Singapore legislation
Clause 16
Clause 16
Amendment of section 36
Section 36 of the principal Act is amended by inserting, immediately after subsection (7), the following subsections:“(7A) Subject to subsection (7B), the Authority shall not refuse to recognise an applicant as a recognised trading system provider under subsection (4) without giving the applicant an opportunity to be heard.(7B) The Authority may refuse to recognise an applicant as a recognised trading system provider under subsection (4) on the ground that it would be contrary to the interests of the investing public to grant the recognition on the basis of any of the following circumstances without giving the applicant an opportunity to be heard:
the applicant 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 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 it had acted fraudulently or dishonestly.”.