Registration
13.—(1)  Unless the Comptroller otherwise directs —
(a)a financial institution that is or becomes a reporting Singaporean financial institution at any time between 1 January 2017 and 31 December 2017 (both dates inclusive) must apply for registration with the Comptroller in accordance with paragraph (3) by 31 March 2018; and
(b)a financial institution that becomes a reporting Singaporean financial institution on a date after 31 December 2017 must apply for registration with the Comptroller in accordance with paragraph (3) by —
(i)31 March of the calendar year following the calendar year in which the financial institution becomes a reporting Singaporean financial institution; or
(ii)such extended time as the Comptroller may allow in any particular case.
(2)  Despite paragraph (1), a reporting Singaporean financial institution is not required to comply with that paragraph if —
(a)the institution is an investment entity; and
(b)the institution only carries out one or both of the following activities as an investment entity:
(i)rendering investment advice to a customer, and acting on behalf of that customer for the purpose of investing, managing or administering financial assets deposited in the name of that customer with another financial institution;
(ii)managing portfolios for a customer, and acting on behalf of that customer for the purpose of investing, managing or administering financial assets deposited in the name of that customer with another financial institution.
(3)  An application for registration —
(a)must be submitted using the electronic service, unless the Comptroller in any particular case permits it to be submitted in another manner; and
(b)must contain the following particulars:
(i)the name of the reporting Singaporean financial institution;
(ii)whether the reporting Singaporean financial institution is a custodial institution, depository institution, investment entity or specified insurance company, or is 2 or more of these;
(iii)the full name, address, designation and contact information of an individual authorised by the reporting Singaporean financial institution to be the institution’s point of contact for the purposes of these Regulations.
(4)  Upon receipt of an application made by a reporting Singaporean financial institution in accordance with paragraph (3), the Comptroller must —
(a)register the institution; and
(b)issue the institution a notice of registration stating the date on which the institution is registered,
unless the Comptroller has a reasonable excuse not to do so.
(5)  A reporting Singaporean financial institution must notify the Comptroller as soon as practicable of any change in the information mentioned in paragraph (3)(b) after submission of the institution’s application for registration.
(6)  A requirement under any of the following:
(a)paragraph (1) read with paragraph (3);
(b)paragraph (5),
is a requirement under section 105M(1)(b) of the Act, the failure or neglect to comply with which (if such failure or neglect is without reasonable excuse) is an offence under section 105M(1) of the Act.
[S 871/2021 wef 16/11/2021]