Singapore legislation
Regulation 8
of Securities and Futures (Approved Holding Companies) Regulations 2005
Regulation 8
Obligation to notify Authority of certain matters
Subregulation 1
For the purposes of section 81ZA(1) of the Act, an approved holding company shall, as soon as practicable after the occurrence of any of the following circumstances, notify the Authority of such circumstance:
any civil or criminal legal proceeding instituted against the approved holding company, whether in Singapore or elsewhere;
any disciplinary action taken against the approved holding company by any regulatory authority, whether in Singapore or elsewhere, other than the Authority;
any change to the regulatory requirements imposed on the approved holding company by any regulatory authority, whether in Singapore or elsewhere, other than the Authority, that will have an impact on the approved holding company;
the approved holding company becomes aware that any development (including any development in relation to any associate of the approved holding company, or any other entity treated as part of the approved holding company’s group of companies according to the accounting standards applicable to the approved holding company) has occurred or is likely to occur which the approved holding company has reasonable grounds to believe has materially and adversely affected, or is likely to materially and adversely affect —
the financial soundness or reputation of the approved holding company; or
the approved holding company’s ability to conduct its business;
the approved holding company becomes aware that its chairperson, chief executive officer or director or a person who holds an appointment mentioned in section 81ZF(3) of the Act is, in accordance with the Guidelines on Fit and Proper Criteria, no longer fit and proper to hold that office or appointment;
the approved holding company becomes aware that a substantial shareholder, 12% controller or 20% controller of the approved holding company is, in accordance with the Guidelines on Fit and Proper Criteria, no longer fit and proper to be a substantial shareholder, 12% controller or 20% controller (as the case may be) of the approved holding company;
the approved holding company becomes aware that it is not likely to be able to conduct its business prudently or to comply with the provisions of the Act and directions made thereunder, having regard to the likely influence over the approved holding company of a substantial shareholder, 12% controller or 20% controller of the approved holding company.
Subregulation 1A
In paragraph (1), “12% controller” and “20% controller” have the meanings given by section 81ZE(3) of the Act.
Subregulation 2
Where a circumstance referred to in paragraph (1)(a) or (b), or a development mentioned in paragraph (1)(d), has occurred, the approved holding company shall, in addition to the notification required under paragraph (1), within 14 days of the occurrence of the circumstance or development, or such longer period as the Authority may permit, submit a report to the Authority of the circumstances relating to the occurrence, the remedial actions taken at the time of the occurrence, and the subsequent follow-up actions that the approved holding company has taken or intends to take.