Singapore legislation
Regulation 12
Regulation 12
Providing information to Authority
Subregulation 1
A regulated institution must, after its Nominating Committee has concluded its deliberations in respect of the matters under regulations 10 and 11 and the board of directors has concurred with the Nominating Committee —
notify the Authority in writing of the particulars of the persons proposed to be appointed to the positions referred to in regulation 10(1)(a) and (b), including whether the requirements for independence in regulations 3 and 4 are satisfied;
notify the Authority in writing of the review and assessment of the continued appointment of each existing director under regulation 11(2)(b);
in the case where the Nominating Committee has made a determination under regulation 5(1), provide the Authority with the Nominating Committee’s explanation of its decision as to why the director should be considered independent; and
provide to the Authority any other information as the Authority may require.
Subregulation 2
A regulated institution must notify the Authority within 14 days of the regulated institution being aware of the occurrence of any event which may result in a director being not considered independent from management and business relationships with the regulated institution or being not considered independent from a substantial shareholder of the regulated institution.