Singapore legislation
Section 32
Section 32
Registered qualified individuals
(1)
An application to be registered by the Chief Executive as a registered qualified individual, or for the renewal of such registration, must —
contain such information and be made in such manner as the Chief Executive may determine;
be accompanied by a declaration in such form as the Chief Executive may specify; and
be accompanied by such application and registration fees as may be prescribed.
(2)
An individual must not be registered as a registered qualified individual, or have his or her registration as such renewed, unless —
the individual is a qualified individual; and
the individual has completed such courses and training as may be prescribed.
(3)
The Chief Executive may refuse to register or renew the registration of an individual as a registered qualified individual if —
the individual has been convicted (whether in Singapore or elsewhere) of any offence involving fraud or dishonesty punishable with imprisonment for 3 months or more;
the individual is an undischarged bankrupt, whether in Singapore or elsewhere; or
the Chief Executive is otherwise not satisfied that the individual is a fit and proper person to be so registered.
(4)
In determining whether an individual is a fit and proper person under subsection (3)(c), the Chief Executive may consider such factors as may be prescribed.
(5)
The Chief Executive must refuse to register an individual as a registered qualified individual if —
that individual’s previous registration as a registered qualified individual was cancelled because of —
a breach of a prescribed term or condition of registration; or
a failure to pay a financial penalty imposed because of a breach of a prescribed term or condition of registration; and
less than 2 years has elapsed since the date on which the registration was cancelled.
(6)
The registration, or renewal of registration, of a registered qualified individual is valid for such period as the Chief Executive may specify.
(7)
An application to renew the registration of a registered qualified individual must be made not earlier than 60 days before the date on which the registration expires.
(8)
The Chief Executive may impose on any registered qualified individual such restrictions pertaining to the use by that individual of the electronic transaction system as the Chief Executive thinks fit.
(9)
Every registered qualified individual must comply with such terms and conditions as may be prescribed.
(10)
Without affecting subsections (12), (13) and (14), the Chief Executive may cancel the registration of a registered qualified individual —
if the individual ceases to be a qualified individual;
if there exists any ground on which the Chief Executive would have been entitled to refuse registration or renewal of registration under subsection (3); or
if the registered qualified individual applies to the Chief Executive for his or her registration to be cancelled.
(11)
The Chief Executive may refuse to cancel a registered qualified individual’s registration under subsection (10)(c) if the Chief Executive suspects that the registered qualified individual has breached any of the terms and conditions prescribed under subsection (9) and until —
the Chief Executive has investigated the suspected breach; and
the Chief Executive —
has determined that there was no breach; or
has determined that there was a breach and has either —
taken action against the registered qualified individual under subsection (12) for the breach; or
decided not to take action against the registered qualified individual under subsection (12) for the breach.
(12)
Where a registered qualified individual has breached any term or condition prescribed under subsection (9), the Chief Executive may —
cancel the registration of the registered qualified individual;
suspend the registration of the registered qualified individual for a period not exceeding 12 months;
restrict the registered qualified individual’s use of the electronic transaction system to the extent that the Chief Executive thinks fit;
require the registered qualified individual to pay, within such period as the Chief Executive may specify, a financial penalty not exceeding $10,000 for each breach of such term or condition; or
censure the registered qualified individual.
(13)
If the registered qualified individual fails to pay the financial penalty required by the Chief Executive within the period specified by the Chief Executive under subsection (12)(d), the Chief Executive may —
cancel the registration of the registered qualified individual;
suspend the registration of the registered qualified individual for a period not exceeding 12 months; or
restrict the registered qualified individual’s use of the electronic transaction system to the extent that the Chief Executive thinks fit.
(14)
Without limiting subsections (10), (12) and (13), the Chief Executive may cancel or suspend the registration of the registered qualified individual if the Chief Executive is satisfied that the registered qualified individual has, in his or her capacity as a registered qualified individual, made any declaration, statement or undertaking under any scheduled Act or Fifth Schedule Act —
that is false or misleading; or
that the registered qualified individual was not authorised to make.
(15)
The Chief Executive must, before taking any action under subsection (10)(a) or (b), (12), (13) or (14) —
give, in such manner as the Chief Executive may determine, the registered qualified individual concerned notice of the Chief Executive’s intention to do so; and
call upon the registered qualified individual concerned to show cause, within such period as the Chief Executive may specify, as to why such action ought not be taken.[28G