Singapore legislation
Section 21
Section 21
Powers of Authority in cases of misconduct, etc.
(1)
The Authority may inquire into any allegation that a licensee is or has been guilty of any misconduct or is no longer a fit and proper person to continue to remain licensed by reason of any other circumstances which have led, or are likely to lead, to the improper conduct of business by him or to reflect discredit on the method of conducting his business.
(2)
If, after inquiring into an allegation under subsection (1) against a licensee, the Authority is of the opinion that the allegation is proved, the Authority may if it thinks fit —
revoke the licence of the person;
suspend the licence of the person for such period, or until the happening of such event, as the Authority may determine; or
reprimand the person.
(3)
The Authority shall, at the hearing of an inquiry into an allegation under subsection (1) against a licensee, give the licensee an opportunity of being heard.
(4)
Where the Authority is satisfied, after making an inquiry into an allegation under subsection (1), that the allegation has been made in bad faith or that it is otherwise frivolous or vexatious, the Authority may by order in writing require the person who made the allegation to pay any costs and expenses involved in the inquiry.
(5)
For the purposes of this section, “misconduct” means —
any failure to comply with the requirements of this Act with respect to licensees; and
any act or omission relating to the conduct of business of a licensee which is or is likely to be prejudicial to the public interest.