Singapore legislation
Section 46H
Section 46H
Power of Authority to revoke trade repository licence or foreign trade repository licence
(1)
The Authority may revoke a trade repository licence or foreign trade repository licence granted to a corporation, if —
there exists at any time a ground under section 46E(6) or (9) on which the Authority may refuse an application;
the corporation does not commence operating as a licensed trade repository or licensed foreign trade repository (as the case may be) within 12 months after the date on which it was granted the trade repository licence or foreign trade repository licence, as the case may be;
the corporation ceases to operate as a trade repository;
the corporation contravenes —
any condition or restriction applicable in respect of its trade repository licence or foreign trade repository licence, as the case may be;
any direction issued to it by the Authority under this Act; or
any provision in this Act;
(da)upon the Authority exercising any power under section 46ZIB(2) or the Minister exercising any power under Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority of Singapore Act 1970 in relation to the corporation, the Authority considers that it is in the public interest to revoke the trade repository licence or foreign trade repository licence, as the case may be;
the corporation operates in a manner that is, in the opinion of the Authority, contrary to the interests of the public; or
any information or document provided by the corporation to the Authority is false or misleading.
(2)
Subject to subsection (3), the Authority must not revoke under subsection (1) a trade repository licence or foreign trade repository licence that was granted to a corporation without giving the corporation an opportunity to be heard.
(3)
The Authority may revoke a trade repository licence or foreign trade repository licence that was granted to a corporation on any of the following grounds without giving the corporation an opportunity to be heard:
the corporation is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;
a receiver, a receiver and manager or a person in an equivalent capacity has been appointed, whether in Singapore or elsewhere, in relation to, or in respect of, any property of the corporation;
the corporation has been convicted, whether in Singapore or elsewhere, of an offence committed before, on or after 1 August 2013, involving fraud or dishonesty or the conviction for which involved a finding that it had acted fraudulently or dishonestly.
(4)
For the purposes of subsection (1)(c), a corporation is deemed to have ceased to operate as a trade repository if —
it has ceased to operate as a trade repository for more than 30 days, unless it has obtained the prior approval of the Authority to do so; or
it has ceased to operate as a trade repository under a direction issued by the Authority under section 46ZK.
(5)
Any corporation which is aggrieved by a decision of the Authority made in relation to the corporation under subsection (1) may, within 30 days after the corporation is notified of the decision, appeal to the Minister, whose decision is final.
(6)
Despite the lodging of an appeal under subsection (5), any action taken by the Authority under this section continues to have effect pending the Minister’s decision.
(7)
The Minister may, when deciding an appeal under subsection (5), make such modifications as he or she considers necessary to any action taken by the Authority under this section, and such modified action has effect from the date of the Minister’s decision.
(8)
Any revocation under subsection (1) or (3) of a trade repository licence or foreign trade repository licence granted to a corporation does not operate as to affect any report to the corporation made under Part 6A, or any obligation under Part 6A that was satisfied by making a report to the corporation, while the corporation was a licensed trade repository or licensed foreign trade repository, as the case may be.
(9)
The Authority must give notice in the Gazette of any revocation under subsection (1) or (3) of a trade repository licence or foreign trade repository licence.