Singapore legislation
Clause 96
Clause 96
Approval of chief executive officer and director of holder of capital markets services licence
(1)
No holder of a capital markets services licence shall appoint a person as its chief executive officer or director in Singapore unless such holder has obtained the approval of the Authority.
(2)
For the purposes of subsection (1) and without prejudice to any other matter that the Authority may consider relevant, the Authority may, in determining whether to grant approval, have regard to such criteria as the Authority may prescribe or specify in directions issued by notice in writing.
(3)
Subject to subsection (4), the Authority shall not reject an application for approval under this section without giving the holder of the capital markets services licence an opportunity to be heard.
(4)
Where the Authority rejects an application for approval under this section on the basis of any of the following circumstances:
the officer is an undischarged bankrupt whether in Singapore or elsewhere;
execution against the officer in respect of a judgment debt has been returned unsatisfied in whole or in part;
the officer 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; or
the officer 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 need not give the holder of the capital markets services licence an opportunity to be heard.
(5)
Where the Authority rejects an application for approval under this section, the Authority need not give the person who was proposed to be appointed an opportunity to be heard.
(6)
In this section “chief executive officer” means any person, by whatever name called, in the direct employment of, or acting for, or by arrangement with a holder of a capital markets services licence, who is principally responsible for the management and conduct of the business of the holder in Singapore.