Singapore legislation
Clause 59
Clause 59
Power of Authority to make prohibition orders
(1)
The Authority may make a prohibition order against a person, by notice in writing, if —
the Authority suspends or revokes the licence held by the person;
where the person is an exempt financial adviser or a representative of an exempt financial adviser, the Authority has reason to believe that circumstances exist under which, if the person were a licensee, there would exist a ground on which the Authority may revoke his licence under section 19(2);
the Authority has reason to believe that the person is contravening, is likely to contravene or has contravened, any provision of this Act; or
the person has been convicted of an offence under this Act 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.
(2)
A prohibition order made under subsection (1) may —
prohibit the person from providing any financial advisory service, or from providing such financial advisory service in specified circumstances or capacities, whether permanently or for a specified period; and
include a provision allowing the person, subject to any condition specified in the order —
to do specified acts; or
to do specified acts in specified circumstances,that the order would otherwise prohibit him from doing.
(3)
The Authority shall not make a prohibition order against a person without giving the person an opportunity to be heard.
(4)
Any person who is aggrieved by the decision of the Authority to make a prohibition order against him may, within 30 days of the decision, appeal in writing to the Minister.