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Appeals
69.—(1) An operator of a designated payment system that is aggrieved by the decision of
the Authority under section 67(3)(b) may, within 30 days after receiving the decision of the
Authority, appeal in writing to the Minister whose decision shall be final and shall be given
effect to by the Authority.
(2)
An operator or a settlement institution, as the case may be, or any executive officer or
director of the operator or settlement institution, that is aggrieved by a direction of the Authority
under section 68(1) may, within 30 days after receiving the direction, appeal in writing to the
Minister whose decision shall be final and shall be given effect to by the Authority.
Division 8 – Audit of Operators and Settlement Institutions of Designated Payment Systems
Auditing
70.—(1) Despite the provisions of the Companies Act (Cap. 50), an operator or a
settlement institution of a designated payment system —
(a)
must, on an annual basis, appoint an auditor; and
(b)
if for any reason its auditor ceases to be its auditor, appoint another auditor as soon
as practicable after such cessation.
(2)
The Authority may appoint an auditor —
(a)
if the operator or settlement institution of a designated payment system fails to
appoint an auditor; or
(b)
if the Authority considers it desirable that another auditor should act with the
auditor appointed under subsection (1),
and may at any time fix the remuneration to be paid by the operator or settlement institution of
a designated payment system to the auditor the Authority appoints.
(3)
The duties of an auditor appointed under subsection (1) or (2) are —
(a)
to carry out, for the year in respect of which the auditor is appointed, an audit of
the accounts of the operator or settlement institution of a designated payment
system; and
(b)
to —
(i)
in the case of a Singapore operator or Singapore settlement institution, make
a report on the financial statements or consolidated financial statements of
the operator or settlement institution of a designated payment system in
accordance with section 207 of the Companies Act; or
(ii)
in the case of an operator or settlement institution incorporated outside
Singapore, make a report on its latest annual balance sheet and profit and loss
account together with any notes thereon showing the assets and liabilities and
profit or loss arising out of the operator’s or settlement institution’s
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operations in Singapore, as the case may be, which complies with section 207
of the Companies Act.
(4)
The Authority may, by notice in writing to an auditor, impose all or any of the following
duties on the auditor in addition to those provided under subsection (3), and the auditor must
carry out the duties so imposed:
(a)
a duty to submit such additional information in relation to the audit as the Authority
considers necessary;
(b)
a duty to enlarge or extend the scope of the audit of the business and affairs of the
operator or settlement institution of a designated payment system, as the case may
be;
(c)
a duty to carry out any other examination, or establish any procedure, in relation to
the audit in any particular case;
(d)
a duty to submit a report on any of the matters mentioned in paragraphs (b) and (c).
(5)
The operator or settlement institution of a designated payment system must remunerate
the auditor in respect of —
(a)
such remuneration the Authority has fixed under subsection (2); and
(b)
the discharge of all or any of the additional duties of the auditor imposed under
subsection (4).
(6)
Despite any other provision of this Act or the provisions of the Companies Act, the
Authority may at any time direct the operator or settlement institution of a designated payment
system to —
(a)
remove the auditor of the operator or settlement institution of a designated payment
system; and
(b)
appoint another auditor,
if the Authority is not satisfied with the performance of any duty by the auditor.
(7)
The auditor’s report made under subsection (3)(b) must be attached to the balance-sheet
and the profit and loss account, the financial statements or the consolidated financial
statements, as the case may be, and a copy of the report, together with any report submitted
under subsection (4), must be submitted in writing to the Authority.
(8)
If an auditor, in the course of performing the auditor’s duties, is satisfied that —
(a)
there has been a serious breach or non‑observance of the provisions of this Act;
(b)
a criminal offence involving fraud or dishonesty has been committed;
(c)
losses have been incurred that reduce the capital of the operator or settlement
institution of a designated payment system by 50% or more;
(d)
any irregularity that has or may have a material effect upon the accounts of the
operator or settlement institution, as the case may be, including any irregularity that
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