Singapore legislation
Regulation 8
of Securities and Futures (Licensing and Conduct of Business) Regulations
Regulation 8
Return of deposit
Subregulation 1
Where —
the holder of a capital markets services licence to deal in capital markets products that are specified products, which has lodged with the Authority a deposit under regulation 7, ceases to carry on business in dealing in capital markets products that are specified products;
a capital markets services licence to deal in capital markets products that are specified products has lapsed or has been revoked by the Authority; or (c)the holder of a capital markets services licence to deal in capital markets products that are specified products is admitted as a member of an approved exchange after it has been granted the licence,the Authority may release to the holder the deposit or, where any part thereof has previously been paid to a judgment creditor or liquidator or where any claim in respect thereof has previously been allowed, the balance (if any) of the deposit so lodged —
in the case of sub-paragraph (a), on the expiration of 3 months after service on the Authority of a notice in writing duly signed by or on behalf of the holder stating that it has ceased to carry on such business in Singapore and on the Authority being satisfied that the holder has not, from the date of cessation of business indicated on the notice, carried on such business in Singapore; and
in every case, on the Authority being satisfied that all the liabilities in Singapore of the holder in respect of its dealing in capital markets products that are specified products are fully liquidated or provided for.
Subregulation 2
The Authority may cause every notice served on it under paragraph (1)(i) and its decision with regard to the proposed release of the deposit or the balance thereof to be published at the cost of the holder in such manner as the Authority thinks fit.