Singapore legislation
Clause 97
Clause 97
Removal of officer of holder of capital markets services licence
(1)
Where the Authority is satisfied that an officer of a holder of a capital markets services licence —
has wilfully contravened or wilfully caused that holder to contravene this Act;
has without reasonable justification or excuse failed to enforce compliance with this Act;
has failed to discharge the duties or functions of his office;
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, entered into 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 interest of the public, or section of the public or for the protection of investors direct by notice in writing that holder to remove the officer from office or employment, and that holder shall comply with such notice 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 holder of a capital markets services licence has failed to discharge the 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 holder of a capital markets services licence to remove from office or employment an officer under this section without giving that holder a right to be heard.
(4)
Where the Authority directs a holder of a capital markets services licence to remove the 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 holder an opportunity to be heard.
(5)
Where the Authority directs a holder of a capital markets services licence to remove from office or employment an officer under subsection (1), the Authority need not give that officer an opportunity to be heard.
(6)
No criminal or civil liability shall be incurred by —
a holder of a capital markets services licence; or
any person acting on behalf of the holder of a capital markets services licence,in respect of anything done or omitted to be done with reasonable care and in good faith in the discharge or purported discharge of its obligations under this section.