Singapore legislation
Section 10
Section 10
Suspension or cancellation of licence, etc.
(1)
If the Authority is satisfied that a person who is granted a licence under section 5 or 7 or any regulations made under this Act is contravening, or has contravened, whether by act or omission —
any of the conditions of the licence or part thereof;
any provision of any code of practice or standard of performance;
any direction of the Authority given under section 31, 40(2)(a), (b) or (c), 41(2)(d)(ii) or 43(3); or
section 38 or any terms or conditions of participation in a dispute resolution scheme (within the meaning of section 51(2)),the Authority may, by written notice, do either or both of the following:
issue such written order to the person as the Authority considers requisite for the purpose of securing compliance thereof;
require the person to pay, within a specified period, a financial penalty of an amount not exceeding the higher of the following amounts:
10% of the annual turnover of that part of the person’s business in respect of which the person is granted the licence, as ascertained from the person’s latest audited accounts;
$1 million.
(2)
If the Authority is satisfied that —
the person mentioned in subsection (1) is again likely to contravene, whether by act or omission, any condition, provision, direction or section mentioned in that subsection;
the person mentioned in subsection (1) has gone into liquidation other than for the purpose of amalgamation or reconstruction;
the person mentioned in subsection (1) is no longer in a position to comply with this Act or the terms or conditions of the person’s licence; or
the public interest so requires,the Authority may (in lieu of an order or a financial penalty under subsection (1)(e) or (f)) by written notice and without payment of any compensation or refund of any fee, do all or any of the following:
cancel the licence or part thereof;
suspend the licence or part thereof for such period as the Authority thinks fit;
reduce the period for which the licence is to be in force.
(3)
An order under subsection (1)(e) —
may require the person concerned (according to the circumstances of the case) to do, or to refrain from doing, such things as are specified in the order, or as are of a description specified in the order; and
takes effect at such time (being the earliest practicable time) as is determined by or under that order.
(4)
The Authority may at any time vary, suspend or revoke the whole or any part of an order under subsection (1)(e).
(5)
Any person who fails to comply with any order under subsection (1)(e) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 3 years or to both.
(6)
In any proceedings brought against any person for an offence under subsection (5), it is a defence for the person to prove that the person took all reasonable steps and exercised all due diligence to avoid contravening the order.
(7)
If the Authority, by written notice under subsection (1), requires a person who is granted a licence to pay, within a specified period, a financial penalty under subsection (1)(f), and the person fails or refuses to pay the financial penalty within the specified period, the Authority may, by written notice and without payment of any compensation or refund of any fee, do all or any of the following:
cancel the licence or part thereof;
suspend the licence or part thereof for such period as the Authority thinks fit;
reduce the period for which the licence is to be in force.
(8)
Any financial penalty payable by any person under subsection (1)(f) is recoverable by the Authority as a debt due to the Authority from that person; and the person’s liability to pay is not affected by the person’s licence ceasing (for any reason) to be in force.[8