Singapore legislation
Clause 62
Clause 62
Disqualification of directors and executive officers
(1)
Notwithstanding the provisions of any other written law, a designated financial holding company shall not, without the prior written consent of the Authority, permit a person to act as its director or executive officer if the person —
has been convicted before, on or after the date of commencement of this section, whether in Singapore or elsewhere of an offence —
involving fraud or dishonesty;
the conviction for which involved a finding that he had acted fraudulently or dishonestly; or
specified in the Third Schedule to the Registration of Criminals Act (Cap. 268);
is an undischarged bankrupt, whether in Singapore or elsewhere;
has had execution against him in respect of a judgement debt returned unsatisfied in whole or in part;
has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with his creditors, being a compromise or scheme of arrangement that is still in operation;
has had a prohibition order under section 59 of the Financial Advisers Act (Cap. 110), section 35V of the Insurance Act (Cap. 142) or section 101A of the Securities and Futures Act (Cap. 289) made against him that remains in force; or
has been a director of, or directly concerned in the management of, a regulated financial institution, whether in Singapore or elsewhere —
which is being or has been, wound up by a court; or
the approval, authorisation, designation, recognition, registration or licence of which has been withdrawn, cancelled or revoked by the Authority or, in the case of a regulated financial institution in a foreign country or territory, by the regulatory authority in that foreign country or territory.
(2)
Any designated financial holding company which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part thereof during which the offence continues after conviction.
(3)
In this section —
Definition
“regulatory authority”, in relation to a foreign country, has the same meaning as that defined in section 53;
Definition
“regulated financial institution” means a financial institution that carries on a business the conduct of which is regulated or authorised, or subject to oversight, by the Authority or, if carried on in Singapore, would be regulated or authorised, or subject to oversight, by the Authority.