Singapore legislation
Section 29A
Section 29A
Appointment as primary dealers
(1)
The Authority may, on application, appoint as a primary dealer any financial institution which carries on or intends to carry on, or holds itself out as carrying on or willing to carry on the business of either or both of the following:
applying to the Authority to purchase Government securities or public debt securities on behalf of another person pursuant to any public invitation under section 30 or the Significant Infrastructure Government Loan Act 2021;
offering to redeem any Government securities or public debt securities on behalf of another person pursuant to any public invitation under section 24A or the Significant Infrastructure Government Loan Act 2021 or otherwise.
(2)
In determining whether to appoint a financial institution as a primary dealer, the Authority must consider the following:
the financial standing of the financial institution;
the experience of that financial institution in carrying on the business mentioned in subsection (1), and its ability to perform the duties which would be imposed on it by or under this Act;
the public interest.
(3)
The Authority may, in any particular case, require the financial institution applying to be appointed as a primary dealer (called in this section the applicant) to provide such information or document as the Authority deems relevant to its considerations under subsection (2).
(4)
The Authority may refuse an application if —
the applicant does not provide the Authority with such information or document as is required under subsection (3);
in the opinion of the Authority, the applicant does not meet, or is unlikely to be able to continue to meet, such requirements as may be prescribed in relation to carrying on any business mentioned in subsection (1); or
the applicant makes any statement, or provides any information or document, in relation to its application that is false or misleading in any material particular, or omits to state any matter or thing without which its application is false or misleading in a material particular.
(5)
Every appointment as a primary dealer under this section continues in force for such period as may be specified by the Authority, unless the appointment is earlier cancelled or suspended.
(6)
If a person who is not a primary dealer carries on or holds himself, herself or itself out as carrying on or willing to carry on any business mentioned in subsection (1), the person shall be guilty of an offence and shall be liable on conviction —
in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or
in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.