s 59B Providing information to foreign audit regulators
59B.—(1) The Authority may, with the approval of the Minister, enter into an arrangement with a foreign audit regulator under which —(a) one party (A) to the arrangement agrees to provide to the other party (B) in accordance with the arrangement, regulatory information in A’s possession if the information is required by B for the purposes of B’s performance of any of B’s audit oversight functions; and (b) B may, with A’s consent —(i) use any regulatory information which B receives from A for the purposes of B’s performance of any of B’s regulatory functions other than B’s audit oversight functions; or (ii) provide any regulatory information which B receives from A to another regulatory authority (C) in the same country or territory as B for the purposes of C’s performance of any of C’s regulatory functions. (2) Every request by a foreign audit regulator (D) for regulatory information from the Authority in accordance with an arrangement under subsection (1) —(a) must be made to the Registrar; (b) must specify —(i) the regulatory information requested by D; and (ii) the purpose and reasons for which the regulatory information is required by D; and (c) must provide any information or document that the Registrar may require. (3) The Registrar may grant a request from D made under subsection (2), subject to any conditions that the Registrar may impose, if the Registrar is satisfied that —(a) D has complied with the applicable terms of the arrangement mentioned in subsection (1) for the making of the request; (b) D is able to comply with the terms of the arrangement that are applicable to the request; and (c) if in granting the request, the Registrar has imposed one or more conditions, D is able to comply with that condition or those conditions. (4) The Registrar may refuse to provide any regulatory information to D for any reason, including if the Registrar is satisfied that D has failed to comply with —(a) any terms of the arrangement; or (b) any condition imposed under subsection (3), and does not take steps to rectify the non-compliance. (5) In this section —“audit oversight function” means —(a) in the case of the Authority — a function of the Authority specified in section 3; and (b) in the case of a foreign audit regulator — a function corresponding to a function of the Authority specified in section 3; “foreign audit regulator” means any authority or regulator of a country or territory other than Singapore that exercises any or all of the functions corresponding to the Authority’s functions specified in section 3; “regulatory information” means —(a) in the case of the Authority — any information in relation to the Authority’s audit oversight function, and includes any information relating to a public accountant or an accounting entity obtained by the Authority under this Act; and (b) in the case of a foreign audit regulator — any information in relation to the foreign audit regulator’s audit oversight function, and includes any information relating to a person regulated by the foreign audit regulator under that function and obtained by the foreign audit regulator in respect of that function.[Act 24 of 2025 wef 06/05/2026]