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(a)
has been convicted, whether in Singapore or elsewhere, of an offence committed
before, on or after the date of commencement of this Act, being an offence —
(i)
involving fraud or dishonesty;
(ii)
the conviction for which involved a finding that he had acted fraudulently or
dishonestly; or
(iii)
that is specified in the Third Schedule to the Registration of Criminals Act
(Cap. 268);
(b)
is an undischarged bankrupt, whether in Singapore or elsewhere;
(c)
has had execution against him in respect of a judgment debt returned unsatisfied in
whole or in part;
(d)
has, whether in Singapore or elsewhere, entered into a compromise or scheme of
arrangement with his creditors, being a compromise or scheme of arrangement that
is still in operation;
(e)
has had a prohibition order under section 59 of the Financial Advisers Act (Cap.
110), section 35V of the Insurance Act (Cap. 142) or section 101A of the Securities
and Futures Act (Cap. 289) made against him that remains in force;
(f)
has been a director of, or directly concerned in the management of, a regulated
financial institution, whether in Singapore or elsewhere —
(i)
which is being or has been wound up by a court; or
(ii)
the approval, authorisation, designation, recognition, registration or licence
of which has been withdrawn, cancelled or revoked by the Authority or, in
the case of a regulated financial institution in a foreign country or territory,
by the regulatory authority in that foreign country or territory;
(g)
has wilfully contravened or wilfully caused the licensee to contravene any
provision of this Act;
(h)
has, without reasonable excuse, failed to secure the compliance of the licensee with
this Act, the Monetary Authority of Singapore Act (Cap. 186) or any of the written
laws set out in the Schedule to that Act;
(i)
has failed to discharge any of the duties of his or her office or employment; or
(j)
needs to be removed in the public interest.
(3)
Subject to subsection (4), before directing a licensee incorporated in Singapore to
remove its chief executive officer, director, or partner under subsection (1), the Authority must
give –
(a)
the licensee; and
(b)
the individual concerned,
an opportunity to be heard.
(4)
The Authority may direct a licensee incorporated in Singapore to remove a person from
his office or employment under subsection (1) on any of the following grounds without giving
the licensee an opportunity to be heard:
(a)
the person is an undischarged bankrupt, whether in Singapore or elsewhere;
(b)
the person has been convicted, whether in Singapore or elsewhere, of an offence
committed before, on or after the date of commencement this Act —
(i)
involving fraud or dishonesty, or the conviction for which involved a finding
that he had acted fraudulently or dishonestly; and
42
(ii)
punishable with imprisonment for a term of 3 months or more.
(5)
Without affecting the Authority’s power to impose conditions under section 7(6), the
Authority may at any time, by notice in writing to a licensee incorporated in Singapore impose
a condition requiring the licensee to notify the Authority of a change to any specified attribute
(such as residence and nature of appointment) of its chief executive officer, director, or partner
and vary any such condition.
(6)
Any licensee incorporated in Singapore that, without reasonable excuse —
(a)
fails to comply with a direction under subsection (1); or
(b)
contravenes any condition imposed under subsection (5),
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000.
(7)
No criminal or civil liability shall be incurred by a licensee, or any person acting on
behalf of the licensee, in respect of anything done (including any statement made) or omitted
to be done with reasonable care and in good faith in the discharge or purported discharge of
the obligations of the licensee under this section.
Appeals
37.—(1) A licensee incorporated in Singapore that is aggrieved by the decision of the
Authority under section 35(3)(b) may, within 30 days after receiving the decision of the
Authority, appeal in writing to the Minister whose decision shall be final and shall be given
effect to by the Authority.
(2)
A licensee incorporated in Singapore, or any chief executive officer, director or partner
of the licensee incorporated, formed or registered in Singapore, that is aggrieved by a direction
of the Authority under section 36(1) may, within 30 days after receiving the direction, appeal
in writing to the Minister whose decision shall be final and shall be given effect to by the
Authority.
Division 5 – Audit of Licensees
Auditing
38.—(1) Despite the provisions of the Companies Act (Cap. 50), a licensee —
(a)
must, on an annual basis and at its own expense, appoint an auditor; and
(b)
if for any reason its auditor ceases to be its auditor, appoint another auditor as soon
as practicable after such cessation.
(2)
The Authority may appoint an auditor —
(a)
if the licensee fails to appoint an auditor; or
(b)
if the Authority considers it desirable that another auditor should act with the
auditor appointed under subsection (1),
and may at any time fix the remuneration to be paid by the licensee to the auditor the Authority
appoints.
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