Section 30

being an appointed or provisional representative, the individual fails or ceases to act as a representative in respect of all of the types of financial advisory services that were notified to the Authority as services which the individual is appointed to provide as a representative;

the individual or the individual’s principal has not provided the Authority with such information or documents as the Authority may require;

the individual is an undischarged bankrupt, whether in Singapore or elsewhere;

execution against the individual in respect of a judgment debt has been returned unsatisfied in whole or in part;

the individual has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with the individual’s creditors, being a compromise or scheme of arrangement that is still in operation;

the individual —

has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that the individual had acted fraudulently or dishonestly; or

has been convicted of an offence under this Act;

in the case of the proposed appointment of an appointed or provisional representative in respect of a type of financial advisory service, or of an application to enter an additional type of financial advisory service for an appointed representative in the register —

the Authority is not satisfied as to the individual’s educational or other qualification or experience having regard to the nature of the duties the individual is to perform in relation to that type of financial advisory service;

the individual or the individual’s principal fails to satisfy the Authority that the individual is a fit and proper person to be an appointed or provisional representative or to perform that type of financial advisory service;

the Authority is not satisfied as to the individual’s record of past performance or expertise having regard to the nature of the duties which the individual is to perform in relation to that type of financial advisory service;

the Authority has reason to believe that the individual will not perform that type of financial advisory service efficiently, honestly or fairly;

in the case of the revocation of the status of an individual as an appointed or provisional representative —

the individual or the individual’s principal fails to satisfy the Authority, pursuant to a requirement imposed by the Authority as a condition for the individual to be an appointed or provisional representative under section 31 or by regulations (as the case may be), that the individual remains a fit and proper person to be an appointed or provisional representative or to perform the type of financial advisory service for which the individual is appointed;

the Authority is not satisfied with —

the individual’s educational or other qualification or experience (being qualification or experience not known to the Authority at the time the individual’s name and particulars are entered in the public register of representatives); or

the individual’s record of past performance or expertise,having regard to the nature of the individual’s duties as an appointed or provisional representative;

the Authority has reason to believe that the individual has not performed, or will not perform, the type of financial advisory service for which the individual is appointed efficiently, honestly or fairly; or

the Authority has reason to believe that the individual has not acted in the best interests of the clients of the individual’s principal;

the Authority has reason to believe that the individual may not be able to act in the best interests of the clients of the individual’s principal, having regard to the individual’s reputation, character, financial integrity and reliability;

the Authority is not satisfied as to the individual’s financial standing;

there are other circumstances which are likely to lead to the improper conduct of business by, or reflect discredit on the manner of conducting the business of, the individual or any person employed by or associated with the individual for the purpose of the individual’s business;

the individual is in arrears of the payment of such contributions on the individual’s own behalf to the Central Provident Fund as are required under the Central Provident Fund Act 1953;

the Authority is of the opinion that it would be contrary to the interests of the public to enter the individual’s name in the public register of representatives or allow the individual to continue as an appointed or provisional representative or to provide that additional type of financial advisory service, as the case may be;

the Authority has reason to believe that any information or document that is provided by the individual or the individual’s principal to the Authority is false or misleading;

the individual has contravened any provision of this Act applicable to the individual, any condition or restriction imposed on the individual under this Act or any direction issued to the individual by the Authority under this Act;

it appears to the Authority that the individual has failed to satisfy any of the individual’s obligations under or arising from —

this Act; or

any written direction issued by the Authority under this Act;

a prohibition order under section 68 has been made by the Authority, and remains in force, against the individual;

the licence of the individual’s principal is revoked;

the individual fails to pay any fee mentioned in section 28; or

in the case of the proposed appointment of a provisional representative in respect of a type of financial advisory service —

the individual is not or was not previously licensed, authorised or otherwise regulated as a representative in relation to a comparable type of financial advisory service in a foreign jurisdiction for such minimum period as may be prescribed for this sub‑paragraph;

the individual was previously so licensed, authorised or regulated in a foreign jurisdiction but the period between the date of the individual ceasing to be so licensed, authorised or regulated and the date of the individual’s proposed appointment as a provisional representative exceeds such period as may be prescribed for this sub‑paragraph; or

the Authority is not satisfied that the laws and practices of the jurisdiction under which the individual is or was so licensed, authorised or regulated provide protection to investors comparable to that applicable to an appointed representative under this Act.

instead of revoking the status of an individual as an appointed or provisional representative, suspend that status for such period as the Authority may determine; and

at any time —

extend the period of suspension; or

revoke the suspension.

indicate against the individual’s name in the public register of representatives that fact, which indication must remain in the register for such period as the Authority considers appropriate; or

remove the individual’s name from the register.

in a case where the information or document was provided by the individual to the Authority, the individual proves that he or she had —

made all inquiries (if any) that were reasonable in the circumstances; and

after doing so, believed on reasonable grounds that the information or document was not false or misleading; or

in a case where the information or document was provided by the principal to the Authority and —

such information or document was provided to the principal by the individual, the individual proves that he or she had —

made all inquiries (if any) that were reasonable in the circumstances; and

after doing so, believed on reasonable grounds that the information or document was not false or misleading; or

such information or document was not provided to the principal by the individual, the principal proves that he or she had —

made all inquiries (if any) that were reasonable in the circumstances; and

after doing so, believed on reasonable grounds that the information or document was not false or misleading.

the individual is an undischarged bankrupt, whether in Singapore or elsewhere;

a prohibition order under section 68 has been made by the Authority, and remains in force, against the individual;

the individual has been convicted, whether in Singapore or elsewhere, of an offence —

involving fraud or dishonesty or the conviction for which involved a finding that the individual had acted fraudulently or dishonestly; and

punishable with imprisonment for a term of 3 months or more;

the ground mentioned in subsection (1)(t)(i) or (ii).

avoid or affect any agreement, transaction or arrangement relating to any investment product entered into by such individual, whether the agreement, transaction or arrangement was entered into before, on or after the revocation or suspension, as the case may be; or

affect any right, obligation or liability arising under any such agreement, transaction or arrangement.[23J