Singapore legislation
Section 465
Section 465
Cessation order
(1)
IPOS may, by written notice, order a CMO to cease its business as a CMO indefinitely or for a specified period if —
the CMO fails to comply with —
a class licence condition; or
a regulatory direction given to it;
an officer of the CMO fails to comply with a regulatory direction given to the officer;
there is significant impropriety in the financial affairs of the CMO; or
IPOS considers that the public interest so requires.
(2)
Before making a cessation order against a CMO, IPOS must give the CMO an opportunity to make representations in accordance with the prescribed procedure.
(3)
To avoid doubt, a cessation order may be made in addition to any financial penalty or sentence imposed on the CMO.
(4)
When a CMO is under a cessation order —
every class licence ceases to apply to it, unless the order otherwise specifies; but(b)to avoid doubt, it is still subject to regulatory directions.
(5)
IPOS may, by written notice, revoke a cessation order at any time.