Singapore legislation

Clause 35

of Securities and Futures (Amendment) Bill

Clause 35

Amendment of section 87

Section 87 of the principal Act is amended —

(a)

by deleting the words “A natural person” in subsection (1) and substituting the words “An individual”;

(b)

by deleting the words “the principal who” in subsection (2)(b) and substituting the words “the holder of a capital markets services licence which”;

(c)

by deleting the words “his principal” in subsection (3)(h) and substituting the words “a holder of a capital markets services licence”; and

(d)

by deleting subsection (5) and substituting the following subsections:“(5) The Authority may refuse an application for the grant or renewal of a representative’s licence on any of the following grounds without giving the applicant an opportunity to be heard:

(a)

the applicant is an undischarged bankrupt, whether in Singapore or elsewhere;

(b)

the applicant has been convicted, whether in Singapore or elsewhere, of an offence —

(i)

involving fraud or dishonesty or the conviction for which involved a finding that he had acted fraudulently or dishonestly; and

(ii)

punishable with imprisonment for a term of 3 months or more.(6) In this section, “representative’s licence” does not include a temporary representative’s licence.”.

Read in full context — Securities and Futures (Amendment) Bill →