Section 99M

being an appointed, provisional or temporary representative, he or she fails or ceases to act as a representative in respect of all of the types of regulated activities that were notified to the Authority as activities which he or she is appointed to carry on business in as a representative;

he or she or his or her principal has not provided the Authority with such information or documents as the Authority may require;

he or she is an undischarged bankrupt, whether in Singapore or elsewhere;

execution against him or her in respect of a judgment debt has been returned unsatisfied in whole or in part;

he or she has, whether in Singapore or elsewhere, entered into a compromise or scheme of arrangement with his or her creditors, being a compromise or scheme of arrangement that is still in operation;

he or she —

has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that he or she had acted fraudulently or dishonestly; or

has been convicted of an offence under this Act;

in the case of the proposed appointment of an appointed, provisional or temporary representative in respect of a type of regulated activity, or of an application to enter an additional type of regulated activity for an appointed representative in the register —

the Authority is not satisfied as to his or her educational or other qualification or experience having regard to the nature of the duties he or she is to perform in relation to that type of regulated activity;

he or she or his or her principal fails to satisfy the Authority that he or she is a fit and proper person to be an appointed, provisional or temporary representative or to carry on business in that type of regulated activity;

the Authority is not satisfied as to his or her record of past performance or expertise having regard to the nature of the duties which he or she is to perform in relation to that type of regulated activity;

the Authority has reason to believe that he or she will not carry on business in that type of regulated activity efficiently, honestly or fairly;

in the case of the revocation of the status of an individual as an appointed, provisional or temporary representative —

he or she or his or her principal fails to satisfy the Authority, pursuant to a requirement imposed by the Authority as a condition for him or her to be an appointed, provisional or temporary representative, under section 99N or by regulations (as the case may be), that he or she remains a fit and proper person to be an appointed, provisional or temporary representative or to carry on business in the type of regulated activity for which he or she is appointed;

the Authority is not satisfied with —

his or her educational or other qualification or experience (being qualification or experience not known to the Authority at the time his or her name and particulars are entered in the public register of representatives); or

his or her record of past performance or expertise,having regard to the nature of his or her duties as an appointed, provisional or temporary representative;

the Authority has reason to believe that he or she will not carry, or has not carried, on business in the type of regulated activity for which he or she is appointed efficiently, honestly or fairly; or

the Authority has reason to believe that he or she has not acted in the best interests of the subscribers or customers of his or her principal;

the Authority has reason to believe that he or she may not be able to act in the best interests of the subscribers or customers of his or her principal, having regard to his or her reputation, character, financial integrity and reliability;

the Authority is not satisfied as to his or her financial standing;

there are other circumstances which are likely to lead to the improper conduct of business by, or reflect discredit on the manner of conducting the business of, the individual or any person employed by or associated with him or her for the purpose of his or her business;

the individual is in arrears of the payment of such contributions on his or her own behalf to the Central Provident Fund as are required under the Central Provident Fund Act 1953;

the Authority is of the opinion that it would be contrary to the interests of the public to enter the individual’s name in the public register of representatives or allow him or her to continue carrying on business as an appointed, provisional or temporary representative or to carry on business in that additional type of regulated activity, as the case may be;

the Authority has reason to believe that any information or document that is provided by him or her or his or her principal to the Authority is false or misleading;

he or she has contravened any provision of this Act applicable to him or her, any condition or restriction imposed on him under this Act or any direction issued to him or her by the Authority under this Act;

this Act; or

any written direction issued by the Authority under this Act;

a prohibition order under section 101A has been made by the Authority, and remains in force, against him or her;

the licence of his or her principal is revoked;

the individual fails to pay any fee referred to in section 99K;

in the case of the proposed appointment of a temporary representative in respect of a type of regulated activity —

he or she is not licensed, authorised or otherwise regulated as a representative in relation to a comparable type of regulated activity in a foreign jurisdiction;

the Authority is not satisfied that the laws and practices of the jurisdiction under which the individual is so licensed, authorised or regulated provide protection to investors comparable to that applicable to an appointed representative under this Act; or

the period of his or her proposed appointment, together with the period of any past appointment (or part thereof) that falls within a prescribed period before the date of expiry of his or her proposed appointment, exceeds the permitted period prescribed by the Authority; or

in the case of the proposed appointment of a provisional representative in respect of a type of regulated activity —

he or she is not or was not previously licensed, authorised or otherwise regulated as a representative in relation to a comparable type of regulated activity in a foreign jurisdiction for such minimum period as may be prescribed for this sub‑paragraph;

he or she was previously so licensed, authorised or regulated in a foreign jurisdiction but the period between the date of his or her ceasing to be so licensed, authorised or regulated and the date of his or her proposed appointment as a provisional representative exceeds such period as may be prescribed for this sub‑paragraph; or

the Authority is not satisfied that the laws and practices of the jurisdiction under which the individual is or was so licensed, authorised or regulated provide protection to investors comparable to that applicable to an appointed representative under this Act.

instead of revoking the status of an individual as an appointed, provisional or temporary representative, suspend that status for such period as the Authority may determine; and

at any time —

extend the period of suspension; or

revoke the suspension.

indicate against his or her name in the public register of representatives that fact, which indication must remain in the register for such period as the Authority considers appropriate; or

remove his or her name from the register.

in a case where the information or document was furnished by the individual to the Authority, the individual proves that he or she had —

made all inquiries (if any) that were reasonable in the circumstances; and

after doing so, believed on reasonable grounds that the information or document was not false or misleading; or

in a case where the information or document was provided by the principal to the Authority and —

such information or document was provided to the principal by the individual, the individual proves that he or she had —

made all inquiries (if any) that were reasonable in the circumstances; and

after doing so, believed on reasonable grounds that the information or document was not false or misleading; or

such information or document was not provided to the principal by the individual, the principal proves that the principal had —

made all inquiries (if any) that were reasonable in the circumstances; and

after doing so, believed on reasonable grounds that the information or document was not false or misleading.

he or she is an undischarged bankrupt, whether in Singapore or elsewhere;

he or she has been convicted, whether in Singapore or elsewhere, of an offence —

involving fraud or dishonesty or the conviction for which involved a finding that he or she had acted fraudulently or dishonestly; and

punishable with imprisonment for a term of 3 months or more;

a prohibition order under section 101A has been made by the Authority, and remains in force, against the individual;

the ground referred to in subsection (1)(s)(i) or (iii) or (t)(i) or (ii).

avoid or affect any agreement, transaction or arrangement relating to any regulated activity entered into by such individual, whether the agreement, transaction or arrangement was entered into before, on or after the revocation or suspension, as the case may be; or

affect any right, obligation or liability arising under any such agreement, transaction or arrangement.