Singapore legislation
Section 15E
Section 15E
Objection to existing control of designated financial institutions, and notification of Authority of contravention, etc.
(1)
The Minister may serve a written notice of objection on any person mentioned in section 15A or 15B if —
the Minister is satisfied that —
any condition of approval imposed on the person under section 15C has not been complied with;
it is no longer in the national interest to allow the person to continue to be a party to the agreement or arrangement described in section 15A(3) or (4), or to continue to be a substantial shareholder, a 12% controller, a 20% controller or an indirect controller, as the case may be;
the person has provided any false or misleading information or document in connection with an application under section 15A or 15B; or
the Minister would not have granted the Minister’s approval under section 15C had the Minister been aware, at that time, of circumstances relevant to the person’s application for such approval; or
the Authority is satisfied that —
the person ceases to be a fit and proper person;
having regard to the likely influence of the person, the designated financial institution is no longer likely to conduct its business prudently or to comply with the provisions of this Act; or
it would not have been satisfied as to any of the matters specified in section 15C(1)(a) had it been aware, at that time, of circumstances relevant to the person’s application under section 15A or 15B.
(2)
Before the service of a written notice of objection, the Minister must, unless the Minister decides that it is not practicable or desirable to do so, cause to be given to the person concerned written notice of his or her intention to serve the written notice of objection, specifying a date by which the person may make written representations with regard to the proposed written notice of objection.
(3)
Upon receipt of any written representations, the Minister must consider them for the purpose of determining whether to issue a written notice of objection.
(4)
The Minister must, in any written notice of objection, specify a reasonable period within which the person to be served the written notice of objection must —
take such steps as are necessary to ensure that the person ceases to be a party to the agreement or arrangement described in section 15A(3) or (4), or ceases to be a substantial shareholder, a 12% controller, a 20% controller or an indirect controller as defined in section 15B(3) and (5), as the case may be; or
comply with such direction or directions as the Minister may make under section 16.
(5)
Any person served with a written notice of objection under this section must comply with the notice.
(6)
A designated financial institution must immediately inform the Authority after the institution becomes aware that —
a person has contravened section 15A(1) or (3) or 15B(1) in relation to the institution;
a person is, in accordance with the Guidelines on Fit and Proper Criteria, not a fit and proper person to be a substantial shareholder, a 12% controller, a 20% controller or an indirect controller of the institution; or
the institution is not likely to be able to conduct its business prudently or to comply with the provisions of this Act having regard to the likely influence over the institution of a substantial shareholder, a 12% controller, a 20% controller or an indirect controller of the institution.
(7)
A designated financial institution which fails to comply with subsection (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000.
(8)
In this section, “12% controller”, “20% controller” and “indirect controller” have the meaning given to those expressions in section 15B.