Singapore legislation
Regulation 36
of Financial Services and Markets (Resolution of Financial Institutions) Regulations 2024
Regulation 36
Criteria for appointment and removal of valuer
Subregulation 1
For the purposes of section 124(3) of the Act, the Minister may only appoint a person as a valuer for a Division 11 FI under resolution if the Minister is satisfied that all of the following conditions are fulfilled:
the person is not employed by the Authority or by the Division 11 FI;
the person is not a public sector body or a parent or subsidiary of the Division 11 FI;
the person does not have any material interest in common, or in conflict, with either of the following persons that could influence, or be reasonably perceived to influence, the person’s judgment in the performance of the role of a valuer in relation to the Division 11 FI:
any public sector body;
the Division 11 FI, or a parent or subsidiary of the Division 11 FI;
the person has sufficient experience, expertise, knowledge of winding up proceedings under Singapore law, and technical and human resources, to carry out the valuation in relation to the Division 11 FI.
Subregulation 2
In deciding whether to appoint a person as a valuer, the Minister must also take into account any other factors that may influence the person’s judgment in performing his or her role as a valuer.
Subregulation 3
For the purposes of section 124(5) of the Act, the Minister may revoke the appointment of a valuer if the Minister is satisfied that the person appointed as a valuer —
no longer meets the criteria set out in paragraph (1);
has been convicted, whether in Singapore or elsewhere, of any offence involving any dishonesty (including fraud, corruption, bribery and deception);
has been disciplined for contravening any rule of professional conduct for an act involving any dishonesty; or
has become incapable of performing the role of a valuer appointed under section 124(2) of the Act.