Clause 19

in the case of a licensed financial adviser, if it is wound up or otherwise dissolved, whether in Singapore or elsewhere; (b)in the case of a licensed representative, if he dies or becomes mentally incapacitated; or

in the event of such other occurrence or in such other circumstances as may be prescribed.

in the case of a licensed financial adviser, if —

there exists a ground on which the Authority may refuse an application under section 9(1);

the financial adviser has contravened any provision of this Act, or any condition or restriction imposed or any written direction given by the Authority under this Act;

it appears to the Authority that the financial adviser has failed to satisfy any of its obligations under or arising from this Act;

it appears to the Authority that the financial adviser is carrying on its business in a manner likely to be detrimental to its clients; or

the financial adviser fails or ceases to carry on the business for which it was licensed; or

in the case of a licensed representative, if —

there exists a ground on which the Authority may refuse an application under section 11(1);

the representative has contravened any provision of this Act, or any condition or restriction imposed or any written direction given by the Authority under this Act;

it appears to the Authority that the representative has failed to satisfy any of his obligations under or arising from this Act;

it appears to the Authority that the representative is performing his functions in a manner likely to be detrimental to the clients of the financial adviser of which he is a representative; (v)the representative fails or ceases to perform the functions for which he was licensed; or

the licence of the financial adviser of which he is a representative is revoked.

suspend a licence for a specific period instead of revoking it under subsection (2); and

at any time extend the period of, or remove, the suspension.

in the case of a licensed financial adviser —

the licensee or any of its substantial shareholders is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;

a receiver, receiver and manager, judicial manager, or such other person having the powers and duties of a receiver, receiver and manager or judicial manager, has been appointed, whether in Singapore or elsewhere, in relation to, or in respect of any property of, the licensee or any of its substantial shareholders;

the licensee or any of its substantial shareholders has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with its creditors, being a compromise or scheme of arrangement that is still in operation;

execution against the licensee or any of its substantial shareholders in respect of a judgment debt has been returned unsatisfied in whole or in part; (v)the licensee or any of its substantial shareholders or officers has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that it or he acted fraudulently or dishonestly; or

in the case of a representative’s licence —

the representative is an undischarged bankrupt, whether in Singapore or elsewhere;

the representative 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 representative in respect of a judgment debt has been returned unsatisfied in whole or in part; (iv)the representative 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.

in the case of revocation, immediately cease to act as a representative of the financial adviser; or

in the case of suspension, immediately cease to act as a representative of the financial adviser during the period of the suspension.

avoid or affect any agreement, transaction or arrangement, relating to any investment product, entered into by the licensee, whether the agreement, transaction or arrangement was entered into before or after the lapsing, revocation, suspension or expiry of the licence; or

affect any right, obligation or liability arising under any agreement, transaction or arrangement referred to in paragraph (a).