18. Revocation of licence

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Amended

Last amended by an amending law of 2021.

(1)

A licence is deemed to be revoked, in the case of —

(a)

an individual, if the individual dies;

(b)

a corporation, if the corporation is wound up.

(2)

Where a licensed person is an individual, the Board may revoke a licence —

(a)

on any ground on which the Board may refuse to grant a licence under section 15(1) or (3);

(b)

if an enforcement order in respect of the licensed person has not been satisfied;

(c)

if the licensed person fails or ceases to carry on business for which he or she was licensed;

(d)

if, in the case of a representative, the licence of the commodity broker, commodity trading adviser or commodity pool operator, in relation to whom the licence was granted, is revoked;

(e)

if the Board has reason to believe that the licensed person has not performed his or her duties efficiently, honestly or fairly; or

(f)

if the licensed person contravenes or fails to comply with any of the conditions or restrictions applicable in respect of the licence.

(3)

Where a licensed person is a corporation, the Board may revoke a licence —

(a)

on any ground on which the Board may refuse to grant a licence under section 15(2) or (3);

(b)

if it is being or will be wound up;

(c)

if an enforcement order in respect of it has not been satisfied;

(d)

if it has entered into any composition or arrangement with its creditors;

(e)

if it fails or ceases to carry on business for which it was licensed;

(f)

if the Board has reason to believe that the licensed person, or any of its directors or employees, has not performed its, his or her duties efficiently, honestly or fairly; or

(g)

if the licensed person contravenes or fails to comply with any of the conditions or restrictions applicable in respect of the licence.

(4)

The Board may revoke the licence of a person at the request of the person.

(5)

The Board must not revoke a licence under subsection (2) or (3) without first giving the person an opportunity of being heard.

Terms defined in s 2

Board
Defined · s 2
“Board” means the Enterprise Singapore Board established by section 3 of the Enterprise Singapore Board Act 2018;
Open s 2
commodity broker
Defined · s 2
“commodity broker” means a person who (whether as principal or agent) carries on the business of soliciting, or accepting orders, for the purchase or sale of any commodity by way of or relating to any commodity contract, whether or not the business is part of, or is carried on in conjunction with, any other business;
Open s 2
commodity pool operator
Defined · s 2
“commodity pool operator” means any person who carries on a business in the nature of a collective investment scheme within the meaning of section 2 of the Securities and Futures Act 2001 and who, in connection therewith, accepts or receives from other persons funds, security or property, either directly or through capital contributions, the sale of shares or other forms of security or otherwise for the purpose of trading in commodity contracts but does not include any person that the Board may prescribe;
Open s 2
commodity trading adviser
Defined · s 2
“commodity trading adviser” means any person who —(a)carries on the business of advising others (directly or indirectly, through publications or writings, or by whatever means or media) on the making of commodity contracts, including the advisability of trading in any commodity contract made or to be made on, or subject to the business rules of, a commodity market;(b)as part of a regular business, issues or promulgates analyses or reports concerning the making of commodity contracts; or(c)pursuant to a contract or an arrangement with a customer or other person, undertakes on behalf of that customer or other person (whether on a discretionary authority or otherwise granted by the customer or other person) to make any commodity contract for the purposes of managing the client’s funds, but does not include —(i)a bank or merchant bank licensed under the Banking Act 1970;(ii)a commodity broker, commodity broker’s representative, commodity pool operator or commodity pool operator’s representative;(iii)a person who carries on the business of printing or publishing a newspaper and is the holder of a permit issued under the Newspaper and Printing Presses Act 1974 where —(A)insofar as the newspaper is distributed generally to the public it is distributed only to subscribers to, and purchasers of, the newspaper for value;(B)the advice is given or the analyses or reports are issued or promulgated only through that newspaper; and(C)that person receives no commission or other consideration for giving the advice or for issuing or promulgating the analyses or reports; and(iv)any other person that the Board may prescribe,if and only if the carrying on of the business by the abovementioned persons is solely incidental to the carrying on of their business;
Open s 2
corporation
Defined · s 2
“corporation” has the meaning given by the Companies Act 1967;
Open s 2