Singapore legislation
Clause 18
Clause 18
Revocation of licence
(1)
A licence shall be deemed to be revoked, in the case of —
an individual, if the individual dies;
a corporation, if the corporation is wound up.
(2)
Where a licensed person is an individual, the Board may revoke a licence —
on any ground on which the Board may refuse to license under section 15(1) or (3);
if a levy of execution in respect of him has not been satisfied;
if he fails or ceases to carry on business for which he was licensed;
if, in the case of a representative, the licence of the commodity futures broker, commodity futures trading adviser or commodity futures pool operator, in relation to whom the licence was granted, is revoked;
if the Board has reason to believe that the licensed person has not performed his duties efficiently, honestly or fairly; or
if the licensed person contravenes or fails to comply with any of the conditions or restrictions applicable in respect of the licence.
(3)
Where a licensed person is a corporation, the Board may revoke a licence —
on any ground on which the Board may refuse to grant a licence under section 15(2) or (3);
if it is being or will be wound up;
if a levy of execution in respect of it has not been satisfied;
if it has entered into any composition or arrangement with its creditors;
if it fails or ceases to carry on business for which it was licensed;
if the Board 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 of the conditions or restrictions applicable in respect of the licence.
(4)
The Board may revoke the licence of a person at the request of that person.
(5)
The Board shall not revoke a licence under subsection (2) or (3) without first giving such person an opportunity of being heard.