Regulation 5

the applicant has not complied with any requirement in the Act or these Regulations;

the applicant has not provided the Controller with any information relating to it or any person employed by or associated with it for the purposes of its business, and to any circumstances likely to affect its method of conducting business, that the Controller may require;

the applicant or its substantial shareholder is in the course of being wound up or liquidated;

a receiver or a receiver and manager has been appointed to the applicant or its substantial shareholder;

the applicant or its substantial shareholder has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with its creditors, being a compromise or scheme of arrangement that is still in operation;

the applicant or its substantial shareholder or any trusted person has been convicted, whether in Singapore or elsewhere, of an offence the conviction for which involved a finding that it, he or she acted fraudulently or dishonestly, or has been convicted of an offence under the Act or these Regulations;

the Controller is not satisfied as to the qualifications or experience of the trusted person who is to perform duties in connection with the accreditation of the applicant;

the applicant fails to satisfy the Controller that it is a fit and proper person to be accredited or that all its trusted persons and substantial shareholders are fit and proper persons;

the Controller has reason to believe that the applicant may not be able to act in the best interest of its subscribers, customers or participants having regard to the reputation, character, financial integrity and reliability of the applicant or any of its substantial shareholders or trusted persons;

the Controller is not satisfied as to the financial standing of the applicant or its substantial shareholder;

the Controller is not satisfied as to the record of past performance or expertise of the applicant or its trusted person having regard to the nature of the business which the applicant may carry on in connection with the accreditation;

there are other circumstances which are likely to lead to the improper conduct of business by, or reflect discredit on the method of conducting the business of, the applicant or its substantial shareholder or any of the trusted persons; or

the Controller is of the opinion that it is in the interest of the public to do so.