Singapore legislation

Clause 8

of Securities Industry Bill

Clause 8

Application of this Part

Where a person would, but for this section, be liable to a penalty for not being the holder of a particular type of licence, he shall not be so liable —

(a)

until the expiration of the period of three months next succeeding the date of the coming into operation of this Part; or

(b)

where, before the expiration of that period, he applies for that type of licence, until —

(i)

he is issued with such a licence; or

(ii)

his application is refused.