Singapore legislation
Clause 11
Clause 11
Requirements for grant or renewal of representative’s licence
(1)
The Authority may refuse an application for the grant or renewal of a representative’s licence if —
the applicant is not an individual;
the applicant is not a fit and proper person to be licensed;
the applicant has not furnished the Authority with such information or documents as may be required under section 8(2); (d)the applicant is an undischarged bankrupt, whether in Singapore or elsewhere;
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;
execution against the applicant in respect of a judgment debt has been returned unsatisfied in whole or in part;
the Authority is not satisfied as to the educational qualification or experience of the applicant, having regard to the nature of the duties of a licensed representative;
the Authority has reason to believe that the applicant will not perform the functions of a representative efficiently, honestly or fairly;
a prohibition order under section 59 has been made by the Authority, and remains in force, against the applicant;
the applicant —
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
has been convicted of an offence under this Act;
the Authority has reason to believe that the applicant may not act in the best interests of the clients of the financial adviser of which he is a representative, having regard to his reputation, character, financial integrity and reliability;
the Authority is not satisfied as to —
the financial standing of the applicant; or
the record of past performance or expertise of the applicant;
there are other circumstances which are likely to lead to the improper conduct of business by, or which reflect discredit on the manner of conduct of the business of, the applicant or any person employed by or associated with him for the purpose of his business;
the applicant is in arrears in the payment of such contributions on his own behalf as a self-employed person to the Central Provident Fund as are required under the Central Provident Fund Act (Cap. 36); or
the Authority is of the opinion that it would be contrary to the public interest to grant or renew the licence.
(2)
The Authority may, for the purposes of subsection (1)(g), specify in written directions the qualifications to be obtained by any class or description of applicants for representative’s licences.
(3)
Subject to subsection (4), the Authority shall not refuse an application for the grant or renewal of a representative’s licence without giving the applicant an opportunity to be heard.
(4)
The Authority may refuse an application for the grant or renewal of a representative’s licence on any of the grounds described in subsection (1)(d), (e), (f), (i) or (j)(i) without giving the applicant an opportunity to be heard.