Singapore legislation
Regulation 5
Regulation 5
Factors for determining whether person is fit and proper person
Subregulation 1
For the purposes of section 53(3) of the Act, the factors which the Registrar may consider in determining whether a person is a fit and proper person to act as a director of a VCC are —
whether the person’s previous conduct as a director of a VCC, a financial institution or an overseas institution had been satisfactory, including whether the person had previously breached or failed to comply with any law in force in Singapore or elsewhere or requirement imposed under any law in force in Singapore or elsewhere, as such director;
whether the person had a previous application to be a director of a financial institution rejected by MAS;
whether MAS had previously directed a financial institution to remove the person as a director of the financial institution under any written law;
whether the Registrar had previously directed a VCC under section 53(2) of the Act to remove the person as a director of the VCC;
whether the person had previously acted in a manner that reflects adversely on the integrity of the person, including whether the person had previously —
committed professional misconduct or serious negligence, or breached any fiduciary duty or any AML/CFT requirement; or
caused, contributed to or facilitated the commission of professional misconduct or serious negligence, or the breach of any fiduciary duty or any AML/CFT requirement, by another person; and
whether it would be contrary to the public interest for the person to be a director of a VCC.
Subregulation 2
In this regulation —
Definition
“AML/CFT requirement” has the meaning given by section 152(1) of the MAS Act;
Definition
“corresponding authority” means a public authority of a foreign country which exercises a function that corresponds to a regulatory function of MAS under the MAS Act, the Banking Act (Cap. 19), the Business Trusts Act (Cap. 31A), the Finance Companies Act (Cap. 108), the Financial Advisers Act (Cap. 110), the Insurance Act (Cap. 142), the Payment Services Act 2019 (Act 2 of 2019), the Securities and Futures Act (Cap. 289) or the Trust Companies Act (Cap. 336);
Definition
“financial institution” has the meaning given by section 27A(6) of the MAS Act, read with section 27A(7) of that Act;
Definition
“foreign country” means any country or territory other than Singapore;
Definition
“overseas institution” means an entity or a trust —
that is formed or incorporated in a foreign country; and
whose carrying on of an activity in the foreign country is regulated by a corresponding authority of the foreign country.