalf of the accounting entity.(3) Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000.(4) In this section —“audit engagement” means an engagement in which a public accountant or an accounting entity expresses an opinion on whether any financial statements —

are prepared in all material respects; or

give a true and fair view or are presented fairly, in all material respects,in accordance with the financial reporting framework applicable to the engagement;“auditor’s report” means a report that —

is issued by a public accountant or an accounting entity in respect of any financial statements pursuant to an audit engagement; and

expresses the opinion of, or a disclaimer of opinion by, the public accountant or accounting entity on whether the financial statements —

are prepared in all material respects; or

give a true and fair view or are presented fairly, in all material respects,in accordance with the financial reporting framework applicable to the audit engagement.Providing information to foreign audit regulators59B.—

The Authority may, with the approval of the Minister, enter into an arrangement with a foreign audit regulator under which —

one party (A) to the arrangement agrees to provide to the other party (B) in accordance with the arrangement, regulatory information in A’s possession if the information is required by B for the purposes of B’s performance of any of B’s audit oversight functions; and

B may, with A’s consent —

use any regulatory information which B receives from A for the purposes of B’s performance of any of B’s regulatory functions other than B’s audit oversight functions; or

provide any regulatory information which B receives from A to another regulatory authority (C) in the same country or territory as B for the purposes of C’s performance of any of C’s regulatory functions.(2) Every request by a foreign audit regulator (D) for regulatory information from the Authority in accordance with an arrangement under subsection (1) —

must be made to the Registrar;

must specify —

the regulatory information requested by D; and

the purpose and reasons for which the regulatory information is required by D; and

must provide any information or document that the Registrar may require.(3) The Registrar may grant a request from D made under subsection (2), subject to any conditions that the Registrar may impose, if the Registrar is satisfied that —

D has complied with the applicable terms of the arrangement mentioned in subsection (1) for the making of the request; (b)D is able to comply with the terms of the arrangement that are applicable to the request; and (c)if in granting the request, the Registrar has imposed one or more conditions, D is able to comply with that condition or those conditions.(4) The Registrar may refuse to provide any regulatory information to D for any reason, including if the Registrar is satisfied that D has failed to comply with —

any terms of the arrangement; or

any condition imposed under subsection (3),and does not take steps to rectify the non-compliance.(5) In this section —“audit oversight function” means —

in the case of the Authority — a function of the Authority specified in section 3; and

in the case of a foreign audit regulator — a function corresponding to a function of the Authority specified in section 3;“foreign audit regulator” means any authority or regulator of a country or territory other than Singapore that exercises any or all of the functions corresponding to the Authority’s functions specified in section 3;“regulatory information” means —

in the case of the Authority — any information in relation to the Authority’s audit oversight function, and includes any information relating to a public accountant or an accounting entity obtained by the Authority under this Act; and

in the case of a foreign audit regulator — any information in relation to the foreign audit regulator’s audit oversight function, and includes any information relating to a person regulated by the foreign audit regulator under that function and obtained by the foreign audit regulator in respect of that function.”.

in subsection (2)(g)(i) and (ii), replace “money laundering or the financing of terrorism” with “money laundering, the financing of terrorism or proliferation financing”;

in subsections (2)(g) and (3)(a), replace “money laundering and the financing of terrorism” with “money laundering, the financing of terrorism and proliferation financing”; and

in subsections (6) and (7), delete paragraph (b).

after “required to be”, insert “given to or”; and

after “is sufficiently”, insert “given or”.

in the following provisions, in the section headings, replace “AML/CFT requirements” with “AML/CFT/CPF requirements”:Section 38DSection 38ISection 38JSection 38K; and

in the following provisions, replace “AML/CFT requirements” wherever it appears with “AML/CFT/CPF requirements”:Section 38D(2)(a) and (b), (3) and (4)Section 38ESection 38F(1) and (2)Section 38G(1) and (2)(b)Section 38I(1)Section 38J(1)Section 38K(1), (2), (6) and (7).

