§ 35 — Regulations

35.—(1) The Minister may make regulations for carrying out the purposes and provisions of this Act.(2) Without limiting subsection (1), the Minister may make regulations for all or any of the following matters:(a)

the registration of registered corporate service providers;

(b)

the registration of registered qualified individuals;

(c)

the criteria for qualified individuals;

(d)

the duties and responsibilities of registered corporate service providers and registered qualified individuals in respect of the provision of corporate services, including —(i)

the duty to ensure proper access and use of the electronic transaction system and (where applicable) to supervise agents and employees of the registered corporate service providers for such purposes;

(ii)

the duty to keep proper records in respect of every ACRA transaction with the ACRA Registrar, including where the ACRA transaction is carried out other than through the electronic transaction system;

(iii)

the duty to give the Registrar information, access to premises and records, and other reasonable assistance, for the purposes of inspection and monitoring for compliance with such prescribed duties; and

(iv)

the duty to assess, and to report to the Registrar on, their compliance with their duties and responsibilities;

(e)

the manner in which any information may be published or disclosed under section 32;

(f)

the fees to be paid in respect of any application under this Act and otherwise in connection with the administration of this Act, and the waiver, remission or refund (in whole or in part) of the fees;

(g)

the manner in which fees and penalties are to be paid.

(3) Regulations made under this section may —(a)

provide that any contravention of any provision of the regulations shall be an offence punishable with a fine not exceeding $50,000 or with imprisonment for a term not exceeding 3 years or with both;

(b)

prescribe the offences under this Act that may be compounded; and

(c)

provide for such saving, transitional and other consequential, incidental and supplemental provisions as are necessary or expedient for the purposes of this Act.

(4) Regulations made under subsection (2)(d) may provide for different duties and responsibilities for the provision of different types of corporate services.

—(1) The Minister may make regulations for carrying out the purposes and provisions of this Act.

(2) Without limiting subsection (1), the Minister may make regulations for all or any of the following matters:(a)

the registration of registered corporate service providers;

(b)

the registration of registered qualified individuals;

(c)

the criteria for qualified individuals;

(d)

the duties and responsibilities of registered corporate service providers and registered qualified individuals in respect of the provision of corporate services, including —(i)

the duty to ensure proper access and use of the electronic transaction system and (where applicable) to supervise agents and employees of the registered corporate service providers for such purposes;

(ii)

the duty to keep proper records in respect of every ACRA transaction with the ACRA Registrar, including where the ACRA transaction is carried out other than through the electronic transaction system;

(iii)

the duty to give the Registrar information, access to premises and records, and other reasonable assistance, for the purposes of inspection and monitoring for compliance with such prescribed duties; and

(iv)

the duty to assess, and to report to the Registrar on, their compliance with their duties and responsibilities;

(e)

the manner in which any information may be published or disclosed under section 32;

(f)

the fees to be paid in respect of any application under this Act and otherwise in connection with the administration of this Act, and the waiver, remission or refund (in whole or in part) of the fees;

(g)

the manner in which fees and penalties are to be paid.

(3) Regulations made under this section may —(a)

provide that any contravention of any provision of the regulations shall be an offence punishable with a fine not exceeding $50,000 or with imprisonment for a term not exceeding 3 years or with both;

(b)

prescribe the offences under this Act that may be compounded; and

(c)

provide for such saving, transitional and other consequential, incidental and supplemental provisions as are necessary or expedient for the purposes of this Act.

(4) Regulations made under subsection (2)(d) may provide for different duties and responsibilities for the provision of different types of corporate services.