Singapore legislation
Regulation 26
of Central Provident Fund (Investment Schemes) Regulations 2000
Regulation 26
New CPF Investment Account
Subregulation 1
A member who does not wish to operate the CPF Investment Account which the member has opened with an approved agent bank (called in this regulation the old account) may open a new CPF Investment Account with another approved agent bank (called in this regulation the new account).
Subregulation 2
Where a member has opened a new account, the following apply:
the approved agent bank in which the old account was opened must transfer —
all the moneys from the member’s old account to the member’s new account; and
all the securities deposited by the member with, or held by, that approved agent bank in accordance with regulation 22 to the approved agent bank in which the new account is opened;
all securities registered in the name of the nominee company of the approved agent bank in which the old account was opened must be re‑registered in the name of the nominee company of the approved agent bank in which the new account is opened.
Subregulation 3
A member who has purchased securities from an approved fixed deposit bank, an approved insurer or an approved fund manager under this Part must, within 2 weeks of the opening of the new account, inform the approved fixed deposit bank, approved insurer or approved fund manager (as the case may be) of the member’s new CPF Investment Account number.