Singapore legislation
Section 34
Section 34
Deletion of designated entity
(1)
Subject to subsection (2), before deleting a designated entity from the Third Schedule under section 33(1), the Commission must give the designated entity written notice of its intention to do so and an opportunity to submit reasons, within such period as the Commission may specify in that notice, as to why the designated entity should not be deleted.
(2)
Subsection (1) does not apply in the case where the designated entity requests in writing that it be deleted from the Third Schedule.
(3)
Any order under section 33(1) deleting a designated entity from the Third Schedule does not take effect until the end of at least 30 days after the date on which the Commission informs the designated entity of its decision to delete the designated entity from the Third Schedule.
(4)
If a designated entity is deleted from the Third Schedule —
it must immediately cease to register, or renew the registration of, any person as a chartered accountant; and
every person who, on the eve of the deletion, is registered with it as a chartered accountant ceases to be a registered chartered accountant under this Act on the expiry of such period after the deletion as the Commission may specify, by notification in the Gazette (called in this section the transitional period), unless before the expiry of the transitional period —
the person becomes a member of another designated entity (called in this section the successor designated entity); and
the successor designated entity certifies that the person satisfies the requirements relating to chartered accountants specified in its membership rules.
(5)
Any person referred to in subsection (4) who, before the expiry of the transitional period, becomes a member of and is certified by the successor designated entity under paragraph (b)(ii) of that subsection is, on the date of being so certified, deemed to be registered as a chartered accountant by the successor designated entity under this Act and for such period that is equal to the remaining period of validity of the person’s registration as a chartered accountant with the deleted designated entity but for the deletion.
(6)
Every person registered as a chartered accountant with a designated entity on the eve of the deletion of the designated entity from the Third Schedule is, despite the deletion, deemed to be registered as a chartered accountant under this Act during the shorter of the following:
the transitional period;
the period commencing on the date of the deletion and ending on the date immediately before the date on which the person is deemed to be registered as a chartered accountant by the successor designated entity under subsection (5).
(7)
For the purposes of subsection (5), the remaining period of validity of the registration of a person as a chartered accountant with a deleted designated entity is the period during which the registration would have been valid but for the deletion of the designated entity less the period during which the person is deemed to be registered as a chartered accountant under subsection (6).