Singapore legislation

Clause 87

Grant of representative’s licence

(1)

A natural person may apply to the Authority in such form and manner as the Authority may prescribe for a representative’s licence to act as a representative to carry on business in one or more regulated activities.

(2)

In granting a representative’s licence, the Authority shall —

(a)

specify the regulated activity or activities to which the licence relates, described in such manner as the Authority considers appropriate; and

(b)

relate the licence to the principal who supported that application for a representative’s licence.

(3)

Subject to regulations made under this Act, where an application is duly made for the grant or renewal of a representative’s licence, the Authority may refuse the application if —

(a)

the applicant has not provided the Authority with such information relating to him as the Authority may require;

(b)

the applicant is an undischarged bankrupt whether in Singapore or elsewhere;

(c)

execution against the applicant in respect of a judgment debt has been returned unsatisfied in whole or in part;

(d)

the applicant has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with his creditors, being a compromise or scheme of arrangement that is still in operation;

(e)

the applicant —

(i)

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; or

(ii)

has been convicted of an offence under this Act;

(f)

the Authority is not satisfied as to the educational or other qualification or experience of the applicant having regard to the nature of the duties he is to perform in connection with the holding of the licence;

(g)

the applicant fails to satisfy the Authority that he is a fit and proper person to be licensed;

(h)

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

(i)

the Authority is not satisfied as to the financial standing of the applicant;

(j)

the Authority is not satisfied as to the record of past performance or expertise of the applicant having regard to the nature of the duties which he may perform in connection with the holding of the licence;

(k)

there are other circumstances which are likely to lead to the improper conduct of business by, or reflect discredit on the manner of conducting the business of, the applicant or any person employed by or associated with him for the purpose of his business;

(l)

the applicant is in arrears in the payment of such contributions on his own behalf to the Central Provident Fund as are required under the Central Provident Fund Act (Cap. 36);

(m)

the Authority has reason to believe that the applicant will not perform the functions for which he seeks to be licensed, efficiently, honestly or fairly; or

(n)

the Authority is of the opinion that it would be contrary to the interests of the public to grant or renew the licence.

(4)

Subject to subsection (5), the Authority shall not refuse an application for a grant or renewal of a representative’s licence without giving the applicant an opportunity to be heard.

(5)

Where the Authority refuses an application for a grant or renewal of a representative’s licence on any of the grounds described in subsection (3)(b), (c), (d) or (e)(i), the Authority need not give the applicant an opportunity to be heard.

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