Singapore legislation
Regulation 8
Regulation 8
Committees of Board
Subregulation 1
A DFHC (Bank) must have —
(a)
a Nominating Committee;
(b)
a Remuneration Committee;
(c)
an Audit Committee; and
(d)
a Risk Management Committee.
Subregulation 2
A DFHC (Bank) must ensure that every member of each committee mentioned in paragraph (1) has unfettered access to information that the DFHC (Bank) is in possession of or has access to, for the purposes of carrying out the responsibilities of the Committee concerned.
Subregulation 3
A DFHC (Bank) that contravenes paragraph (1) or (2) 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.