Singapore legislation
Regulation 20
Regulation 20
Exceptions to applicability of provisions to DFHC (Bank)
Subregulation 1
Subject to paragraphs (2) and (3), the requirements under regulations 5(1), 7, 9(1), 14(1), 15(1) and 16(1) do not apply in relation to a DFHC (Bank) —
where —
there is a change in the status of a director 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 DFHC (Bank); and
the DFHC (Bank) could not reasonably be expected to 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 under regulation 3 or 4 during the period between the date immediately after an annual general meeting of the DFHC (Bank) and the date immediately before the next annual general meeting of the DFHC (Bank) (other than the period mentioned in sub‑paragraph (a)(i)); and
the DFHC (Bank) could not reasonably be expected to have known of that change on or before the date of the firstmentioned annual general meeting.
Subregulation 2
Paragraph (1) does not apply unless, in the circumstances mentioned in paragraph (1)(a)(i) or (b)(i), the DFHC (Bank), within 14 days after becoming aware of the change in the status of the director, notifies the Authority of the change and, subject to paragraph (3) —
in respect of any requirement under regulation 5(1) — at the next annual general meeting, appoints the number of new directors that is required to rectify the composition of the Board in accordance with that requirement; or
in respect of any requirement under regulation 7, 9(1), 14(1), 15(1) or 16(1) — within 3 months after notifying the Authority of the change of status of the director, appoints the number of new members of the relevant committee that is required to rectify the composition of the relevant committee in accordance with that requirement.
Subregulation 3
Despite paragraph (2), the Authority may, on being notified of a change in the status of a director under paragraph (2), direct the DFHC (Bank) —
to appoint the number of new directors that is necessary to rectify the composition of the Board in accordance with the requirements under regulation 5(1) within the time before the next annual general meeting of the DFHC (Bank), and subject to any conditions or restrictions, that the Authority may specify; or
to appoint the number of new members of the relevant committee that is necessary to rectify the composition of the relevant committee in accordance with the requirements under regulation 7, 9(1), 14(1), 15(1) or 16(1) (as the case may be) within the time before the expiration of 3 months from the date the DFHC (Bank) notifies the Authority of the change, and subject to any conditions or restrictions, that the Authority may specify,and the DFHC (Bank) must comply with that direction.
Subregulation 4
A DFHC (Bank) that fails to comply with a direction of the Authority under paragraph (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.