Singapore legislation
Regulation 2U
Regulation 2U
Transfer and assignment of licences
Subregulation 1
Where the holder of a licence (referred to in these Regulations as the transferor) desires to transfer or assign the licence to another person (referred to in these Regulations as the transferee), any joint application by them under regulation 19 to the Committee for approval to transfer or assign the licence must, in addition to such requirements as are specified in regulation 19 —
be made no later than 6 months before the date on which the licence is proposed to be transferred or assigned, as the case may be;
be accompanied by the information specified in the Second Schedule; and
be accompanied by an application by the transferee for the grant of that licence,and the applications may be summarily refused if this paragraph is not complied with.
Subregulation 2
The Committee shall consider any joint application for approval to transfer or assign a licence together with the transferee’s application for the grant of a licence, and regulations 2F, 2G and 2H shall apply to and in relation to the transferee’s application for the licence with such modifications as are necessary.
Subregulation 3
Notwithstanding regulation 19(5), the Committee shall not approve the transfer or assignment, as the case may be, of a licence from a transferor to a transferee if the transferor and transferee are not related and the application is made in circumstances other than those described in regulation 19(3).
Subregulation 4
Where the Committee refuses to approve the transfer or assignment of a licence that is the subject of an application under regulation 19, the Committee must without delay inform the transferor and the transferee of its decision.
Subregulation 5
Upon an approval of any assignment of a licence, the transferor shall cease to be a licensee but shall remain liable for any act or omission done, caused, permitted or made by the transferor before the assignment.
Subregulation 6
For the purposes of these Regulations, a transferee is related to the transferor, and vice versa, if —
the transferee is the wholly-owned subsidiary of the transferor;
the transferor is a wholly-owned subsidiary of the transferee; or
the transferor and the transferee are each wholly-owned subsidiaries of the same holding corporation,and “wholly-owned subsidiary” has the same meaning given in the Companies Act (Cap. 50).