Singapore legislation
Section 64
Section 64
Removal of officer of licensed financial adviser
(1)
Where the Authority is satisfied that an officer of a licensed financial adviser —
has wilfully contravened or wilfully caused that licensed financial adviser to contravene any provision of this Act;
has, without reasonable excuse, failed to secure compliance with this Act;
has failed to discharge the duties or functions of his or her office;
is an undischarged bankrupt, whether in Singapore or elsewhere;
has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with his or her creditors, being a compromise or scheme of arrangement that is still in operation;
has had execution against him or her in respect of a judgment debt returned unsatisfied in whole or in part;
has had a prohibition order under section 68 made by the Authority against him or her that remains in force;
has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that he or she had acted fraudulently or dishonestly; or
is not a fit and proper person for such office,then the Authority may, if it thinks it necessary in the public interest or for the protection of investors or policy owners, direct, by written notice, the licensed financial adviser to remove from its office or employment the officer, and the licensed financial adviser must comply with such notice.
(2)
Without affecting any other matter that the Authority may consider relevant, that Authority must, in determining whether an officer of a licensed financial adviser has failed to discharge the duties of his or her office under subsection (1)(c), have regard to such criteria as may be prescribed or as may be specified in written directions.
(3)
Subject to subsection (4), the Authority must not direct a licensed financial adviser to remove from its office or employment an officer under subsection (1) without giving the licensed financial adviser an opportunity to be heard.
(4)
The Authority may direct a licensed financial adviser to remove an officer from its office or employment under subsection (1) on any of the following grounds without giving the licensed financial adviser an opportunity to be heard:
the officer 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 officer;
the officer 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 officer had acted fraudulently or dishonestly; and
punishable with imprisonment for a term of 3 months or more.
(5)
Where the Authority directs a licensed financial adviser to remove from its office or employment an officer under subsection (1), the Authority need not give that officer an opportunity to be heard.
(6)
Any licensed financial adviser which is aggrieved by the direction of the Authority to remove from its office or employment an officer under subsection (1) may, within 30 days of the decision of the Authority, appeal in writing to the Minister.
(7)
Any licensed financial adviser who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
(8)
No criminal or civil liability is incurred by a licensed financial adviser, or any person acting on behalf of the licensed financial adviser, in respect of anything done or omitted to be done with reasonable care and in good faith in the discharge or purported discharge of its obligations under this section.
(9)
Section 152 of the Companies Act 1967 does not prevent the Authority from exercising any power under subsection (1).[57