Singapore legislation
Clause 38
Clause 38
Revocation of and suspension of licences
(1)
A licence shall be deemed to be revoked, in the case of —
an individual, if the individual dies;
a body corporate, if the corporation has been wound up.
(2)
The Authority may revoke a licence —
in the case of a licensed person who is an individual —
if a levy of execution in respect of him has not been satisfied;
if he ceases to carry on business for which he was licensed;
if he has been adjudged a bankrupt in Singapore or elsewhere;
if, in the case of a representative, the licence of the dealer or investment adviser, in relation to whom the licence was granted, is revoked;
if the Authority has reason to believe that the licensed person has not performed his duties efficiently, honestly or fairly; or
if he is convicted of an offence involving fraud or dishonesty punishable by imprisonment for a term of not less than 3 months.(vii)if the licensed person contravenes or fails to comply with any condition or restriction applicable in respect of the licence or any other provision in this Act;
in the case of a body corporate —
if it is being or will be wound up;
if a levy of execution in respect of it has not been satisfied;
if a receiver or receiver and manager has been appointed whether by the Court or creditors in respect of the body corporate’s property;
if it has entered into any composition or arrangement with its creditors;
if it ceases to carry on the business for which it was licensed;
if the Authority has reason to believe that the licensed person, or any of its directors or employees, has not performed his duties efficiently, honestly or fairly; or
if the licensed person contravenes or fails to comply with any conditions or restrictions applicable in respect of the licence or any other provision in this Act.
(3)
In a case to which subsection (2) applies, the Authority, if it considers it desirable to do so, may instead of revoking a licence, suspend the licence for a specific period and may at any time remove his or its suspension.
(4)
The Authority shall not revoke or suspend a licence under subsection (2) or (3) without first giving such person an opportunity of being heard.
(5)
A person whose licence is revoked under this section shall, for the purpose of this Part, be deemed not to be licensed from the date that the Authority revokes or suspends the licence, as the case may be.
(6)
A revocation or suspension of a licence of a person shall not operate so as to —
avoid or affect any agreement, transaction or arrangement relating to the trading in securities entered into by such person, whether the agreement, transaction or arrangement was entered into before or after the revocation or suspension of the licence; or
affect any right, obligation or liability arising under any such agreement, transaction or arrangement.