Singapore legislation

Section 29E

of Government Securities Act 1992

Section 29E

Appeal to Minister

(1)

Any primary dealer who is aggrieved by —

(a)

any notice of a condition or restriction of any financial institution’s appointment as a primary dealer under section 29B;

(b)

any direction given by the Authority under section 29C or variation of any such direction; or

(c)

any order of the Authority under section 29D(1), (2) or (3) except an order of reprimand,may, within 14 days of the receipt by the primary dealer of the notice of the condition or restriction, the direction (or variation of the direction) or order (as the case may be) appeal to the Minister whose decision is final.

(2)

Where an appeal is lodged under this section —

(a)

the order under section 29D cancelling the appointment as a primary dealer does not take effect unless the order is confirmed by the Minister or the appeal is for any reason dismissed by the Minister or withdrawn; and

(b)

all other notices, directions (or variation of the directions) or orders appealed against take effect and must be complied with until the determination of the appeal.

(3)

Subject to subsection (4), the Minister may determine an appeal under this section by confirming, varying or reversing the notice, direction (or variation of the direction) or order of the Authority that is appealed against.

(4)

If the Minister is satisfied that an appeal by a primary dealer is instituted or pursued without reasonable ground, the Minister may, without calling for a reply from the Authority, but after giving the primary dealer an opportunity to be heard, determine the appeal by confirming the notice, direction (or variation of the direction) or order of the Authority that is appealed against.

Read in full context — Government Securities Act 1992 →