in subsection (1), in the definition of “identification”, in paragraph (a), delete “and” at the end;

in subsection (1), in the definition of “identification”, in paragraph (b), insert “and” at the end;

in subsection (1), in the definition of “identification”, after paragraph (b), insert —“(c)in the case of a person other than an individual —

where the person is formed or incorporated in Singapore — the unique entity number of the person issued by a public agency;

where the person is formed or incorporated outside Singapore and is registered under Division 2 of Part 11 — the unique entity number of the person issued by the Registrar; or

where the person is formed or incorporated outside Singapore and is not registered under Division 2 of Part 11 — the identification number or registration number of the person on the corporate entity register (if applicable) of the jurisdiction where the person is formed or incorporated or any other similar evidence of identity acceptable to the Registrar;”;

in subsection (1), after the definition of “public accountant”, insert —“ “public agency” means a public officer, an Organ of State or a ministry or department of the Government, or a body or authority established by or under any public Act to perform or discharge a public function, or a member, an officer or employee, or any department thereof;”;

in subsection (1), delete the definitions of “statutory meeting” and “statutory report”; and (f)delete subsections (3) and (4) (including the subsection headings).

in subsections (2), (2A), (2C) and (2D), delete paragraph (a);

in subsection (2), replace paragraphs (c) and (d) with —“(c)have access to any register of directors, chief executive officers, secretaries or auditors of a company kept by the Registrar under section 173(1) by obtaining a copy of or an extract from it; or

have access to the electronic register of members of a private company kept by the Registrar under section 196A by obtaining a copy of or an extract from it.”;

in subsection (2AB), replace “Subsection (2)(a) and (b)” with “Subsection (2)(b)”;

in subsection (2AC), replace “subsection (2)(a) and (b)” with “subsection (2)(b)”;

in subsection (2A), replace “Subsection (2)(a), (b) and (d)” with “Subsection (2)(b) and (d)”; and

in subsection (2B), replace “subsection (2)(a), (b) and (d)” with “subsection (2)(b) and (d)”.

in the section heading, replace “public inspection or access” with “public access”;

in subsections (1)(a) and (b), (2), (3) and (4), replace “public inspection or access” wherever it appears with “public access”; and

in subsection (4), replace “section 12(2)(a) or (b)” with “section 12(2)(b)”.

in the section heading, replace “public inspection or access” with “public access”; and

in subsections (1), (2), (5) and (8), replace “public inspection or access” with “public access”.

in paragraph (b), delete “and” at the end; and

after paragraph (b), insert —“(ba)lodge with the Registrar a notice of the situation of the registered office of the proposed company (including the address and designation of the situation or address of the registered office); and”.

in paragraph (a), after “ “Pte.” ”, insert “or “Pte” ”; and

in paragraph (b), after “ “Ltd.” ”, insert “or “Ltd” ”.

in paragraph (a), insert “and” at the end; and

delete paragraph (b).

replace subsection (1) with —“(1) Where, in the case of a company the share capital of which is divided into different classes of shares, provision is made in its constitution for authorising the variation or abrogation of the rights attached to any class of shares in the company, the rights attached to the class of shares must not be varied or abrogated except —

by either of the following if specified in the constitution as being necessary for such variation or abrogation:

the consent of the specified proportion of the holders of the shares of that class;

the sanction of a resolution passed at a separate meeting by the holders in total of not less than the specified proportion of the total number of shares of that class; or

where the constitution does not specify the matters mentioned in paragraph (a)(i) and (ii), by the sanction of a resolution passed by the holders in total of not less than 75% of the total number of shares of that class.(1AA) Despite the rights attached to a class of shares in a company having been varied or abrogated in accordance with subsection (1), the holders in total of not less than 5% of the total number of shares of that class may apply to the Court to have the variation or abrogation cancelled.(1AB) Where an application mentioned in subsection (1AA) is made to the Court, the variation or abrogation of the rights attached to the class of shares does not have effect until confirmed by the Court.”;

in subsection (1A), replace “subsection (1), any of the company’s issued shares” with “subsections (1) and (1AA), any of the company’s shares”;

in subsection (2), after “An application”, insert “mentioned in subsection (1AA)”; and

in subsection (3), replace “The application” with “An application mentioned in subsection (1AA)”.

