Singapore legislation
Regulation 9
Regulation 9
Change to approved internal controls
Subregulation 1
A licensee which intends to change any approved internal controls (other than a change required by the Authority under regulation 10) must apply to the Authority for approval of the proposed change at least 30 days before the effective date of the proposed change, or within such shorter period as the Authority may allow in any particular case.
Subregulation 2
A submission to the Authority for approval of a proposed change to the approved internal controls shall comprise the following documents:
a description of the proposed change to the approved internal controls in the form prescribed by the Internal Controls Code for Casino Operators or the Internal Controls Code for International Market Agents, as the case may be; (b)a statement by the Board of Directors of the licensee that the proposed change to the approved internal controls satisfies the internal controls requirements applicable to the licensee;
a statement by an independent officer of the licensee that ––
the proposed change to the approved internal controls satisfies the internal controls requirements applicable to the licensee; and
the licensee has adequate systems and processes in place to implement the proposed change; and
such other documents as the Authority may require in that particular case to determine whether the proposed change to the approved internal controls satisfies the internal controls requirements applicable to the licensee.
Subregulation 3
The Authority may, on the application of a licensee, modify or waive the requirements under paragraph (2) in any particular case.
Subregulation 4
The Authority shall not approve the change to the approved internal controls proposed by a licensee under this regulation unless it is of the opinion that the proposed change satisfies or will satisfy the internal controls requirements applicable to the licensee.
Subregulation 5
The Authority may —
approve the change to the approved internal controls proposed by a licensee under this regulation subject to such conditions as the Authority may impose; or (b)reject all or part of the change to the approved internal controls proposed by a licensee under this regulation if the proposed change does not satisfy any of the internal controls requirements applicable to the licensee.
Subregulation 6
The approved internal controls of a licensee shall be amended or substituted to the extent that a submission under this regulation (including the accompanying documents and any revised internal controls) is approved by the Authority.
Subregulation 7
A licensee shall ensure that any change to its approved internal controls is implemented in accordance with the approval by the Authority under this regulation, and any conditions imposed thereon.