On 22/05/2013,
you requested for the version in force on 22/05/2013
incorporating all amendments published on or before 22/05/2013.
The closest version currently available is that of 21/04/2011.
4.
—(1) An SRS operator shall —
(a)
exercise due diligence and reasonable care in discharging the duties, obligations and requirements set out in the Act relating to the SRS and these Regulations;
(b)
ensure that its operation of the SRS is audited as part of the annual audit of its business;
(c)
at any time, maintain comprehensive records and documents pertaining to its operation of the SRS —
(i)
for 5 years of assessment, in the case of records and documents pertaining to year of assessment 2008 or any subsequent year of assessment; or
(ii)
for 7 years of assessment, in the case of records and documents pertaining to any year of assessment before the year of assessment 2008;
(d)
ensure that the sums standing in an SRS account maintained with the SRS operator are not co-mingled with funds standing in any other account, whether maintained with that SRS operator or any other person;
(e)
provide each of its SRS members with a statement at least once a year showing the opening and closing balances of their SRS accounts and the details of their transactions carried out during the year;
(f)
reflect transactions in an SRS account maintained with the SRS operator in Singapore dollars and for this purpose use the exchange rate prevailing on the date of a foreign currency transaction in reflecting that transaction in its Singapore dollar equivalent; and
(g)
upon receipt of information of the death of an SRS member, forward such information to the Comptroller immediately.
(2) An SRS operator shall furnish to the Comptroller —
(a)
information relating to contributions to and withdrawals from SRS accounts maintained with the SRS operator for each year, in a form and manner acceptable to the Comptroller, by 15th February of the following year or by such other date as may be determined by the Comptroller;
(b)
the names of SRS members having SRS accounts with the SRS operator and the balance remaining in their SRS accounts (excluding any life annuity) that are deemed to be withdrawn under section 10L (6), (7) or (9) of the Act for each year, in a form and manner acceptable to the Comptroller, by 15th February of the following year or by such other date as may be determined by the Comptroller; and
(c)
such other information and documents relating to the operation of the SRS by the SRS operator as may be required by the Comptroller.
(3) An SRS operator shall furnish to the Minister at such time as the Minister may require —
(a)
information on —
(i)
the size of the SRS funds under its administration;
(ii)
the size of investments and deposits in such asset classes as may be required by the Minister; and
(iii)
the total number of SRS accounts maintained with the SRS operator; and
(b)
such other information and documents relating to its operation of the SRS as may be required by the Minister.
(4) An SRS operator who fails to comply with paragraph (1), (2) or (3) shall be guilty of an offence.
(5) Where an SRS operator, in contravention of any provision of the Act relating to the SRS or these Regulations —
(a)
fails, without reasonable excuse, to deduct any amount of tax or penalty which it is required to deduct; or
(b)
makes any wrongful or unauthorised payment under the SRS,
the SRS operator shall pay to the Comptroller any tax undercharged or the penalty, as the case may be.