after subsection (2), insert —“(2A) Where the shares that are the subject of a selective off‑market purchase mentioned in subsection (2) belong to a particular class of shares and do not constitute all the shares in that class, the company must, before passing the special resolution mentioned in that subsection, obtain the consent of at least 75% of the holders of the shares of that class (but excluding any person whose shares are proposed to be purchased or acquired and the person’s associated persons) to the terms of the agreement for the selective off-market purchase.”;

after subsection (5), insert —“(5A) Where the shares that are the subject of the selective off‑market purchase belong to a particular class of shares and do not constitute all the shares in that class, the company must, before passing the special resolution mentioned in subsection (5), obtain the consent of at least 75% of the holders of the shares of that class (but excluding any person whose shares are proposed to be purchased or acquired and the person’s associated persons) to the variation or revocation of the authority (referred to in subsection (2)) mentioned in subsection (5).”;

after subsection (9), insert —“(9A) Where the shares that are the subject of the selective off‑market purchase belong to a particular class of shares and do not constitute all the shares in that class, the company must, before passing the special resolution mentioned in subsection (9), obtain the consent of at least 75% of the holders of the shares of that class (but excluding any person whose shares are proposed to be purchased or acquired and the person’s associated persons) to the variation of the existing agreement mentioned in subsection (9).”; and

after subsection (12), insert —“(12A) Where the shares that are the subject of the selective off‑market purchase belong to a particular class of shares and do not constitute all the shares in that class, the company must, before passing the special resolution mentioned in subsection (12), obtain the consent of at least 75% of the holders of the shares of that class to the terms of the proposed release agreement mentioned in subsection (12).(12B) To avoid doubt, the consent mentioned in subsection (2A), (5A), (9A) or (12A) includes, but is not limited to, consent given by a resolution passed at a meeting of the holders mentioned in that subsection.”.

Where there is a change in the situation of the registered office of a company (including the address and designation of the situation or address of the registered office), the company must lodge with the Registrar a notice of the change within 14 days after the change.(2) If default is made in complying with subsection (1), the company and every officer of the company who is in default shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and also to a default penalty.”.

in paragraph (a), insert “or” at the end; (b)in paragraph (b), replace “; or” at the end with a full‑stop; and

delete paragraph (c).

in sub‑paragraph (ii), delete “or” at the end; and

after sub‑paragraph (ii), insert —“(iii)an offence under section 50, 51, 53, 54, 55 or 55A of the Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act 1992, where the conviction is on or after the date of commencement of section 56 of the Corporate and Accounting Laws (Amendment) Act 2025; or”.

in paragraph (a), delete “and” at the end; and

replace paragraph (b) with —“(b)within 14 days after any change in the appointment of any director, chief executive officer, secretary or auditor, particulars of any change in the information required to be contained in the register of directors, chief executive officers, secretaries or auditors mentioned in section 173(3), (5), (6) or (7) resulting from the change in the appointment;

within 14 days after any change in the information required to be contained in the register of directors, chief executive officers, secretaries or auditors mentioned in section 173(3), (5), (6) or (7), particulars of the change; and

within 14 days after the company becomes aware that a person has ceased to be qualified to act as a director of the company by virtue of section 148(1), 154(1), 155(1), 155A(1), 155C(1) or 155D(1), or by a disqualification order made by the Court under section 149, 149A or 154(2) (whether or not the company becomes aware of that fact due to the person notifying the company of that fact in accordance with section 173E(1)(a)), the following information:

the fact that the person has ceased to be qualified to act as a director of the company;

the provision of this Act under which the person ceased to be qualified to act as a director of the company or the disqualification order was made;

the date on which the person ceased to be qualified to act as a director of the company.”.

replace subsection (1) with —“(1) A director who ceases on or after the date of commencement of section 66 of the Corporate and Accounting Laws (Amendment) Act 2025 to be qualified to act as a director by virtue of section 148(1), 154(1), 155(1), 155A(1), 155C(1) or 155D(1), or by a disqualification order made by the Court under section 149, 149A or 154(2) —

must, without affecting section 165(1)(c), notify the company of his or her disqualification as soon as practicable but not later than 14 days after the disqualification; and

may give the notice mentioned in section 173A(1)(b), (c) or (d) to the Registrar if the director has reasonable cause to believe that the company will not do so.”; and

in subsection (4), replace “section 173A(1)(b)” with “section 173A(1)(c)”.

