Singapore legislation

Regulation 13

of Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Bank Subsidiary) Regulations 2022

Regulation 13

Providing information to Authority by DFHC (Bank)

Subregulation 1

A DFHC (Bank) must, after its Nominating Committee has concluded its deliberation in respect of the matters under regulations 10 and 11 and after the Board has concurred with the Nominating Committee —

(a)

notify the Authority in writing of the particulars of the persons proposed to be appointed to the positions mentioned in regulation 10(1)(a) and (b), including whether the requirements for independence in regulations 3 and 4 are satisfied;

(b)

notify the Authority in writing of the review and assessment of each existing director referred to in regulation 11(2)(b);

(c)

in the case where the Nominating Committee has made a determination under regulation 12, provide the Authority with the Nominating Committee’s explanation of its decision as to why the director should be considered independent; and

(d)

provide the Authority any other information that the Authority may require.

Subregulation 2

A DFHC (Bank) that contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction —

(a)

to a fine not exceeding $25,000; and

(b)

in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.

Read in full context — Financial Holding Companies (Corporate Governance of Designated Financial Holding Companies with Bank Subsidiary) Regulations 2022 →