Singapore legislation
Clause 29
Clause 29
Revocation or suspension of registration by Commission
(1)
A designated entity shall inform the Commission, within such period as the Commission may specify, of every complaint received, investigation undertaken, disciplinary or other action taken, penalty imposed or other order made by the designated entity in respect of any member of the designated entity who is registered with it as a chartered accountant.
(2)
The Commission may, at any time, review any matter concerning any contravention or alleged contravention by any member of a designated entity registered as a chartered accountant of any code of professional conduct, standards or ethics applicable to chartered accountants under the membership rules of the designated entity where the designated entity —
did not take any disciplinary or other action against the member in respect of such contravention or alleged contravention; or
having taken such action, suspends his registration under section 28(4), or imposes any lesser penalty or makes any other order provided for under its membership rules.
(3)
Subject to subsections (4) and (5), if, upon a review under subsection (2), the Commission is satisfied that —
any member of a designated entity registered as a chartered accountant has contravened any code of professional conduct, standards or ethics applicable to chartered accountants under the membership rules of the designated entity; and
there exists cause of sufficient gravity for revoking the registration of the chartered accountant,the Commission may revoke his registration as a chartered accountant.
(4)
Subject to subsection (5), the Commission may, instead of revoking the registration of a chartered accountant under subsection (3) —
in a case where the designated entity has suspended the registration under section 28(4), extend the suspension of the registration for a period not exceeding 10 months in the aggregate; or
in any other case, suspend the registration for a period not exceeding 10 months.
(5)
Before revoking, suspending or extending the suspension of the registration of any person as a chartered accountant under this section, the Commission shall give the person notice in writing 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 his registration should not be revoked or suspended or why the suspension of his registration should not be extended.
(6)
The Commission may require any person who appears to the Commission to have information that is relevant to the performance of its functions or the exercise of its powers under this section to provide the Commission with all such information, and any person so required to provide such information must provide it in such manner and within such period as may be specified by the Commission.
(7)
For the avoidance of doubt, the Commission —
is not under any obligation to review any matter, or take any action in respect of such matter, under this section; and
may, at any time, discontinue the review of any matter, or any action taken in respect of such matter with a view to revoking or suspending, or extending the suspension of, the registration of any chartered accountant, under this section.