in subsections (1)(b) and (2)(d), replace “public inspection and access” with “public access”; and

in subsection (3), replace “public inspection or access of” with “public access to”.

replace subsection (1) with —“(1) Subject to this section and section 175A, a company must hold, in addition to any other meeting, a general meeting of the company to be called the “annual general meeting” after the end of each financial year within —

4 months in the case of a public company that is listed; or

6 months in the case of any other company.”; and

in subsection (4), replace “If default is made in holding an annual general meeting” with “Where a company fails to comply with subsection (1)”.

in subsections (2) and (5), replace “subsections (12) to (15)” with “subsections (12) to (15A)”;

in subsection (12), replace “any requirement” with “all or any of the requirements”; and

replace subsection (15) with —“(15) The Minister may, by order in the Gazette, in respect of companies of a specified class or description, substitute the whole or any part of other accounting standards specified in the order for the whole or any part of the Accounting Standards, as specified in the order, and the provisions of this section and sections 207 and 209A apply accordingly in respect of such companies.(15A) The Minister may, by order in the Gazette, exempt the directors of any company that belongs to a specified class or description of companies, from having to ensure that the company’s financial statements or consolidated financial statements comply with all or any of the requirements of the Accounting Standards specified in the order.”.

in subsection (2), replace paragraph (aa) with —“(aa)if the financial statements or consolidated financial statements do not comply with any requirement of the Accounting Standards and the non‑compliance is neither —

approved by the Registrar under section 201(12); nor(ii)allowed under an order by the Minister under section 201(15A),whether the non‑compliance is, in the opinion of the auditor, necessary for the financial statements or consolidated financial statements to give a true and fair view of any matter required by section 201 to be dealt with in them;”;

in subsection (5), replace “related company” with “company that is deemed to be related to the company by virtue of section 6”; and

replace subsection (10) with —“(10) The following persons are guilty of an offence and shall be liable on conviction to a fine not exceeding $4,000:

any officer of a company who refuses or fails without lawful excuse to allow an auditor of the company access, in accordance with subsection (5), to any accounting and other records, including registers, of the company in the officer’s custody or control;

any officer or auditor of a subsidiary corporation who refuses or fails without lawful excuse to allow an auditor of its parent company access, in accordance with subsection (6), to any accounting and other records, including registers, of the subsidiary corporation in the officer’s or auditor’s custody or control;

any officer of a company or officer or auditor of a subsidiary corporation who refuses or fails without lawful excuse to give any information or explanation as and when required under subsection (5) or (6);

any officer of a company or any officer or auditor of a subsidiary corporation who otherwise hinders, obstructs or delays an auditor in the performance of the auditor’s duties or the exercise of the auditor’s powers under this section.”.

replace subsection (1C) with —“(1C) In determining whether the scheme or contract has been approved by the holders of the requisite number of the shares, or shares of any particular class, under subsection (1) —

shares that are issued after the date of the offer are to be disregarded unless they have been issued pursuant to the exercise of an option or right attached to any convertible security that was issued on or before the date of the offer by the transferor company; and

relevant treasury shares that cease to be held as treasury shares after the date of the offer are to be disregarded.”;

after subsection (1D), insert —“(1E) To avoid doubt, where the requisite percentage in subsection (1) of the total number of shares for the approval of an offer in that subsection has been reached, any subsequent issue of shares pursuant to the exercise of an option or right mentioned in subsection (1C)(a) does not affect —

such approval;

the transferee’s right to give a notice mentioned in subsection (1) after the approval; or

the validity of any such notice.”;

replace subsection (8A) with —“(8A) To avoid doubt, a reference in subsection (8) to a shareholder includes one whose shares are issued pursuant to the exercise of an option or right mentioned in subsection (1C)(a), after the offer mentioned in subsection (1) has been approved in accordance with subsection (1).(8AA) In this section and sections 215AA and 215AB, “shares” includes units of shares.(8AB) In this section and section 215AB, “shareholders” includes holders of units of shares but does not include a person who holds units of shares only beneficially.(8AC) In this section, “register of members” includes any records kept by or with respect to the transferor company of the names and addresses of holders of units of shares.”; and

in subsection (8B), replace “subsection (8A)” with “subsection (8AA)”.

