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laws.sgby aturio
In forceAmended2020 Revised Edition
Contents

Part 4 · Miscellaneous

15B. Obligation to notify Authority of certain events

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Amended

Last amended by an amending law of 2018.

(1)

Subject to subsection (2), a person (being a participant, an operator, a settlement institution or a collateral holder of a designated system) must notify the Authority of the occurrence of any event mentioned in the following paragraphs, as soon as practicable after the occurrence of that event:

(a)

the person becomes, or is likely to become, insolvent or unable to meet the person’s obligations (whether financial, statutory, contractual or otherwise);

(b)

any other event in relation to the person, being an event that is prescribed by regulations made under section 20 or specified in written directions issued under section 20A.

(2)

The person need not notify the Authority under subsection (1) of the occurrence of an event mentioned in subsection (1)(a), if the person has already notified the Authority, under any other written law administered by the Authority, of the occurrence of that event.

(3)

Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $200,000.

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Read on from s 16