Singapore legislation
Regulation 15
of Securities and Futures (Approved Holding Companies) Regulations 2005
Regulation 15
Criteria to determine failure to discharge duties by directors or executive officers
For the purposes of section 81ZJ(4) of the Act, the Authority must, in determining whether a director or an executive officer of an approved holding company has failed to discharge the duties of his or her office or employment, take into consideration whether that individual has taken reasonable steps to discharge the following duties:
ensure the proper functioning of the approved holding company;
ensure the compliance of the approved holding company with any relevant laws or regulations of any jurisdiction in which it is incorporated or in which it operates;
set out and ensure compliance with written policies on all operational areas of the approved holding company, including its financial policies, accounting and internal controls, internal auditing and compliance with all laws and rules governing the operations of the approved holding company;
identify, monitor and address the risks associated with the business activities of the approved holding company; (e)ensure that the business activities of the approved holding company are subject to adequate internal audit;
oversee the financial undertakings or exposure of the approved holding company to risks of any nature, by setting out proper delegation limits and risk management controls; and
ensure —
that the approved holding company maintains written records of the steps taken by it to monitor compliance with its policies, the limits on discretionary powers and its accounting and operating procedures; and
that every report, return or statement submitted by the approved holding company to the Authority is complete and accurate.