after “by virtue of section 6”, insert “(called in this subsection the related corporation)”; and

replace “related company” with “related corporation”.

in subsection (1), replace “30 days” with “15 days”;

in subsection (2), replace “one month from” with “15 days after”;

replace subsections (4) and (5) with —“(4) At the expiration of the period mentioned in the notice, the Registrar may, unless cause to the contrary is previously shown, strike the name of the company off the register.(5) The company is dissolved on the date and at the time when the Registrar strikes the name of the company off the register.(5A) After the Registrar strikes the name of the company off the register, the Registrar must —

publish a notice in the Gazette of the fact that the name of the company has been struck off the register, and the date and time when the name of the company has been struck off the register; and

starting on the date and time when the Registrar strikes the name of the company off the register, ensure that any person who obtains any information on the company using the electronic transaction system is also informed that the name of the company has been struck off the register.(5B) Despite the dissolution of the company under subsection (5), the liability (if any) of every officer and member of the company continues and may be enforced as if the company had not been dissolved.(5C) Nothing in this section affects the power of the Court to wind up a company the name of which has been struck off the register.”; and

in subsection (7)(b), replace “(4)” with “(5A)(a)”.

replace subsections (3), (4), (5) and (6) with —“(3) Upon receipt of the application, the Registrar must, if satisfied that the grounds and conditions (if any) mentioned in subsection (1) have been satisfied, publish in the Gazette, and send to the company and its directors, secretaries and members, a notice —

stating that the Registrar intends to exercise the power under this section in relation to the company; and

inviting any person to show cause why that should not be done within such period as may be prescribed.(4) The Registrar must not strike the name of a company off the register under this section until after the expiration of 60 days after the publication by the Registrar in the Gazette of the notice mentioned in subsection (3).(5) If no person shows cause or sufficient cause within the period mentioned in subsection (3)(b) why the name of the company should not be struck off the register, the Registrar must strike the name of the company off the register. (6) The company is dissolved on the date and at the time when the Registrar strikes the name of the company off the register.(6A) After the Registrar strikes the name of the company off the register, the Registrar must —

publish a notice in the Gazette of the fact that the name of the company has been struck off the register, and the date and time when the name of the company has been struck off the register; and

starting on the date and time when the Registrar strikes the name of the company off the register, ensure that any person who obtains any information on the company using the electronic transaction system is also informed that the name of the company has been struck off the register.”; and

in subsection (8)(b), replace “subsections (4) and (5)” with “subsections (3) and (6A)(a)”.

If any person feels aggrieved by the name of a company having been struck off the register under section 344(4) or 344A(5), the person may, within 6 years after the name of the company has been so struck off, apply to the Court for the name of the company to be restored to the register.(2) The Court may allow an application made under subsection (1) and order the Registrar to restore the name of the company to the register, and give any direction and make any provision that seems just for placing the company and all other persons in the same position as nearly as may be as if the name of the company had not been struck off, if the Court —

is satisfied that the company was, at the time of the striking off, carrying on business or in operation, or it is just that the name of the company be restored to the register; and

has no reason to believe that —

if the name of the company is restored, the company is likely to be used for an unlawful purpose or for purposes prejudicial to public peace, welfare or good order in Singapore; or

it would be contrary to national security or interest for the name of the company to be restored.(3) On the Registrar restoring the name of a company to the register on a date and at a time pursuant to an order by the Court under subsection (2), the restoration takes effect on that date and at that time.(4) The Registrar must, starting on the date and time when the Registrar restores the name of the company to the register pursuant to an order by the Court under subsection (2), ensure that any person who obtains any information on the company using the electronic transaction system is also informed that the name of the company is on the register.”.

