Clause 12

by deleting the word “or” at the end of subsection (1)(c);

by deleting paragraph (d) of subsection (1) and substituting the following paragraphs:“(d)the Board reasonably believes that there may be such circumstance that is likely to lead to the improper conduct of business by, or the reflection of discredit on, the method of conducting such business by the applicant or any person employed by or associated with him for the purpose of his business;

the applicant is, in the view of the Board, not a fit and proper person to be licensed;

the Board is not satisfied that the educational or other qualifications or experience of the applicant would enable him to carry out all the duties of a licensee;

the Board has reason to believe that the applicant will not be able to perform the functions of a licensee in an efficient, honest and fair manner;

the Board has reason to believe that the applicant may not be able to act in the best interests of his customers or subscribers, having regard to his reputation, character, financial integrity or reliability;

the financial standing of the applicant is, in the view of the Board, unsatisfactory;

the past performance or expertise of the applicant is, in the view of the Board, unsatisfactory; or

the Board is of the opinion that it is in the public interest to do so.”;

by deleting the word “or” at the end of subsection (2)(c);

by deleting the full-stop at the end of paragraph (d) of subsection (2) and substituting a semi-colon, and by inserting immediately thereafter the following paragraphs:“(e)the financial standing of the applicant or its substantial shareholder or the manner in which its business is conducted is, in the view of the Board, unsatisfactory;

the record of past performance or expertise of the applicant is, in the view of the Board, unsatisfactory, having regard to the nature of the business which the applicant may carry on under the licence;

the Board reasonably believes that there may be such circumstance that is likely to lead to the improper conduct of business by, or the reflection of discredit on, the method of conducting such business by the applicant or its substantial shareholder or any of its directors, officers or employees; or

the Board is of the opinion that it is in the public interest to do so.”; and

by inserting, immediately after subsection (3), the following subsection:“(4) For the purposes of subsection (2), “substantial shareholder”, in relation to an applicant which is a body corporate, has the same meaning as in the Companies Act (Cap. 50).”.