Singapore legislation

Clause 5

Amendment of section 9

In section 9 of the principal Act —

(a)

in the section heading, after “registered person”, insert “, etc.”;

(b)

in subsection (1), after paragraph (a), insert —“(aa)the registered person has operational control over the business facility but has ceased to operate the business facility and has no intention of resuming its business activity within the next 36 months after such cessation;”;

(c)

in subsection (3), after paragraph (a), insert —“(aa)the registered person has operational control over the business facility but has ceased to operate the business facility and has no intention of resuming its business activity within the next 36 months after such cessation;”; and

(d)

after subsection (4), insert —“(5) The Agency may, on its own volition, deregister any registered person as such, and any business facility registered as a reportable facility or taxable facility of the person as such, if the Agency is satisfied that the person has been wound up or dissolved or has otherwise ceased to exist.”.

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