Clause 40

by inserting, immediately after the words “section 87” in subsection (2)(b)(i), the words “or 87A (as the case may be)”; and

by deleting subsection (5) and substituting the following subsection:“(5) The Authority may revoke or suspend a licence without giving the licensed person an opportunity to be heard —

in the case of a capital markets services licence, on any of the following grounds:

the licensed person 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 licensed person;

the licensed person 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 representative’s licence, on any of the following grounds:

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

the licensed person 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

punishable with imprisonment for a term of 3 months or more.”.