Singapore legislation
Regulation 7
of Financial Services and Markets (Dispute Resolution Schemes) Regulations 2023
Regulation 7
Estimates of income and expenditure of scheme
Subregulation 1
The operator of an approved dispute resolution scheme must submit to the Authority no later than 2 months before the commencement of each financial year of the operator —
the operator’s annual estimates of income and expenditure of the approved dispute resolution scheme for that financial year; and
the resolution of the operator’s board of directors approving the estimates.
Subregulation 2
The operator may adopt the estimates submitted to the Authority under paragraph (1) if the Authority does not object to or seek any clarification on the estimates in writing within 14 days after the submission of the estimates.
Subregulation 3
If the Authority seeks any clarification on the estimates within the period specified in paragraph (2) —
the Authority may at any time thereafter —
seek any further clarifications on the estimates that the Authority requires; or
object to the estimates; and
the operator must only adopt the estimates if notified by the Authority that the Authority does not object to the estimates.
Subregulation 4
If the Authority objects to the estimates, the operator must submit to the Authority new estimates within the time that may be specified by the Authority.
Subregulation 5
The operator must determine (in accordance with the estimates adopted by the operator under this regulation in respect of a financial year) and notify the Authority of, the membership fee payable by each class of members of the approved dispute resolution scheme for that financial year —
where the Authority does not object to or seek any clarification on the estimates within the period specified in paragraph (2) — within 4 weeks (or any longer period that the Authority may allow) after the expiry of that period; or
in any other case — within 4 weeks (or any longer period that the Authority may allow) after the Authority notifies the operator that it does not object to the estimates.
Subregulation 6
Paragraphs (2), (3), (4) and (5) apply to any new estimates submitted by the operator to the Authority —
under paragraph (4); or
in response to any clarification sought by the Authority under this regulation,as if a reference to estimates in those paragraphs is a reference to the new estimates.