Clause 34

by deleting the words “such other person having the powers and duties of a receiver, receiver and manager or judicial manager,” in subsection (4)(d) and substituting the words “an equivalent person”; and

by deleting subsection (6) and substituting the following subsection:“(6) The Authority may refuse an application for the grant or renewal of a capital markets services licence on any of the following grounds 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.”.