Singapore legislation
Section 29
Section 29
Grant of dealer’s licence or investment adviser’s licence
(1)
A dealer’s licence shall only be granted to a body corporate.
(2)
A dealer’s licence shall only be granted if the dealer meets and continues to meet such minimum financial requirements as may be determined by regulations made by the Authority, either generally or specifically, or are provided in such rules of a securities exchange as have been approved by the Authority.
(3)
Subject to section 28(3) and the regulations made under this Act, where an application is duly made for the grant or renewal of a dealer’s licence or investment adviser’s licence, the Authority shall refuse the application if —
in the case of an applicant who is a natural person —
the applicant has been adjudged a bankrupt whether in Singapore or elsewhere;
the applicant has been convicted, either within Singapore or elsewhere, within the period of 10 years immediately preceding the date on which the application was made, of an offence involving fraud or dishonesty punishable on conviction with imprisonment for a term of 3 months or more;
the Authority is not satisfied as to the educational qualification or experience of the applicant having regard to the nature of the duties of a holder of an investment adviser’s licence;
the Authority has reason to believe that the applicant is not of good fame and character; and
the Authority has reason to believe that the applicant will not perform the duties of a holder of an investment adviser’s licence efficiently, honestly and fairly; or
in the case of an applicant that is a body corporate —
the body corporate is in the course of being wound up under the Companies Act [Cap. 50]; (ii)the body corporate is a body corporate in respect of property of which a receiver, or a receiver and manager, has been appointed under the Companies Act;
the body corporate has, whether within or outside Singapore, entered into a compromise or scheme of arrangement with its creditors, being a compromise or scheme of arrangement that is still in operation;
the Authority is not satisfied as to the educational qualifications or experience of the officers of the applicant who are to perform duties in connection with the holding of the dealer’s licence or investment adviser’s licence, as the case may be; and
the Authority has reason to believe that the applicant will not perform the duties of a holder of a dealer’s licence or an investment adviser’s licence, as the case may be, efficiently, honestly and fairly.