replace subsection (2) with —“(2) The Registrar must not restore the name of the company to the register if the Registrar has reason to believe that —

if the name of the company is restored, the company is likely to be used for an unlawful purpose or for purposes prejudicial to public peace, welfare or good order in Singapore; or

it would be contrary to national security or interest for the name of the company to be restored.(2A) If the Registrar restores the name of the company to the register —

the restoration of the name of the company to the register takes effect on the date and at the time when the Registrar restores the name of the company to the register;

the Registrar must enter in the register a note of the date and time when the restoration takes effect; and

the Registrar must cause notice of the restoration to be published in the Gazette and on the Authority’s website.”;

in subsection (3), replace “subsection (2)(b)(ii)” with “subsection (2A)(c)”;

in subsection (3)(c), replace “the date as on which” with “the date and time when”;

in subsection (5)(b), replace “restore” with “order the Registrar to restore”; and

after subsection (5), insert —“(6) On the Registrar restoring the name of a company to the register on a date and at a time pursuant to an order by the Court under subsection (5)(b), the restoration takes effect on that date and at that time.(7) The Registrar must, starting on the date and time when the Registrar restores the name of a company to the register under subsection (2A) or pursuant to an order by the Court under subsection (5)(b), ensure that any person who obtains any information on the company using the electronic transaction system is also informed that the name of the company is on the register.”.

in paragraph (g), delete “and, unless the office is open and accessible to the public during ordinary business hours on each business day, the days and hours during which it is open and accessible to the public”; and

in paragraph (h), replace sub‑paragraph (i) with —“(i)the identification number or registration number of the foreign company on the corporate entity register (if applicable) of the jurisdiction where the foreign company is formed or incorporated or any other similar evidence of identity acceptable to the Registrar;”.

in subsection (7)(b), delete “which, insofar as is practicable, complies with the requirements of the Accounting Standards and which gives a true and fair view of the profit or loss arising out of the company’s operation in Singapore”;

after subsection (7), insert —“(7A) A foreign company which lodges with the Registrar a duly audited profit and loss account under subsection (7)(b) must ensure that, insofar as is practicable, the profit and loss account complies with the requirements of the Accounting Standards and gives a true and fair view of the profit or loss arising out of the company’s operation in Singapore for the last preceding financial year of the company.”;

in subsection (8), replace “subsection (7)” with “subsection (7A)”;

in subsections (13A) and (17)(b), replace “subsection (7)” with “subsection (7) or (7A)”;

in subsections (18) and (18A), replace “subsection (7)(b)” with “subsection (7A)”; and

in subsection (18), replace “$50,000” with “$10,000”.

replace subsections (2) and (3) with —“(2) The Registrar must not restore the name of the foreign company to the register if the Registrar has reason to believe that —

if the name of the foreign company is restored, the foreign company is likely to be used for an unlawful purpose or for purposes prejudicial to public peace, welfare or good order in Singapore; or

it would be contrary to national security or interest for the name of the foreign company to be restored.(3) If the Registrar restores the name of the foreign company to the register —

the restoration of the name of the foreign company to the register takes effect on the date and at the time when the Registrar restores the name of the foreign company to the register;

the Registrar must enter in the register a note of the date and time when the restoration takes effect; and

the Registrar must cause notice of the restoration to be published in the Gazette and on the Authority’s website.”;

in subsection (4), replace “subsection (3)(b)” with “subsection (3)(c)”;

in subsection (4), replace paragraph (c) with —“(c)the date and time when the restoration of the name of the foreign company to the register takes effect.”;

in subsection (6)(b), replace “restore” with “order the Registrar to restore”; and

after subsection (6), insert —“(7) On the Registrar restoring the name of a foreign company to the register on a date and at a time pursuant to an order by the Court under subsection (6)(b), the restoration takes effect on that date and at that time.(8) The Registrar must, starting on the date and time when the Registrar restores the name of a foreign company to the register under subsection (3) or pursuant to an order by the Court under subsection (6)(b), ensure that any person who obtains any information on the foreign company using the electronic transaction system is also informed that the name of the foreign company is on the register.”.

a company that is set out in the Fourteenth Schedule; or

a foreign company that is set out in the Fifteenth Schedule.”.

