Singapore legislation
Regulation 15
Regulation 15
Audit Committee
Subregulation 1
Subject to paragraph (4) and regulations 12(3) and 20, a DFHC (Bank) must have an Audit Committee comprising —
at least 3 members of the Board, all of whom are independent from management and business relationships with the DFHC (Bank); and
at least a majority of directors (including the chairperson of the Audit Committee) who are independent directors.
Subregulation 2
The Audit Committee of a DFHC (Bank) is, in addition to any other responsibilities that may be determined by the Board or provided under written law, responsible for the adequacy of the external and internal audit functions of the DFHC (Bank), including reviewing —
the scope and results of audits carried out in respect of the operations of the DFHC (Bank); and
the independence and objectivity of the DFHC (Bank)’s external auditors.
Subregulation 3
The Audit Committee must maintain records of all its meetings.
Subregulation 4
If a member of the Audit Committee resigns, ceases to be a director or for any other reason ceases to be a member of the Audit Committee —
the DFHC (Bank) must notify the Authority of the event within 14 days after the occurrence of the event; and
if this results in a breach of any requirement under paragraph (1), the Board must, within 3 months after that event, appoint the number of new members that is necessary to rectify the composition of the Audit Committee in accordance with that requirement.
Subregulation 5
A DFHC (Bank) that contravenes paragraph (1) shall be guilty of an offence and shall be liable on conviction —
to a fine not exceeding $25,000; and
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.
Subregulation 6
A DFHC (Bank) that contravenes paragraph (4)(a) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.