Section 66

any person required to obtain the Authority’s approval or who has obtained the approval under section 65; or

any person who, whether before, on or after 26 November 2010, either alone or together with any connected person, holds, directly or indirectly, 20% or more of the issued share capital of the licensed financial adviser or controls, directly or indirectly, 20% or more of the voting power in the licensed financial adviser,if the Authority is satisfied that —

any condition of approval imposed on the person under section 65(4) has not been complied with;

the person is not or ceases to be a fit and proper person to have effective control of the licensed financial adviser;

having regard to the likely influence of the person, the licensed financial adviser is not able to or is no longer likely to conduct its business prudently or to comply with the provisions of this Act or any direction made thereunder;

the person does not or ceases to satisfy such criteria as may be prescribed;

the person has provided false or misleading information or documents in connection with an application under section 65; or

the Authority would not have granted its approval under section 65 had it been aware, at that time, of circumstances relevant to the person’s application for such approval.

the person is in the course of being wound up or otherwise dissolved or, in the case of an individual, is an undischarged bankrupt whether in Singapore or elsewhere;

a receiver, a receiver and manager, a judicial manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the person;

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

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

take such steps as are necessary to ensure that he or she ceases to be a party to the arrangement described in section 65(2) or ceases to have control of a licensed financial adviser in the manner described in subsection (1)(b); or

comply with such other requirements as the Authority may specify in written directions.