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In force2020 Revised Edition
Contents

Part 2 · Licensing of Payment Service Providers

15. Obligation of licensee to notify Authority of certain events

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(1)

A licensee must notify the Authority of the occurrence of any of the following events as soon as practicable after that occurrence:

(a)

any civil or criminal proceeding instituted against the licensee, whether in Singapore or elsewhere;

(b)

any event (including an irregularity in the operations of the licensee) that materially impedes or impairs the operations of the licensee;

(c)

the licensee being or becoming, or being likely to become, insolvent or unable to meet any of the licensee’s financial, statutory, contractual or other obligations;

(d)

any disciplinary action taken against the licensee by any regulatory authority (other than the Authority), whether in Singapore or elsewhere;

(e)

any significant change to the regulatory requirements imposed on the licensee by any regulatory authority (other than the Authority), whether in Singapore or elsewhere;

(f)

any other event that the Authority may prescribe or specify by written notice.

(2)

A licensee must notify the Authority of the occurrence of any of the following events within 14 days after the date of that occurrence:

(a)

any change of a director or the chief executive officer of the licensee, except where the licensee is required under section 34 to obtain the Authority’s approval to appoint the director or chief executive officer;

(b)

any other event that the Authority may prescribe or specify by written notice.

(3)

A person that contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000.

Report

Part 3

Payment Systems

Part 4

Inspection

Part 4A

Investigations

Part 5

Emergency Powers

Part 6

Assistance to Foreign Regulatory Authorities

Part 7

Offences

Part 8

Miscellaneous

Part 9

Consequential and Related Amendments to Other Acts

Part 10

Saving and Transitional Provisions

Schedules