Singapore legislation
Section 97G
Section 97G
Duration of control
(1)
The Authority must cease to be in control of the relevant business of a holder of a capital markets services licence when the Authority is satisfied that —
the reasons for the Authority’s assumption of control of the relevant business have ceased to exist; or
it is no longer necessary in the interests of the public or the section of the public referred to in section 97E(1)(c)(i) or for the protection of investors.
(2)
A statutory manager is deemed to have assumed control of the relevant business of a holder of a capital markets services licence on the date of the statutory manager’s appointment as a statutory manager.
(3)
The appointment of a statutory manager in relation to the relevant business of a holder of a capital markets services licence may be revoked by the Authority at any time —
if the Authority is satisfied that —
the reasons for the appointment have ceased to exist; or
it is no longer necessary in the interests of the public or the section of the public referred to in section 97E(1)(c)(i) or for the protection of investors; or
on any other ground,and upon such revocation, the statutory manager ceases to be in control of the relevant business of the holder.
(4)
The Authority must, as soon as practicable, publish in the Gazette the date, and such other particulars as the Authority thinks fit, of —
the Authority’s assumption of control of the relevant business of a holder of a capital markets services licence;
the cessation of the Authority’s control of the relevant business of a holder of a capital markets services licence;
the appointment of a statutory manager in relation to the relevant business of a holder of a capital markets services licence; and
the revocation of a statutory manager’s appointment in relation to the relevant business of a holder of a capital markets services licence.