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Obligation of operator to submit periodic reports

Payment Services Regulations 2019

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—(1) For the purposes of section 49(1) of the Act, an operator of a designated payment system must submit all of the following documents for each financial year of the operator in the frequency specified in paragraph (2):(a)a copy of the annual report and directors’ report prepared in accordance with Part 6 of the Companies Act 1967;(b)a report by an accounting corporation appointed by the operator on the accounting corporation’s findings and recommendations (if any) on —(i)the internal controls of the operator; and(ii)any non‑compliance by the operator in the financial year with —(A)any provision of the Act;(B)any direction issued by the Authority under the Act; or(C)any other written law of Singapore or another country or territory;(c)a report by the operator or an accounting corporation appointed by the operator on the business of operating the designated payment system.(2) The documents mentioned in paragraph (1)(a), (b) and (c) must be submitted within 3 months after the end of each financial year of the operator.(3) The Authority may, on the application of an operator of a designated payment system extend or further extend the time for submitting the documents.(4) In this regulation, “accounting corporation” has the meaning given by section 2(1) of the Accountants Act 2004.

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