Section 14

in the case of an applicant who is an individual, on the ground that —

the applicant has not provided the Authority with such information relating to him or any person employed by or associated with him for the purposes of his business, and to any circumstances likely to affect his method of conducting business, as the Authority may require;

the applicant is an undischarged bankrupt whether in Singapore or elsewhere or has made a composition or an arrangement with his creditors;

the applicant, or any person employed by or associated with him for the purposes of his business, has been convicted, whether in Singapore or elsewhere, of an offence the conviction for which involved a finding that he acted fraudulently or dishonestly, or has been convicted of an offence under this Act, or has committed a breach of any regulations made under this Act relating to licensees;

the applicant fails to satisfy the Authority that he is a fit and proper person to be licensed;

the Authority is not satisfied as to the educational or other qualification or experience of the applicant having regard to the nature of the duties of a licensee;

the Authority has reason to believe that the applicant will not be able to perform the functions for which he is licensed efficiently, honestly or fairly;

the Authority has reason to believe that the applicant may not be able to act in the best interests of his subscribers, customers or participants having regard to his reputation, character, financial integrity or reliability;

the Authority is not satisfied as to the financial standing of the applicant;

the Authority is not satisfied as to the record of past performance or expertise of the applicant;

there are other circumstances which are likely to lead to the improper conduct of business by, or reflect discredit on the method of conducting the business of, the applicant or any person employed by or associated with him for the purpose of his business;

as far as the Authority can ascertain, the applicant is in arrears in the payment of such contributions on his own behalf to the Central Provident Fund as are required under the Central Provident Fund Act [Cap. 36]; or

the Authority is of the opinion that it is in the interests of the public to do so;

in the case of an applicant that is a corporation, on the ground that —

the applicant has not provided the Authority with such information relating to it or any person employed by or associated with it for the purposes of its business, and to any circumstances likely to affect its method of conducting business, as the Authority may require;

the applicant or its substantial shareholder is in the course of being wound up or liquidated;

a receiver or a receiver and manager has been appointed to the applicant or its substantial shareholder;

the applicant or its substantial shareholder has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with its creditors, being a compromise or scheme of arrangement that is still in operation;

the applicant or its substantial shareholder, or any director, officer or employee of the applicant has been convicted, whether in Singapore or elsewhere, of an offence the conviction for which involved a finding that it or he acted fraudulently or dishonestly, or has been convicted of an offence under this Act, or has committed a breach of any regulations made under this Act relating to licensees;

the Authority is not satisfied as to the educational or other qualification or experience of the officers or employees of the applicant who are to perform duties in connection with the holding of the licence;

the applicant fails to satisfy the Authority that it is a fit and proper person to be licensed or that all of its directors, officers, employees and substantial shareholders are fit and proper persons;

the Authority has reason to believe that the applicant may not be able to act in the best interests of its subscribers, customers or participants having regard to the reputation, character, financial integrity and reliability of the applicant or any of its substantial shareholders, directors, officers or employees;

the Authority is not satisfied as to the financial standing of the applicant or its substantial shareholder or the manner in which its business is to be conducted;

the Authority is not satisfied as to the record of past performance or expertise of the applicant having regard to the nature of the business which the applicant may carry on in connection with the holding of the licence;

there are other circumstances which are likely to lead to the improper conduct of business by, or reflect discredit on the method of conducting the business of, the applicant or its substantial shareholder or any of the directors, officers or employees of the applicant; or

the Authority is of the opinion that it is in the interests of the public to do so.