Singapore legislation
Regulation 23
Regulation 23
Control of shareholding in operators of designated payment systems
Subregulation 1
An application under section 59(1) of the Act in respect of an operator of a designated payment system must contain the following information:
name of the applicant;
where the applicant is a corporation —
its place of incorporation;
its substantial shareholders;
its directors and chief executive officer; and
its principal business;
where the applicant is an individual —
his or her nationality;
his or her principal occupation; and
his or her directorships;
the names of all corporations in which the applicant has a substantial shareholding;
the percentage of shareholding and voting power that the applicant has in the operator, if any;
the percentage of shareholding and voting power that the applicant is seeking to have in the operator;
the applicant’s reasons for seeking to have the percentage of shareholding and voting power mentioned in sub‑paragraph (f) in the operator;
the manner in which the increase in shareholding would be carried out;
whether the applicant has a present intention to seek representation on the board of directors of the operator;
any other information that would support a finding that the applicant is a fit and proper person in accordance with the Guidelines on Fit and Proper Criteria.
Subregulation 2
Despite paragraph (1), the Authority may require the applicant to provide the Authority with any additional information or document that the Authority considers necessary in relation to the application mentioned in paragraph (1).