Singapore legislation
Regulation 11
of Securities and Futures (Licensing and Conduct of Business) Regulations
Regulation 11
Cessation of business by holder
Subregulation 1
Where the holder of a capital markets services licence ceases to carry on business in every type of the regulated activities to which its licence relates, it shall, within 14 days from the date of cessation, lodge with the Authority a notice in Form 7.
Subregulation 2
Where the holder of a capital markets services licence ceases to carry on business in any type of regulated activity to which its licence relates but has not ceased to carry on business in the remaining types of regulated activities, it shall, within 14 days from the date of cessation, lodge with the Authority a notice in Form 7.
Subregulation 3
Where the holder of a capital markets services licence has, by the end of the period of 6 months (or such longer period as the Authority may allow in any particular case) from the date of the grant of the licence, commenced business in one or more but not all the types of regulated activity to which the licence relates, it shall immediately lodge with the Authority a notice in Form 7.
Subregulation 4
Where the holder of a capital markets services licence has not commenced business in every type of regulated activity to which the licence relates by the end of the period of 6 months (or such longer period as the Authority may allow in any particular case) from the date of the grant of the licence, it shall immediately lodge with the Authority a notice in Form 7.
Subregulation 5
Upon receipt of the notice referred to in paragraph (1), (2), (3) or (4), the Authority may cancel the licence and, in the case referred to in paragraphs (2) and (3), issue to the holder a new licence in respect of the remaining type or types of regulated activities.