In forceAmended2008 Revised EditionCurrent version · 2008 Revised EditionSee versions on Singapore Statutes Online(opens the publisher’s site)
13. Approval of substantial shareholdings
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Last amended by an amending law of 2005.
(1)
Where a licensee is a company, no person shall become a substantial shareholder of the licensee unless he has obtained the approval of the Authority.
licensee
Defined · s 2
“licensee” means the holder of a money-changer’s licence or a remittance licence, as the case may be;
(2)
Without prejudice to any other matter that the Authority may consider relevant, the Authority may, in determining whether to grant its approval under subsection (1), have regard to such criteria as may be prescribed or specified in written directions.
(3)
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000. [9B