Singapore legislation
Regulation 19
Regulation 19
Exceptions
Subregulation 1
Subject to paragraphs (2) and (4) —
where —
there is a change in the status of a director of a regulated institution under regulation 3 or 4 during the period between the date immediately after the date of the director’s appointment and the date immediately before the next annual general meeting of the regulated institution; and
the regulated institution could not reasonably have known of that change on or before the date of the director’s appointment; or
where —
there is a change in the status of a director of a regulated institution under regulation 3 or 4 during the period between the date immediately after an annual general meeting of the regulated institution and the date immediately before the next annual general meeting of the regulated institution (other than the period mentioned in sub‑paragraph (a)(i)); and
the regulated institution could not reasonably have known of that change on or before the date of the firstmentioned annual general meeting,being a change that results in the regulated institution not satisfying all or any of the requirements under regulations 6(1) (including that provision as applied by regulation 7), 9(1), 13(1), 14(1) and 15(1) (whichever is applicable), the relevant requirement or requirements do not apply in relation to the regulated institution.
Subregulation 2
Paragraph (1) does not apply unless, in the circumstances mentioned in paragraph (1)(a)(i) and (b)(i), the regulated institution, within 14 days of becoming aware of the change in status of the director, notifies the Authority of the change and, subject to paragraph (4) —
in respect of any requirement under regulation 6(1) — at the next annual general meeting, takes steps as may be necessary to rectify the composition of the board of directors in accordance with that requirement; or
in respect of any requirement under regulation 6(1) (as applied by regulation 7), 9(1), 13(1), 14(1) or 15(1) — within 3 months after notifying the Authority of the change of the status of the director, take such steps as may be necessary to rectify the composition of the relevant committee in accordance with that requirement.
Subregulation 3
The requirement under regulation 16(1) does not apply in relation to a regulated institution where there is a change in the status of a director that is a member of the Risk Management Committee, or any event occurs, which results in the composition of the Risk Management Committee not satisfying the requirement, if the regulated institution —
within 14 days of the change in the status of the director or the event, notifies the Authority of the change or the event; and
subject to paragraph (4), within 3 months after notifying the Authority of the change in the status of the director or the event, takes such steps as may be necessary to rectify the composition of the Risk Management Committee in accordance with that requirement.
Subregulation 4
Despite paragraph (2) or (3), the Authority may, upon being notified of a change in the status of a director or an event under paragraph (2) or (3), direct the regulated institution, as the case may be —
to take such steps as may be necessary to rectify the composition of the board of directors in accordance with the requirements under regulation 6(1) within such time before the next annual general meeting of the regulated institution, and subject to such conditions or restrictions, as the Authority may specify; or
to take such steps as may be necessary to rectify the composition of the relevant committee in accordance with the requirements under regulation 6(1) (as applied by regulation 7), 9(1), 13(1), 14(1), 15(1) or 16(1) within such time before the expiration of 3 months after the date of the notification, and subject to such conditions or restrictions, as the Authority may specify,and the regulated institution must comply with the direction.