Singapore legislation
Clause 44
Clause 44
Removal of officer of recognised trading system provider
(1)
Where the Authority is satisfied that an officer of a recognised trading system provider —
has wilfully contravened or wilfully caused that recognised trading system provider to contravene this Act;
has, without reasonable justification or excuse, failed to enforce compliance with this Act or the business rules of the recognised trading system provider, by that recognised trading system provider or a member of that recognised trading system provider or a person associated with that member;
has failed to discharge the duties or functions of his office;
is an undischarged bankrupt whether in Singapore or elsewhere;
has had execution against him in respect of a judgment debt returned unsatisfied in whole or in part;
has, whether in Singapore or elsewhere, made a compromise or scheme of arrangement with his creditors being a compromise or scheme of arrangement that is still in operation; or
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 acted fraudulently or dishonestly,the Authority may, if it thinks it necessary in the interest of the public, or section of the public or for the protection of investors, direct by notice in writing that recognised trading system provider to remove the officer from office or employment, and the recognised trading system provider shall comply with such notice, notwithstanding the provisions of section 152 of the Companies Act (Cap. 50).
(2)
Without prejudice to any other matter that the Authority may consider relevant, the Authority shall, in determining whether an officer of a recognised trading system provider has failed to discharge the duties or functions of his office for the purposes of subsection (1)(c), have regard to such criteria as may be prescribed or as may be specified in written directions.
(3)
Subject to subsection (4), the Authority shall not direct a recognised trading system provider to remove an officer from office or employment without giving the recognised trading system provider an opportunity to be heard.
(4)
Where the Authority directs a recognised trading system provider to remove the officer from office or employment under this section on any ground referred to in subsection (1)(d), (e), (f) or (g), the Authority need not give that recognised trading system provider an opportunity to be heard.
(5)
Where the Authority directs a recognised trading system provider to remove the officer from office or employment under subsection (1), the Authority need not give that officer an opportunity to be heard.
(6)
A recognised trading system provider that is aggrieved by the direction of the Authority to remove an officer from office or employment under subsection (1) may, within 30 days after it is notified of the direction, appeal to the Minister whose decision shall be final.
(7)
A recognised trading system provider which, without reasonable justification or excuse, contravenes a written notice issued to it under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.