Singapore legislation
Section 68
Section 68
Power of Authority to make prohibition orders
(1)
The Authority may make a prohibition order against a person, by written notice, if —
the Authority suspends or revokes the financial adviser’s licence held by the person;
where the person is an exempt financial adviser, the Authority has reason to believe that circumstances exist under which, if the person were a licensed financial adviser, there would exist a ground on which the Authority may revoke his or her licence under section 15(2);
the Authority revokes or suspends the status of the person as an appointed or provisional representative under section 30;
where the person (not being a person mentioned in paragraph (f)) is or was a representative of an exempt financial adviser, the Authority has reason to believe that circumstances exist under which, if the person were an appointed or provisional representative, there would exist a ground on which the Authority may revoke under section 30 his or her status as an appointed or provisional representative;
where the person (not being a person mentioned in paragraph (f)) is or was a representative of a licensed financial adviser, the Authority has reason to believe that circumstances exist under which there would exist a ground on which the Authority may revoke under section 30 his or her status as an appointed or provisional representative;
where the person is or was a representative of a financial adviser, and is exempted from section 22(1) by the Authority under section 22(4), the Authority has reason to believe that circumstances exist under which, if the person were an appointed representative, there would exist a ground on which the Authority may revoke under section 30 his or her status as an appointed representative;
the Authority has reason to believe that the person is contravening, is likely to contravene or has contravened —
any provision of this Act;
any condition or restriction imposed by the Authority under this Act; or
any written direction issued by the Authority under this Act;
the person has been convicted of an offence under this Act or 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;
the person has been convicted of an offence involving the contravention of any law or requirement of a foreign country or territory relating to any financial advisory service provided by that person; or
the person has been removed at the direction of the Authority from office or employment as an officer of a licensed financial adviser under section 64(1)(i).
(2)
A prohibition order made under subsection (1) do one or both of the following:
prohibit the person, whether permanently or for a specified period, from —
providing any financial advisory service, or providing such financial advisory service in specified circumstances or capacities; or
taking part, directly or indirectly, in the management of, acting as a director of, or becoming a substantial shareholder of a licensed financial adviser or exempt financial adviser; and
include a provision allowing the person, subject to any condition specified in the order —
to do specified acts; or
to do specified acts in specified circumstances,that the order would otherwise prohibit the person from doing.
(3)
The Authority must not make a prohibition order against a person without giving the person an opportunity to be heard.
(4)
Any person who is aggrieved by the decision of the Authority to make a prohibition order against him or her may, within 30 days of the decision, appeal in writing to the Minister.
(5)
Where the Authority makes a prohibition order against any person who is an appointed or provisional representative, the Authority must indicate against his or her name in the public register of representatives that fact, and the indication must remain in the register for the duration of the order.[59