Approval and removal of chief executive officer and directors of licensed credit bureau
46.—(1)  Subject to subsection (3), a licensed credit bureau must not appoint an individual as its chief executive officer or director unless it has applied for and obtained the approval of the Authority.
(2)  Without affecting any other matter that the Authority may consider relevant, the Authority may —
(a)in determining whether to grant its approval under paragraph (b), have regard to such criteria as may be specified by written notice to the licensed credit bureau; and
(b)approve or refuse the application.
(3)  Where a licensed credit bureau has obtained the approval of the Authority to appoint an individual as its chief executive officer or director under subsection (2)(b), the individual may, without the approval of the Authority, be re‑appointed as chief executive officer or director (as the case may be) of the licensed credit bureau immediately upon the expiry of the individual’s term of appointment.
(4)  Subject to subsection (5), the Authority must not refuse an application for approval of an individual under subsection (1) without giving the licensed credit bureau an opportunity to be heard.
(5)  The Authority may refuse an application for approval of an individual under subsection (1) without giving the licensed credit bureau an opportunity to be heard in any of the following circumstances:
(a)if the individual has been convicted, whether in Singapore or elsewhere, of an offence committed before, on or after 31 May 2021, being an offence —
(i)involving fraud or dishonesty;
(ii)the conviction for which involved a finding that he or she had acted fraudulently or dishonestly; or
(iii)that is specified in the Third Schedule to the Registration of Criminals Act 1949;
(b)if the individual is an undischarged bankrupt, whether in Singapore or elsewhere;
(c)if the individual has had execution against him or her in respect of a judgment debt returned unsatisfied in whole or in part;
(d)if the individual has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with his or her creditors, being a compromise or scheme of arrangement that is still in operation;
(e)if the individual has had a prohibition order under section 68 of the Financial Advisers Act 2001, section 74 of the Insurance Act 1966 or section 101A of the Securities and Futures Act 2001 made against him or her that is still in force;
(f)if the individual has been a director of, or directly concerned in the management of, a regulated financial institution, whether in Singapore or elsewhere —
(i)that is being or has been wound up by a court; or
(ii)the approval, authorisation, designation, recognition, registration or licence of which has been withdrawn, cancelled or revoked by the Authority or, in the case of a regulated financial institution in a foreign country or territory, by the regulatory authority in that foreign country or territory.
(6)  Where the Authority refuses an application for approval under subsection (2)(b), the Authority need not give the individual who was proposed to be appointed an opportunity to be heard.
(7)  Despite the provisions of any other written law, where the Authority is satisfied that a chief executive officer or director of a licensed credit bureau is not a fit and proper person to act as such chief executive officer or director, the Authority may, by written notice, direct the licensed credit bureau to remove —
(a)the chief executive officer from employment with the licensed credit bureau; or
(b)the director as a director of the licensed credit bureau,
within such period as the Authority may specify in the notice.
(8)  Without affecting any other matter that the Authority may deem relevant, in assessing whether to direct a licensed credit bureau to remove its chief executive officer or director under subsection (7), the Authority may consider whether the chief executive officer or director —
(a)has wilfully contravened or wilfully caused the licensed credit bureau to contravene any provision of this Act;
(b)has, without reasonable excuse, failed to secure the compliance of the licensed credit bureau with this Act, the Monetary Authority of Singapore Act 1970 or any of the written laws set out in the Schedule to that Act;
(c)has failed to discharge any of the duties of his or her office or employment; or
(d)needs to be removed in the public interest.
(9)  Before directing a licensed credit bureau to remove its chief executive officer or director under subsection (7), the Authority must give the licensed credit bureau and the individual concerned an opportunity to be heard.
(10)  Without affecting the Authority’s power to impose conditions under section 7, the Authority may at any time, by written notice to a licensed credit bureau, impose a condition requiring the licensed credit bureau to notify the Authority of a change to any specified attribute (such as residence and nature of appointment) of its chief executive officer or director, and vary any such condition.
(11)  Any licensed credit bureau that, without reasonable excuse —
(a)contravenes subsection (1);
(b)fails to comply with a direction under subsection (7); or
(c)contravenes any condition imposed under subsection (10),
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.
(12)  In this section, unless the context otherwise requires —
“regulated financial institution” means a person that carries on a business, the conduct of which is regulated or authorised by the Authority or, if it is carried on in Singapore, would be regulated or authorised by the Authority;
“regulatory authority”, in relation to a foreign country or territory, means an authority of the foreign country or territory exercising any function that corresponds to a regulatory function of the Authority under this Act, the Monetary Authority of Singapore Act 1970 or any of the written laws set out in the Schedule to that Act.