for 2 or more hours during the period between 9 a.m. and 6 p.m. of each business day; and

at the place, where, in accordance with this Act, the company record is to be kept.(1A) A person who wishes to inspect any record of a company and is permitted to do so by this Act must give to the company reasonable notice of the person’s intent.(1B) Subsection (1A) does not limit the right of any person to inspect or obtain any company record pursuant to any of the following:

a direction given by the Minister under section 8A(1)(a);

a requirement by a person authorised by the Minister, under section 8A(1)(b) or (2);

a warrant issued by a Magistrate under section 8B(1);

a request or requirement by the Registrar under section 131(1A) or 164(10);

a requirement by the Minister under section 149(4)(b);

an order by the Court under section 199(5);

a requirement by the Registrar or an authorised officer under section 201AA(3);

a requirement by an inspector under section 236 or section 236 (read with section 243(5));

a requirement imposed under section 236 by a person authorised by an inspector under section 239(1);

a requirement imposed under section 236 (read with section 243(5)) by a person authorised by an inspector under section 239(1) (read with section 243(5));

a requirement by the Minister under section 244(1);

an exercise by the Registrar or an officer of the Authority of his or her power under section 386AM(1) or (2);

an order by the Court under section 394(1).”.

in the Schedule reference, after “386AA(1)”, insert “and (1A)”;

in paragraph 1, before “Part 11A”, insert “Subject to section 386AA(1A),”; and

in paragraph 2(a), delete “(including a fund management company registered under paragraph 5(1)(i) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations)”.

in the Schedule reference, after “386AA(1)”, insert “and (1A)”; and

in paragraph 1, before “Part 11A”, insert “Subject to section 386AA(1A),”.

in subsection (1)(g), replace “section 125(1)(b), (d)” with “section 125(1)(d)”;

in subsection (2)(b), replace “section 125(1)(a), (b)” with “section 125(1)(a)”; and

in subsection (2), delete paragraph (c).

delete subsection (2);

in subsection (3A), replace “Subsections (2) and (2A) do” with “Subsection (2A) does”; and

in subsection (3B), replace “subsections (2) and (2A)” with “subsection (2A)”.

in subsections (1) and (2), replace “30 days” with “15 days”;

replace subsections (4), (5), (6) and (7) with —“(4) At the expiry of the period mentioned in the notice, the Registrar may, unless cause to the contrary is previously shown, strike the name of the limited liability partnership off the register.(5) The limited liability partnership is dissolved on the date and at the time when the Registrar strikes the name of the limited liability partnership off the register.(6) After the Registrar strikes the name of the limited liability partnership off the register, the Registrar must —

publish a notice in the Gazette of the fact that the name of the limited liability partnership has been struck off the register, and the date and time when the name of the limited liability partnership has been struck off the register; and

starting on the date and time when the Registrar strikes the name of the limited liability partnership off the register, ensure that any person who obtains any information on the limited liability partnership using the electronic transaction system is also informed that the name of the limited liability partnership has been struck off the register.(7) Despite the dissolution of the limited liability partnership under subsection (5), the liability (if any) of every officer and partner of the limited liability partnership continues and may be enforced as if the limited liability partnership had not been dissolved.(7A) Nothing in this section affects the power of the General Division of the High Court to wind up a limited liability partnership the name of which has been struck off the register.”; and

in subsection (9)(b), replace “(4)” with “(6)(a)”.

replace subsections (3), (4), (5) and (6) with —“(3) Upon receipt of the application, the Registrar must, if satisfied that the grounds and conditions (if any) mentioned in subsection (1) have been satisfied, publish in the Gazette, and send to the limited liability partnership and its partners and managers, a notice —

stating that the Registrar intends to exercise the power under this section in relation to the limited liability partnership; and

inviting any person to show cause why that should not be done within such period as may be prescribed.(4) The Registrar must not strike the name of a limited liability partnership off the register under this section until after the expiry of 60 days after the publication by the Registrar in the Gazette of the notice mentioned in subsection (3).(5) If no person shows cause or sufficient cause within the period mentioned in subsection (3)(b) why the name of the limited liability partnership should not be struck off the register, the Registrar must strike the name of the limited liability partnership off the register.(6) The limited liability partnership is dissolved on the date and at the time when the Registrar strikes the name of the limited liability partnership off the register.(6A) After the Registrar strikes the name of the limited liability partnership off the register, the Registrar must —

