s 86FC Occurrence of certain events
86FC.—(1) A designated entity or, in the case of a designated entity that is a business trust, its trustee-manager, must notify the Authority of any of the following agreements at least 14 days before entering into the agreement:(a) in the case of a designated entity that is a designated operating entity — an agreement for the outsourcing of a material function performed by the designated operating entity in the provision of any essential transport service; (b) any agreement prescribed under section 119. (2) Subsection (1) does not apply in relation to any agreement entered into by a designated entity before the expiry of 14 days after the effective designation date. (3) A designated entity or, in the case of a designated entity that is a business trust, its trustee-manager, must notify the Authority of the occurrence of any of the following events within 7 days after becoming aware of the occurrence:(a) in the case of a designated entity that is a designated operating entity —(i) any civil or criminal proceedings (whether in Singapore or elsewhere) instituted against the designated entity or, if the designated entity is a business trust, its trustee-manager, that materially impedes or impairs the operations of the designated entity carried out in the course of providing any essential transport service; or (ii) any other event or any irregularity that materially impedes or impairs the operations of the designated entity carried out in the course of providing any essential transport service; (b) the designated entity or, if the designated entity is a business trust, its trustee-manager, being or becoming, or being likely to become, insolvent; (c) the designated entity or, if the designated entity is a business trust, its trustee-manager —(i) being wound up or subject to any receivership or judicial management order; or (ii) entering into a compromise or scheme of arrangement; (d) in the case of a designated entity that is a business trust — the business trust being wound up or deregistered or the making of an application for the deregistration of the business trust; (e) any other event prescribed under section 119. (4) Subsection (3) does not apply where the designated entity or trustee-manager (as the case may be) becomes aware of the occurrence of the event before the effective designation date. (5) The Authority may, upon receiving a notification under subsection (1) or (3) in relation to an agreement or the occurrence of an event, direct the designated entity or trustee-manager in question to submit to the Authority any information or document relating to the agreement or event within the period specified by the Authority. (6) Any person who —(a) contravenes subsection (1) or (3); (b) fails to comply with a direction of the Authority under subsection (5); or (c) submits any false or misleading information or document in compliance or purported compliance with a direction of the Authority under subsection (5), shall be guilty of an offence. [Act 20 of 2024 wef 01/04/2025]