Clause 86

by inserting, immediately after paragraph (a) of subsection (1), the following paragraph:“(aa)the Authority is of the opinion that the continued authorisation or recognition of the scheme is or will be against the public interest;”; and

by inserting, immediately after subsection (8), the following subsections:“(8A) The Authority shall not —

revoke the authorisation or recognition of a collective investment scheme under subsection (1);

suspend the authorisation or recognition of a collective investment scheme under subsection (5); or

refuse the withdrawal of the authorisation or recognition of a collective investment scheme under subsection (8),without giving the responsible person of the scheme an opportunity to be heard, except that an opportunity to be heard need not be given if the revocation or suspension is on the ground that the continued authorisation or recognition of the scheme is against the public interest on the basis of any of the following circumstances:

the responsible 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 responsible person.(8B) Any person who is aggrieved by the revocation under subsection (1), suspension under subsection (5) or refusal of withdrawal under subsection (8) may, within 30 days after he is notified of the decision of the Authority, appeal to the Minister whose decision shall be final.”.