publish a notice in the Gazette of the fact that the name of the limited liability partnership has been struck off the register, and the date and time when the name of the limited liability partnership has been struck off the register; and

starting on the date and time when the Registrar strikes the name of the limited liability partnership off the register, ensure that any person who obtains any information on the limited liability partnership using the electronic transaction system is also informed that the name of the limited liability partnership has been struck off the register.”; and

in subsection (8)(b), replace “subsections (4) and (5)” with “subsections (3) and (6A)(a)”.

If any person feels aggrieved by the name of a limited liability partnership having been struck off the register under section 63(4) or 64(5), the person may, within 6 years after the name of the limited liability partnership has been so struck off, apply to the General Division of the High Court for the name of the limited liability partnership to be restored to the register.(2) The General Division of the High Court may allow an application made under subsection (1) and order the Registrar to restore the name of the limited liability partnership to the register, and give any direction and make any provision that seems just for placing the limited liability partnership and all other persons in the same position as nearly as may be as if the name of the limited liability partnership had not been struck off, if the General Division of the High Court —

is satisfied that the limited liability partnership was, at the time of the striking off, carrying on business or in operation, or it is just that the name of the limited liability partnership be restored to the register; and

has no reason to believe that —

if the name of the limited liability partnership is restored, the limited liability partnership is likely to be used for an unlawful purpose or for purposes prejudicial to public peace, welfare or good order in Singapore; or

it would be contrary to national security or interest for the name of the limited liability partnership to be restored.(3) On the Registrar restoring the name of a limited liability partnership to the register on a date and at a time pursuant to an order by the General Division of the High Court under subsection (2), the restoration takes effect on that date and at that time.(4) The Registrar must, starting on the date and time when the Registrar restores the name of the limited liability partnership to the register pursuant to an order by the General Division of the High Court under subsection (2), ensure that any person who obtains any information on the limited liability partnership using the electronic transaction system is also informed that the name of the limited liability partnership is on the register.”.

replace subsection (2) with —“(2) The Registrar must not restore the name of the limited liability partnership to the register if the Registrar has reason to believe that —

if the name of the limited liability partnership is restored, the limited liability partnership is likely to be used for an unlawful purpose or for purposes prejudicial to public peace, welfare or good order in Singapore; or

it would be contrary to national security or interest for the name of the limited liability partnership to be restored.(2A) If the Registrar restores the name of the limited liability partnership to the register —

the restoration of the name of the limited liability partnership to the register takes effect on the date and at the time when the Registrar restores the name of the limited liability partnership to the register;

the Registrar must enter in the register a note of the date and time when the restoration takes effect; and

the Registrar must cause notice of the restoration to be published in the Gazette and on the Authority’s website.”;

in subsection (3), replace “subsection (2)(b)(ii)” with “subsection (2A)(c)”;

in subsection (3)(c), replace “the date on which” with “the date and time when”;

in subsection (5)(b), replace “restore” with “order the Registrar to restore”; and

after subsection (5), insert —“(6) On the Registrar restoring the name of a limited liability partnership to the register on a date and at a time pursuant to an order by the General Division of the High Court under subsection (5)(b), the restoration takes effect on that date and at that time.(7) The Registrar must, starting on the date and time when the Registrar restores the name of a limited liability partnership to the register under subsection (2A) or pursuant to an order by the General Division of the High Court under subsection (5)(b), ensure that any person who obtains any information on the limited liability partnership using the electronic transaction system is also informed that the name of the limited liability partnership is on the register.”.

in the Schedule reference, after “42(1)”, insert “and (1A)”;

in paragraph 1, before “Part 6A”, insert “Subject to section 42(1A),”; and

in paragraph 2(a), delete “(including a fund management company registered under paragraph 5(1)(i) of the Second Schedule to the Securities and Futures (Licensing and Conduct of Business) Regulations”.