Singapore legislation
Clause 12
Clause 12
Revocation of approval
(1)
The Authority may in writing revoke any approval granted under section 9 to a corporation if —
the corporation ceases to operate its securities market or futures market;
the corporation is being wound up or otherwise dissolved, whether in Singapore or elsewhere;
the corporation is contravening or is likely to contravene or has contravened any condition or restriction of its approval or that is applicable to it under this Act;
the corporation is contravening or is likely to contravene or has contravened any direction issued to it by the Authority;
the corporation is operating in a manner that is, in the opinion of the Authority, contrary to the public interest;
any information provided to the Authority under section 9 or 14 was false or misleading in a material particular; or
the Authority deems fit upon the application of the corporation to cancel the approval.
(2)
For the purposes of subsection (1)(a), a corporation shall be deemed to have ceased to operate its securities market or futures market if it has ceased to operate its securities market or futures market for more than 30 days unless it has obtained the prior approval of the Authority to do so, or it has ceased to operate such securities market or futures market by virtue of a direction issued by the Authority under section 21, 23 or 24.
(3)
Subject to subsection (4), the Authority shall not revoke any approval granted to a corporation under section 9 without giving the corporation an opportunity to be heard.
(4)
Where the Authority revokes an approval granted to a corporation under section 9 on any ground referred to in subsection (1) on the basis of any of the following circumstances:
the corporation or its substantial shareholder is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;
execution against the corporation or its substantial shareholder in respect of a judgment debt has been returned unsatisfied in whole or in part;
a receiver, a receiver and manager, judicial manager or equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the corporation or its substantial shareholder;
the corporation or its substantial shareholder has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with its creditors, being a compromise or scheme of arrangement that is still in operation; or
the corporation or its substantial shareholder, or any officer of the corporation has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that it or he acted fraudulently or dishonestly,the Authority need not give the corporation an opportunity to be heard.
(5)
A corporation that is aggrieved by the decision of the Authority made under subsection (1) may, within 30 days after it is notified of the decision, appeal to the Minister whose decision shall be final.
(6)
Notwithstanding the lodging of an appeal under subsection (5), any action taken by the Authority under this section shall continue to have effect pending the determination or withdrawal of the appeal.
(7)
The Minister may make such modification to any action taken by the Authority that is the subject of an appeal and such modified action shall have effect.