Monetary Authority of Singapore Act 1970 · 2020 Revised Edition · Part 5B · Primary Dealers for Securitiesissued by Authority
149. Appeal to Minister
Feedback & supportLast amended by an amending law of 2017. 2 amendments in all.
Any primary dealer who is aggrieved by —
primary dealer
“primary dealer” means a person appointed under section 145 as a primary dealer for securities issued by the Authority.
any notice of a condition or restriction of the appointment of any financial institution as a primary dealer under section 146;
any direction given by the Authority under section 147 or variation of any such direction; or
any order of the Authority under section 148(1), (2) or (3), except an order of reprimand,may, within 14 days after the receipt by the primary dealer of the notice of the condition or restriction, the direction (or variation thereof) or the order (as the case may be) appeal to the Minister whose decision is final.
Where an appeal is lodged under this section —
the order under section 148 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take effect unless the order is confirmed by the Minister or the appeal is for any reason dismissed by the Minister or withdrawn; and
every other notice, direction (or variation thereof) or order appealed against takes effect and must be complied with until the determination of the appeal.
Subject to subsection (4), the Minister may determine an appeal under this section by confirming, varying or reversing the notice, direction (or variation thereof) or order of the Authority that is appealed against.
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 thereof) or order of the Authority that is appealed against.