Singapore legislation

Regulation 7

of Variable Capital Companies Regulations 2020

Regulation 7

Rectification or updating of register on Registrar’s initiative

Subregulation 1

For the purposes of section 12D(1)(b)(ii) of the Companies Act (as applied by section 11 of the Act), the prescribed departments, Ministries of the Government, statutory bodies and bodies corporate are —

(a)

the Department of Statistics, Ministry of Trade and Industry;

(b)

MAS;

(c)

the Ministry of Home Affairs;

(d)

the Ministry of Manpower; and

(e)

Singapore Post Limited.

Subregulation 2

For the purposes of section 12D(2) of the Companies Act (as applied by section 11 of the Act), the prescribed circumstances are —

(a)

there is evidence of a conflict between the particulars of the VCC or a person in a register, and —

(i)

other information relating to the VCC or person that is stated in the Singapore Standard Industrial Classification which is obtained from the Department of Statistics of the Ministry of Trade and Industry;

(ii)

other information relating to the person that is registered under the National Registration Act (Cap. 201) which is obtained from the Ministry of Home Affairs;

(iii)

the foreign identification number of the person obtained from the Ministry of Manpower;

(iv)

other information relating to the VCC or person (including regulatory status) that is obtained from MAS; or

(v)

the building name, postal code or street name of an immovable property obtained from Singapore Post Limited; and

(b)

the Registrar has reasonable grounds to believe that the VCC or person whose particulars are to be rectified or updated is unlikely to object to the rectification or updating.