Singapore legislation

Regulation 22

of Payment Services Regulations 2019

Regulation 22

Obligation of operator to submit periodic reports

Subregulation 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.

Subregulation 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.

Subregulation 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.

Subregulation 4

In this regulation, “accounting corporation” has the meaning given by section 2(1) of the Accountants Act 2004.

Read in full context — Payment Services Regulations 2019 →