Singapore legislation
Regulation 23
of Securities and Futures (Trade Repositories) Regulations 2013
Regulation 23
Criteria for determining whether director or executive officer failed to discharge duties
For the purposes of section 46Z(4) of the Act, the Authority must, in determining whether a director or an executive officer of a licensed trade repository has failed to discharge the duties of his or her office or employment, have regard to whether that individual has taken reasonable steps to discharge the following duties:
ensure the proper functioning of the licensed trade repository;
ensure the compliance of the licensed trade repository with all relevant legislation (including instruments, however described, having legislative effect) of any jurisdiction in which it operates;
set out and ensure compliance with written policies on all operational areas of the licensed trade repository, including its financial policies, accounting and internal controls, internal auditing and compliance with all legislation (including instruments, however described, having legislative effect), whether of Singapore or of any other jurisdiction in which it is incorporated or in which it operates, and all business rules, governing its operations;
identify, monitor and address the risks associated with the business activities of the licensed trade repository;
ensure that the business activities of the licensed trade repository are subject to adequate internal audit;
oversee the financial undertakings and exposure (to risks of any nature) of the licensed trade repository, by setting out proper delegation limits and risk management controls; and
ensure —
that the licensed trade repository 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 licensed trade repository to the Authority is complete and accurate.