Singapore legislation

Clause 35

of Securities and Futures (Amendment) Bill

Clause 35

Amendment of section 99A

Section 99A of the principal Act is amended —

(a)

by deleting the words “representative of an exempt person” in subsections (1) and (2) (1st and 2nd lines) and substituting in each case the words “representative of a person exempted under section 99(1)(f), (g) or (h)”;

(b)

by inserting, immediately after the word “manner” in subsection (1), the words “and on such date”;

(c)

by deleting the word “or” at the end of subsection (2)(a)(i);

(d)

by deleting the comma at the end of sub-paragraph (ii) of subsection (2)(a) and substituting the word “; or”, and by inserting immediately thereafter the following sub-paragraph:“(iii)a prohibition order has been made against it under section 101A,”;

(e)

by deleting the words “the exempt person” in subsection (2)(b) and substituting the words “a person exempted under section 99(1)(f), (g) or (h)”;

(f)

by deleting sub-paragraph (i) of subsection (2)(b) and substituting the following sub-paragraphs:“(i)the exemption of the exempt person is withdrawn;

(ia)a prohibition order has been made against him under section 101A; or”;

(g)

by inserting, immediately after subsection (3), the following subsection:“(4) Where an exempt person or a representative of a person exempted under section 99(1)(f), (g) or (h) fails to pay the fee by the date on which such fee is due, the Authority may impose a late payment fee of a prescribed amount for every day or part thereof that the payment is late and both fees shall be recoverable by the Authority as a judgment debt.”; and

(h)

by deleting the words “its representative” in the section heading and substituting the words “certain representatives”.

Clause 35 — Securities and Futures (Amendment) Bill