Singapore legislation
Regulation 10
Regulation 10
Amendment of internal controls requirements by Authority
Subregulation 1
Subject to paragraph (8), where the Authority amends any internal controls requirement, a licensee shall, within 30 days after the date it is notified of the amendment, or such longer period as the Authority may allow in any particular case, submit to the Authority for approval such proposed changes to its approved internal controls as may be necessary to satisfy the internal controls requirements so amended by the Authority and applicable to the licensee.
Subregulation 2
The Authority shall not approve the proposed changes to the approved internal controls of a licensee unless it is of the opinion that the proposed changes satisfy or will satisfy the internal controls requirements so amended by the Authority and applicable to the licensee.
Subregulation 3
The Authority may —
approve all or part of the changes to the approved internal controls proposed by the licensee subject to such conditions as the Authority may impose; or (b)reject all or part of the changes to the approved internal controls proposed by the licensee if the proposed changes thereto do not satisfy the internal controls requirements amended by the Authority and applicable to the licensee.
Subregulation 4
The approved internal controls of a licensee shall be amended or substituted to the extent that a submission under this regulation (including any accompanying document and revised internal controls) is approved by the Authority.
Subregulation 5
A licensee shall ensure that the proposed changes to its approved internal controls are implemented in accordance with the approval by the Authority under this regulation, and any conditions imposed thereon.
Subregulation 6
Notwithstanding paragraph (1), where a licensee considers that the amendment by the Authority to the internal controls requirements applicable to the licensee requires no change to its approved internal controls, the licensee shall, unless a modification or waiver under paragraph (7) is obtained, submit the following documents to the Authority: (a)a statement by the Board of Directors of the licensee that the approved internal controls of the licensee, without any change, satisfy the internal controls requirements amended by the Authority and applicable to the licensee;
a statement by an independent officer of the licensee that ––
the approved internal controls of the licensee, without any change, satisfy the internal controls requirements amended by the Authority and applicable to the licensee; and
the licensee has adequate systems and processes in place to implement its approved internal controls; and
such other documents or information as the licensee may consider necessary to explain why no changes are required to its approved internal controls in any particular case, notwithstanding the amendment by the Authority to the internal controls requirements applicable to the licensee.
Subregulation 7
The Authority may, on the application of a licensee, modify or waive the requirement to submit any document or other information referred to in paragraph (6)(a), (b) and (c) in any particular case.
Subregulation 8
The Authority may, on the basis of the documents or other information provided by the licensee under paragraph (6), allow the licensee to dispense with the submission under paragraph (1).