Singapore legislation
Section 10
Section 10
Regulatory action
(1)
The Registrar may cancel the registration of a registered dealer, or suspend the registration for a period not exceeding 6 months, if the Registrar is satisfied of any of the following matters:
the registered dealer has failed to comply with any condition of registration to which the registered dealer is subject;
the registration was obtained by fraud or misrepresentation;
there existed at the time the registration was granted or renewed a circumstance that, if known to the Registrar at the time, would have required or permitted the Registrar to refuse to grant or renew the registration;
the registered dealer is neither carrying on the business of regulated dealing nor business as an intermediary in Singapore;
the registered dealer or any of the persons mentioned in section 8(1)(d) is no longer a fit and proper person within the meaning of this Part;
it is not in the public interest for the registered dealer to continue to carry on the business of regulated dealing or business as an intermediary in Singapore.
(2)
The Registrar may, in addition to or instead of taking any action under subsection (1), order a registered dealer to pay a financial penalty of an amount not exceeding $100,000, where the registered dealer —
contravenes a provision of this Act, which contravention is not an offence; or
fails to comply with a condition of registration to which the registered dealer is subject.
(3)
In any proceedings under this section, or any appeal to the Minister under section 13 against the Registrar’s decision, consequent on the conviction of a registered dealer for an offence, the Registrar or the Minister (as the case may be) must accept the conviction as final and conclusive.