Clause 23

by deleting subsection (1) and substituting the following subsection:“(1) Subject to subsection (1B), no licensed financial adviser shall —

appoint a person as its chief executive officer or director; or

change the nature of the appointment of a person as a director from one that is non-executive to one that is executive,unless it has obtained the approval of the Authority.”;

by deleting the words “subsection (1)” in subsection (1A) and substituting the words “subsection (1)(a)”;

by inserting, immediately after subsection (1A), the following subsections:“(1B) Subsection (1) shall not apply to the appointment of a person as a director of a foreign company, or the change in the nature of the appointment of a person as a director of a foreign company if, at the time of the appointment or change, the person —

does not reside in Singapore; and

is not directly responsible for its business in Singapore or any part thereof.(1C) In subsection (1B), “foreign company” has the same meaning as in section 4(1) of the Companies Act (Cap. 50).”;

by deleting the word “shall” in subsection (2) and substituting the word “may”; and

by inserting, immediately after subsection (7), the following subsections:“(7A) Without prejudice to the Authority’s power to impose conditions or restrictions under section 13, the Authority may at any time, by notice in writing to a licensed financial adviser, impose on it a condition requiring it to notify the Authority of a change to any specified attribute (such as residence and nature of appointment) of its chief executive officer or director, and vary any such condition.(7B) Any person who contravenes any condition or restriction imposed under subsection (7A) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.”.