In forceUpdated to 9 Jun 2025

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Corporate Service Providers Act 2024 · Updated to 9 Jun 2025 · Part 4 · Regulatory Actions

21. Regulatory action for contravention of Act, etc., by registered qualified individuals

(1)

This section applies where the Registrar is satisfied that any of the following circumstances are present in relation to a registered qualified individual (Z):

(a)

if Z is not a deemed registered qualified individual —

(i)

Z is contravening or not complying with, or has contravened or failed to comply with —

(A)

any of the conditions of Z’s registration; or

(B)

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

(ii)

the Registrar is satisfied that Z, in providing any corporate service, has made any declaration, statement or undertaking under any ACRA Second Schedule Act or ACRA Fifth Schedule Act —

(A)

that is false or misleading; or

(B)

that Z was not authorised to make;

(b)

if Z is a deemed registered qualified individual — Z is contravening or not complying with, or has contravened or failed to comply with, 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 $10,000 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.

Terms defined in s 2

ACRA Fifth Schedule Act
Defined · s 2
“ACRA Fifth Schedule Act” means any of the written laws specified in the first column of the Fifth Schedule to the ACRA Act;
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ACRA Second Schedule Act
Defined · s 2
“ACRA Second Schedule Act” means any of the written laws specified in the Second Schedule to the ACRA Act;
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corporate service
Defined · s 2
“corporate service” means any of the following services:(a)forming, on behalf of another person, a corporation or other legal person;(b)acting, or arranging for another person to act —(i)as a director or secretary of a corporation;(ii)as a partner of a partnership; or(iii)in a similar capacity in relation to other legal persons;(c)providing a registered office, business address, correspondence or administrative address or other related services for a corporation, partnership or other legal person;(d)acting, or arranging for another person to act, as a nominee shareholder on behalf of any corporation, other than a corporation whose securities are listed on an approved exchange within the meaning of section 2(1) of the Securities and Futures Act 2001;(e)carrying out any designated activity in relation to the provision of any accounting service;(f)carrying out an ACRA transaction with the ACRA Registrar using the electronic transaction system —(i)on behalf of another person; or(ii)for one or more companies as a secretary of each of those companies;
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deemed registered qualified individual
Defined · s 2
“deemed registered qualified individual” means a key appointment holder of a deemed registered corporate service provider who is treated under section 15(3) as registered under section 10 as a registered qualified individual;
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electronic transaction system
Defined · s 2
“electronic transaction system” means the electronic transaction system established by the Authority under section 27(1) of the ACRA Act;
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registered qualified individual
Defined · s 2
“registered qualified individual” means a qualified individual who is registered under this Act, and includes —(a)a deemed registered qualified individual; and(b)a person who is treated under section 44(1) as registered under section 10 as a registered qualified individual;
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Registrar
Defined · s 2
“Registrar” means the Registrar of Corporate Service Providers appointed under section 5(2)(a), and includes any Deputy Registrar or Assistant Registrar;
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registration
Defined · s 2
“registration” means registration of a registered corporate service provider or registered qualified individual, as the case may be;
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regulations
Defined · s 2
“regulations” means any regulations made under section 35;
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