Singapore legislation
Section 101A
Section 101A
Power of Authority to make prohibition orders
(1)
The Authority may, by written notice, make a prohibition order against a relevant person if —
the Authority suspends or revokes the capital markets services licence held by the person;
where the person is exempt from the requirement to hold a capital markets services licence under section 99(1)(a), (b), (c) or (d), the Authority has reason to believe that circumstances exist under which, if the person were a holder of a capital markets services licence, there would exist a ground on which the Authority may suspend or revoke its licence under section 95;
the Authority suspends or revokes the status of that person as an appointed, provisional or temporary representative;
(ca)where the relevant person is or was a representative of an exempt person but is not exempted under section 99B(2) from section 99B(1), the Authority has reason to believe that circumstances exist under which, if the relevant person were an appointed, provisional or temporary representative, there would exist a ground on which the Authority may revoke under section 99M the relevant person’s status as an appointed, provisional or temporary representative;
(cb)where the relevant person is or was a representative of a holder of a capital markets services licence but is not exempted under section 99B(2) from section 99B(1), the Authority has reason to believe that circumstances exist under which there would exist a ground on which the Authority may revoke under section 99M the relevant person’s status as an appointed, provisional or temporary representative;
where the relevant person is or was a representative of an exempt person, or a representative of a holder of a capital markets services licence, and is exempted under section 99B(2) from section 99B(1), 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 99M the relevant person’s 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 in 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 the person acted fraudulently or dishonestly;
the person has an order for the payment of a civil penalty made against the person by a court under Part 12 or has entered into an agreement with the Authority to pay a civil penalty under that Part;
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 regulated activity carried out by that person; or
the person has been removed at the direction of the Authority from office or employment as an officer of the holder of a capital markets services licence under section 97(1A).
(2)
In subsection (1), “relevant person” means —
the holder of a capital markets services licence or a person who was previously such a holder;
a person that is exempt from the requirement to hold a capital markets services licence under section 99(1) or a person who was previously so exempt;
a representative of a person exempt from the requirement to hold a capital markets services licence under section 99(1) or a person who was previously such a representative;
an appointed, provisional or temporary representative or a person who was previously such a representative;
(da)a representative exempted under section 99B(2) from section 99B(1), or a person who was previously such a representative;
an officer of the holder of a capital markets services licence or a person that is exempt from the requirement to hold a capital markets services licence under section 99(1), or a person who was previously such an officer; or
a person who has been convicted of an offence under section 82(1) or 99B(1).
(3)
A prohibition order made under subsection (1) may do one or both of the following:
prohibit the person, whether permanently or for a specified period, from —
performing any regulated activity, or performing such regulated activity 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 holder of a capital markets services licence; or
an exempt person;
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.
(4)
The Authority must not make a prohibition order against a person without giving the person an opportunity to be heard.
(5)
Any person who is aggrieved by the decision of the Authority to make a prohibition order against the person may, within 30 days of the decision, appeal in writing to the Minister.
(6)
Where the Authority makes a prohibition order against any person who is an appointed, provisional or temporary representative, it 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.
(7)
The Authority must keep, in such form as it thinks fit, records on persons against whom prohibition orders are made under this section.
(8)
The Authority may publish the records referred to in subsection (7), or any part of them, in such manner as the Authority considers appropriate.