Singapore legislation
Clause 12
Clause 12
Amendment of section 19
Section 19 of the principal Act is amended by deleting subsection (5) and substituting the following subsection:“(5) The Authority may revoke or suspend a licence under subsection (2) or (3), respectively, without giving the licensee an opportunity to be heard —
in the case of a licensed financial adviser, on any of the following grounds:
the licensee is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;
a receiver, a receiver and manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the licensee;
a prohibition order under section 59 has been made by the Authority, and remains in force, against the licensee;
the licensee 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 had acted fraudulently or dishonestly; or
in the case of a licensed representative, on any of the following grounds:
the licensee is an undischarged bankrupt, whether in Singapore or elsewhere;
a prohibition order under section 59 has been made by the Authority, and remains in force, against the licensee;
the licensee 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 had acted fraudulently or dishonestly; and (B)punishable with imprisonment for a term of 3 months or more.”.