Singapore legislation
Clause 57
Clause 57
Removal of officer of licensed financial adviser
(1)
Where the Authority is satisfied that an officer of a licensed financial adviser —
has wilfully contravened or wilfully caused that licensed financial adviser to contravene any provision of this Act;
has, without reasonable justification or excuse, failed to secure compliance with this Act; (c)has failed to discharge the duties of his office;
is an undischarged bankrupt, whether in Singapore or elsewhere;
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;
has had execution against him in respect of a judgment debt returned unsatisfied in whole or in part; 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,then the Authority may, if it thinks it necessary in the public interest or for the protection of investors or policy owners, direct, by notice in writing, the licensed financial adviser to remove from its office or employment the officer, and the licensed financial adviser shall comply with such notice.
(2)
Without prejudice to any other matter that the Authority may consider relevant, the Authority shall, in determining whether an officer of a licensed financial adviser has failed to discharge the duties of his office under 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 licensed financial adviser to remove from its office or employment an officer under subsection (1) without giving the licensed financial adviser an opportunity to be heard.
(4)
The Authority may direct a licensed financial adviser to remove from its office or employment an officer under subsection (1) on any ground referred to in subsection (1)(d), (e), (f) or (g) without giving the licensed financial adviser an opportunity to be heard.
(5)
Where the Authority directs a licensed financial adviser to remove from its office or employment an officer under subsection (1), the Authority need not give that officer an opportunity to be heard.
(6)
Any licensed financial adviser which is aggrieved by the direction of the Authority to remove from its office or employment an officer under subsection (1) may, within 30 days of the decision of the Authority, appeal in writing to the Minister.
(7)
Any licensed financial adviser which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.
(8)
No criminal or civil liability shall be incurred by a licensed financial adviser, or any person acting on behalf of the licensed financial adviser, 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.
(9)
Nothing in section 152 of the Companies Act (Cap. 50) shall prevent the Authority from exercising any power under subsection (1).