Section 8

the applicant is not a corporation;

the applicant is unable to meet or continue to meet such minimum financial requirements or such other requirements as the Authority may prescribe, either generally or specifically;

the applicant does not have in force a professional indemnity insurance policy, the cover of which is consistent with such limit and deductible requirements as may be prescribed, or any other measure as may be approved by the Authority in lieu of a professional indemnity insurance policy;

the applicant has not provided the Authority with such information or documents as may be required under section 7(2), or such other information or documents relating to it or any person employed by or associated with it for the purposes of its business or relating to any circumstance likely to affect its manner of conducting business as may be required by the Authority;

any information or document that is provided by the applicant to the Authority is false or misleading;

the applicant or any of its substantial shareholders is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;

a receiver, receiver and manager, 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 applicant or any of its substantial shareholders;

the applicant or any of its substantial shareholders has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with its creditors, being a compromise or scheme of arrangement that is still in operation;

execution against the applicant or any of its substantial shareholders in respect of a judgment debt has been returned unsatisfied in whole or in part;

the Authority is not satisfied as to the educational qualification or experience of the officers or employees of the applicant who are to perform duties in connection with the holding of the financial adviser’s licence;

the Authority has reason to believe that the applicant, or any of its officers or employees, will not perform the functions of a financial adviser efficiently, honestly or fairly;

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

the applicant or any of its substantial shareholders or officers —

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 applicant, the substantial shareholder or the officer acted fraudulently or dishonestly; or

has been convicted of an offence under this Act;

the applicant fails to satisfy the Authority —

that it is a fit and proper person to be licensed; or

that all of its officers, employees and substantial shareholders are fit and proper persons;

the Authority has reason to believe that the applicant may not act in the best interests of its clients, having regard to the reputation, character, financial integrity and reliability of the applicant or any of its officers, employees or substantial shareholders;

the Authority is not satisfied as to —

the financial standing of the applicant or any of its substantial shareholders;

the manner in which the applicant’s business is to be conducted; or

the record of past performance or expertise of the applicant, having regard to the nature of the business which the applicant may carry on in connection with the holding of the licence;

there are other circumstances which are likely —

to lead to the improper conduct of business by the applicant, or any of its officers, employees or substantial shareholders; or

to reflect discredit on the manner of conduct of the business of the applicant or any of its substantial shareholders; or

the Authority is of the opinion that it would be contrary to the public interest to grant the licence.

the Authority may prescribe different amounts of cover under a professional indemnity insurance policy according to the activities undertaken or to be undertaken by any applicant; and

“professional indemnity insurance policy” means a contract of insurance with an insurer under which a person is indemnified in respect of the liabilities arising out of or in the course of the person’s business as a financial adviser.

the applicant is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;

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

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

the applicant has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that it had acted fraudulently or dishonestly.[9