Singapore legislation
Clause 5
Clause 5
Amendment of section 16
In the principal Act, in section 16 —
(a)
replace subsection (1) with —“(1) If any event in subsection (3) occurs, the licensee in question must notify the Registrar in writing of the occurrence not later than 7 business days after the licensee becomes aware of the event.”;
(b)
delete subsection (2);
(c)
in subsection (3), replace “subsections (1) and (2)” with “subsection (1)”;
(d)
in subsection (3)(e)(i), insert “or” at the end;
(e)
in subsection (3)(e), replace sub‑paragraphs (ii) and (iii) with —“(ii)any substantial shareholder of the licensee;”;
(f)
in subsection (4), delete “or (2)”;
(g)
in subsection (4)(b), replace “7 days” with “7 business days”; and
(h)
in subsection (5), delete “, (2)”.