Singapore legislation

Section 23

of Securities Industry Act

Section 23

Application of this Division

Where a person would but for this section be liable to pay a penalty for not being the holder of a particular licence, he shall not be so liable where before the expiration of that licence he applied for renewal of his licence until —

(a)

his licence is renewed; or

(b)

his application for renewal is refused.

Section 23 — Securities Industry Act | laws.sg