Singapore legislation
Section 29B
Section 29B
Conditions of appointment as primary dealers
(1)
The Authority may appoint any financial institution as a primary dealer subject to such conditions or restrictions as the Authority thinks fit.
(2)
Without limiting subsection (1), the Authority may impose such conditions or restrictions with respect to the type of services which may or may not be provided by the primary dealer as the Authority may consider appropriate.
(3)
Subject to subsections (4), (5) and (6), the Authority may at any time add to, vary or revoke any condition or restriction of any financial institution’s appointment as a primary dealer.
(4)
Before making any modification to the conditions or restrictions of any financial institution’s appointment as a primary dealer under this section, the Authority must, unless the Authority in respect of any particular case considers that it is not practicable or desirable to do so, give notice to the financial institution concerned —
stating that the Authority proposes to make the modification in the manner specified in the notice;
stating the reasons why the Authority proposes to make the modification; and
specifying the time (being at least 28 days from the date of service of notice on the financial institution) within which written representations with respect to the proposed modification may be made.
(5)
Where the Authority receives any written representation under subsection (4)(c), the Authority must consider the representation and may —
reject the representation; or
withdraw or amend the proposed modification in accordance with the representation or otherwise,and, in either case, the Authority must upon receiving the representation issue a written notice to the primary dealer concerned requiring that effect be given within a reasonable time to the proposed modification specified in the notice or to such modification as may subsequently be amended by the Authority.
(6)
If no written representation is received by the Authority within the time specified under subsection (4)(c) or if any written representation made under that subsection is subsequently withdrawn, the modification takes effect as specified in the notice given under that subsection.