Singapore legislation
Clause 64
Clause 64
Removal of officer of clearing house
(1)
Where the Authority is satisfied that an officer of a clearing house —
has wilfully contravened or wilfully caused that clearing house to contravene this Act or the business rules of that clearing house;
has, without reasonable justification or excuse, failed to enforce compliance with this Act or the business rules of the clearing house, by that clearing house a member of that clearing house or a person associated with that member;
has failed to discharge the duties or functions of his office; (d)is an undischarged bankrupt whether in Singapore or elsewhere;
has had execution against him in respect of a judgment debt returned unsatisfied in whole or in part;
has, whether in Singapore or elsewhere, made a compromise or scheme of arrangement with his creditors, being a compromise or scheme of arrangement that is still in operation; or
has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that he acted fraudulently or dishonestly,the Authority may, if it thinks it necessary in the interests of the public, or section of the public or for the protection of investors, direct by notice in writing that clearing house to remove the officer from office or employment, notwithstanding the provisions of section 152 of the Companies Act (Cap. 50).
(2)
Without prejudice to any other matter that the Authority may consider relevant, the Authority shall, in determining whether an officer of a clearing house has failed to discharge his duties or functions of his office for the purposes of subsection (1)(c), have regard to such criteria as may be prescribed or as may be specified in written directions.
(3)
Subject to subsection (4), the Authority shall not direct a clearing house to remove an officer from office or employment without giving the clearing house an opportunity to be heard.
(4)
Where the Authority directs a clearing house to remove an officer from office or employment under this section on any ground referred to in subsection (1)(d), (e), (f) or (g), the Authority need not give that clearing house an opportunity to be heard.
(5)
Where the Authority directs a clearing house to remove from office or employment an officer under subsection (1), the Authority need not give that officer an opportunity to be heard.
(6)
A clearing house that is aggrieved by the direction of the Authority to remove an officer from office or employment under subsection (1) may, within 30 days after it is notified of the direction, appeal to the Minister whose decision shall be final.
(7)
A clearing house which, without reasonable excuse, fails or refuses to comply with a written notice issued to it under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.