35. Regulations

(1)

The Minister may make regulations for carrying out the purposes and provisions of this Act.

(2)

Without limiting subsection (1), the Minister may make regulations for all or any of the following matters:

(a)

the registration of registered corporate service providers;

(b)

the registration of registered qualified individuals;

(c)

the criteria for qualified individuals;

(d)

the duties and responsibilities of registered corporate service providers and registered qualified individuals in respect of the provision of corporate services, including —

(i)

the duty to ensure proper access and use of the electronic transaction system and (where applicable) to supervise agents and employees of the registered corporate service providers for such purposes;

(ii)

the duty to keep proper records in respect of every ACRA transaction with the ACRA Registrar, including where the ACRA transaction is carried out other than through the electronic transaction system;

(iii)

the duty to give the Registrar information, access to premises and records, and other reasonable assistance, for the purposes of inspection and monitoring for compliance with such prescribed duties; and

(iv)

the duty to assess, and to report to the Registrar on, their compliance with their duties and responsibilities;

(e)

the manner in which any information may be published or disclosed under section 32;

(f)

the fees to be paid in respect of any application under this Act and otherwise in connection with the administration of this Act, and the waiver, remission or refund (in whole or in part) of the fees;

(g)

the manner in which fees and penalties are to be paid.

(3)

Regulations made under this section may —

(a)

provide that any contravention of any provision of the regulations shall be an offence punishable with a fine not exceeding $50,000 or with imprisonment for a term not exceeding 3 years or with both;

(b)

prescribe the offences under this Act that may be compounded; and

(c)

provide for such saving, transitional and other consequential, incidental and supplemental provisions as are necessary or expedient for the purposes of this Act.

(4)

Regulations made under subsection (2)(d) may provide for different duties and responsibilities for the provision of different types of corporate services.

Terms defined in s 2

ACRA Registrar
Defined · s 2
“ACRA Registrar” means —(a)in relation to an ACRA Second Schedule Act — the Registrar as defined in that Act; or(b)in relation to an ACRA Fifth Schedule Act — the person specified in the second column of the Fifth Schedule to the ACRA Act opposite the ACRA Fifth Schedule Act as specified in the first column of that Schedule;
Open s 2
ACRA transaction
Defined · s 2
“ACRA transaction”, in relation to the ACRA Registrar of an ACRA Second Schedule Act or ACRA Fifth Schedule Act, means —(a)the filing or lodging of any document with the ACRA Registrar, or the submission, production, delivery, providing or sending of any document to the ACRA Registrar, under the ACRA Second Schedule Act or ACRA Fifth Schedule Act;(b)the making of any application, submission or request to the ACRA Registrar under the ACRA Second Schedule Act or ACRA Fifth Schedule Act;(c)the provision of any undertaking or declaration to the ACRA Registrar under the ACRA Second Schedule Act or ACRA Fifth Schedule Act; or(d)the extraction, retrieval or accessing of any document, record or information maintained by the ACRA Registrar under the ACRA Second Schedule Act or ACRA Fifth Schedule Act;
Open s 2
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;
Open s 2
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;
Open s 2
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;
Open s 2
registration
Defined · s 2
“registration” means registration of a registered corporate service provider or registered qualified individual, as the case may be;
Open s 2
regulations
Defined · s 2
“regulations” means any regulations made under section 35;
Open s 2

Report

Part 8

Consequential and Related Amendments to Other Acts

Read on from Part 8

Part 9

Saving and Transitional Provisions

Read on from Part 9